-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001209191-09-007864.txt : 20090210
<SEC-HEADER>0001209191-09-007864.hdr.sgml : 20090210
<ACCEPTANCE-DATETIME>20090210142802
ACCESSION NUMBER:		0001209191-09-007864
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090210
DATE AS OF CHANGE:		20090210

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING PRIME RATE TRUST
		CENTRAL INDEX KEY:			0000826020
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				956874587
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			UBS AG
		CENTRAL INDEX KEY:			0001114446
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		09585170

	BUSINESS ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		STREET 2:		P O BOX CH 8098
		CITY:			ZURICH
		STATE:			V8
		ZIP:			-
		BUSINESS PHONE:		41-1-234-4100

	MAIL ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		STREET 2:		P O BOX CH 8098
		CITY:			ZURICH
		STATE:			V8
		ZIP:			-
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>c80802_3x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2009-01-31</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000826020</issuerCik>
        <issuerName>ING PRIME RATE TRUST</issuerName>
        <issuerTradingSymbol>PPR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001114446</rptOwnerCik>
            <rptOwnerName>UBS AG</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>BAHNHOFSTRASSE 45</rptOwnerStreet1>
            <rptOwnerStreet2>PO BOX CH-8021</rptOwnerStreet2>
            <rptOwnerCity>ZURICH</rptOwnerCity>
            <rptOwnerState>V8</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription>SWITZERLAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Auction Preferred Stock</value>
                <footnoteId id="F3"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1228</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By subsidiary</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This Statement is filed by UBS AG for the benefit and on behalf of UBS Securities LLC and UBS Financial Services Inc., two-wholly owned subsidiaries of UBS AG to which UBS AG has delegated portions of its performance obligations with respect to the Auction Rate Securities Rights issued by UBS AG to certain clients and pursuant to which the securities reported herein have been purchased from such clients.</footnote>
        <footnote id="F2">Pursuant to the Global Relief Letter referred to below, this filing reports holdings of the Series of Auction Preferred Stock identified in Item 1 of this Table I on an aggregated basis.</footnote>
        <footnote id="F3">CUSIP No[s].44977W205, 44977W304, 44977W403, 44977W502, 44977W601</footnote>
    </footnotes>

    <remarks>The Shares reported herein represent UBS AG's combined holdings in multiple series of auction preferred securities of the issuer, which
are treated herein as one class of securities in accordance with the Auction Rate Securities -- Global Exemptive Relief letter (&quot;Global
Relief Letter&quot;) issued by the staff of the Securities and Exchange Commission (SEC) on September 22, 2008.  UBS AG
undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, complete information regarding
the number of securities identified in Table I purchased and sold at each different price and date for the period between the date
on which beneficial ownership exceeded ten percent and January 31, 2009, as required by the Global Relief Letter.</remarks>

    <ownerSignature>
        <signatureName>/s/ Anthony DeFilippis</signatureName>
        <signatureDate>2009-02-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Joseph Gallichio</signatureName>
        <signatureDate>2009-02-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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