Edgar Filing: ING PRIME RATE TRUST

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

Quarterly Schedule of Portfolio Holdings of Registered
Management Investment Company

Investment Company Act file number: 811-5410

ING Prime Rate Trust

(Exact name of registrant as specified in charter)

7337 E. Doubletree Ranch Rd., Scottsdale, AZ 85258

(Address of principal executive offices) (Zip code)

C T Corporation System, 101 Federal Street, Boston, MA 02110
(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end:	February 28

Date of reporting period:	November 30, 2007

Item 1. Schedule of Investments

The schedules of investments as of the close of the reporting period are set forth below for:

ING Prime Rate Trust

The schedules are not audited.

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Senior Loans*: 185.1%

Aerospace & Defense: 3.6%

Avio Group

EUR

708,333

Term Loan, 6.222%, maturing December 13, 2014

1,016,018

556,314

Term Loan, 7.638%, maturing December 13, 2014

542,058

EUR

708,333

Term Loan, 6.597%, maturing December 13, 2015

1,021,201

590,346

Term Loan, 8.125%, maturing December 13, 2015

578,170

Delta Air Lines, Inc.

Ba2

BB-

1,417,500

Term Loan, 7.360%, maturing April 30, 2012

1,350,169

Delta Air Lines, Inc.

2,493,750

Term Loan, 8.082%, maturing April 30, 2012

2,396,671

Dyncorp International, LLC

Ba2

2,169,188

Term Loan, 7.250%, maturing February 11, 2011

2,055,305

Forgings International, Ltd.

1,224,034

Term Loan, 7.970%, maturing August 11, 2014

1,224,034

GBP

214,683

Term Loan, 9.138%, maturing August 11, 2014

441,560

1,317,025

Term Loan, 8.220%, maturing August 11, 2015

1,317,025

GBP

231,803

Term Loan, 9.388%, maturing August 11, 2015

476,772

Hawker Beechcraft Acquisition Company, LLC

Ba3

6,779,566

Term Loan, 7.168%, maturing March 26, 2014

6,509,441

712,208

Term Loan, 7.198%, maturing March 26, 2014

683,831

Hexcel Corporation

Ba1

BB+

637,969

Term Loan, 6.913%, maturing March 01, 2012

625,209

McKechnie Aerospace DE, Inc.

Ba3

B+

997,500

Term Loan, 7.200%, maturing May 11, 2014

948,872

Transdigm, Inc.

Ba3

BB-

3,000,000

Term Loan, 7.200%, maturing June 23, 2013

2,938,125

United Airlines, Inc.

BB-

3,487,500

Term Loan, 6.907%, maturing February 01, 2014

3,325,234

US Airways Group, Inc.

B+

6,200,000

Term Loan, 7.283%, maturing March 24, 2014

5,809,915

Wesco Aircraft Hardware Corporation

BB-

1,458,750

Term Loan, 7.450%, maturing September 29, 2013

1,431,398

Wyle Holdings, Inc.

BB-

1,750,418

Term Loan, 7.420%, maturing January 28, 2011

1,724,162

36,415,170

See Accompanying Notes to Financial Statements

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

				Bank Loan Ratings†		Market
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Value
*Automobile: 3.5%*
			Dollar Thrifty Automotive Group, Inc.	B1	BB
$	748,125		Term Loan, 6.907%, maturing June 15, 2014			$	725,681
		(2)	Federal-Mogul Corporation	NR	BBB+
1,500,000			Debtor-In-Possession Term Loan, 6.550%, maturing December 31, 2007			1,494,413
			Ford Motor Company	Ba3	B+
1,234,391			Term Loan, 8.700%, maturing December 15, 2013			1,155,979
			Hertz Corporation	Ba1	BB+
4,842,357			Term Loan, 6.442%, maturing December 21, 2012			4,759,248
1,027,778			Term Loan, 6.988%, maturing December 21, 2012			1,010,138
			KAR Holdings, Inc.	Ba3	B+
4,488,750			Term Loan, 7.450%, maturing October 20, 2013			4,260,304
			Navistar International Corporation	NR	NR
1,800,000			Term Loan, 6.853%, maturing January 19, 2012			1,750,050
			Oshkosh Truck Corporation	Ba3	BBB-
17,775,000			Term Loan, 7.450%, maturing December 06, 2013			17,189,225
			SAF-Holland Group GmbH	NR	NR
1,420,523			Term Loan, 7.072%, maturing November 30, 2014			1,385,010
1,346,400			Term Loan, 7.572%, maturing November 30, 2015			1,326,204
						35,056,252
*Beverage, Food & Tobacco: 4.3%*
			Advance Food Company	B1	BB-
581,466			Term Loan, 6.950%, maturing March 16, 2014			549,486
			ARAMARK Corporation	Ba3	BB-
1,628,936			Term Loan, 7.198%, maturing January 26, 2014			1,558,077
16,822,496			Term Loan, 7.198%, maturing January 26, 2014			16,090,717
2,977,500			Term Loan, 7.198%, maturing January 26, 2014			2,847,979
			B&G Foods, Inc.	Ba2	BB-
706,522			Term Loan, 7.060%, maturing February 23, 2013			692,391
			Birds Eye Foods, Inc.	B1	B+
861,667			Term Loan, 6.950%, maturing March 22, 2013			819,660
			Bolthouse Farms, Inc.	B1	B+
1,960,038			Term Loan, 7.500%, maturing December 16, 2012			1,931,862
			Bumble Bee Foods, LLC	B1	B+
1,200,000			Term Loan, 7.244%, maturing May 02, 2012			1,176,000

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Beverage, Food & Tobacco (continued)

Golden State Foods

B+

3,860,000

Term Loan, 6.710%, maturing February 28, 2011

3,744,200

Iglo Birds Eye

EUR

380,330

Term Loan, 6.550%, maturing October 27, 2014

547,673

EUR

568,424

Term Loan, 6.550%, maturing October 27, 2014

818,529

EUR

51,247

Term Loan, 6.475%, maturing November 30, 2014

73,795

EUR

380,330

Term Loan, 6.925%, maturing October 27, 2015

547,673

EUR

568,424

Term Loan, 6.925%, maturing October 27, 2015

822,094

EUR

51,247

Term Loan, 6.850%, maturing November 30, 2015

74,116

Pinnacle Foods Holding Corporation

5,685,750

Term Loan, 7.948%, maturing April 02, 2014

5,415,677

Sturm Foods, Inc.

2,985,000

Term Loan, 7.563%, maturing January 31, 2014

2,716,350

United Biscuits

GBP

1,476,692

Term Loan, 8.694%, maturing December 14, 2014

2,900,584

Van Houtte, Inc.

BB-

658,350

Term Loan, 7.698%, maturing July 19, 2014

641,891

89,775

Term Loan, 7.698%, maturing January 19, 2015

83,491

44,052,245

Buildings & Real Estate: 3.3%

Capital Automotive, L.P.

Ba1

BB+

9,913,155

Term Loan, 6.470%, maturing December 16, 2010

9,734,609

Contech Construction Products, Inc.

Ba3

1,720,347

Term Loan, 6.729%, maturing January 31, 2013

1,651,533

Custom Building Products, Inc.

BB-

4,299,216

Term Loan, 7.072%, maturing October 29, 2011

4,062,759

Headwaters, Inc.

Ba2

BB+

1,830,256

Term Loan, 6.790%, maturing April30, 2011

1,791,198

Hearthstone Housing Partners II, LLC

3,594,118

Revolver, 4.643%, maturing December 01, 2007

3,504,265

John Maneely Company

B+

4,335,484

Term Loan, 8.434%, maturing December 08, 2013

3,909,679

KCPC Acquisition, Inc.

Ba2

605,776

Term Loan, 7.201%, maturing May 22, 2014

578,517

189,655

Term Loan, 7.438%, maturing May 22, 2014

181,121

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Buildings & Real Estate (continued)

LaFarge Roofing

EUR

441,573

Term Loan, 6.425%, maturing March 31, 2015

548,824

EUR

180,337

Term Loan, 6.425%, maturing March 31, 2015

224,138

169,425

Term Loan, 7.500%, maturing March 31, 2015

143,870

EUR

409,551

Term Loan, 6.675%, maturing March 31, 2016

512,021

EUR

210,674

Term Loan, 6.675%, maturing March 31, 2016

263,385

171,654

Term Loan, 7.750%, maturing March 31, 2016

146,621

Nortek, Inc.

Ba2

B+

3,481,059

Term Loan, 7.080%, maturing August 27, 2011

3,289,601

Ply Gem Industries, Inc.

BB-

178,571

Revolver, 1.555%, maturing February 12, 2009

167,857

Shea Capital I, LLC

Ba3

BB-

990,000

Term Loan, 7.200%, maturing October 27, 2011

846,450

Tishman Speyer

Ba2

BB-

1,500,000

Term Loan, 6.420%, maturing December 27, 2012

1,446,563

33,003,011

Cargo Transport: 2.1%

Baker Tanks, Inc.

1,990,000

Term Loan, 7.103%, maturing May 08, 2014

1,945,225

Dockwise Transport N.V.

1,094,819

Term Loan, 7.573%, maturing April 20, 2015

1,061,427

875,000

Term Loan, 7.573%, maturing April 20, 2015

848,313

875,000

Term Loan, 8.073%, maturing March 31, 2016

852,688

1,094,819

Term Loan, 8.073%, maturing April 20, 2016

1,066,902

Dockwise Transport N.V.

500,000

Term Loan, 9.698%, maturing September 30, 2016

487,813

560,000

Term Loan, 9.698%, maturing October 20, 2016

546,350

Gainey Corporation

B-

772,952

Term Loan, 10.716%, maturing April 20, 2012

523,031

Greatwide Logistics Services, Inc.

2,977,500

Term Loan, 8.700%, maturing December 19, 2013

2,530,875

Inmar, Inc.

572,125

Term Loan, 7.700%, maturing April 30, 2013

554,961

Kenan Advantage Group, Inc.

B+

982,508

Term Loan, 7.948%, maturing December 16, 2011

957,946

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Cargo Transport (continued)

(2)

Neoplan USA Corporation

1,534,245

(3)

Term Loan, 11.008%, maturing June 30, 2006

669,429

Railamerica Transportation Corporation

4,200,000

Term Loan, 7.120%, maturing August 14, 2008

4,126,500

TNT Logistics

Ba2

BB-

723,070

Term Loan, 7.726%, maturing November 04, 2013

706,078

1,912,679

Term Loan, 8.086%, maturing November 04, 2013

1,883,988

US Shipping Partners, L.P.

