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, 2009

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.

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2009 (Unaudited)

Bank Loan

Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

SENIOR LOANS*: 139.6%

Aerospace & Defense: 2.3%

Avio Group

87,000

Term Loan, 2.993%, maturing December 13, 2015

79,415

Delta Airlines, Inc.

Ba2

BB-

1,470,000

Term Loan, 2.277%, maturing April 30, 2012

1,303,400

500,000

Term Loan, 8.750%, maturing September 27, 2013

499,791

Delta Airlines, Inc.

5,400,897

Term Loan, 3.534%, maturing April 30, 2014

4,426,807

Forgings International, Ltd.

1,000,000

(5)

Term Loan, maturing August 11, 2014

881,500

1,000,000

(5)

Term Loan, maturing August 11, 2015

880,500

McKechnie Aerospace DE, Inc.

B+

1,958,987

(5)

Term Loan, 2.250%, maturing May 11, 2014

1,821,858

Spirit Aerosystems, Inc.

Ba2

BBB-

442,803

Term Loan, 2.034%, maturing September 30, 2013

426,198

Transdigm, Inc.

Ba2

BB-

3,500,000

Term Loan, 2.289%, maturing June 23, 2013

3,338,125

United Airlines, Inc.

B+

4,075,347

Term Loan, 2.313%, maturing February 01, 2014

3,170,037

Wesco Aircraft Hardware Corporation

Ba3

BB-

1,458,750

Term Loan, 2.490%, maturing September 29, 2013

1,379,430

18,207,061

Automobile: 2.9%

Dollar Thrifty Automotive Group, Inc.

B-

1,438,911

(5)

Term Loan, 2.734%, maturing June 15, 2014

1,208,685

Ford Motor Company

Ba3

B-

12,559,103

(5)

Term Loan, 3.287%, maturing December 16, 2013

11,083,408

KAR Holdings, Inc.

Ba3

5,307,011

Term Loan, 2.490%, maturing October 18, 2013

4,922,253

Oshkosh Truck Corporation

BB-

3,170,603

Term Loan, 6.316%, maturing December 06, 2013

3,170,822

TRW Automotive, Inc.

Ba3

BB-

2,182,831

Term Loan, 6.250%, maturing February 09, 2014

2,183,515

22,568,683

Beverage, Food & Tobacco: 3.9%

ARAMARK Corporation

Ba3

1,922,615

Term Loan, 2.158%, maturing January 26, 2014

1,730,354

1,089,534

Term Loan, 2.145%, maturing January 27, 2014

986,634

10,800,883

Term Loan, 2.155%, maturing January 27, 2014

9,780,805

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2009 (Unaudited) (continued)

Bank Loan

Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Beverage, Food & Tobacco (continued)

Pierre Foods

BB-

831,250

Term Loan, 8.500%, maturing September 30, 2014

839,562

Pinnacle Foods Holding Corporation

7,566,648

Term Loan, 2.994%, maturing April 02, 2014

6,912,133

Sturm Foods, Inc.

B-

2,901,428

Term Loan, 2.813%, maturing January 31, 2014

2,685,634

United Biscuits

GBP

2,976,692

Term Loan, 3.389%, maturing December 15, 2014

4,618,587

Van Houtte, Inc.

Ba3

BB-

176,918

Term Loan, 2.783%, maturing July 19, 2014

168,846

1,297,397

Term Loan, 2.783%, maturing July 19, 2014

1,238,203

Wm. Wrigley Jr. Company

Baa3

BBB

1,443,750

Term Loan, 6.500%, maturing September 30, 2014

1,451,868

30,412,626

Buildings & Real Estate: 2.2%

Capital Automotive, L.P.

Ba3

4,080,063

Term Loan, 2.750%, maturing December 14, 2012

3,604,055

Contech Construction Products, Inc.

1,601,485

Term Loan, 2.240%, maturing January 31, 2013

1,441,337

Custom Building Products, Inc.

Ba2

BB-

2,332,396

Term Loan, 8.000%, maturing October 29, 2011

2,271,171

Goodman Global, Inc.

Ba3

2,000,000

(5)

Term Loan, maturing February 13, 2014

2,006,250

John Maneely Company

4,007,971

Term Loan, 3.508%, maturing December 09, 2013

3,692,343

KCPC Acquisition, Inc.

Ba2

B-

522,257

Term Loan, 2.563%, maturing May 22, 2014

399,527

189,655

Term Loan, 2.563%, maturing May 22, 2014

145,086

Tishman Speyer

2,500,000

(3)

Term Loan, 0.000%, maturing December 27, 2012

1,593,750

2,552,632

(5)

Term Loan, 12.750%, maturing December 05, 2009

2,559,013

17,712,532

Cargo Transport: 1.4%

Baker Tanks, Inc.

1,950,000

Term Loan, 2.507%, maturing May 08, 2014

1,690,001

Dockwise Transport, N.V.

1,028,331

Term Loan, 2.283%, maturing January 11, 2015

986,769

821,861

Term Loan, 2.283%, maturing January 11, 2015

788,644

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2009 (Unaudited) (continued)

Bank Loan

Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Cargo Transport (continued)

861,954

Term Loan, 3.158%, maturing January 11, 2016

827,117

821,861

Term Loan, 3.158%, maturing January 11, 2016

788,644

500,000

Term Loan, 4.783%, maturing July 11, 2016

443,750

560,000

Term Loan, 4.783%, maturing July 11, 2016

497,000

(2)

Gainey Corporation

752,921

(3)

Term Loan, 11.250%, maturing April 20, 2012

197,642

Inmar, Inc.

786,099

Term Loan, 2.490%, maturing April 30, 2013

715,350

TNT Logistics

B-

1,872,140

Term Loan, 3.244%, maturing November 04, 2013

1,586,639

723,070

Term Loan, 3.283%, maturing November 04, 2013

609,187

1,000,000

Term Loan, 3.243%, maturing January 04, 2014

847,500

US Shipping Partners, L.P.

1,190,583

Term Loan, 9.200%, maturing November 12, 2013

904,843

10,883,086

Cellular: 0.1%

NTELOS, Inc.

Ba3

1,000,000

Term Loan, 5.750%, maturing August 07, 2015

1,002,500

1,002,500

Chemicals, Plastics & Rubber: 8.3%

AZ Chem US, Inc.

BB-

EUR

703,473

Term Loan, 2.818%, maturing February 26, 2013

1,001,880

Borsodchem Nyrt.

EUR

822,816

(3)

Term Loan, 3.042%, maturing September 19, 2014

905,098

EUR

824,838

(3)

Term Loan, 3.545%, maturing September 19, 2015

907,323

Brenntag Holding GmbH & Co. KG

BB-

3,542,098

Term Loan, 1.987%, maturing January 20, 2014

3,347,283

1,151,397

Term Loan, 2.042%, maturing January 20, 2014

1,111,098

Celanese

Ba2

BB+

3,200,000

Term Loan, 1.994%, maturing April 02, 2014

2,988,000

Cristal Inorganic Chemicals, Inc.

2,588,270

Term Loan, 2.533%, maturing May 15, 2014

2,312,187

GenTek Holding, LLC

B+

333,333

Term Loan, 7.000%, maturing October 28, 2014

335,764

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2009 (Unaudited) (continued)

