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



                              PROSPECTUS SUPPLEMENT
                       (TO PROSPECTUS DATED JULY 1, 2004)

                              ING PRIME RATE TRUST

                    6,841.486 SHARES OF BENEFICIAL INTEREST

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     On October 18, 2004, ING Prime Rate Trust (the "Trust") sold 6,841.486 
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 $7.749 per share.




                                               
     Gross Proceeds                               $ 53,014.69
     Commission to IFD                            $      0.00
     Net Proceeds to Trust                        $ 53,014.69


On October 15, 2004, the last day of the corresponding pricing period, the 
last reported sales price of the Shares on the NYSE was $7.78.   

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.

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          The Date of this Prospectus Supplement is October 21, 2004.