BB-

2,809,479

Term Loan, 8.698%, maturing March 31, 2012

2,739,242

21,500,768

Cellular: 2.5%

Alltel Communications, Inc.

Ba3

BB-

4,250,000

(5)

Term Loan, maturing May 16, 2015

4,077,051

Centennial Communications Corporation

Ba2

BB-

10,085,631

Term Loan, 7.190%, maturing February 09, 2011

9,833,490

Cricket Communications, Inc.

Ba2

B+

5,925,000

Term Loan, 8.198%, maturing June 16, 2013

5,809,676

NTELOS, Inc.

Ba3

BB-

4,333,324

Term Loan, 7.080%, maturing August 24, 2011

4,270,490

Telepak, Inc./Cellular South

Ba3

B+

1,496,250

Term Loan, 6.631%, maturing May 29, 2014

1,451,363

25,442,070

Chemicals, Plastics & Rubber: 8.4%

AZ Chem US, Inc.

BB-

EUR

757,691

Term Loan, 6.981%, maturing February 28, 2013

1,009,185

AZ Chem US, Inc.

Caa1

CCC+

333,333

Term Loan, 10.570%, maturing February 28, 2014

291,111

Borsodchem Nyrt.

EUR

804,394

Term Loan, 6.512%, maturing April 15, 2015

1,133,622

EUR

804,394

Term Loan, 7.236%, maturing April 15, 2016

1,139,509

Brenntag Holding GmbH & Co. KG

B+

3,621,818

Term Loan, 7.387%, maturing January 17, 2014

3,455,819

1,178,182

Term Loan, 7.387%, maturing January 17, 2014

1,124,182

Celanese

Ba3

3,200,000

Term Loan, 4.706%, maturing April 02, 2014

3,074,666

6,965,000

Term Loan, 6.979%, maturing April 02, 2014

6,692,202

Cristal Inorganic Chemicals, Inc.

Ba3

BB-

2,900,000

Term Loan, 7.448%, maturing May 15, 2014

2,740,500

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

				Bank Loan Ratings†		Market
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Value
*Chemicals, Plastics & Rubber (continued)*
			Cristal Inorganic Chemicals, Inc.	B3	CCC+
$	900,000		Term Loan, 10.948%, maturing November 15, 2014			$	799,875
			Flint Group	NR	NR
936,821			Term Loan, 7.393%, maturing December 31, 2012			887,638
1,290,100			Term Loan, 7.393%, maturing December 31, 2013			1,229,627
2,333,333			Term Loan, 7.393%, maturing November 09, 2014			2,210,833
EUR		666,667	Term Loan, 7.002%, maturing December 31, 2014			929,418
$	353,279		Term Loan, 7.393%, maturing December 31, 2014			334,732
			Hawkeye Renewables, LLC	B3	NR
3,703,125			Term Loan, 9.022%, maturing June 30, 2012			2,710,688
			Hexion Specialty Chemicals, Inc.	Ba3	B+
2,475,000			Term Loan, 7.188%, maturing May 05, 2013			2,405,391
1,176,000			Term Loan, 7.374%, maturing May 05, 2013			1,142,925
997,500			Term Loan, 7.440%, maturing May 05, 2013			969,445
7,866,767			Term Loan, 7.500%, maturing May 05, 2013			7,645,514
1,707,511			Term Loan, 7.500%, maturing May 05, 2013			1,659,487
			Huntsman International, LLC	Ba1	BB+
2,189,584			Term Loan, 6.533%, maturing August 16, 2012			2,152,026
			Ineos US Finance, LLC	Ba3	BB-
2,316,047			Term Loan, 7.364%, maturing December 16, 2012			2,231,124
2,883,601			Term Loan, 7.451%, maturing December 16, 2013			2,801,900
2,882,811			Term Loan, 7.858%, maturing December 23, 2014			2,801,132
			Innophos, Inc.	Ba1	BB-
903,409			Term Loan, 7.080%, maturing August 13, 2010			888,729
			ISP Chemco, Inc.	Ba3	BB-
3,491,250			Term Loan, 6.780%, maturing June 04, 2014			3,323,670
			JohnsonDiversey, Inc.	Ba2	BB-
503,580			Term Loan, 6.878%, maturing December 16, 2010			495,082
2,612,396			Term Loan, 6.878%, maturing December 16, 2011			2,568,312
			Kraton Polymers, LLC	Ba3	B+
1,586,460			Term Loan, 7.250%, maturing May 12, 2013			1,519,036
			Lucite International US Finco, Ltd.	Ba3	BB-
1,035,573			Term Loan, 7.450%, maturing July 07, 2013			1,003,211
702,934			Term Loan, 7.450%, maturing July 07, 2013			680,967
			MacDermid, Inc.	B1	BB-
EUR		834,138	Term Loan, 6.976%, maturing April 09, 2014			1,184,261
$	1,702,653		Term Loan, 7.198%, maturing April 12, 2014			1,627,098

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Chemicals, Plastics & Rubber (continued)

Nalco Company

Ba2

2,190,301

Term Loan, 6.778%, maturing November 04, 2010

2,155,317

Northeast Biofuels, LLC

B+

1,268,293

Term Loan, 8.448%, maturing June 30, 2013

1,141,463

Polypore, Inc.

Ba3

BB-

3,325,000

Term Loan, 7.060%, maturing July 03, 2014

3,212,781

Rockwood Specialties Group, Inc.

Ba2

BB+

9,775,365

Term Loan, 6.460%, maturing December 13, 2013

9,416,931

Vertellus Specialties, Inc.

B+

2,345,313

Term Loan, 8.488%, maturing March 31, 2013

2,333,586

85,122,995

Containers, Packaging & Glass: 5.1%

Berry Plastics Corporation

Ba3

BB-

9,966,209

Term Loan, 6.706%, maturing April 03, 2015

9,353,008

Graham Packaging Company

B+

13,134,000

Term Loan, 7.661%, maturing October 07, 2011

12,631,217

Graphic Packaging International, Inc.

Ba2

BB-

8,175,739

Term Loan, 7.072%, maturing May 16, 2014

7,945,796

Klockner Pentaplast

EUR

1,500,000

Term Loan, 7.275%, maturing November 30, 2015

1,858,837

2,000,000

Term Loan, 7.744%, maturing November 30, 2015

1,730,000

Mauser AG

EUR

625,000

Term Loan, 6.545%, maturing June 13, 2013

800,434

EUR

625,000

Term Loan, 6.795%, maturing June 13, 2014

805,008

842,699

Term Loan, 7.198%, maturing June 13, 2015

737,362

842,699

Term Loan, 7.448%, maturing June 13, 2016

741,575

Owens-Illinois

Ba2

BB+

EUR

2,154,375

Term Loan, 5.639%, maturing April 01, 2008

2,979,824

Pro Mach, Inc.

2,462,500

Term Loan, 7.450%, maturing December 01, 2011

2,413,250

Smurfit-Stone Container Corporation

Ba2

1,833,535

Term Loan, 7.300%, maturing November 01, 2011

1,798,296

3,134,526

Term Loan, 7.420%, maturing November 01, 2011

3,074,283

Tegrant Holding Company

BB-

497,500

Term Loan, 7.880%, maturing March 08, 2014

453,969

Tegrant Holding Company

Caa2

CCC+

500,000

Term Loan, 10.630%, maturing March 08, 2015

440,000

Xerium Technologies, Inc.

B+

4,259,213

Term Loan, 7.948%, maturing May 18, 2012

3,950,420

51,713,279

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Data and Internet Services: 9.0%

Activant Solutions, Inc.

B+

930,897

Term Loan, 6.953%, maturing May 02, 2013

877,371

Acxiom Corporation

Ba2

1,813,333

Term Loan, 6.475%, maturing September 15, 2012

1,740,800

Amadeus IT Group, S.A.

EUR

768,581

Term Loan, 6.567%, maturing July 31, 2013

1,067,153

EUR

768,581

Term Loan, 6.817%, maturing July 31, 2013

1,072,267

Audatex

B+

3,233,750

Term Loan, 7.688%, maturing May 16, 2014

3,088,231

Carlson Wagonlit Holdings, B.V.

Ba2

BB-

2,750,000

Term Loan, 7.234%, maturing August 03, 2012

2,626,250

First Data Corporation

Ba3

BB-

4,496,923

Term Loan, 7.960%, maturing September 24, 2014

4,266,739

250,000

Term Loan, 7.960%, maturing September 24, 2014

237,926

2,203,846

Term Loan, 7.960%, maturing September 30, 2014

2,105,775

Open Text Corporation

Ba3

1,464,285

Term Loan, 7.070%, maturing October 02, 2013

1,442,321

Orbitz

BB-

10,500,000

Term Loan, 8.198%, maturing July 24, 2014

10,080,000

Reynolds & Reynolds Company

Ba2

10,286,341

Term Loan, 7.198%, maturing October 26, 2012

9,990,609

Reynolds & Reynolds Company

1,125,000

Term Loan, 10.698%, maturing October 26, 2013

1,105,313

Sabre, Inc.

B+

15,958,689

Term Loan, 6.960%, maturing September 30, 2014

14,730,955

Sitel, LLC

BB-

3,893,842

Term Loan, 7.453%, maturing January 30, 2014

3,543,396

Sungard Data Systems, Inc.

Ba3

28,321,212

Term Loan, 6.898%, maturing February 28, 2014

27,386,018

Transaction Network Services, Inc.

BB-

2,356,651

Term Loan, 7.479%, maturing March 28, 2014

2,321,302

Travelport, Inc.

Ba3

BB-

1,445,156

Term Loan, 7.448%, maturing August 23, 2013

1,378,059

289,971

Term Loan, 7.448%, maturing August 23, 2013

276,508

997,500

Term Loan, 7.448%, maturing May 23, 2014

948,872

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Data and Internet Services (continued)

Verifone, Inc.

1,063,125

Term Loan, 6.709%, maturing October 31, 2013

1,044,520

91,330,385

Diversified / Conglomerate Manufacturing: 4.5%

Aearo Technologies, Inc.

1,596,000

Term Loan, 7.448%, maturing June01, 2014

1,582,535

Aearo Technologies, Inc.

Caa1

B-

1,200,000

Term Loan, 10.698%, maturing September 24, 2013

1,201,500

Axia, Inc.

B-

1,473,750

Term Loan, 9.950%, maturing December 21, 2012

1,105,313

BOC Edwards

2,244,375

Term Loan, 7.081%, maturing May 31, 2014

2,064,825

Brand Services, Inc.