						Bank Loan
						Ratings† (Unaudited)		Market
Principal Amount					Borrower\Tranche Description	Moody’s	S&P	Value
*Chemicals, Plastics & Rubber (continued)*
					Hexion Specialty Chemicals, Inc.	B1	CCC+
$	1,152,000				Term Loan, 2.452%, maturing May 05, 2013			$	839,520
6,089,448					Term Loan, 2.563%, maturing May 06, 2013			5,072,510
1,321,455					Term Loan, 2.563%, maturing May 06, 2013			1,100,772
2,425,000					Term Loan, 2.563%, maturing May 06, 2013			2,020,025
977,500					Term Loan, 2.563%, maturing May 06, 2013			772,225
					Huntsman International, LLC	Ba2	B+
4,550,000				(5)	Term Loan, 2.484%, maturing June 30, 2016			4,146,187
					Ineos US Finance, LLC	Caa1	B-
1,537,761					Term Loan, 7.001%, maturing December 17, 2012			1,371,171
2,714,710					Term Loan, 7.501%, maturing December 16, 2013			2,344,831
EUR			48,022	(5)	Term Loan, maturing December 16, 2013			62,184
EUR			451,978	(5)	Term Loan, maturing December 16, 2013			585,261
$	2,713,966				Term Loan, 10.001%, maturing December 16, 2014			2,344,188
EUR		344,235		(5)	Term Loan, maturing December 16, 2014			445,747
EUR		155,765		(5)	Term Loan, maturing December 16, 2014			201,698
					ISP Chemco, Inc.	Ba3	BB-
$	3,421,250				Term Loan, 2.000%, maturing June 04, 2014			3,212,311
					JohnsonDiversey, Inc.	Ba2	BB-
2,000,000				(5)	Term Loan, maturing November 24, 2015			2,000,000
					Kraton Polymers, LLC	B1	B
1,979,487					Term Loan, 2.313%, maturing May 13, 2013			1,883,482
				(2)	Lyondell Chemical Company	Ba1	NR
2,189,639					Debtor In Possession Term Loan, 9.168%, maturing February 03, 2010			2,275,583
				(2)	Lyondell Chemical Company	Ba3	NR
5,277,128					Debtor In Possession Term Loan, 5.795%, maturing February 03, 2010			5,151,797
				(2)	Lyondell Chemical Company	NR	NR
432,808					Term Loan, 3.736%, maturing December 20, 2013			317,167
189,162					Revolver, 3.736%, maturing December 22, 2014			138,620
709,357					Revolver, 3.736%, maturing December 22, 2014			517,831
1,351,526					Term Loan, 3.736%, maturing December 22, 2014			986,614
543,066					Term Loan, 3.986%, maturing December 22, 2014			397,966
543,066					Term Loan, 3.986%, maturing December 22, 2014			397,966
543,066					Term Loan, 3.986%, maturing December 22, 2014			397,966
2,356,515					Term Loan, 7.000%, maturing December 22, 2014			1,720,256

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2009 (Unaudited) (continued)

						Bank Loan
						Ratings† (Unaudited)		Market
Principal Amount					Borrower\Tranche Description	Moody’s	S&P	Value
*Chemicals, Plastics & Rubber (continued)*
$	2,356,515				Term Loan, 7.000%, maturing December 22, 2014			$	1,720,256
2,356,515					Term Loan, 7.000%, maturing December 22, 2014			1,720,256
					MacDermid, Inc.	B2	B+
EUR		1,720,043			Term Loan, 2.638%, maturing April 11, 2014			2,088,667
$	1,480,186				Term Loan, 2.236%, maturing April 12, 2014			1,290,229
				(2)	Northeast Biofuels, LLC	NR	NR
115,095				(3)	Term Loan, 10.750%, maturing June 28, 2013			17,264
					Polypore, Inc.	Ba2	BB-
3,258,333					Term Loan, 2.490%, maturing July 03, 2014			3,005,812
					Rockwood Specialties Group, Inc.	Ba2	BB-
1,800,516					Term Loan, 6.000%, maturing May 15, 2014			1,811,319
								65,266,314
*Containers, Packaging & Glass: 3.8%*
					Berry Plastics Corporation	B1	B
4,821,734					Term Loan, 2.300%, maturing April 03, 2015			4,085,079
					Graham Packaging Company	B1	B+
888,320					Term Loan, 2.500%, maturing October 07, 2011			861,830
8,890,132					Term Loan, 6.750%, maturing April 05, 2014			8,896,799
					Graphic Packaging International, Inc.	Ba3	BB-
3,790,864					Term Loan, 2.417%, maturing May 16, 2014			3,555,289
					Klockner Pentaplast	NR	NR
2,917,598					Term Loan, 3.523%, maturing January 03, 2016			2,242,174
					Owens-Illinois	Baa3	BBB-
EUR			654,375		Term Loan, 1.930%, maturing June 14, 2013			945,444
					Pro Mach, Inc.	B1	B
$	2,322,790				Term Loan, 2.490%, maturing December 14, 2011			2,090,511
					Reynolds Consumer Products Holdings, Inc.	B1	BB-
1,500,000				(5)	Term Loan, maturing November 06, 2015			1,501,407
				(2)	Smurfit-Stone Container Corporation	NR	D
286,513				(5)	Revolver, 3.057%, maturing November 01, 2009			280,783
863,924				(5)	Revolver, 2.841%, maturing November 02, 2009			846,646
174,149				(5)	Term Loan, 4.500%, maturing November 01, 2010			170,231
371,921				(5)	Term Loan, 2.273%, maturing November 01, 2011			364,018
197,323				(5)	Term Loan, 2.500%, maturing November 01, 2011			192,883
112,448				(5)	Term Loan, 2.500%, maturing November 01, 2011			109,567
					Tegrant Holding Company	Caa3	CC
500,000					Term Loan, 5.790%, maturing March 08, 2015			192,500

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2009 (Unaudited) (continued)

Bank Loan

Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Containers, Packaging & Glass (continued)

Xerium Technologies, Inc.

Caa3

4,094,398

Term Loan, 5.783%, maturing May 18, 2012

3,394,940

29,730,101

Data and Internet Services: 7.9%

Activant Solutions, Inc.

87,488

Term Loan, 2.812%, maturing May 01, 2013

80,653

2,666,253

Term Loan, 2.240%, maturing May 02, 2013

2,457,952

Amadeus IT Group, S.A.

EUR

1,268,581

Term Loan, 2.424%, maturing July 01, 2013

1,775,798

EUR

1,268,581

Term Loan, 2.924%, maturing July 01, 2014

1,775,798

Audatex

Ba3

BB-

1,071,461

Term Loan, 2.063%, maturing May 16, 2014

1,025,254

Carlson Wagonlit Holdings, B.V.

CCC+

2,637,337

Term Loan, 4.031%, maturing August 03, 2012

2,261,516

First Data Corporation

B+

3,616,672

Term Loan, 2.990%, maturing September 24, 2014

3,022,431

5,020,154

Term Loan, 3.035%, maturing September 24, 2014

4,188,344

8,159,692

Term Loan, 3.035%, maturing September 24, 2014

6,796,909

L-1 Identity Solutions Operating Company

Ba3

BB+

480,047

Term Loan, 7.250%, maturing August 05, 2013

482,047

Language Line, Inc.

Ba3

B+

1,785,714

Term Loan, 5.750%, maturing November 04, 2015

1,757,812

Mitchell International, Inc.

Caa1

CCC+

250,000

Term Loan, 5.563%, maturing March 30, 2015

205,000

Orbitz

B+

5,345,378

Term Loan, 3.256%, maturing July 25, 2014

4,803,202

Reynolds & Reynolds Company

Ba2

7,169,050

Term Loan, 2.234%, maturing October 26, 2012

6,564,162

Sabre, Inc.

11,958,689

Term Loan, 2.491%, maturing September 30, 2014

10,215,542

Sitel, LLC

2,261,385

Term Loan, 5.768%, maturing January 30, 2014

1,973,058

Sungard Data Systems, Inc.

Ba3

249,732

Term Loan, 1.992%, maturing February 28, 2014

229,636

1,482,519

Term Loan, 6.750%, maturing February 28, 2014

1,499,568

6,756,996

Term Loan, 3.899%, maturing February 26, 2016

6,382,948

Transaction Network Services, Inc.

Ba3

2,500,000

Term Loan, 6.000%, maturing November 17, 2015

2,501,172

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2009 (Unaudited) (continued)

Bank Loan

Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Data and Internet Services (continued)

Travelport, Inc.

Ba3

977,500

Term Loan, 2.781%, maturing August 23, 2013

874,374

1,445,156

Term Loan, 2.781%, maturing August 23, 2013

1,286,189

289,971

Term Loan, 2.783%, maturing August 23, 2013

258,075

62,417,440

Diversified / Conglomerate Manufacturing: 3.7%

BOC Edwards

3,176,875

Term Loan, 2.256%, maturing May 31, 2014

2,680,488

Brand Services, Inc.

2,800,456

Term Loan, 2.313%, maturing February 07, 2014

2,520,410

1,225,000

Term Loan, 3.563%, maturing February 07, 2014

1,123,325

Brand Services, Inc.

Caa1

CCC+

1,600,000

Term Loan, 6.313%, maturing February 06, 2015

1,291,000

Dresser, Inc.

B+

5,852,885

Term Loan, 2.521%, maturing May 04, 2014

5,401,376

EPD, Inc.

429,844

Term Loan, 2.490%, maturing July 31, 2014

342,908

3,001,250

Term Loan, 2.490%, maturing July 31, 2014

2,394,247

Ferretti, S.P.A.

EUR

385,205

Term Loan, 3.794%, maturing January 31, 2015

212,705

EUR

385,868

Term Loan, 4.294%, maturing January 31, 2016

213,071

EUR

62,025

Term Loan, 6.794%, maturing January 31, 2017

11,623

Manitowoc Company, Inc.

