SEC File No. 333-61831


                          Filed Pursuant to Rule 497(h)

                              PROSPECTUS SUPPLEMENT
                       (TO PROSPECTUS DATED JULY 1, 2003)

                              ING PRIME RATE TRUST

                     4,634.302 SHARES OF BENEFICIAL INTEREST

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     During the period of September 16, 2003 through September 17, 2003, ING
Prime Rate Trust (the "Trust") sold 4,634.302 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 $7.243 per share.


                                       
Gross Proceeds..........................   $33,566.26
Commission to IFD.......................   $     0.00
Net Proceeds to Trust...................   $33,566.26


On September 15, 2003, the last day of the corresponding pricing period, the
last reported sales price of the Shares on the NYSE was $7.25.



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 September 19, 2003.