2,361,404

Term Loan, 7.482%, maturing February 07, 2014

2,251,204

1,250,000

(5)

Term Loan, maturing February 07, 2014

1,225,000

Brand Services, Inc.

Caa1

CCC+

1,600,000

Term Loan, 11.100%, maturing February 07, 2015

1,524,000

Dresser, Inc.

B+

4,910,577

Term Loan, 7.446%, maturing May 04, 2014

4,717,837

EPD, Inc.

B+

437,500

Term Loan, 7.300%, maturing July 31, 2014

423,646

3,062,500

Term Loan, 7.460%, maturing July 31, 2014

2,965,520

Ferretti S.P.A.

EUR

600,000

Term Loan, 4.715%, maturing March 31, 2015

847,271

EUR

600,000

Term Loan, 4.715%, maturing March 31, 2016

851,662

Flextronics International, Ltd.

Ba1

BB+

625,000

Term Loan, 7.455%, maturing October 15, 2012

613,574

1,359,375

Term Loan, 7.394%, maturing October 12, 2014

1,332,188

390,625

Term Loan, 7.455%, maturing October 15, 2014

383,484

Generac Power Systems, Inc.

4,455,000

Term Loan, 7.730%, maturing November 09, 2013

3,875,053

Gentek Holding Corporation

Ba3

BB-

383,623

Term Loan, 6.660%, maturing February 28, 2011

380,746

2,139,864

Term Loan, 7.304%, maturing February 28, 2011

2,123,815

Goodman Global Holdings, Inc.

Ba2

720,714

Term Loan, 6.438%, maturing December 23, 2011

715,309

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

			Bank Loan Ratings†		Market
Principal Amount		Borrower/Tranche Description	Moody’s	S&P	Value
*Diversified / Conglomerate Manufacturing (continued)*
		Itron, Inc.	Ba3	B+
$	796,000	Term Loan, 7.016%, maturing April 18, 2014			$	780,329
		Mueller Group, Inc.	Ba3	BB+
3,766,786		Term Loan, 6.726%, maturing May 24, 2014			3,600,418
		Norcross Safety Products, LLC	Ba1	BB
963,518		Term Loan, 7.319%, maturing June 30, 2012			944,248
		Rexnord Corporation/RBS Global, Inc.	Ba2	BB-
2,219,262		Term Loan, 7.495%, maturing July 19, 2013			2,166,555
968,485		Term Loan, 7.642%, maturing July 19, 2013			945,484
		Sensata Technologies	Ba3	BB
4,147,500		Term Loan, 6.760%, maturing April 27, 2013			3,949,013
		Sensus Metering Systems, Inc.	Ba3	BB
97,174		Term Loan, 6.732%, maturing December 17, 2010			95,716
1,495,652		Term Loan, 6.980%, maturing December 17, 2010			1,473,217
		Springs Window Fashions, LLC	B1	B+
1,438,087		Term Loan, 8.000%, maturing December 31, 2012			1,351,801
		Textron Fastening Systems	B2	B+
495,000		Term Loan, 8.698%, maturing August 11, 2013			485,100
					45,976,363
*Diversified / Conglomerate Service: 4.2%*
		Affinion Group	Ba2	BB
3,937,668		Term Loan, 7.474%, maturing October 17, 2012			3,801,492
		AlixPartners, LLP	B1	BB-
2,654,938		Term Loan, 7.250%, maturing October 12, 2013			2,596,861
		Brickman Group	Ba3	BB-
1,990,000		Term Loan, 7.198%, maturing January 23, 2014			1,878,063
		Brock Holdings, Inc.	B1	B
1,492,500		Term Loan, 7.142%, maturing February 26, 2014			1,449,591
		Catalina Marketing Corporation	Ba3	BB-
3,000,000		Term Loan, 8.231%, maturing November 05, 2013			2,915,625
		Coach America Holdings, Inc.	B1	B+
1,719,020		Term Loan, 6.602%, maturing April 20, 2014			1,519,184
442,989		Term Loan, 8.048%, maturing April 20, 2014			391,492
		Fleetcor Technologies Operating
		Company, LLC	Ba3	B+
580,417		Term Loan, 6.966%, maturing April 30, 2013			554,298
		Intergraph Corporation	B1	BB-
1,884,107		Term Loan, 7.074%, maturing May 29, 2014			1,825,229

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Diversified / Conglomerate Service (continued)

ISS Global A/S

EUR

877,193

Term Loan, 6.729%, maturing December 31, 2013

1,246,904

EUR

122,807

Term Loan, 6.729%, maturing December 31, 2013

174,567

ISTA International GmbH

EUR

1,668,522

Term Loan, 6.344%, maturing June 30, 2015

2,226,704

EUR

331,478

Term Loan, 6.344%, maturing June 30, 2015

442,369

Mitchell International, Inc.

Ba3

B+

447,750

Term Loan, 7.198%, maturing March 28, 2014

414,169

Mitchell International, Inc.

Caa1

CCC+

250,000

Term Loan, 10.500%, maturing March 28, 2015

227,500

Valley National Gases, Inc.

Ba3

BB-

1,965,879

Term Loan, 7.371%, maturing February 28, 2014

1,867,585

Valley National Gases, Inc.

CCC+

250,000

Term Loan, 10.822%, maturing August 28, 2014

237,500

Valleycrest Companies, LLC

B+

1,986,891

Term Loan, 7.621%, maturing October 04, 2013

1,924,800

Vertafore, Inc.

3,084,519

Term Loan, 7.515%, maturing January 31, 2012

2,976,561

West Corporation

BB-

14,454,212

Term Loan, 7.283%, maturing October 24, 2013

13,835,889

42,506,383

Diversified Nat’l Rsrcs, Precious Metals & Minerals: 3.3%

Georgia Pacific Corporation

Ba2

BB+

34,780,511

Term Loan, 7.370%, maturing December 20, 2012

33,097,377

33,097,377

Ecological: 0.9%

Allied Waste North America, Inc.

Ba3

BBB-

3,297,953

Term Loan, 6.600%, maturing January 15, 2012

3,162,474

2,267,891

Term Loan, 6.621%, maturing January 15, 2012

2,174,726

IESI Corporation

BB+

1,800,000

Term Loan, 6.610%, maturing January 21, 2012

1,740,375

Synagro Technologies, Inc.

Ba3

BB-

897,750

Term Loan, 6.890%, maturing April 02, 2014

870,818

Synagro Technologies, Inc.

Caa1

B-

485,000

Term Loan, 9.640%, maturing October 02, 2014

464,388

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Ecological (continued)

Wastequip, Inc.

Ba3

BB-

232,065

Term Loan, 7.448%, maturing February 05, 2013

213,500

715,130

Term Loan, 7.448%, maturing February 05, 2013

657,920

9,284,201

Electronics: 1.5%

Decision One

1,657,827

Term Loan, 12.000%, maturing April15, 2010

1,492,044

Euronet Worldwide, Inc.

Ba2

868,421

Term Loan, 7.118%, maturing April 14, 2014

854,309

Freescale Semiconductor, Inc.

Baa3

2,105,807

Term Loan, 7.330%, maturing December 01, 2013

1,971,562

Infor Global Solutions

B+

EUR

744,375

Term Loan, 7.183%, maturing July 28, 2012

1,024,135

498,750

Term Loan, 7.950%, maturing July 28, 2012

471,319

106,337

Term Loan, 8.950%, maturing July 28, 2012

102,615

203,813

Term Loan, 8.950%, maturing March 02, 2014

196,680

Infor Global Solutions

Caa2

CCC+

EUR

500,000

Term Loan, 10.976%, maturing March 02, 2014

673,279

Kronos, Inc.

Ba3

B+

2,493,750

Term Loan, 7.448%, maturing June 11, 2014

2,378,414

NXP, B.V.

Ba2

BB-

1,750,000

Floating Rate Note, 7.993%, maturing October 15, 2013

1,653,750

EUR

1,500,000

Floating Rate Note, 7.482%, maturing October 15, 2013

1,948,485

ON Semiconductor

Ba1

1,990,000

Term Loan, 6.948%, maturing September 03, 2013

1,930,300

SI International, Inc.

Ba3

B+

935,996

Term Loan, 7.003%, maturing February 09, 2011

921,956

15,618,848

Finance: 1.6%

LPL Holdings, Inc.

7,468,734

Term Loan, 7.198%, maturing June 28, 2013

7,169,985

Nuveen Investments, Inc.

Ba3

BB-

2,000,000

Term Loan, 7.724%, maturing November 09, 2014

1,976,964

Rent-A-Center, Inc.

Ba2

BB+

2,417,650

Term Loan, 7.199%, maturing June 30, 2012

2,316,914

Riskmetrics

Ba3

BB-

1,393,000

Term Loan, 7.448%, maturing January 11, 2014

1,363,399

TD Ameritrade Holding Corporation

Ba1

3,834,062

Term Loan, 6.320%, maturing December 31, 2012

3,740,208

16,567,470

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Foreign Cable, Foreign TV, Radio and Equipment: 6.7%

Casema Bidco/Serpering Investments, B.V.

EUR

548,444

Term Loan, 6.669%, maturing November 14, 2014

791,419

EUR

284,889

Term Loan, 6.669%, maturing November 14, 2014

411,037

EUR

583,333

Term Loan, 7.169%, maturing November 14, 2014

841,766

EUR

583,333

Term Loan, 7.169%, maturing November 14, 2015

846,035

EUR

833,333

Term Loan, 7.169%, maturing November 14, 2015

1,208,427

Com Hem

SEK

8,666,667

Term Loan, 6.668%, maturing April 30, 2015

1,308,806

SEK

8,000,000

Term Loan, 6.793%, maturing April 30, 2015

1,211,258

Levana Holding 4 GmbH

EUR

935,189

Term Loan, 6.186%, maturing March 02, 2015

1,225,068

EUR

935,189

Term Loan, 6.402%, maturing March 02, 2016

1,231,912

Numericable/YPSO France SAS

EUR

1,984,549

Term Loan, 6.642%, maturing July 30, 2014

2,775,388

EUR

1,249,580

Term Loan, 6.642%, maturing July 30, 2014

1,747,535

EUR

765,871

Term Loan, 6.642%, maturing July 30, 2014

1,071,069

EUR

1,305,125

Term Loan, 6.892%, maturing July 30, 2014

1,843,303

EUR

694,875

Term Loan, 6.892%, maturing July 30, 2014

981,412

ProSiebenSat.1 Media AG

EUR

122,161

Term Loan, 6.587%, maturing May 09, 2015

160,921

EUR

2,715,121

Term Loan, 6.587%, maturing May 09, 2015

3,665,294

TDF, S.A.