3,984,950

Term Loan, 7.500%, maturing November 06, 2014

3,838,005

Mueller Group, Inc.

BB-

832,027

Term Loan, 5.281%, maturing May 23, 2014

817,986

Rexnord Corporation / RBS Global, Inc.

BB-

953,774

Term Loan, 2.500%, maturing July 19, 2013

901,714

1,000,000

Term Loan, 2.786%, maturing July 19, 2013

945,417

Sensata Technologies

5,060,923

Term Loan, 2.031%, maturing April 26, 2013

4,504,221

Sensus Metering Systems, Inc.

Ba2

B+

1,382,609

Term Loan, 2.284%, maturing December 17, 2010

1,369,647

Textron Fastening Systems

Caa1

CCC+

490,106

Term Loan, 14.000%, maturing August 11, 2013

336,948

28,905,091

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Diversified / Conglomerate Service: 4.1%

Affinion Group

Ba2

3,899,193

Term Loan, 2.256%, maturing October 17, 2012

3,707,482

AlixPartners, LLP

Ba3

2,578,769

Term Loan, 2.292%, maturing October 12, 2013

2,485,289

Brickman Group

Ba3

BB-

1,935,941

Term Loan, 2.283%, maturing January 23, 2014

1,800,425

Brock Holdings, Inc.

Caa1

2,769,793

Term Loan, 2.604%, maturing February 26, 2014

2,222,759

Catalina Marketing Corporation

Ba3

BB-

3,355,225

Term Loan, 2.987%, maturing October 01, 2014

3,131,543

Coach America Holdings, Inc.

2,094,630

Term Loan, 3.040%, maturing April 18, 2014

1,885,167

442,989

Term Loan, 3.040%, maturing April 20, 2014

398,690

Intergraph Corporation

Ba3

BB-

2,384,107

Term Loan, 2.256%, maturing May 29, 2014

2,238,081

ISS Global A/S

EUR

245,614

Term Loan, 2.771%, maturing December 31, 2013

341,684

EUR

1,754,386

Term Loan, 2.771%, maturing December 31, 2013

2,440,602

ISTA International GmbH

EUR

1,622,153

(5)

Term Loan, maturing May 14, 2015

2,210,281

EUR

377,847

(5)

Term Loan, maturing May 14, 2015

514,840

Valleycrest Companies, LLC

1,801,197

Term Loan, 2.290%, maturing March 12, 2014

1,657,101

Vertafore, Inc.

1,032,704

Term Loan, 5.500%, maturing July 31, 2014

988,814

West Corporation

BB-

4,167,339

Term Loan, 2.612%, maturing October 24, 2013

3,745,379

3,148,379

Term Loan, 4.112%, maturing July 15, 2016

2,921,696

32,689,833

Diversified Natural Resources, Precious Metals & Minerals: 1.3%

Georgia Pacific, LLC

Ba2

BBB

6,986,927

Term Loan, 2.295%, maturing December 20, 2012

6,658,087

3,847,966

Term Loan, 3.534%, maturing December 20, 2014

3,780,627

10,438,714

Ecological: 0.1%

Synagro Technologies, Inc.

CCC+

879,750

Term Loan, 2.240%, maturing April 02, 2014

716,996

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Ecological (continued)

Synagro Technologies, Inc.

Caa3

CCC-

485,000

Term Loan, 4.990%, maturing October 02, 2014

321,717

1,038,713

Electronics: 2.2%

Aeroflex, Inc.

Ba3

BB-

990,063

Term Loan, 3.563%, maturing August 15, 2014

901,371

Brocade Communications Systems, Inc.

Ba2

BB+

2,759,480

Term Loan, 6.250%, maturing October 07, 2013

2,779,745

Decision One

1,781,821

Term Loan, 15.000%, maturing November 29, 2013

1,781,821

Freescale Semiconductor, Inc.

B-

4,983,197

Term Loan, 1.994%, maturing November 29, 2013

4,090,372

Infor Global Solutions

B+

488,750

Term Loan, 2.990%, maturing July 28, 2012

430,405

EUR

729,375

Term Loan, 3.426%, maturing July 28, 2012

943,094

612,363

Term Loan, 3.990%, maturing July 28, 2012

540,411

1,173,697

Term Loan, 3.990%, maturing July 28, 2012

1,035,787

Infor Global Solutions

Caa2

CCC+

EUR

500,000

Term Loan, 6.686%, maturing March 02, 2014

498,467

Kronos, Inc.

Ba3

B+

3,131,522

Term Loan, 2.283%, maturing June 11, 2014

2,923,275

ON Semiconductor

Baa3

BB+

1,950,000

Term Loan, 1.984%, maturing September 03, 2013

1,833,000

17,757,748

Finance: 1.4%

LPL Holdings, Inc.

Ba3

B+

7,318,609

Term Loan, 2.008%, maturing June 28, 2013

6,826,894

Nuveen Investments, Inc.

4,893,540

Term Loan, 3.281%, maturing November 13, 2014

4,114,396

10,941,290

Foreign Cable, Foreign TV, Radio and Equipment: 3.9%

Casema Bidco / Serpering Investments B.V.

EUR

227,032

(5)

Term Loan, maturing September 15, 2014

332,874

EUR

112,665

(5)

Term Loan, maturing September 15, 2014

165,189

EUR

160,304

(5)

Term Loan, maturing September 15, 2014

235,037

EUR

500,000

(5)

Term Loan, maturing September 14, 2015

733,100

Numericable / YPSO France SAS

EUR

255,290

Term Loan, 2.676%, maturing June 16, 2014

306,387

EUR

416,527

Term Loan, 2.676%, maturing June 16, 2014

499,896

EUR

661,516

Term Loan, 2.676%, maturing June 16, 2014

793,921

EUR

231,625

Term Loan, 3.176%, maturing December 31, 2015

276,428

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower\Tranche Description	Moody’s	S&P	Value
*Foreign Cable, Foreign TV, Radio and Equipment (continued)*
EUR		435,042		Term Loan, 3.176%, maturing December 31, 2015			$	519,191
				ProSiebenSat.1 Media AG	NR	NR
SEK		2,269,914		Term Loan, 2.108%, maturing July 02, 2014			269,121
EUR		1,190,021		Term Loan, 2.464%, maturing July 02, 2014			1,479,462
EUR		64,583		Term Loan, 2.464%, maturing July 02, 2014			80,292
EUR		36,050		Term Loan, 2.589%, maturing July 03, 2015			45,894
EUR		801,232		Term Loan, 2.589%, maturing July 03, 2015			1,020,036
				TDF, S.A.	NR	NR
EUR		1,500,000		Term Loan, 2.438%, maturing January 30, 2015			1,948,519
EUR		1,500,000		Term Loan, 3.403%, maturing January 29, 2016			1,948,519
				UPC Financing Partnership	Ba3	B+
$	1,944,864			Term Loan, 1.994%, maturing December 31, 2014			1,802,645
1,055,136				Term Loan, 3.744%, maturing December 30, 2016			1,007,919
EUR		4,268,168		Term Loan, 4.178%, maturing December 31, 2016			5,890,730
EUR		3,078,704		Term Loan, 4.428%, maturing December 31, 2017			4,286,587
				Virgin Media Investment Holdings, Ltd.	Ba2	BB
GBP		1,117,088		Term Loan, 2.898%, maturing September 03, 2012			1,802,432
GBP		1,477,316	(5)	Term Loan, 2.898%, maturing September 03, 2012			2,383,664
GBP		704,815	(5)	Term Loan, 2.932%, maturing September 03, 2012			1,137,226
GBP		358,273	(5)	Term Loan, 3.809%, maturing September 03, 2012			578,077
GBP		500,000		Term Loan, 4.173%, maturing September 03, 2012			802,063
GBP		500,000		Term Loan, 4.431%, maturing September 03, 2012			802,063
							31,147,272
*Gaming: 4.6%*
				Cannery Casino Resorts, LLC	B3	B+
$	608,660			Term Loan, 2.487%, maturing May 18, 2013			522,306
503,229				Term Loan, 2.492%, maturing May 20, 2013			431,833
				CCM Merger, Inc.	B3	BB-
2,992,388				Term Loan, 8.500%, maturing July 13, 2012			2,858,667
			(2)	Fontainebleau Las Vegas, LLC	NR	NR
633,333			(3)	Term Loan, 6.000%, maturing June 06, 2014			201,611
1,266,667			(3)	Term Loan, 6.000%, maturing June 06, 2014			403,222
				Golden Nugget, Inc.	Caa3	CC
1,829,542				Term Loan, 2.260%, maturing June 30, 2014			1,257,810
1,041,522				Term Loan, 2.262%, maturing June 30, 2014			716,047

