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



                              PROSPECTUS SUPPLEMENT
                       (TO PROSPECTUS DATED JULY 1, 2004)

                              ING PRIME RATE TRUST

                     6,660.371 SHARES OF BENEFICIAL INTEREST
                                -----------------


         On February 16, 2005, ING Prime Rate Trust (the "Trust") sold 6,660.371
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 $7.554 per share.

         Gross Proceeds..............................  $   50,312.46
         Commission to IFD...........................  $        0.00
         Net Proceeds to Trust.......................  $   50,312.46

On February 15, 2005, the last day of the corresponding pricing period, the last
reported sales price of the Shares on the NYSE was $7.56.



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 February 22, 2005.






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