EUR

1,000,000

Term Loan, 6.373%, maturing January 31, 2015

1,364,070

EUR

1,000,000

Term Loan, 6.625%, maturing January 31, 2016

1,370,343

UPC Financing Partnership

Ba3

EUR

4,535,928

Term Loan, 6.302%, maturing December 31, 2014

6,261,800

EUR

4,143,333

Term Loan, 6.302%, maturing December 31, 2014

5,719,827

EUR

3,722,638

Term Loan, 6.302%, maturing December 31, 2014

5,139,062

EUR

1,741,434

Term Loan, 6.762%, maturing December 31, 2014

2,404,031

5,000,000

Term Loan, 7.130%, maturing December 31, 2014

4,728,125

Virgin Media Investment Holdings, Ltd.

Ba2

GBP

4,715,588

Term Loan, 8.283%, maturing September 03, 2012

9,232,870

GBP

4,034,412

Term Loan, 8.283%, maturing September 03, 2012

7,899,164

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Foreign Cable, Foreign TV, Radio and Equipment (continued)

GBP

994,382

Term Loan, 8.286%, maturing December 31, 2012

1,946,947

GBP

505,618

Term Loan, 8.286%, maturing December 31, 2012

989,973

68,376,862

Gaming: 4.7%

Cannery Casino Resorts, LLC

236,220

Term Loan, 3.209%, maturing May 18, 2013

224,409

1,649,409

Term Loan, 7.199%, maturing May 18, 2013

1,566,939

CCM Merger, Inc.

Ba3

BB-

3,392,722

Term Loan, 7.203%, maturing July 13, 2012

3,290,941

Centaur, LLC

BB-

1,649,123

Term Loan, 8.984%, maturing October 31, 2012

1,616,140

Fontainebleau Las Vegas, LLC

B+

1,933,333

Term Loan, 8.948%, maturing June 06, 2014

1,827,000

Golden Nugget, Inc.

BB-

954,545

Term Loan, 6.742%, maturing June 30, 2014

909,205

Green Valley Ranch Gaming, LLC

BB-

1,437,955

Term Loan, 7.125%, maturing February 16, 2014

1,376,841

Green Valley Ranch Gaming, LLC

Caa1

CCC+

750,000

Term Loan, 8.331%, maturing August 16, 2014

690,000

Greenwood Racing, Inc.

BB-

1,488,750

Term Loan, 7.080%, maturing November 28, 2011

1,419,895

Isle Of Capri Casinos, Inc.

Ba3

BB+

1,761,747

Term Loan, 6.572%, maturing November 25, 2013

1,658,244

4,404,367

Term Loan, 6.741%, maturing November 25, 2013

4,145,610

Las Vegas Sands, LLC

Ba3

6,384,000

Term Loan, 6.950%, maturing May 23, 2014

6,046,663

New World Gaming Partners, Ltd.

Ba3

BB-

3,541,667

Term Loan, 9.000%, maturing June 06, 2014

3,240,625

708,333

Term Loan, 9.000%, maturing June 06, 2014

648,125

Penn National Gaming, Inc.

Ba2

BBB-

5,608,610

Term Loan, 6.713%, maturing October 03, 2012

5,553,836

Riviera Holdings Corporation

BB-

500,000

Term Loan, 7.200%, maturing June 08, 2014

486,875

Seminole Tribe Of Florida

Baa3

BBB

349,798

Term Loan, 6.703%, maturing March 05, 2014

343,676

1,169,636

Term Loan, 6.750%, maturing March 05, 2014

1,149,167

1,180,567

Term Loan, 7.125%, maturing March 05, 2014

1,159,907

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

			Bank Loan Ratings†		Market
Principal Amount		Borrower/Tranche Description	Moody’s	S&P	Value
*Gaming (continued)*
		Tropicana Entertainment-Landco	B2	BB-
$	3,750,000	Term Loan, 7.448%, maturing July 03, 2008			$	3,637,500
		VML US Finance, LLC	B1	BB-
1,600,000		Term Loan, 7.450%, maturing May 26, 2012			1,535,750
3,200,000		Term Loan, 7.450%, maturing May 25, 2013			3,071,501
2,000,000		Term Loan, 7.450%, maturing May 26, 2013			1,919,688
					47,518,537
*Grocery: 0.1%*
		Roundys Supermarkets, Inc.	Ba3	B+
1,134,829		Term Loan, 8.460%, maturing November 03, 2011			1,114,969
					1,114,969
*Healthcare, Education and Childcare: 20.8%*
		Accellent, Inc.	B1	BB-
1,965,000		Term Loan, 7.539%, maturing November 22, 2012			1,842,188
		Advanced Medical Optics, Inc.	Ba2	BB-
995,000		Term Loan, 6.857%, maturing April 02, 2014			948,981
		AGA Medical Corporation	B1	BB-
1,632,209		Term Loan, 7.170%, maturing April 28, 2013			1,560,800
		AMN Healthcare, Inc.	Ba2	BB-
643,009		Term Loan, 6.948%, maturing November 02, 2011			626,934
		Bausch & Lomb, Inc.	B1	BB-
800,000		Term Loan, 8.268%, maturing April 15, 2015			796,950
		Capella Healthcare, Inc.	B1	B+
3,608,007		Term Loan, 7.698%, maturing November 30, 2012			3,531,337
		Catalent Pharma Solutions	Ba3	BB-
6,561,333		Term Loan, 7.448%, maturing April 10, 2014			6,257,872
		CHG Medical Staffing, Inc.	Ba3	B+
400,000		Term Loan, 7.698%, maturing June 20, 2012			383,000
1,588,000		Term Loan, 7.456%, maturing December 20, 2012			1,520,510
		CHS/Community Health Systems, Inc.	Ba3	BB
53,473,318		Term Loan, 7.331%, maturing July 25, 2014			51,294,868
		Concentra Operating Corporation	Ba2	B+
1,995,000		Term Loan, 7.448%, maturing June 25, 2014			1,875,300
		CRC Health Corporation	Ba3	BB-
1,456,994		Term Loan, 7.448%, maturing February 06, 2013			1,413,284
1,481,306		Term Loan, 7.610%, maturing February 06, 2013			1,436,867
		Davita, Inc.	Ba1	BB+
9,999,946		Term Loan, 6.706%, maturing October 05, 2012			9,644,837
		Education Management Corporation	B2	B+
8,256,506		Term Loan, 7.000%, maturing June 01, 2013			7,855,033

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Healthcare, Education and Childcare (continued)

Emdeon Business Services, LLC

BB-

2,431,581

Term Loan, 7.450%, maturing November 16, 2013

2,358,634

EMSC, L.P.

Ba1

3,210,619

Term Loan, 7.706%, maturing February 10, 2012

3,133,365

Gambro

SEK

2,157,320

Term Loan, 6.805%, maturing June 05, 2014

328,744

SEK

2,193,365

Term Loan, 6.805%, maturing June 05, 2014

334,237

662,291

Term Loan, 7.158%, maturing June 05, 2014

644,906

SEK

2,193,365

Term Loan, 7.305%, maturing June 05, 2015

335,953

SEK

2,157,320

Term Loan, 7.305%, maturing June 05, 2015

330,432

662,291

Term Loan, 7.658%, maturing June 05, 2015

648,218

Gentiva Health Services, Inc.

Ba3

BB-

2,545,946

Term Loan, 7.054%, maturing March 31, 2013

2,469,567

Golden Gate National Senior Care Holdings, LLC

Ba3

BB-

1,092,857

Term Loan, 7.559%, maturing March 14, 2011

1,076,464

Harlan Sprague Dawley, Inc.

BB-

2,531,458

Term Loan, 7.776%, maturing July 11, 2014

2,461,843

Harrington Holdings, Inc.

BB-

2,454,333

Term Loan, 7.448%, maturing December 31, 2013

2,374,567

HCA, Inc.

Ba3

35,329,786

Term Loan, 7.448%, maturing November 17, 2013

33,911,083

Health Management Associates, Inc.

Ba2

BB-

6,965,000

Term Loan, 6.943%, maturing February 28, 2014

6,545,164

Iasis Healthcare, LLC

Ba2

B+

758,824

Term Loan, 5.960%, maturing March 15, 2014

722,306

2,986,107

Term Loan, 7.066%, maturing March 15, 2014

2,842,401

273,450

Term Loan, 7.124%, maturing March 15, 2014

260,290

IM US Holdings, LLC

4,987,500

Term Loan, 7.198%, maturing June 26, 2014

4,794,234

inVentiv Health, Inc.

Ba3

BB-

940,500

Term Loan, 6.560%, maturing July 15, 2014

891,124

Lifepoint Hospitals, Inc.

Ba2

1,821,524

Term Loan, 7.165%, maturing April 15, 2012

1,745,736

Multiplan, Inc.

B+

1,362,071

Term Loan, 7.322%, maturing April 12, 2013

1,321,208

National Mentor, Inc.