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower\Tranche Description	Moody’s	S&P	Value
*Gaming (continued)*
			Green Valley Ranch Gaming, LLC	Caa3	CCC+
$	1,407,955		Term Loan, 2.283%, maturing February 16, 2014			$	1,033,087
			Green Valley Ranch Gaming, LLC	Ca	CC
750,000			Term Loan, 3.549%, maturing August 16, 2014			185,625
			Harrahs Operating Company, Inc.	Caa1	B-
2,267,724		(5)	Term Loan, 3.282%, maturing January 28, 2015			1,768,825
4,216,252			Term Loan, 3.282%, maturing January 28, 2015			3,284,161
2,415,817			Term Loan, 3.282%, maturing January 28, 2015			1,882,661
1,555,556			Term Loan, 9.500%, maturing October 31, 2016			1,511,611
			Isle of Capri Casinos, Inc.	B1	B+
848,917			Term Loan, 1.984%, maturing July 25, 2014			793,502
1,201,826			Term Loan, 1.984%, maturing July 25, 2014			1,123,373
3,004,564			Term Loan, 2.033%, maturing July 25, 2014			2,808,432
			Las Vegas Sands, LLC	B3	B-
6,256,000			Term Loan, 2.040%, maturing May 23, 2014			5,223,760
1,580,000			Term Loan, 2.040%, maturing May 23, 2014			1,319,300
			New World Gaming Partners, Ltd.	B3	CCC-
704,792			Term Loan, 2.787%, maturing September 30, 2014			587,180
3,479,688			Term Loan, 2.787%, maturing September 30, 2014			2,899,015
			Seminole Tribe of Florida	Baa3	BBB
16,487			Term Loan, 1.783%, maturing March 05, 2014			15,491
			VML US Finance, LLC	B3	B-
1,045,130			Term Loan, 5.790%, maturing May 25, 2012			992,873
1,922,601			Term Loan, 5.790%, maturing May 27, 2013			1,826,471
2,556,389			Term Loan, 5.790%, maturing May 27, 2013			2,428,570
						36,075,433
*Healthcare, Education and Childcare: 18.5%*
			Accellent, Inc.	B1	B+
2,908,120			Term Loan, 2.506%, maturing November 22, 2012			2,690,011
			AGA Medical Corporation	B2	BB-
1,632,209			Term Loan, 2.280%, maturing April 26, 2013			1,444,505
			Bausch & Lomb, Inc.	B1	BB-
383,435			Term Loan, 3.519%, maturing April 24, 2015			360,428
1,578,947			Term Loan, 3.533%, maturing April 24, 2015			1,484,211
			Biomet, Inc.	B1	BB-
5,979,670			Term Loan, 3.282%, maturing March 25, 2015			5,679,538
			Bright Horizons Family Solutions, Inc.	Ba3	BB-
464,706			Term Loan, 6.250%, maturing May 28, 2015			463,776

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower\Tranche Description	Moody’s	S&P	Value
*Healthcare, Education and Childcare (continued)*
			Catalent Pharma Solutions	Ba3	BB-
$	6,429,778		Term Loan, 2.484%, maturing April 10, 2014			$	5,427,806
			CHG Medical Staffing, Inc.	Ba3	B+
	400,000		Term Loan, 0.158%, maturing January 08, 2013			376,000
	1,816,500		Term Loan, 2.755%, maturing January 08, 2013			1,707,510
			CHS/Community Health Systems, Inc.	Ba3	BB
	1,922,625		Term Loan, 2.506%, maturing July 25, 2014			1,762,005
	37,722,662		Term Loan, 2.506%, maturing July 25, 2014			34,571,235
			Concentra Operating Corporation	Ba3	B+
	1,955,000		Term Loan, 2.540%, maturing June 25, 2014			1,818,150
			CRC Health Corporation	Ba3	BB-
	921,342		Term Loan, 2.533%, maturing February 06, 2013			826,905
	964,147		Term Loan, 2.533%, maturing February 06, 2013			865,322
			Education Management Corporation	B1	BB-
	4,125,137		Term Loan, 2.063%, maturing June 03, 2013			3,804,795
			Emdeon Business Services, LLC	B1	BB
	2,278,932		Term Loan, 2.290%, maturing November 16, 2013			2,150,743
			EMSC, L.P.	Baa3	BBB-
	2,861,273		Term Loan, 2.244%, maturing February 10, 2012			2,753,975
			Gambro	NR	NR
	1,670,984	(5)	Term Loan, 2.770%, maturing June 05, 2014			1,472,554
SEK	2,111,070		Term Loan, 2.998%, maturing June 05, 2014			265,972
SEK	2,146,343		Term Loan, 2.998%, maturing June 05, 2014			270,416
$	1,670,984	(5)	Term Loan, 3.270%, maturing June 05, 2015			1,472,554
SEK	2,146,343		Term Loan, 3.498%, maturing June 05, 2015			270,416
SEK	2,111,070		Term Loan, 3.498%, maturing June 05, 2015			265,972
			Harlan Sprague Dawley, Inc.	B2	BB-
$	2,460,625		Term Loan, 2.789%, maturing July 14, 2014			2,265,313
			Harrington Holdings, Inc.	B1	BB-
	2,398,833		Term Loan, 2.484%, maturing December 28, 2013			2,197,931
			HCA, Inc.	Ba3	BB
	18,073,817		Term Loan, 2.533%, maturing November 18, 2013			16,827,862
			Health Management Associates, Inc.	B1	BB-
	3,619,451		Term Loan, 2.033%, maturing February 28, 2014			3,299,582
			Iasis Healthcare, LLC	Ba2	B+
	1,016,026		Term Loan, 2.234%, maturing March 14, 2014			942,364
	2,935,928		Term Loan, 2.234%, maturing March 14, 2014			2,723,073
	274,370		Term Loan, 2.235%, maturing March 14, 2014			254,478

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower\Tranche Description	Moody’s	S&P	Value
*Healthcare, Education and Childcare (continued)*
			IM US Holdings, LLC	Ba2	BB
$	3,912,778		Term Loan, 2.258%, maturing June 26, 2014			$	3,609,537
			Life Technologies Corporation	Baa3	BBB-
	1,386,875		Term Loan, 5.250%, maturing November 20, 2015			1,388,019
			Molnlycke Health Care Group	NR	NR
EUR	200,000	(5)	Term Loan, maturing March 30, 2015			280,154
GBP	250,000	(5)	Term Loan, maturing March 31, 2015			378,872
EUR	200,000	(5)	Term Loan, maturing March 30, 2016			280,154
GBP	250,000	(5)	Term Loan, maturing March 31, 2016			378,872
			Multiplan, Inc.	B1	B+
$	1,091,373		Term Loan, 2.750%, maturing April 12, 2013			1,026,982
			National Mentor, Inc.	Ba3	B+
	126,588		Term Loan, 2.096%, maturing June 29, 2013			113,297
	3,070,775		Term Loan, 2.290%, maturing June 29, 2013			2,748,344
			Nycomed	NR	NR
EUR	86,211		Term Loan, 2.930%, maturing December 29, 2014			120,388
EUR	388,312		Term Loan, 2.930%, maturing December 29, 2014			542,248
EUR	54,917		Term Loan, 2.930%, maturing December 29, 2014			76,688
EUR	535,383		Term Loan, 2.930%, maturing December 29, 2014			747,621
EUR	1,397,300		Term Loan, 2.930%, maturing December 29, 2014			1,951,221
EUR	388,312		Term Loan, 3.680%, maturing December 29, 2015			542,248
EUR	535,383		Term Loan, 3.680%, maturing December 29, 2015			747,621
EUR	1,397,300		Term Loan, 3.680%, maturing December 29, 2015			1,951,221
EUR	86,211		Term Loan, 3.680%, maturing December 29, 2015			120,388
EUR	54,917		Term Loan, 3.680%, maturing December 29, 2015			76,688
			Orthofix International / Colgate Medical	B1	BB+
$	1,534,697		Term Loan, 6.750%, maturing September 22, 2013			1,521,268
			Quintiles Transnational Corporation	B1	BB
	2,915,758		Term Loan, 2.283%, maturing March 31, 2013			2,746,280
			Renal Advantage, Inc.	B1	B+
	3,209,811		Term Loan, 2.788%, maturing October 05, 2012			3,049,321
			Rural/Metro Operating Company, LLC	Ba2	BB-
	658,823		Term Loan, 3.739%, maturing March 04, 2011			657,176
	519,127		Term Loan, 3.760%, maturing March 04, 2011			517,829

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Healthcare, Education and Childcare (continued)

Sterigenics International, Inc.

