-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BCNJ+B+te6B9VlbBoO5+fjHB7RRSZ5ZbfSaQvtliCINfuVOIQJlV+T3JhuuMVib6
 t1VhbfX1gBSQQyWdsml3pw==

<SEC-DOCUMENT>0001104659-08-059231.txt : 20080917
<SEC-HEADER>0001104659-08-059231.hdr.sgml : 20080917
<ACCEPTANCE-DATETIME>20080917155450
ACCESSION NUMBER:		0001104659-08-059231
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080917
DATE AS OF CHANGE:		20080917
EFFECTIVENESS DATE:		20080917

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:		081076282

	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>a08-23749_2497.htm
<DESCRIPTION>497
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING Prime Rate Trust</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(&#147;Trust&#148;)</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplement dated September&nbsp;17, 2008 to the</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000,000 Common Shares Prospectus and</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000,000 Common Shares Prospectus</font></p><p style="margin:0in 0in .0001pt;text
- -align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">each dated June&nbsp;30, 2008</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective September&nbsp;16,
2008, the shareholders approved modifications to the Trust&#146;s fundamental
investment restriction governing borrowing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s
Prospectuses are hereby revised as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The first
sentence of the section entitled &#147;Prospectus Synopsis - Borrowings,&#148; found on page&nbsp;3
of each Prospectus, the third sentence of the second paragraph in the section
entitled &#147;Investment Objective and Policies - Policy on Borrowing,&#148; found on page&nbsp;14
of each Prospectus and the first sentence of the section entitled &#147;Risk Factors
and Special Considerations &#150; Leverage,&#148; found on page&nbsp;18 of each
Prospectus are hereby deleted and replaced with the following:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may
borrow money in an amount permitted under the 1940 Act, including the rules,
regulations, interpretations thereunder and any exemptive or other relief
provided by the SEC.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE
REFERENCE</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105734\08-23749-1\task3135973\23749-1-bc.htm',USER='105734',CD='Sep 17 12:40 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;"><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING Prime Rate Trust</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(&#147;Trust&#148;)</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplement dated September&nbsp;17, 2008</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Additional Information (&#147;SAI&#148;)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">dated June&nbsp;30, 2008</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective September&nbsp;16,
2008, the shareholders approved modifications to the Trust&#146;s fundamental investment
restriction governing borrowing.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s
SAI is hereby revised as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment
Restriction number one in the section entitled &#147;Investment Restrictions,&#148; found
on page&nbsp;3 of the SAI, is hereby deleted and replaced with the following:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Issue
senior securities, except insofar as the Trust may be deemed to have&#160;&#160; issued a senior security by reason of (i)&nbsp;entering
into certain interest rate hedging transactions, (ii)&nbsp;entering into
reverse repurchase agreements, (iii)&nbsp;borrowing money in an amount
permitted under the 1940 Act, including the rules, regulations, interpretations
there under and any exemptive relief provided by the SEC, or (iv)&nbsp;issuing
a class or classes of preferred shares in an amount not exceeding 50%, or such
other percentage permitted by law, of the Trust&#146;s total assets less all
liabilities and indebtedness not represented by senior securities;</p>

