SEC File No. 333-61831

                          Filed Pursuant to Rule 497(h)


                              PROSPECTUS SUPPLEMENT
                     (TO PROSPECTUS DATED OCTOBER 21, 2002)

                              ING PRIME RATE TRUST

                    62,722.443 SHARES OF BENEFICIAL INTEREST

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

     During the period of April 16, 2003 through April 21, 2003, ING Prime Rate
Trust (the "Trust") sold 62,722.443 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 $6.74 per
share for shares sold pursuant to the Dividend Reinvestment Program and $6.757
per share for shares sold pursuant to the Optional Cash Investment program.

        Gross Proceeds .................................  $422,837.01
        Commission to IFD ..............................  $      0.00
        Net Proceeds to Trust ..........................  $422,837.01

On April 15, 2003, the last day of the  corresponding  pricing period,  the last
reported sales price of the Shares on the NYSE was $6.81.


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

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           The Date of this Prospectus Supplement is April 23, 2003.