B+

1,837,348

Term Loan, 2.554%, maturing November 21, 2013

1,727,107

Sun Healthcare Group, Inc.

Ba2

B+

217,241

Term Loan, 2.283%, maturing April 21, 2014

205,565

929,906

Term Loan, 2.398%, maturing April 21, 2014

879,924

Surgical Care Affiliates, LLC

Ba3

2,932,500

Term Loan, 2.301%, maturing December 29, 2014

2,677,739

Team Health, Inc.

BB-

2,005,888

Term Loan, 2.271%, maturing November 23, 2012

1,870,490

United Surgical Partners International, Inc.

Ba3

1,635,484

Term Loan, 2.264%, maturing April 19, 2014

1,480,113

308,956

Term Loan, 2.240%, maturing April 21, 2014

279,605

Vanguard Health Holdings Company II, LLC

Ba3

B+

3,359,262

Term Loan, 2.485%, maturing September 23, 2011

3,266,862

VWR International, Inc.

B+

EUR

2,493,750

Term Loan, 2.936%, maturing June 29, 2014

3,336,614

1,496,250

Term Loan, 2.734%, maturing June 30, 2014

1,330,727

Warner Chilcott Company, LLC

BB+

1,168,907

(5)

Term Loan, maturing October 30, 2014

1,167,260

584,454

(5)

Term Loan, maturing April 30, 2015

583,721

1,285,798

(5)

Term Loan, maturing April 30, 2015

1,284,187

146,377,753

Home & Office Furnishings: 1.1%

Global Garden Products Italy, S.P.A.

EUR

1,250,000

(3)

Term Loan, 3.023%, maturing October 19, 2014

1,260,222

EUR

1,250,000

(3)

Term Loan, 3.523%, maturing October 19, 2015

1,260,222

Hilding Anders

SEK

17,864,613

Term Loan, 3.605%, maturing March 31, 2015

1,758,030

EUR

324,872

Term Loan, 3.759%, maturing April 25, 2015

362,839

National Bedding Company

BB-

2,155,303

Term Loan, 2.279%, maturing February 28, 2013

1,955,938

Springs Window Fashions, LLC

B+

2,301,429

Term Loan, 3.063%, maturing December 31, 2012

2,059,779

8,657,030

Insurance: 2.3%

AmWINS Group, Inc.

B-

1,955,000

Term Loan, 2.773%, maturing June 08, 2013

1,610,431

Applied Systems, Inc.

B-

1,200,004

Term Loan, 2.734%, maturing September 26, 2013

1,140,754

Conseco, Inc.

Caa1

CCC

4,848,880

Term Loan, 6.500%, maturing October 10, 2013

4,460,969

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Insurance (continued)

Crawford & Company

BB-

1,815,742

Term Loan, 3.790%, maturing October 30, 2013

1,756,731

Crump Group

1,913,237

Term Loan, 3.240%, maturing August 01, 2014

1,712,347

Hub International, Ltd.

1,000,000

Term Loan, 6.750%, maturing June 12, 2014

988,750

449,846

Term Loan, 2.734%, maturing June 13, 2014

393,240

2,001,330

Term Loan, 2.734%, maturing June 13, 2014

1,749,496

Swett & Crawford

B-

2,503,184

Term Loan, 2.531%, maturing April 03, 2014

2,127,707

USI Holdings Corporation

B-

600,000

Term Loan, 5.300%, maturing April 15, 2014

582,375

2,254,437

Term Loan, 3.040%, maturing May 05, 2014

1,951,966

18,474,766

Leisure, Amusement, Entertainment: 4.6%

24 Hour Fitness Worldwide, Inc.

Ba3

B+

3,136,250

Term Loan, 2.766%, maturing June 08, 2012

2,937,622

Alpha D2, Ltd.

1,221,225

Term Loan, 2.359%, maturing December 31, 2013

1,079,563

824,903

Term Loan, 2.359%, maturing December 31, 2013

729,214

AMF Bowling Worldwide, Inc.

2,904,279

Term Loan, 2.741%, maturing June 08, 2013

2,483,158

Cedar Fair, L.P.

Ba3

BB-

5,167,204

Term Loan, 4.234%, maturing August 30, 2014

4,929,513

HIT Entertainment, Inc.

B-

1,940,892

Term Loan, 2.528%, maturing March 20, 2012

1,674,020

Kerasotes Showplace Theater, LLC

B-

150,000

Revolver, 1.719%, maturing October 31, 2010

146,250

279,820

Term Loan, 4.813%, maturing October 28, 2011

265,829

Metro-Goldwyn-Mayer, Inc.

Ba3

B+

22,802,234

(3)

Term Loan, 0.000%, maturing April 08, 2012

14,460,425

5,695,536

(3)

Term Loan, 0.000%, maturing April 08, 2012

3,611,921

NEP II, Inc.

4,384,993

Term Loan, 2.533%, maturing February 16, 2014

4,045,156

36,362,671

Lodging: 1.5%

Audio Visual Services Corporation

980,000

Term Loan, 2.540%, maturing February 28, 2014

690,900

Hotel Del Coronado

B+

16,400,000

Term Loan, 1.989%, maturing January 15, 2011

11,152,000

11,842,900

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Machinery: 0.5%

Kion Group

EUR

1,238,909

Term Loan, 4.188%, maturing December 23, 2014

1,265,756

500,000

(5)

Term Loan, maturing December 23, 2014

340,750

EUR

1,145,833

Term Loan, 4.438%, maturing December 23, 2015

1,170,664

500,000

(5)

Term Loan, maturing December 23, 2015

340,750

NACCO Materials Handling Group, Inc.

1,000,000

Term Loan, 2.352%, maturing March 22, 2013

800,000

3,917,920

Mining, Steel, Iron & Nonprecious Metals: 1.2%

Continental Alloys & Services, Inc.

Caa2

CCC

464,442

Term Loan, 4.743%, maturing June 14, 2012

399,420

Noranda Aluminum Acquisition Corporation

2,645,663

Term Loan, 2.236%, maturing May 18, 2014

2,142,987

Novelis

Ba3

BB-

1,221,875

Term Loan, 2.240%, maturing July 06, 2014

1,093,197

2,688,203

Term Loan, 2.263%, maturing July 06, 2014

2,405,103

Oxbow Carbon and Minerals Holdings, LLC

BB-

3,516,016

Term Loan, 2.262%, maturing May 08, 2014

3,309,450

341,181

Term Loan, 2.283%, maturing May 08, 2014

321,137

9,671,294

North American Cable: 11.5%

Atlantic Broadband

BB-

69,392

Term Loan, 2.540%, maturing September 01, 2011

68,033

1,865,987

Term Loan, 6.750%, maturing June 01, 2013

1,856,657

Block Communications, Inc.

Ba1

962,500

Term Loan, 2.283%, maturing December 22, 2011

899,937

Bresnan Communications, LLC

BB-

1,243,750

Term Loan, 2.285%, maturing September 29, 2013

1,164,980

2,736,250

Term Loan, 2.286%, maturing March 29, 2014

2,562,955

Cequel Communications, LLC

Ba3

BB-

27,948,418

Term Loan, 2.261%, maturing November 05, 2013

25,910,503

Cequel Communications, LLC

B-

1,525,000

Term Loan, 4.757%, maturing May 05, 2014

1,462,094

(2)

Charter Communications Operating, LLC

Ba2

10,955,635

Term Loan, 4.260%, maturing March 06, 2014

10,165,920

CSC Holdings, Inc.

Baa3

BBB-

19,879,057

Term Loan, 2.049%, maturing March 29, 2013

18,771,912

Insight Midwest Holdings, LLC

B+

9,002,500

Term Loan, 2.290%, maturing April 07, 2014

8,454,311

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

North American Cable (continued)

Knology, Inc.

1,926,370

Term Loan, 3.783%, maturing June 30, 2014

1,849,315

Mediacom Broadband, LLC

Ba3

BB-

8,170,960

Term Loan, 1.980%, maturing January 31, 2015

7,410,040

Mediacom LLC Group

Ba3

BB-

3,600,000

Term Loan, 5.500%, maturing March 31, 2017

3,602,250

San Juan Cable, LLC

BB-

1,686,244

Term Loan, 2.040%, maturing October 31, 2012

1,582,962

Wideopenwest Finance, LLC

B-

5,804,167

Term Loan, 2.768%, maturing June 18, 2014

5,332,578

91,094,447

Oil & Gas: 2.0%

Alon USA

215,000

Term Loan, 2.484%, maturing June 22, 2013

181,675

1,720,000

Term Loan, 2.490%, maturing June 22, 2013

1,453,400

CGGVeritas Services, Inc.