B+

1,994,888

Term Loan, 7.200%, maturing June 29, 2013

1,954,990

117,736

Term Loan, 7.320%, maturing June 29, 2013

115,381

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

				Bank Loan Ratings†		Market
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Value
*Healthcare, Education and Childcare (continued)*
			Nycomed	NR	NR
EUR		543,619	Term Loan, 7.209%, maturing December 10, 2014			$	727,872
EUR		394,286	Term Loan, 7.209%, maturing December 10, 2014			527,923
EUR		55,762	Term Loan, 7.209%, maturing December 10, 2014			74,662
EUR		87,538	Term Loan, 7.209%, maturing December 10, 2014			117,207
EUR		1,418,795	Term Loan, 7.209%, maturing December 10, 2014			1,899,676
EUR		543,619	Term Loan, 7.709%, maturing December 10, 2014			727,872
EUR		1,418,795	Term Loan, 7.709%, maturing December 10, 2014			1,899,676
EUR		87,538	Term Loan, 7.709%, maturing December 10, 2014			117,207
EUR		55,762	Term Loan, 7.709%, maturing December 10, 2014			74,662
EUR		394,286	Term Loan, 7.709%, maturing December 10, 2014			527,923
			Orthofix International/Colgate Medical	Ba3	BB+
$	1,870,909		Term Loan, 6.950%, maturing September 22, 2013			1,814,782
			Psychiatric Solutions, Inc.	Ba3	BB-
671,978			Term Loan, 6.782%, maturing July 01, 2012			648,039
			Quintiles Transnational Corporation	B1	BB
5,004,174			Term Loan, 7.200%, maturing March 31, 2013			4,849,880
			Renal Advantage, Inc.	NR	B+
3,580,112			Term Loan, 8.098%, maturing October 06, 2012			3,481,659
			Rural/Metro Operating Company, LLC	Ba2	BB-
519,127			Revolver, 4.660%, maturing March 04, 2011			511,340
976,470			Term Loan, 7.076%, maturing March 04, 2011			961,823
			Select Medical Corporation	Ba2	BB-
2,437,500			Term Loan, 7.009%, maturing February 24, 2012			2,323,749
			Sterigenics International, Inc.	B3	BB-
1,959,310			Term Loan, 7.920%, maturing November 21, 2013			1,890,734
			Stiefel Laboratories, Inc.	B1	BB-
1,182,875			Term Loan, 7.499%, maturing December 28, 2013			1,151,825
1,546,500			Term Loan, 7.499%, maturing December 28, 2013			1,505,904
			Sun Healthcare Group, Inc.	Ba2	B+
77,586			Term Loan, 3.947%, maturing April 12, 2014			74,871
847,364			Term Loan, 7.106%, maturing April 12, 2014			817,707
217,241			Term Loan, 7.229%, maturing April 12, 2014			209,638

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Healthcare, Education and Childcare (continued)

Surgical Care Affiliates, LLC

Ba3

2,992,500

Term Loan, 7.448%, maturing December 29, 2014

2,756,841

Team Health, Inc.

BB-

2,047,569

Term Loan, 7.347%, maturing November 23, 2012

1,952,869

United Surgical Partners International, Inc.

Ba3

204,839

Term Loan, 4.986%, maturing April19, 2014

194,341

1,669,032

Term Loan, 7.381%, maturing April 19, 2014

1,583,494

Vanguard Health Holdings Company II, LLC

Ba3

B+

7,842,995

Term Loan, 7.448%, maturing September 23, 2011

7,607,705

Viant Holdings, Inc.

Ba3

B+

748,125

Term Loan, 7.448%, maturing June 25, 2014

690,145

VWR International, Inc.

B+

EUR

2,500,000

Term Loan, 7.226%, maturing June 29, 2014

3,462,449

3,500,000

Term Loan, 7.698%, maturing June 29, 2014

3,327,188

211,101,271

Home & Office Furnishings: 1.7%

Buhrmann US, Inc.

Ba2

BB+

1,946,727

Term Loan, 7.342%, maturing December 23, 2010

1,912,659

Global Garden Products Italy S.P.A.

EUR

1,250,000

Term Loan, 6.539%, maturing October 19, 2014

1,796,022

EUR

1,250,000

Term Loan, 7.039%, maturing October 19, 2015

1,805,170

Hilding Anders

SEK

18,071,429

Term Loan, 6.690%, maturing December 15, 2014

2,720,238

EUR

328,571

Term Loan, 6.999%, maturing December 15, 2014

465,284

National Bedding Company

2,199,628

Term Loan, 7.149%, maturing August 31, 2011

2,040,155

Simmons Company

Ba2

BB-

7,166,516

Term Loan, 7.336%, maturing December 19, 2011

6,868,661

17,608,189

Insurance: 1.8%

AmWINS Group, Inc.

B-

1,995,000

Term Loan, 7.806%, maturing June 08, 2013

1,745,625

Applied Systems, Inc.

B-

1,980,000

Term Loan, 7.425%, maturing September 26, 2013

1,920,600

Conseco, Inc.

Ba3

B+

6,193,138

Term Loan, 6.809%, maturing October 10, 2013

5,708,011

Crawford & Company

BB-

2,884,762

Term Loan, 7.450%, maturing October 30, 2013

2,798,219

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

			Bank Loan Ratings†		Market
Principal Amount		Borrower/Tranche Description	Moody’s	S&P	Value
*Insurance (continued)*
		Hub International, Ltd.	B2	B+
$	114,745	Term Loan, 3.241%, maturing June 13, 2014			$	109,295
1,629,902		Term Loan, 8.203%, maturing June 13, 2014			1,552,482
		Swett & Crawford	B2	B
2,587,000		Term Loan, 7.464%, maturing April 03, 2014			2,431,780
		USI Holdings Corporation	B2	B
1,795,500		Term Loan, 7.950%, maturing May 05, 2014			1,719,191
					17,985,203
*Leisure, Amusement, Entertainment: 8.0%*
		24 Hour Fitness Worldwide, Inc.	Ba3	B+
3,201,250		Term Loan, 7.809%, maturing June 08, 2012			3,105,213
		Alpha D2, Ltd.	NR	NR
1,714,286		Term Loan, 7.915%, maturing December 31, 2013			1,661,143
1,285,714		Term Loan, 7.915%, maturing December 31, 2013			1,245,857
		AMF Bowling Worldwide, Inc.	B1	B+
3,117,188		Term Loan, 8.211%, maturing June 10, 2013			2,945,742
		Cedar Fair, L.P.	Ba3	BB
7,897,525		Term Loan, 6.822%, maturing August 30, 2012			7,458,225
		Cinemark USA, Inc.	Ba3	B
3,688,682		Term Loan, 6.663%, maturing October 05, 2013			3,523,267
		HIT Entertainment, Inc.	Ba3	B+
2,598,374		Term Loan, 7.170%, maturing March 20, 2012			2,481,447
		Kerasotes Showplace Theater, LLC	B1	B-
195,000		Revolver, 1.740%, maturing October 31, 2010			185,250
362,815		Term Loan, 7.125%, maturing October 31, 2011			356,466
		London Arena & Waterfront Finance, LLC	Ba3	B
788,000		Term Loan, 8.204%, maturing March 08, 2012			776,180
		Metro-Goldwyn-Mayer, Inc.	Ba3	B+
7,853,393		Term Loan, 8.448%, maturing April 08, 2012			7,325,967
33,411,293		Term Loan, 8.448%, maturing April 08, 2012			31,167,424
		NEP II, Inc.	B1	B
4,474,999		Term Loan, 7.448%, maturing February 16, 2014			4,273,624
		Warner Music Group	Ba2	BB-
14,976,937		Term Loan, 7.071%, maturing February 28, 2011			14,396,581
					80,902,386
*Lodging: 1.7%*
		Audio Visual Services Corporation	Ba3	B+
1,000,000		Term Loan, 7.080%, maturing February 28, 2014			961,250

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Lodging (continued)

Hotel Del Coronado

16,400,000

Term Loan, 6.842%, maturing January 09, 2008

16,400,000

17,361,250

Machinery: 1.7%

Alliance Laundry Systems, LLC

Ba3

B+

2,801,862

Term Loan, 7.637%, maturing January 27, 2012

2,770,341

Enersys Capital, Inc.

Ba2

4,138,434

Term Loan, 6.761%, maturing March 17, 2011

4,009,108

Kion Group

EUR

1,250,000

Term Loan, 7.047%, maturing February 28, 2015

1,766,799

EUR

1,250,000

Term Loan, 7.297%, maturing February 28, 2016

1,775,947

LN Acquisition Corporation

BB-

136,023

Term Loan, 7.290%, maturing July 11, 2014

133,982

362,841

Term Loan, 7.300%, maturing July 11, 2014

357,398

Maxim Crane Works, L.P.

BB-

2,493,750

Term Loan, 6.800%, maturing July 31, 2014

2,331,656

United Rentals, Inc.

Ba1

BB-

4,517,080

Term Loan, 6.658%, maturing February 14, 2011

4,415,445

17,560,676

Mining, Steel, Iron & Nonprecious Metals: 1.1%

Continental Alloys & Services, Inc.

498,750

Term Loan, 7.698%, maturing June 15, 2012

493,763

Noranda Aluminum Acquisition Corporation

Ba2

BB-

741,563

Term Loan, 6.910%, maturing May 18, 2014

710,664

Novelis

Ba2

1,246,875

Term Loan, 7.200%, maturing July 06, 2014

1,187,648

2,743,125

Term Loan, 7.200%, maturing July 06, 2014

2,612,827

Oglebay Norton Company

BB-

1,522,779

Term Loan, 7.500%, maturing July 31, 2011

1,499,937

Oxbow Carbon and Minerals Holdings, LLC

BB-

3,202,576

Term Loan, 7.187%, maturing May 08, 2014

3,018,428

281,221

Term Loan, 7.198%, maturing May 08, 2014

265,051

Tube City IMS Corporation

Ba3

1,331,149

Term Loan, 7.448%, maturing January 25, 2013

1,284,003

162,162

Term Loan, 7.548%, maturing January 25, 2013

156,419

11,228,740

North American Cable: 16.5%

Atlantic Broadband

1,975,079

Term Loan, 7.450%, maturing August 10, 2012

1,916,650

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

North American Cable (continued)

Bresnan Communications, LLC

BB-

2,750,000

Term Loan, 7.103%, maturing September 29, 2013

2,631,406

2,246,939

Term Loan, 7.180%, maturing April 30, 2014

2,150,040

Cequel Communications, LLC

BB-

38,815,319

Term Loan, 7.210%, maturing November 05, 2013

36,415,834

Cequel Communications, LLC

Caa1

B-

525,000

Term Loan, 9.411%, maturing May 05, 2014

496,781

Charter Communications Operating, LLC

B+

60,364,583

Term Loan, 6.990%, maturing March 06, 2014

56,382,815

CSC Holdings, Inc.

Ba2

31,367,798

Term Loan, 6.415%, maturing March 29, 2013

29,806,403

Insight Midwest Holdings, LLC

Ba3

BB-

16,300,000

Term Loan, 7.000%, maturing April 06, 2014

15,800,813

Knology, Inc.

1,995,000

Term Loan, 7.480%, maturing June 30, 2012

1,950,113

Mediacom Broadband, LLC

Ba3

10,808,325

Term Loan, 6.530%, maturing January 31, 2015

10,221,584

Quebecor Media, Inc.

2,947,500

Term Loan, 7.243%, maturing January 17, 2013

2,881,181

San Juan Cable, LLC

BB-

1,721,242

Term Loan, 7.620%, maturing October 31, 2012

1,629,801

WideOpenWest Finance, LLC

B-

5,833,333

Term Loan, 7.540%, maturing June 28, 2014

5,483,333

167,766,754

Oil & Gas: 7.3%

Alon USA

219,444

Term Loan, 7.072%, maturing June 22, 2013

213,410

1,755,556

Term Loan, 7.072%, maturing June 22, 2013

1,707,278

Atlas Pipeline Partners, L.P.

