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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TIdmWcoihZylvIV+QP3khAIY8hB46pUmV1FiKaXG7W6mMfHG4DHW6wSfaCiYF8Z6
 gnmxX0ql5331AYBTw16AWQ==

<SEC-DOCUMENT>0001047469-04-037839.txt : 20041221
<SEC-HEADER>0001047469-04-037839.hdr.sgml : 20041221
<ACCEPTANCE-DATETIME>20041221124420
ACCESSION NUMBER:		0001047469-04-037839
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20041221
DATE AS OF CHANGE:		20041221
EFFECTIVENESS DATE:		20041221

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:		041216377

	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>a2149040z497.txt
<DESCRIPTION>497
<TEXT>
<Page>

                                                         SEC File No. 333-61831

                          Filed Pursuant to Rule 497(h)



                             PROSPECTUS SUPPLEMENT
                       (TO PROSPECTUS DATED JULY 1, 2004)

                              ING PRIME RATE TRUST

                    13,804.616 SHARES OF BENEFICIAL INTEREST

                               __________________



     On December 16, 2004, ING Prime Rate Trust (the "Trust") sold 13,804.616
shares of beneficial interest of the Trust through the Trust's Shareholder
Investment Program pursuant to a Distribution Agreement with ING Funds
Distributor, LLC ("IFD") at a sales price of $7.408 per share.

<Table>
<S>                                                   <C>
     Gross Proceeds.................................. $   102,264.59
     Commission to IFD............................... $         0.00
     Net Proceeds to Trust........................... $   102,264.59
</Table>

On December 15, 2004, the last day of the corresponding pricing period, the
last reported sales price of the Shares on the NYSE was $7.53.

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 December 21, 2004.



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