Ba1

BB+

1,619,095

Term Loan, 3.708%, maturing January 12, 2014

1,591,773

CR Gas Storage

Ba3

95,468

Term Loan, 1.987%, maturing May 12, 2013

89,501

141,675

Term Loan, 1.989%, maturing May 12, 2013

132,820

1,323,831

Term Loan, 1.989%, maturing May 12, 2013

1,241,091

Hercules Offshore, LLC

2,189,845

Term Loan, 8.500%, maturing July 11, 2013

2,104,076

McJunkin Corporation

B+

2,630,282

Term Loan, 5.500%, maturing January 31, 2014

2,518,495

MEG Energy

BB+

1,750,033

Term Loan, 2.290%, maturing April 03, 2013

1,607,843

1,716,678

Term Loan, 2.290%, maturing April 03, 2013

1,577,198

SG Resources Mississippi, LLC

2,468,750

Term Loan, 2.109%, maturing April 02, 2014

2,308,281

Targa Resources, Inc.

Ba3

BB-

354,824

Term Loan, 2.234%, maturing October 31, 2012

346,017

173,305

Term Loan, 2.283%, maturing October 31, 2012

169,004

Vulcan Energy Corporation

Ba2

750,000

Term Loan, 5.500%, maturing September 29, 2015

755,625

16,076,799

Other Broadcasting and Entertainment: 1.1%

Deluxe Entertainment Services Group, Inc.

Ba3

B-

119,147

Term Loan, 2.533%, maturing May 11, 2013

110,434

68,605

Term Loan, 2.633%, maturing May 11, 2013

63,589

1,156,912

Term Loan, 5.490%, maturing May 11, 2013

1,072,312

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Other Broadcasting and Entertainment (continued)

VNU

Ba3

B+

2,435,058

Term Loan, 2.242%, maturing August 09, 2013

2,201,120

5,986,473

Term Loan, 3.992%, maturing May 02, 2016

5,500,072

8,947,527

Other Telecommunications: 2.4%

Asurion Corporation

5,250,000

Term Loan, 3.246%, maturing July 03, 2014

4,951,175

BCM Ireland Holdings, Ltd.

Ba3

BB-

EUR

1,679,980

Term Loan, 2.313%, maturing September 30, 2014

2,318,027

EUR

1,680,261

Term Loan, 2.563%, maturing September 30, 2015

2,318,415

Consolidated Communications

B+

1,000,000

Term Loan, 2.740%, maturing December 31, 2014

925,000

Gabriel Communications

B-

333,333

Term Loan, 3.500%, maturing May 31, 2014

330,833

(2)

Hawaiian Telcom Communications, Inc.

2,862,555

Term Loan, 4.750%, maturing June 01, 2014

2,071,775

Kentucky Data Link, Inc.

B-

2,687,396

Term Loan, 2.484%, maturing February 26, 2014

2,492,560

One Communications

B-

1,536,345

Term Loan, 4.585%, maturing June 30, 2012

1,367,347

PAETEC Holding Corporation

179,770

Term Loan, 2.734%, maturing February 28, 2013

169,995

U.S. Telepacific Corporation

CCC

2,022,464

(5)

Term Loan, 4.303%, maturing August 04, 2011

1,789,881

18,735,008

Personal & Nondurable Consumer Products: 2.5%

Advantage Sales and Marketing

2,799,659

Term Loan, 2.290%, maturing March 29, 2013

2,610,682

Bushnell Performance Optics

Ba3

B-

1,690,355

Term Loan, 4.533%, maturing August 24, 2013

1,470,609

Fender Musical Instruments Corporation

B+

2,280,833

Term Loan, 2.540%, maturing June 09, 2014

1,950,112

1,152,083

Term Loan, 2.540%, maturing June 09, 2014

985,031

Gibson Guitar Corporation

B+

418,242

Term Loan, 2.783%, maturing December 29, 2013

373,281

Huish Detergents, Inc.

Ba2

1,649,377

Term Loan, 1.990%, maturing April 26, 2014

1,574,467

Information Resources, Inc.

B-

340,173

Term Loan, 2.008%, maturing May 16, 2014

311,258

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Personal & Nondurable Consumer Products (continued)

Jarden Corporation

Ba2

2,082,198

Term Loan, 2.033%, maturing January 24, 2012

1,994,138

248,851

Term Loan, 2.033%, maturing January 24, 2012

239,104

2,653,982

Term Loan, 3.533%, maturing January 26, 2015

2,617,490

KIK Custom Products, Inc.

CCC+

71,707

Term Loan, 2.540%, maturing June 02, 2014

57,724

1,918,293

(5)

Term Loan, 2.540%, maturing June 02, 2014

1,544,226

Mega Bloks, Inc.

Caa3

957,500

Term Loan, 9.750%, maturing July 26, 2012

493,112

Spectrum Brands, Inc.

B-

44,301

Term Loan, 8.000%, maturing June 29, 2012

43,055

871,281

Term Loan, 8.019%, maturing June 29, 2012

846,776

Yankee Candle Company, Inc.

Ba3

BB-

2,550,705

Term Loan, 2.240%, maturing February 06, 2014

2,361,223

19,472,288

Personal, Food & Miscellaneous: 2.1%

Acosta, Inc.

3,897,359

Term Loan, 2.490%, maturing July 28, 2013

3,585,570

Arbys Restaurant Group, Inc.

Ba2

2,494,542

Term Loan, 7.250%, maturing July 25, 2012

2,502,856

Culligan International Company

B-

975,000

Term Loan, 2.490%, maturing November 24, 2012

767,812

Dennys, Inc.

Ba2

555,000

Term Loan,2.250%, maturing March 31, 2012

525,863

533,261

Term Loan, 2.675%, maturing March 31, 2012

505,265

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

B+

3,069,750

Term Loan, 2.740%, maturing May 22, 2014

2,856,786

OSI Restaurant Partners, Inc.

B+

505,264

Term Loan, 2.553%, maturing June 14, 2013

412,000

5,667,708

Term Loan, 2.563%, maturing June 14, 2014

4,621,545

Seminole Hard Rock Entertainment

750,000

Floating Rate Note, maturing March 15, 2014

607,500

16,385,197

Printing & Publishing: 10.6%

American Achievement Corporation

B+

295,182

Term Loan, 6.255%, maturing March 25, 2011

265,664

Ascend Media Holdings, LLC

889,527

(3)

Term Loan, 1.783%, maturing January 31, 2012

—

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower\Tranche Description	Moody’s	S&P	Value
*Printing & Publishing (continued)*
				Black Press, Ltd.	B1	B-
$	850,141		(5)	Term Loan, 2.256%, maturing August 02, 2013			$	556,842
1,400,232			(5)	Term Loan, 2.256%, maturing August 02, 2013			917,152
				Canwest Limited Partnership	Caa3	D
1,236,875			(5)	Term Loan, 0.000%, maturing July 13, 2014			991,046
				Caribe Information Investments, Inc.	B2	CCC+
1,917,238				Term Loan, 2.524%, maturing March 31, 2013			1,313,308
				Cengage Learning, Inc.	B2	B+
7,047,895				Term Loan, 2.730%, maturing July 03, 2014			6,039,165
				Cenveo Corporation	Ba3	BB-
1,789,461				Term Loan, 4.792%, maturing June 21, 2013			1,729,066
28,920				Term Loan, 4.792%, maturing June 21, 2013			27,944
			(2)	Dex Media East, LLC	NR	D
4,992,443			(5)	Term Loan, 2.240%, maturing October 24, 2014			4,031,398
			(2)	Dex Media West, LLC	NR	D
4,943,643				Term Loan, 7.000%, maturing October 24, 2014			4,461,638
				Flint Group	NR	NR
841,151				Term Loan, 2.889%, maturing December 31, 2014			771,056
353,279				Term Loan, 2.889%, maturing December 31, 2014			323,839
2,333,333				Term Loan, 2.889%, maturing May 29, 2015			2,138,890
EUR		666,667		Term Loan, 3.270%, maturing May 29, 2015			910,316
$	1,277,104			Term Loan, 2.889%, maturing December 31, 2015			1,170,679
				Hanley Wood, LLC	Caa1	B-
2,681,572				Term Loan, 2.532%, maturing March 08, 2014			1,157,267
			(2)	Idearc, Inc.	NR	D
21,246,887			(3)	Term Loan, 6.250%, maturing November 17, 2014			10,316,128
				Intermedia Outdoor, Inc.	NR	NR
1,604,625				Term Loan, 3.283%, maturing January 31, 2013			1,283,700
				Mediannuaire Holding	NR	NR
EUR		1,561,344	(5)	Term Loan, 3.028%, maturing October 10, 2014			1,676,192
EUR		1,561,189	(5)	Term Loan, 3.528%, maturing October 09, 2015			1,676,026
				Merrill Communications, LLC	B1	CCC
$	2,761,595			Term Loan, 8.500%, maturing December 24, 2012			2,205,824
				Nelson Canada	Ba3	B
3,920,000				Term Loan, 2.783%, maturing July 05, 2014			3,449,600

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Printing & Publishing (continued)

PagesJaunes Groupe, S.A.