<p style="margin:0in 0in .0001pt .75in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE
REFERENCE</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105545\08-23749-1\task3135683\23749-1-be.htm',USER='105545',CD='Sep 17 07:38 2008' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g237491bgi001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g237491bgi001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MP``+"``P`&<!`1$`_\0`'P```04!`0$!`0$```````````$"`P0%!@<("0H+
M_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$(
M(T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI
MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W
M^/GZ_]H`"`$!```_`.WU'XFZ!I%\MCJ,6H6URX!2*2S;<P)P,>O-;T^LQV^D
M?VE)97VP<M$+<F51ZE!S65X<^(7AOQ3>O9:9>,;A5W".6,H6'?&>N*V=6U2+
M1[![V>&XEBCY<01&1E&,DX'88JOH'B*S\267VVPBN1;G[DDT)C$G7E<]>E4]
M6\<Z'I&H#36EFO-0/_+I90M-*/J%Z?C5.;XD:'9*W]J0:CI;A2R)>V;QF3'9
M3R"?;-=6K!T##HPR*XCXF:U)90:5I44SP?VG=".29'V[%X'J,C<RDC/(!%<;
M>Z%9:%87&K:9J>HQWD$9F6-KQ2(OGV;`%;JQP1]X?7->G>#?$D?BSPU;:JD9
MB=\I+&?X77@_AW_&LS6?$OB31/$2Q/H#7VCOSY]E&[R1KQDL.F1SQZ"NHL;^
MTU.SCO+*=)X)!E70Y!_P/M7CWQ8_Y*EX:^D/_HXU[._W&^AKYYF\!W\?A#3_
M`!IX=DF%U$9)+B.,_.NV1@)$^@'(_P#KUZ'X*^(]OXP\/7=C>E(=7AMGWIT$
MX"GYU_J.WTJ-=?F\-_`JSU&V.+@64<<3?W68[<_AG/X4OP3TJ&'PG)K+CS+W
M4)W,DS<L54X`S]<G\:Z#QCJ?A6;3[G0O$.H06PN(\`2@@J<<,IQC(ZUL:)?V
M6HZ7#+87:W<**$$R@@.0!S7G/QNM9A_8M_%D"-Y8BP3=@D`CCU^4_EWK@M4\
M4WVN6`M/LJ1,0K73;2S7,@7"D@@!,`$XSCCVJYX'^(%YX/M+ZT@TU-0AD;SN
M)MGE,%P<\$8X[5W'@7XA:GJ&N0:;K4B2QZC'OM90FTI)MW%#@`$$=#[5V-K!
M#I7C&:"`;(]5MFNFC'W5EC95=@/5A(F?]VO*?BIJNGS_`!+T&>&]@EBMEA\Y
MXW#*F)23DCVYKVB?4]/BTYKY[VW6U"D^>9!L_/I7,?"F_M+OP'8Q07$<DD1D
M$D88;DS(Q&1VX(KBOB9\-IM-G?Q3X75XMA,ES;P\&/U=,=O4?TKJ--\/#Q3\
M%;'20X22:R0Q.>BNIRN?;(Q6#\-/$R^#HY_"7BM3I<L4K/;RW`VQL#U&[IUY
M!Z'-'QJU;3-9T/3[#2[ZWO[S[6'$-M()7V[&&<+GOBO2-)D_LSPA927*-']E
ML(S(A&&7;&,C'KQ7D7C[QU%KMM#%<P6\4$$A(@2Y$KERN0S``#@9'!/)ZCK7
M)6NB.VGVVH7MW$\38=[8%B_E@%@2<X/!)P/2J]G`+S5;JST::WCAD0NTLWR"
M,9Q\IZ]\=^M7M+N[71/%^BBZN"%TR:,RO%F08ZMT_`8'O7N/AZ^D\2Z]-KRV
M<]OI\%O]FL6G0HT^Y@TC[3R%^1`/7!K?&FV`&!96X'_7)?\`"I/L=J8!!]GB
M\H'(CV#:#]*(;6WMV+0P11EN"40#/Y5*1D8--CCCAC6.)%1%&`JC`'X5'<V=
MK>Q^7=VT-PG]V6,,/R-16>DZ;IYS9:?:VI/>&%4_D*MD!@01D'J#5?\`LZQ_
MY\K?_OTO^%.-E:E0IMH=HZ#RQBD6PLU.5M(`?:,4L=G:Q/OCMH4;U5`#4]>;
M?#[Q#K.NZG(^HZGJ$JI/-&(18*+?"],R@=?;-./BO6O^%8OK/VP?;AJ/DB7R
MU^Y]HV8QC'W>*DO_`!?JNF?$#4K6XF4Z+$D,`)0?N)I(RR,3C."RE>?[PJ)-
M>U_4M#\&+%JS6ESK#.MS<)"C$X0L.",=JMP:_P"*!IWB?2HO)U#6M&V"WGCB
M"B8.NX93IN`SQZUJ>!=6&J6%P'UFZU"YB<":*[ME@EMF(^Z5`'N>]=311111
M167X?\/67AJPDLK`RF*29YCYK;CN;KVZ5CGX<Z,;LO\`:+_[&;K[7_9_VC_1
M_-SG.W&<9YQG%:%YX0TJ_?6&N5DD_MF...Y4OP`@(4KQP1G/U%59O`FFR:7I
M5A%=WULND9^RS03!9%R,')QZ&K5CX2T_3-)NK"QFN[=[MM\UXLY-P[_WBYSS
F4F@^&K30'NIXI[J[NKUE:XN;J3?))M&%&<`8`]!6Q1111117_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