BB-

3,000,000

Term Loan, 7.566%, maturing July 27, 2014

2,977,500

CGGVeritas Services, Inc.

Ba2

BB-

2,142,000

Term Loan, 6.716%, maturing January 12, 2014

2,099,160

Coffeyville Resources, LLC

Caa1

B-

1,067,105

Term Loan, 8.481%, maturing December 29, 2010

1,042,428

1,274,894

Term Loan, 8.481%, maturing December 28, 2013

1,245,412

CR Gas Storage

Ba3

BB-

510,974

Term Loan, 6.408%, maturing May 13, 2011

491,386

320,224

Term Loan, 6.409%, maturing May 12, 2013

307,949

473,935

Term Loan, 7.323%, maturing May 12, 2013

455,768

2,872,582

Term Loan, 7.323%, maturing May 12, 2013

2,762,468

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Oil & Gas (continued)

Energy Transfer Company, L.P.

Ba2

10,000,000

Term Loan, 6.648%, maturing February 08, 2012

9,744,790

Helix Energy Solutions Group, Inc.

BB+

5,134,611

Term Loan, 6.843%, maturing July 01, 2013

5,004,818

Hercules Offshore, LLC

Ba3

2,493,750

Term Loan, 6.990%, maturing July 11, 2013

2,422,990

IFM Holdco

Ba3

BBB

497,500

Term Loan, 7.510%, maturing February 27, 2012

490,038

Kinder Morgan, Inc.

Ba2

BB-

3,675,348

Term Loan, 6.330%, maturing May 30, 2014

3,499,623

McJunkin Corporation

B+

2,684,375

Term Loan, 8.448%, maturing January 31, 2013

2,661,727

MEG Energy

Ba3

480,000

Term Loan, 2.275%, maturing April 03, 2013

463,600

2,758,000

Term Loan, 7.200%, maturing April 03, 2013

2,684,224

Pine Prairie Energy Center

B+

497,500

Term Loan, 7.700%, maturing December 31, 2013

485,063

Semcrude, L.P.

Ba2

6,708,188

Term Loan, 6.780%, maturing March 01, 2011

6,506,942

SG Resources Mississippi, LLC

BB-

2,500,000

Term Loan, 6.563%, maturing March 31, 2014

2,437,500

Targa Resources, Inc.

Ba3

B+

5,090,895

Term Loan, 6.920%, maturing October 31, 2012

5,004,349

1,972,542

Term Loan, 7.168%, maturing October 31, 2012

1,939,009

Venoco, Inc.

Caa1

3,000,000

Term Loan, 8.938%, maturing September 20, 2011

2,940,000

Vulcan Energy Corporation

Ba2

4,340,471

Term Loan, 6.379%, maturing August 12, 2011

4,253,662

Western Refining, Inc.

BB+

10,244,325

Term Loan, 6.559%, maturing May 30, 2014

9,868,696

73,709,790

Other Broadcasting and Entertainment: 2.4%

Deluxe Entertainment Services Group, Inc.

118,110

Term Loan, 5.260%, maturing May 11, 2013

111,024

2,555,362

Term Loan, 7.448%, maturing May 11, 2013

2,402,040

232,039

Term Loan, 7.610%, maturing May 11, 2013

218,117

DirecTV Holdings, LLC

Baa3

BBB-

1,875,716

Term Loan, 6.322%, maturing April 13, 2013

1,857,609

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Other Broadcasting and Entertainment (continued)

VNU

Ba3

B+

20,887,334

Term Loan, 7.059%, maturing August 09, 2013

19,844,409

24,433,199

Other Telecommunications: 4.4%

Asurion Corporation

B-

15,250,000

Term Loan, 7.878%, maturing July 03, 2014

14,749,617

BCM Ireland Holdings, Ltd.

Ba3

EUR

2,083,333

Term Loan, 6.625%, maturing September 30, 2014

2,926,826

EUR

2,083,333

Term Loan, 6.875%, maturing September 30, 2015

2,941,682

Cavalier Telephone

B-

3,144,588

Term Loan, 9.950%, maturing December 31, 2012

3,034,527

Consolidated Communications

Ba3

1,073,392

Term Loan, 6.948%, maturing October 14, 2011

1,059,975

Fairpoint Communications, Inc.

BB-

1,111,111

Term Loan, 7.000%, maturing February 08, 2012

1,102,778

Gabriel Communications

CCC+

498,750

Term Loan, 8.891%, maturing May 31, 2014

487,528

Hargray Communications Group, Inc.

498,750

Term Loan, 7.448%, maturing June 29, 2014

482,541

Hawaiian Telcom Communications, Inc.

Ba3

B-

4,987,500

Term Loan, 7.450%, maturing June 01, 2014

4,740,723

Iowa Telecommunications Services, Inc.

Ba3

BB-

1,500,000

Term Loan, 6.985%, maturing November 23, 2011

1,459,922

Kentucky Data Link, Inc.

3,976,300

Term Loan, 7.072%, maturing February 26, 2014

3,876,892

One Communications

B-

2,858,571

Term Loan, 9.750%, maturing June 30, 2012

2,729,936

PAETEC Holding Corporation

Ba3

B-

644,293

Term Loan, 7.322%, maturing February 28, 2013

630,871

Time Warner Telecom Holdings, Inc.

Ba2

3,195,850

Term Loan, 6.830%, maturing January 07, 2013

3,073,609

U.S. Telepacific Corporation

CCC+

990,002

Term Loan, 9.381%, maturing August 04, 2011

981,340

44,278,767

Personal & Nondurable Consumer Products: 4.7%

Advantage Sales And Marketing

B-

3,049,091

Term Loan, 6.897%, maturing March 29, 2013

2,932,844

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Personal & Nondurable Consumer Products (continued)

Bushnell Performance Optics

Ba3

BB-

1,750,000

Term Loan, 8.634%, maturing August 24, 2013

1,723,750

Fender Musical Instruments Corporation

B+

2,327,500

Term Loan, 7.650%, maturing June 09, 2014

2,147,119

Gibson Guitar Corporation

496,250

Term Loan, 7.698%, maturing December 29, 2013

486,325

Huish Detergents, Inc.

B+

2,693,250

Term Loan, 7.200%, maturing April 26, 2014

2,422,002

Information Resources, Inc.

Ba2

B+

480,848

Term Loan, 6.746%, maturing May 16, 2014

454,402

Jarden Corporation

Ba3

BB-

2,187,319

Term Loan, 6.948%, maturing January 24, 2012

2,112,280

8,217,409

Term Loan, 6.948%, maturing January 24, 2012

7,935,503

KIK Custom Products, Inc.

73,171

Term Loan, 7.460%, maturing May 31, 2014

66,585

426,829

Term Loan, 7.460%, maturing May 31, 2014

388,415

Mega Bloks, Inc.

Ba3

B+

977,500

Term Loan, 7.250%, maturing July 26, 2012

889,525

Natural Products Group, LLC

B+

1,592,141

Term Loan, 7.351%, maturing March 08, 2014

1,307,546

Norwood Promotional Products

3,291,912

Revolver, 7.925%, maturing December 31, 2008

3,291,912

4,049,528

Term Loan, 11.875%, maturing August 17, 2009

4,049,528

12,189,532

(3)

Term Loan, 6.000%, maturing August 17, 2011

11,214,369

Norwood Promotional Products

1,090,736

Term Loan, 23.894%, maturing February 15, 2008

1,090,736

Spectrum Brands, Inc.

B-

44,301

Term Loan, 8.716%, maturing March 30, 2013

42,950

884,034

Term Loan, 9.040%, maturing March 30, 2013

857,071

Totes Isotoner Corporation

413,542

Term Loan, 7.738%, maturing January 31, 2013

397,000

Yankee Candle Company, Inc.

Ba3

BB-

3,980,000

Term Loan, 7.200%, maturing February 06, 2014

3,746,175

47,556,037

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Personal, Food & Miscellaneous: 2.5%

Acosta, Inc.

2,962,500

Term Loan, 7.080%, maturing July 28, 2013

2,840,297

Arbys Restaurant Group, Inc.

Ba3

5,370,075

Term Loan, 7.130%, maturing July 25, 2012

5,192,862

Culligan International Company

B+

992,500

Term Loan, 7.278%, maturing November 24, 2012

895,731

Dennys, Inc.

Ba2

555,000

Term Loan, 7.120%, maturing March 31, 2012

545,288

1,025,069

Term Loan, 7.232%, maturing March 31, 2012

1,007,130

Krispy Kreme Doughnut Corporation

396,582

Term Loan, 7.710%, maturing February 15, 2014

371,795

MD Beauty, Inc.

BB-

2,581,188

Term Loan, 6.910%, maturing February 18, 2012

2,503,752

N.E.W. Customer Services Companies, Inc.

3,191,953

Term Loan, 7.686%, maturing May 22, 2014

3,004,426

OSI Restaurant Partners, Inc.

BB-

372,420

Term Loan, 7.953%, maturing June 14, 2013

342,068

4,566,261

Term Loan, 7.125%, maturing June 14, 2014

4,194,110

QCE, LLC

2,040,833

Term Loan, 7.450%, maturing May 05, 2013

1,935,957

Reddy Ice Group, Inc.

Ba3

BB-

1,000,000

Term Loan, 6.998%, maturing August 09, 2012

982,500

Sbarro, Inc.

Ba3

B+

497,500

Term Loan, 7.406%, maturing January 31, 2014

473,869

Seminole Hard Rock Entertainment

750,000

Term Loan, 8.194%, maturing March 15, 2014

720,000

U.S. Security Holdings, Inc.

B+

615,625

Term Loan, 7.350%, maturing May 08, 2013

617,164

25,626,949

Printing & Publishing: 12.3%

American Achievement Corporation

Ba2

BB-

558,883

Term Loan, 7.066%, maturing March 25, 2011

547,705

American Reprographics Company

Ba2

2,784,251

Term Loan, 6.881%, maturing June 18, 2009

2,739,007

Ascend Media Holdings, LLC

952,999

Term Loan, 9.425%, maturing January 31, 2012

819,579

Black Press, Ltd.

Ba3

BB-

746,111

Term Loan, 7.081%, maturing August 02, 2013

724,660

1,228,889

Term Loan, 7.081%, maturing August 02, 2013

1,193,558

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Printing & Publishing (continued)

Canwest Media, Inc.