EUR

800,000

Term Loan, 1.933%, maturing November 22, 2013

1,065,203

PBL Media

AUD

24,331,191

Term Loan, 6.367%, maturing February 05, 2013

18,186,110

Prism Business Media Holdings/ Penton Media, Inc.

Caa1

CCC

1,657,500

Term Loan, 2.539%, maturing February 01, 2013

1,106,381

(2)

R.H. Donnelley Corporation

5,220,260

Term Loan, 2.158%, maturing June 30, 2011

4,694,971

(2)

Readers Digest

Ba1

B-

600,000

Debtor In Possession Term Loan, 13.500%, maturing May 26, 2010

625,000

(2)

Readers Digest

924,663

(3)

Revolver, 4.535%, maturing March 02, 2013

443,838

332,460

(3)

Term Loan, 7.000%, maturing March 03, 2014

159,581

3,723,751

(3)

Term Loan, 4.241%, maturing March 03, 2014

1,787,400

Source Media, Inc.

2,726,284

Term Loan, 5.290%, maturing November 08, 2011

2,290,079

Thomas Nelson Publishers

1,837,776

Term Loan, 8.750%, maturing June 12, 2012

1,479,410

(2)

Tribune Company

1,491,225

(3)

Term Loan, 5.250%, maturing June 04, 2014

772,951

Valassis Communications, Inc.

Ba2

BB-

1,010,738

(5)

Term Loan, maturing March 02, 2014

955,148

989,262

(5)

Term Loan, maturing March 02, 2014

934,852

Yell Group, PLC

2,000,000

Term Loan, 3.283%, maturing October 26, 2012

1,610,714

83,524,378

Radio and TV Broadcasting: 6.4%

Citadel Broadcasting Corporation

Caa3

CCC-

7,600,000

Term Loan, 2.040%, maturing June 12, 2014

5,234,500

CMP KC, LLC

1,338,663

Term Loan, 3.519%, maturing May 03, 2011

167,333

CMP Susquehanna Corporation

Caa3

CCC+

6,578,557

Term Loan, 2.250%, maturing May 05, 2013

4,828,661

Cumulus Media, Inc.

Caa1

4,762,750

Term Loan, 4.237%, maturing June 11, 2014

3,923,315

CW Media Holdings, Inc.

2,695,000

Term Loan, 3.533%, maturing February 16, 2015

2,499,612

Emmis Communication

Caa2

1,148,060

Term Loan, 4.283%, maturing November 01, 2013

881,136

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Radio and TV Broadcasting (continued)

FoxCo Acquisition, LLC

1,116,751

Term Loan, 7.250%, maturing July 14, 2015

1,035,786

(2)

ION Media Networks, Inc.

398,492

Debtor In Possession Term Loan, 10.167%, maturing May 29, 2010

581,798

4,500,000

(3)

Term Loan, 6.381%, maturing January 15, 2012

1,218,748

Local TV Finance, LLC

B-

2,834,750

Term Loan, 2.240%, maturing May 07, 2013

2,335,125

Nexstar Broadcasting Group

2,335,099

Term Loan, 5.000%, maturing October 01, 2012

2,136,615

2,208,000

Term Loan, 5.004%, maturing October 01, 2012

2,020,320

Regent Communications

Caa1

CCC

3,067,942

Term Loan, 6.000%, maturing November 21, 2013

2,339,306

Sinclair Television Group, Inc.

Ba2

1,400,000

Term Loan, 6.500%, maturing October 31, 2015

1,405,834

Spanish Broadcasting Systems

Caa3

CCC+

2,974,907

Term Loan, 2.040%, maturing June 11, 2012

2,469,173

Univision Communications, Inc.

B-

20,999,786

Term Loan, 2.533%, maturing September 29, 2014

17,318,271

50,395,533

Retail Stores: 8.1%

Amscan Holdings, Inc.

1,462,500

Term Loan, 2.646%, maturing May 25, 2013

1,328,437

CBR Fashion Holding

EUR

500,000

Term Loan, 2.563%, maturing April 20, 2015

662,999

EUR

446,470

Term Loan, 2.813%, maturing April 19, 2016

592,018

Claires Stores, Inc.

Caa2

B-

4,478,781

Term Loan, 3.033%, maturing May 29, 2014

3,517,710

Dollar General Corporation

Ba3

BB-

8,478,750

Term Loan, 3.008%, maturing July 07, 2014

7,977,444

Dollarama Group, L.P.

Ba1

BB-

2,204,805

Term Loan, 2.031%, maturing November 18, 2011

2,166,221

General Nutrition Centers, Inc.

2,478,297

Term Loan, 2.529%, maturing September 16, 2013

2,289,327

Guitar Center, Inc.

B-

4,937,500

Term Loan, 3.740%, maturing October 09, 2014

4,159,844

Harbor Freight Tools USA, Inc.

B+

3,693,941

Term Loan, 9.750%, maturing February 12, 2013

3,703,175

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Retail Stores (continued)

Michaels Stores, Inc.

1,948,758

Term Loan, 2.563%, maturing October 31, 2013

1,686,488

2,622,588

Term Loan, 4.813%, maturing July 31, 2016

2,339,020

Neiman Marcus Group, Inc.

BB-

7,180,013

Term Loan, 2.291%, maturing April 06, 2013

6,144,892

Oriental Trading Company, Inc.

Caa1

CCC

1,348,323

Term Loan, 9.750%, maturing July 31, 2013

1,108,996

Petco Animal Supplies, Inc.

B+

4,984,062

Term Loan, 2.516%, maturing October 25, 2013

4,703,709

Phones 4U Group, Ltd.

GBP

337,877

Term Loan, 3.098%, maturing September 22, 2014

334,592

GBP

323,150

Term Loan, 3.598%, maturing September 22, 2015

320,008

Pilot Travel Centers, LLC

Ba2

BBB-

1,350,000

(5)

Term Loan, maturing December 15, 2015

1,353,375

Rite Aid

B+

5,922,468

Term Loan, 1.993%, maturing June 04, 2014

5,105,659

1,393,481

Term Loan, 6.000%, maturing June 04, 2014

1,287,809

1,500,000

Term Loan, 9.500%, maturing June 10, 2015

1,551,874

500,000

Term Loan, 9.500%, maturing June 10, 2015

517,291

Sally Holding, LLC

2,335,454

Term Loan, 2.480%, maturing November 16, 2013

2,210,288

Toys “R” Us, Inc.

BB-

4,368,159

Term Loan, 4.486%, maturing July 19, 2012

4,224,145

Vivarte

EUR

1,966,980

Term Loan, 2.431%, maturing March 09, 2015

2,374,833

EUR

1,966,980

Term Loan, 2.931%, maturing March 08, 2016

2,374,833

64,034,987

Satellite: 0.5%

Intelsat Corporation

BB-

1,373,419

Term Loan, 2.742%, maturing January 03, 2014

1,280,069

1,373,419

Term Loan, 2.742%, maturing January 03, 2014

1,280,069

1,373,839

Term Loan, 2.742%, maturing January 03, 2014

1,280,460

3,840,598

Telecommunications Equipment: 1.4%

CommScope, Inc.

Ba2

780,872

Term Loan, 2.782%, maturing December 26, 2014

745,733

Macquarie UK Broadcast Ventures, Ltd.

