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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 tpqQeZtw9pcPO4MtDkHpmQ==

<SEC-DOCUMENT>0001047469-04-030142.txt : 20041001
<SEC-HEADER>0001047469-04-030142.hdr.sgml : 20041001
<ACCEPTANCE-DATETIME>20041001130049
ACCESSION NUMBER:		0001047469-04-030142
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20041001
DATE AS OF CHANGE:		20041001
EFFECTIVENESS DATE:		20041001

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING PRIME RATE TRUST
		CENTRAL INDEX KEY:			0000826020
		IRS NUMBER:				956874587
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-61831
		FILM NUMBER:		041057492

	BUSINESS ADDRESS:	
		STREET 1:		ING PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		4804773000

	MAIL ADDRESS:	
		STREET 1:		ING PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM AMERICA PRIME RATE TRUST
		DATE OF NAME CHANGE:	19960518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST/
		DATE OF NAME CHANGE:	19960518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>a2144308z497.txt
<DESCRIPTION>497
<TEXT>
<Page>

                                SEC File No. 333-61831
                             Filed Pursuant to Rule 497(h)


                                PROSPECTUS SUPPLEMENT
         (to Prospectus dated July 1, 2004, as supplemented August 4, 2004)

                               ING PRIME RATE TRUST
                    2,656,395.000 Shares Of Beneficial Interest

On September 27, 2004, ING Prime Rate Trust (the "Trust") sold 2,656,395000
shares of beneficial interest of the Trust through a privately negotiated
transaction pursuant to a Distribution Agreement with ING Funds Distributor,
LLC at a sales price of $7.529 per share.

<Table>
             <S>                                            <C>
             Gross Proceeds ..............................  $19,999,997.96
             Commission...................................  $         0.00
             Net Proceeds to Trust........................  $19,999,997.96
</Table>

On September 24, 2004, the last day of the corresponding pricing period, the
last reported sales price of the Shares on the NYSE was $7.94.

     THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
      SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
    COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
      STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OF THIS
  PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

             ------------------------------------------------

The date of this Prospectus Supplement is October 1, 2004.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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