Ba1

BB-

1,990,000

Term Loan, 7.081%, maturing July 10, 2014

1,935,275

Caribe Information Investments, Inc.

B+

1,807,258

Term Loan, 7.356%, maturing March 31, 2013

1,748,522

Cenveo Corporation

Ba2

61,759

Term Loan, 6.988%, maturing June 21, 2013

58,864

2,851,278

Term Loan, 6.988%, maturing June 21, 2013

2,717,624

Dex Media West, LLC

Ba1

BB+

5,878,908

Term Loan, 6.834%, maturing March 09, 2010

5,765,005

Hanley Wood, LLC

2,715,688

Term Loan, 7.488%, maturing March 08, 2014

2,141,999

Idearc, Inc.

Ba2

BBB-

25,234,437

Term Loan, 7.200%, maturing November 17, 2014

24,217,893

Intermedia Outdoor, Inc.

1,637,625

Term Loan, 8.198%, maturing January 31, 2013

1,580,308

Jostens IH Corporation

Ba1

4,110,862

Term Loan, 7.198%, maturing December 21, 2011

4,049,199

Medimedia USA, Inc.

Ba3

BB-

1,237,500

Term Loan, 7.374%, maturing October 05, 2013

1,194,188

Merrill Communications, LLC

Ba3

BB-

2,908,966

Term Loan, 7.298%, maturing May 15, 2011

2,807,153

Nelson Canada

Ba3

BB-

4,000,000

Term Loan, 7.698%, maturing July 05, 2014

3,747,500

PagesJaunes Groupe, S.A.

EUR

800,000

Term Loan, 6.500%, maturing February 28, 2014

1,124,084

PagesJaunes Groupe, S.A.

EUR

600,000

Term Loan, 7.000%, maturing February 28, 2014

847,576

EUR

600,000

Term Loan, 7.500%, maturing February 28, 2014

851,967

PBL Media

AUD

24,331,191

Term Loan, 9.537%, maturing February 05, 2013

20,485,813

Prism Business Media Holdings/ Penton Media, Inc.

BB-

1,691,500

Term Loan, 7.240%, maturing February 01, 2013

1,566,224

R.H. Donnelley Corporation

Ba1

BB+

8,175,160

Term Loan, 6.892%, maturing June 30, 2011

7,949,206

Readers Digest

B+

EUR

753,445

Term Loan, 6.722%, maturing March 02, 2014

1,003,531

4,353,152

Term Loan, 7.544%, maturing March 02, 2014

3,984,950

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Printing & Publishing (continued)

Source Media, Inc.

2,846,878

Term Loan, 7.053%, maturing November 08, 2011

2,725,885

Thomas Nelson Publishers

2,304,167

Term Loan, 7.388%, maturing June 12, 2012

2,209,120

Thomson Learning

B+

17,250,000

Term Loan, 7.950%, maturing July 05, 2014

16,418,654

Tribune Company

Ba3

498,750

Term Loan, 8.244%, maturing May 19, 2014

435,346

Valassis Communications, Inc.

Ba2

1,024,100

Term Loan, 6.950%, maturing March 02, 2014

959,454

Wenner Media, LLC

Ba3

BB-

855,000

Term Loan, 6.948%, maturing October 02, 2013

825,075

Yell Group, PLC

Ba3

BB-

2,000,000

Term Loan, 6.822%, maturing February 10, 2013

1,980,000

EUR

2,000,000

Term Loan, 6.169%, maturing February 27, 2013

2,872,008

124,226,932

Radio and TV Broadcasting: 6.5%

Block Communications, Inc.

Ba1

982,500

Term Loan, 7.198%, maturing December 22, 2012

948,113

Citadel Broadcasting Corporation

Ba3

BB-

9,600,000

Term Loan, 6.662%, maturing June 12, 2014

8,760,000

CMP KC, LLC

1,366,663

Term Loan, 8.688%, maturing May 03, 2011

1,291,496

CMP Susquehanna Corporation

B-

4,949,286

Term Loan, 6.767%, maturing May 05, 2013

4,706,771

Cumulus Media, Inc.

Ba3

2,854,180

Term Loan, 6.700%, maturing June 11, 2014

2,757,851

CW Media Holdings, Inc.

Ba1

B+

2,750,000

Term Loan, 8.499%, maturing February 15, 2015

2,736,250

Emmis Communication

B+

1,208,222

Term Loan, 7.168%, maturing November 01, 2013

1,143,280

Local TV Finance, LLC

Ba3

B+

2,892,750

Term Loan, 7.310%, maturing May 07, 2013

2,733,649

Nexstar Broadcasting Group

Ba3

BB-

2,383,746

Term Loan, 6.948%, maturing October 01, 2012

2,300,315

2,257,521

Term Loan, 6.948%, maturing October 01, 2012

2,178,508

Nextmedia Operating, Inc.

B+

659,802

Term Loan, 6.660%, maturing November 15, 2012

618,564

1,484,554

Term Loan, 6.686%, maturing November 15, 2012

1,391,770

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Radio and TV Broadcasting (continued)

Paxson Communications

CCC+

4,500,000

Term Loan, 8.493%, maturing January 15, 2012

4,342,500

Regent Communications

B+

1,488,750

Term Loan, 7.448%, maturing November 21, 2013

1,444,088

Spanish Broadcasting Systems

B-

3,900,000

Term Loan, 6.950%, maturing June 11, 2012

3,670,875

Univision Communications, Inc.

Ba3

B+

24,519,751

Term Loan, 7.203%, maturing September 29, 2014

22,550,521

Univision Communications, Inc.

CCC+

2,250,000

Term Loan, 7.322%, maturing March 29, 2009

2,213,438

65,787,989

Retail Stores: 9.8%

Amscan Holdings, Inc.

1,492,500

Term Loan, 7.488%, maturing May 25, 2013

1,406,681

Burlington Coat Factory

B-

5,787,868

Term Loan, 7.320%, maturing May 28, 2013

5,262,138

CBR Fashion Holding

EUR

500,000

Term Loan, 6.851%, maturing June 14, 2015

702,019

EUR

500,000

Term Loan, 7.101%, maturing June 14, 2016

704,611

Claires Stores, Inc.

B+

4,987,500

Term Loan, 7.948%, maturing May 29, 2014

4,424,850

Dollar General Corporation

B+

12,500,000

Term Loan, 7.710%, maturing July 06, 2014

11,550,788

Dollarama Group, L.P.

Ba1

BB-

3,404,406

Term Loan, 6.710%, maturing November 18, 2011

3,308,657

General Nutrition Centers, Inc.

B-

3,582,000

Term Loan, 7.480%, maturing September 16, 2013

3,299,918

Guitar Center, Inc.

B-

5,000,000

Term Loan, 8.170%, maturing October 09, 2014

4,800,000

Harbor Freight Tools USA, Inc.

B+

6,832,211

Term Loan, 6.852%, maturing July 15, 2010

6,519,070

Mapco Express, Inc.

BB-

2,211,615

Term Loan, 7.740%, maturing April 28, 2011

2,167,383

Mattress Firm

B+

497,503

Term Loan, 7.404%, maturing January 18, 2014

457,703

Michaels Stores, Inc.

8,690,980

Term Loan, 7.607%, maturing October 31, 2013

8,011,502

Nebraska Book Company, Inc.

Ba2

2,394,674

Term Loan, 7.650%, maturing March 04, 2011

2,316,847

Neiman Marcus Group, Inc.

Ba3

BB+

14,299,578

Term Loan, 7.448%, maturing April 06, 2013

13,784,793

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Retail Stores (continued)

Oriental Trading Company, Inc.

BB-

2,407,774

Term Loan, 7.208%, maturing July 31, 2013

2,320,493

Petco Animal Supplies, Inc.

Ba3

BB-

5,086,562

Term Loan, 7.328%, maturing October 26, 2013

4,897,937

Phones 4U Group, Ltd.

GBP

1,615,726

Term Loan, 8.567%, maturing September 22, 2014

2,986,231

GBP

1,545,301

Term Loan, 9.317%, maturing September 22, 2015

2,871,962

Rite Aid

Ba3

BB-

5,000,000

Term Loan, 6.457%, maturing June 04, 2014

4,803,125

Sally Holdings, LLC

BB-

3,467,481

Term Loan, 7.519%, maturing November 16, 2013

3,339,309

Sports Authority

987,500

Term Loan, 7.448%, maturing May 03, 2013

919,609

Tire Rack, Inc.

BB-

773,585

Term Loan, 6.950%, maturing June 24, 2012

763,915

Toys “R” Us, Inc.

BB-

1,368,159

Term Loan, 9.155%, maturing July 19, 2012

1,353,501

Vivarte

EUR

2,500,000

Term Loan, 6.767%, maturing June 28, 2015

3,307,954

EUR

2,500,000

Term Loan, 7.267%, maturing June 28, 2016

3,327,874

99,608,870

Satellite: 0.7%

Intelsat (Bermuda), Ltd.

2,550,000

Unsecured Term Loan, 7.206%, maturing February 01, 2014

2,502,188

Intelsat Corporation

Ba2

4,205,639

Term Loan, 6.706%, maturing January 03, 2012

4,114,015

6,616,203

Telecommunications Equipment: 1.4%

Macquarie UK Broadcast Ventures, Ltd.

GBP

4,500,000

Term Loan, 8.195%, maturing December 01, 2014

8,908,518

Sorenson Communications, Inc.

4,978,529

Term Loan, 7.313%, maturing August 16, 2014

4,779,388

13,687,906

Textiles & Leather: 1.3%

Hanesbrands, Inc.

Ba2

1,823,925

Term Loan, 6.752%, maturing September 05, 2013

1,779,239

Iconix Brand Group, Inc.

Ba2

BB-

1,691,500

Term Loan, 7.450%, maturing May 02, 2013

1,615,383

Polymer Group, Inc.

7,249,848

Term Loan, 7.291%, maturing November 22, 2012

7,195,474

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Textiles & Leather (continued)

St. John Knits International, Inc.

722,091

Term Loan, 8.198%, maturing March 21, 2012

711,259

Targus Group, Inc.