GBP

4,383,255

Term Loan, 2.515%, maturing March 10, 2014

6,250,606

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower\Tranche Description	Moody’s	S&P	Value
*Telecommunications Equipment (continued)*
		Sorenson Communications, Inc.	Ba3	B
$	4,443,813	Term Loan, 2.740%, maturing August 16, 2013			$	4,167,928
					11,164,267
*Utilities: 7.2%*
		Boston Generating, LLC	Caa2	CCC+
256,593		Revolver, 2.533%, maturing December 20, 2013			180,827
6,945,736		Term Loan, 2.533%, maturing December 20, 2013			4,894,813
1,916,404		Term Loan, 2.723%, maturing December 20, 2013			1,350,532
		Calpine Corporation	B2	B+
8,424,959		Term Loan, 3.165%, maturing March 29, 2014			7,714,634
		Coleto Creek WLE, L.P.	B1	B+
2,399,014		Term Loan, 3.019%, maturing June 28, 2013			2,195,097
437,602		Term Loan, 3.033%, maturing June 28, 2013			400,406
		FirstLight Power Resources, Inc.	B1	B+
906,823		Term Loan, 2.813%, maturing November 01, 2013			832,577
2,635,312		Term Loan, 2.813%, maturing November 01, 2013			2,419,546
		FirstLight Power Resources, Inc.	B3	CCC+
610,514		Term Loan, 4.813%, maturing May 01, 2014			518,937
		Infrastrux Group, Inc.	B2	B
3,992,858		Term Loan, 8.000%, maturing November 05, 2012			3,773,251
		MACH Gen, LLC	Ba3	BB-
444,571		Term Loan, 2.283%, maturing February 22, 2013			411,969
		NRG Energy, Inc.	Baa3	BB+
2,771,805		Term Loan, 2.019%, maturing February 01, 2013			2,550,061
7,557,512		Term Loan, 2.033%, maturing February 01, 2013			6,952,911
		Texas Competitive Electric Holdings Company, LLC	B1	B+
6,420,836		Term Loan, 3.742%, maturing October 10, 2014			4,771,041
5,000,000		Term Loan, 3.742%, maturing October 10, 2014			3,700,695
5,880,000		Term Loan, 3.742%, maturing October 10, 2014			4,406,325
2,953,521		Term Loan, 3.775%, maturing October 10, 2014			2,211,449
		TPF Generation Holdings, LLC	Ba3	BB
2,092,896		Term Loan, 2.234%, maturing December 15, 2013			1,975,171
1,431,519		Term Loan, 2.598%, maturing December 15, 2013			1,350,996

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower\Tranche Description

Moody’s

S&P

Value

Utilities (continued)

TPF Generation Holdings, LLC

B+

1,500,000

Term Loan, 4.494%, maturing December 15, 2014

1,277,500

Viridian Group, PLC

EUR

1,072,386

Term Loan, 4.933%, maturing October 24, 2012

1,330,344

GBP

1,080,000

Term Loan, 5.018%, maturing October 24, 2012

1,467,678

56,686,760

Total Senior Loans
(Cost $1,229,317,670)

1,102,856,560

OTHER CORPORATE DEBT: 0.1%

Diversified / Conglomerate Manufacturing: 0.1%

Flextronics International, Ltd.

Ba1

BB+

679,687

Unsecured Term Loan, 2.518%, maturing October 01, 2014

625,708

194,843

Unsecured Term Loan, 2.534%, maturing October 01, 2014

179,369

805,077

Cargo Transport: 0.0%

US Shipping Partners, L.P.

297,646

Subordinated Loan, 2.500%, maturing August 07, 2013

78,876

78,876

Total Other Corporate Debt
(Cost $1,231,361)

883,953

EQUITIES AND OTHER ASSETS: 0.0%

Market
Value USD

(1), (@), (R)

Allied Digital Technologies Corporation (Residual Interest in Bankruptcy Estate)

—

(@), (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)

Decision One Corporation (1,545,989 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)

Ferretti SPA (Warrants for 0.111% Participation Interest)

—

(2), (@), (R)

Grand Union Company (Residual Interest in Bankruptcy Estate)

—

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

EQUITIES AND OTHER ASSETS (continued)

				Market Value USD
(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 Eastern Fine (Residual Interest in Bankruptcy Estate)		—
(@), (R)		Safelite Realty Corporation (57,804 Common Shares)		348,385
(1), (@), (R)		Transtar Metals (Residual Interest in Bankruptcy Estate)		—
(2), (@), (R)		US Shipping Partners, L.P. (19,404 Common Shares)		—
(2), (@), (R)		US Office Products Company (Residual Interest in Bankruptcy Estate)		—
		Total for Equities and Other Assets (Cost $1,169,622)		348,435
		Total Investments (Cost $1,231,718,653)**	139.7%	$	1,104,088,948
		Other Assets and Liabilities - Net	(39.7)	(313,878,354)
		Net Assets	100.0%	$	790,210,594

	*	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
	EUR	Euro
	GBP	British Pound Stirling
	SEK	Swedish Kronor
	**	For Federal Income Tax purposes cost of investments is $1,232,849,968.
		Net unrealized depreciation consists of the following:
		Gross Unrealized Appreciation		$	7,005,507
		Gross Unrealized Depreciation		(135,766,527)
		Net Unrealized Depreciation		$	(128,761,020)

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Fair Value Measurements*

The following is a summary of the fair valuations according to the inputs used as of November 30, 2009 in valuing the Trust’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 11/30/2009
Asset Table
Investments, at value
Senior Loans	$	—	$	1,091,704,560	$	11,152,000	$	1,102,856,560
Other Corporate Debt	—		883,953		—		883,953
Equities and Other Assets	—		—		348,435		348,435
Total	$	—	$	1,092,588,513	$	11,500,435	$	1,104,088,948
Other Financial Instruments+
Forward foreign currency contracts	—		1,046,535		—		1,046,535
Total	$	—	$	1,046,535	$	—	$	1,046,535
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts	$	—	$	(352,732)	$	—	$	(352,732)
Total Liabilities	$	—	$	(352,732)	$	—	$	(352,732)

The following is a reconciliation of the fair valuations using significant unobervable inputs (Level 3) for the Trust’s assets and liabilities during the period ended November 30, 2009:

	Beginning Balance at 02/28/09		Purchases		Issuances		Settlements		Sales		Accrued Discounts/ (Premiums)
Senior Loans	$	24,595,232	$	—	$	—	$	—	$	(1,800,063)	$	1,066,488
Equities and Other Assets	462,482		—		—		—		—		—
Total	$	25,057,714	$	—	$	—	$	—	$	(1,800,063)	$	1,066,488

	Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance at 11/30/09
Senior Loans	$	(23,584,651)	$	10,874,994	$	—	$	—	$	11,152,000
Equities and Other Assets	—		(114,047)		—		—		348,435
Total	$	(23,584,651)	$	10,760,947	$	—	$	—	$	11,500,435

As of November 30, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $2,837,953.

* See NOTE 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Trust. Swaps and written options are reported at their market value at measurement date.

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2009 (Unaudited) (continued)

Transfers into Level 3 represents either the beginning balance (for transfer in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred fom the beginning to the end of the period.

At November 30, 2009 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)
			USD
Australian Dollar
AUD 19,920,000	Sell	02/26/10	$	18,377,395	$	18,056,321	$	321,074
British Pound Sterling
GBP 6,714,500	Sell	12/31/09	11,215,163		11,024,994		190,169
British Pound Sterling
GBP 5,122,500	Sell	01/29/10	8,364,069		8,409,281		(45,212)
British Pound Sterling
GBP 100,000	Sell	02/26/10	166,569		164,131		2,438
British Pound Sterling
GBP 1,000,000	Sell	02/26/10	1,669,600		1,641,315		28,285
Euro
EUR 8,495,000	Sell	12/31/09	12,464,883		12,734,227		(269,344)
Euro
EUR 538,000	Sell	12/31/09	804,983		806,476		(1,493)
Euro
EUR 30,000,000	Sell	12/31/09	45,391,800		44,970,787		421,013
Euro
EUR 2,000,000	Sell	01/29/10	2,961,060		2,997,743		(36,683)
Euro
EUR 1,000,000	Sell	01/29/10	1,512,820		1,498,871		13,949
Euro
EUR 2,507,000	Sell	02/26/10	3,791,888		3,757,099		34,789
Sweden Kronor
SEK 14,124,000	Sell	12/30/09	2,030,652		2,019,466		11,186
Sweden Kronor
SEK 1,000,000	Sell	12/30/09	146,180		142,981		3,199
Sweden Kronor
SEK 6,418,000	Sell	02/26/10	938,322		917,889		20,433
			$	109,835,384	$	109,141,581	$	693,803

See Accompanying Notes to Financial Statements

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 27, 2010

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 27, 2010

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

Date:	January 27, 2010