-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MpBzbEnoN6ipinAjd1IdLFKReIKfLDlpJ9YplqB9ju6Jq4DOfXqcsR6Ji0zSanVW
 UCoMtFh/f/XZAEZvbS9XPg==

<SEC-DOCUMENT>0000950147-02-000372.txt : 20020415
<SEC-HEADER>0000950147-02-000372.hdr.sgml : 20020415
ACCESSION NUMBER:		0000950147-02-000372
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20020301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING PRIME RATE TRUST
		CENTRAL INDEX KEY:			0000826020
		IRS NUMBER:				956874587
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-61831
		FILM NUMBER:		02564282

	BUSINESS ADDRESS:	
		STREET 1:		ING PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		4804773000

	MAIL ADDRESS:	
		STREET 1:		ING PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST/
		DATE OF NAME CHANGE:	19960518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM AMERICA PRIME RATE TRUST
		DATE OF NAME CHANGE:	19960518
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>e-8234.txt
<DESCRIPTION>PROSPECTUS SUPPLEMENT DATED 03/01/2002
<TEXT>
                                              Securities Act File No.: 333-61831
                                                                       333-68239


                            PILGRIM PRIME RATE TRUST

                         Supplement dated March 1, 2002
                      to the Prospectus dated June 30, 2001

1.   On November 2, 2001, the Board of Trustees of Pilgrim Prime Rate Trust
     approved a change in the name of the Trust to "ING Prime Rate Trust," which
     shall become effective March 1, 2002.

The following changes shall also become effective on March 1, 2002:

2.   A change in the name of the Adviser from "ING Pilgrim Investments, LLC" to
     "ING Investments, LLC."

3.   A change in the name of the Fund's Distributor from "ING Pilgrim
     Securities, Inc." to "ING Funds Distributor, Inc."

               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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