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


                              PROSPECTUS SUPPLEMENT
                       (TO PROSPECTUS DATED JULY 1, 2003)

                              ING PRIME RATE TRUST

                     7,653.273 SHARES OF BENEFICIAL INTEREST
                                -----------------



     During the period of January 7 through January 8, 2004, ING Prime Rate
Trust (the "Trust") sold 7,653.273 shares of beneficial interest of the Trust
through the Trust's Shareholder Investment Program pursuant to a Distribution
Agreement with ING Funds Distributor, LLC ("IFD") at a sales price of $7.788 per
share.


                                                            
     Gross Proceeds                                            $  59,603.71
     Commission to IFD                                         $       0.00
     Net Proceeds to Trust                                     $  59,603.71


On January 6, 2004, the last day of the corresponding pricing period, the last
reported sales price of the Shares on the NYSE was $7.82.



THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.

                             ----------------------

           The Date of this Prospectus Supplement is January 13, 2004.