1,460,965

Term Loan, 8.288%, maturing November 22, 2012

1,348,957

12,650,312

Utilities: 9.2%

Boston Generating, LLC

BB-

256,593

Revolver, 7.573%, maturing December 20, 2013

247,862

7,088,579

Term Loan, 7.448%, maturing December 20, 2013

6,847,368

1,916,404

Term Loan, 7.448%, maturing December 20, 2013

1,851,192

(2)

Calpine Corporation

BB-

13,930,000

Debtor-In-Possession Term Loan, 7.448%, maturing March 29, 2009

13,616,575

Cellnet Technology, Inc.

Ba2

1,299,620

Term Loan, 7.200%, maturing July 22, 2011

1,263,068

Cellnet Technology, Inc.

333,333

Term Loan, 9.450%, maturing October 22, 2011

323,542

Coleto Creek WLE, L.P.

BB-

764,331

Term Loan, 7.948%, maturing June 28, 2013

737,580

5,287,216

Term Loan, 7.948%, maturing June 28, 2013

5,102,163

FirstLight Power Resources, Inc.

BB-

792,683

Term Loan, 7.750%, maturing November 01, 2013

757,012

1,844,389

Term Loan, 8.090%, maturing November 01, 2013

1,761,391

FirstLight Power Resources, Inc.

B-

1,675,000

Term Loan, 9.750%, maturing May 01, 2014

1,549,375

Infrastrux Group, Inc.

4,284,818

Term Loan, 9.253%, maturing November 03, 2012

4,049,153

KGEN, LLC

Ba3

1,550,781

Term Loan, 7.000%, maturing February 05, 2014

1,480,996

937,500

Term Loan, 7.125%, maturing February 05, 2014

895,313

Longview Power, LLC

Ba3

528,000

Term Loan, 4.421%, maturing February 28, 2014

513,480

266,667

Term Loan, 7.500%, maturing February 28, 2014

259,333

800,000

Term Loan, 8.000%, maturing February 28, 2014

778,000

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

					Bank Loan Ratings†		Market
Principal Amount				Borrower/Tranche Description	Moody’s	S&P	Value
*Utilities: (continued)*
				MACH Gen, LLC	B2	B+
$	453,125			Term Loan, 7.200%, maturing February 22, 2013			$	431,375
4,347,357				Term Loan, 7.000%, maturing February 22, 2014			4,138,684
				NRG Energy, Inc.	Ba1	BB
13,223,556				Term Loan, 6.848%, maturing February 01, 2013			12,631,802
8,768,461				Term Loan, 6.948%, maturing February 01, 2013			8,376,073
				NSG Holdings, LLC	Ba2	BB
183,673				Term Loan, 7.210%, maturing June 15, 2014			175,867
1,588,526				Term Loan, 7.210%, maturing June 15, 2014			1,521,013
				Riverside Energy Center, LLC	B1	B
57,431				Term Loan, 9.210%, maturing June 24, 2010			57,287
432,363				Term Loan, 9.210%, maturing June 24, 2011			431,282
704,017				Term Loan, 9.210%, maturing June 24, 2011			702,257
				Texas Competitive Electric Holdings Company, LLC	Ba3	B+
6,000,000				Term Loan, 8.396%, maturing October 20, 2014			5,902,500
1,000,000				Term Loan, 8.396%, maturing October 20, 2014			985,057
				Thermal North America, Inc.	B1	BB
977,049				Term Loan, 7.950%, maturing October 24, 2008			973,996
				TPF Generation Holdings, LLC	Ba3	BB-
1,600,000				Term Loan, 7.198%, maturing December 15, 2013			1,542,000
4,798,571				Term Loan, 7.198%, maturing December 15, 2013			4,624,622
				TPF Generation Holdings, LLC	B3	B-
1,500,000				Term Loan, 9.448%, maturing December 15, 2014			1,421,250
				Viridian Group PLC	NR	NR
EUR			1,072,386	Term Loan, 8.133%, maturing December 19, 2012			1,508,777
GBP		1,080,000		Term Loan, 9.987%, maturing March 31, 2013			2,097,320
				Wolf Hollow I, L.P.	B1	BB-
$	450,000			Term Loan, 7.018%, maturing June 22, 2012			416,250
1,800,000				Term Loan, 7.033%, maturing June 22, 2012			1,681,875
2,116,843				Term Loan, 7.448%, maturing June 22, 2012			1,977,910
							93,630,600
				Total Senior Loans (Cost $1,945,690,372)			1,877,025,208

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Bank Loan
Ratings†

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Other Corporate Debt: 0.5%

Automobile: 0.5%

Avis Budget Car Rental

Ba1

BB-

750,000

Floating Rate Note, 7.369%, maturing May 15, 2014

693,750

Navistar International Corporation

4,950,000

Term Loan, 8.234%, maturing January 19, 2012

4,812,638

Total Other Corporate Debt
(Cost $5,700,000)

5,506,388

Equities and Other Assets: 0.1%

	Description	Market Value USD
(1), (@), (R)	Allied Digital Technologies Corporation (Residual Interest in Bankruptcy Estate)	$	107,510
(@), (R)	Block Vision Holdings Corporation (571 Common Shares)	—
(2), (@), (R)	Boston Chicken, Inc. (Residual Interest in Boston Chicken Plan Trust)	—
(2), (@), (R)	Cedar Chemical (Liquidation Interest)	—
(@), (R)	Covenant Care, Inc. (Warrants for 19,000 Common Shares, Expires January 13, 2005)	—
(@), (R)	Covenant Care, Inc. (Warrants for 26,901 Common Shares, Expires March 31, 2013)	—
(@), (R)	Decision One Corporation (1,752,103 Common Shares)	—
(2), (@), (R)	Enterprise Profit Solutions (Liquidation Interest)	—
(@), (R)	EquityCo, LLC (Warrants for 28,752 Common Shares)	—
(4), (@), (R)	Euro United Corporation (Residual Interest in Bankruptcy Estate)	—
(2), (@), (R)	Grand Union Company (Residual Interest in Bankruptcy Estate)	—
(@)	Humphrey’s, Inc. (Residual Interest in Bankruptcy Estate)	—
(@), (R)	IAP Acquisition Corporation (3,524 Common Shares)	—
(@), (R)	IAP Acquisition Corporation (1,084 Common Shares)	—
(@), (R)	IAP Acquisition Corporation (1,814 Common Shares)	—
(@), (R)	IAP Acquisition Corporation (17,348 Common Shares)	—
(2), (@), (R)	Imperial Home Décor Group, Inc. (Liquidation Interest)	—
(2), (@), (R)	Insilco Technologies (Residual Interest in Bankruptcy Estate)	—
(2), (@), (R)	IT Group, Inc. (Residual Interest in Bankruptcy Estate)	25
(2), (@), (R)	Kevco Inc. (Residual Interest in Bankruptcy Estate)	25
(2), (@), (R)	Lincoln Paper & Tissue (Warrants for 291 Common Shares, Expires August 14, 2015)	—
(@), (R)	Lincoln Pulp and Easten Fine (Residual Interest in Bankruptcy Estate)	—
(@), (R)	Norwood Promotional Products, Inc. (104,148 Common Shares)	—

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

Equities and Other Assets (continued)

	Description		Market Value USD
(@), (R)	Safelite Realty Corporation (57,804 Common Shares)		$	462,432
(1), (@), (R)	Transtar Metals (Residual Interest in Bankruptcy Estate)		—
(1), (@), (R)	TSR Wireless, LLC (Residual Interest in Bankruptcy Estate)		—
(2), (@), (R)	US Office Products Company (Residual Interest in Bankruptcy Estate)		—
	Total for Equities and Other Assets (Cost $5,263,025)		569,992
	Total Investments (Cost $1,956,653,397)**	185.7%	$	1,883,101,588
	Other Assets and Liabilities — Net	(85.7)	(868,791,062)
	Net Assets	100.0%	$	1,014,310,526

*	Senior loans, while exempt from registration under the Securities Act of 1933, as amended,
	contain certain restrictions on resale and cannot be sold publicly. These senior loans bear
	interest (unless otherwise noted) at rates that float periodically at a margin above the
	London Inter-Bank Offered Rate (“LIBOR”) and other short-term rates.
†	Bank Loans rated below Baa are considered to be below investment grade.
NR	Not Rated
(1)	The borrower filed for protection under Chapter 7 of the U.S. Federal Bankruptcy Code.
(2)	The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy Code.
(3)	Loan is on non-accrual basis.
(4)	The borrower filed for protection under the Canadian Bankruptcy and Insolvency Act.
(5)	Trade pending settlement. Contract rates do not take effect until settlement date.
(@)	Non-income producing security.
(R)	Restricted security.
AUD	Australian Dollar
GBP	British Pound Stirling
EUR	Euro
SEK	Swedish Kronor
**	For Federal Income Tax purposes cost of investments is $1,956,709,782.
	Net unrealized depreciation consists of the following:
	Gross Unrealized Appreciation	$	9,084,766
	Gross Unrealized Depreciation	(82,692,960)
	Net Unrealized Depreciation	$	(73,608,194)

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS REPORT
as of November 30, 2007 (Unaudited) (continued)

At November 30, 2007 the following forward foreign currency contracts were outstanding for ING Prime Rate Trust :

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar			USD
AUD 11,700,000	Sell	01/15/08	10,249,399		$	10,302,777	$	(53,378)
Australian Dollar
AUD 7,020,000	Sell	02/15/08	6,416,764		6,169,549		247,215
Australian Dollar
AUD 4,680,000	Sell	03/14/08	4,086,389		4,104,212		(17,823)
Euro
EUR 39,550,000	Sell	01/15/08	56,530,015		57,938,273		(1,408,258)
Euro
EUR 23,730,000	Sell	02/15/08	34,201,481		34,771,665		(570,184)
Euro
EUR 15,820,000	Sell	03/14/08	23,352,693		23,180,944		171,749
British Pound Sterling
GBP 10,750,000	Sell	01/15/08	21,782,181		22,078,363		(296,182)
British Pound Sterling
GBP 6,450,000	Sell	02/15/08	13,273,465		13,232,255		41,210
British Pound Sterling
GBP 4,300,000	Sell	03/14/08	8,830,996		8,811,794		19,202
Sweden Kronor
SEK 22,400,000	Sell	01/15/08	3,464,295		3,508,381		(44,086)
Sweden Kronor
SEK 13,440,000	Sell	02/15/08	2,112,311		2,105,591		6,720
Sweden Kronor
SEK 8,960,000	Sell	03/14/08	1,410,213		1,403,792		6,421
			$	185,710,202	$	187,607,596	$	(1,897,394)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Prime Rate Trust

By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

Date:	January 29, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

Date:	January 29, 2008

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date:	January 29, 2008