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, 2010

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, 2010 (Unaudited)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

SENIOR LOANS*: 131.2%

Aerospace & Defense: 1.9%

Delta Airlines, Inc.

Ba2

BB-

495,000

Term Loan, 8.750%, maturing September 27, 2013

501,099

Delta Airlines, Inc.

6,316,506

Term Loan, 3.539%, maturing April 30, 2014

6,107,272

Forgings International, Ltd.

1,500,000

Term Loan, 4.789%, maturing December 18, 2015

1,368,750

1,500,000

Term Loan, 5.289%, maturing December 20, 2016

1,368,750

Transdigm, Inc.

Ba2

BB-

1,500,000

Term Loan, 2.267%, maturing June 23, 2013

1,493,063

Triumph Group, Inc.

Baa3

BB+

798,000

Term Loan, 4.500%, maturing June 16, 2016

803,736

United Airlines, Inc.

Ba3

BB-

4,016,895

Term Loan, 2.313%, maturing February 03, 2014

3,841,875

Wesco Aircraft Hardware Corporation

Ba3

BB-

1,294,914

Term Loan, 2.510%, maturing September 30, 2013

1,293,835

16,778,380

Automobile: 5.6%

Avis Budget Car Rental, LLC

Ba2

3,191,939

Term Loan, 5.750%, maturing April 19, 2014

3,208,297

Dana Corporation

BB-

3,380,767

(5)

Term Loan, 4.532%, maturing January 30, 2015

3,390,727

Dollar Thrifty Automotive Group, Inc.

B-

3,275,801

Term Loan, 2.756%, maturing June 15, 2014

3,259,422

Federal-Mogul Corporation

Ba3

B+

4,628,344

(5)

Term Loan, 2.188%, maturing December 29, 2014

4,186,721

2,361,400

(5)

Term Loan, 2.188%, maturing December 28, 2015

2,136,082

Ford Motor Company

Baa3

4,974,912

(5)

Term Loan, 3.028%, maturing December 16, 2013

4,929,830

14,429,415

Term Loan, 3.038%, maturing December 16, 2013

14,311,094

KAR Holdings, Inc.

Ba3

B+

5,337,738

Term Loan, 3.010%, maturing October 18, 2013

5,315,218

Metaldyne Company, LLC

B+

1,500,000

Term Loan, 7.750%, maturing October 28, 2016

1,518,750

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Automobile: (continued)

Pinafore, Inc.

Ba2

1,000,000

Term Loan, 6.500%, maturing September 29, 2015

1,002,656

4,048,780

Term Loan, 6.750%, maturing September 29, 2016

4,103,504

United Components, Inc.

Ba3

500,000

Term Loan, 6.250%, maturing March 23, 2017

505,875

47,868,176

Beverage, Food & Tobacco: 3.6%

ARAMARK Corporation

Ba3

1,902,845

Term Loan, 2.164%, maturing January 26, 2014

1,750,618

3,147,614

Term Loan, 2.164%, maturing January 27, 2014

3,112,203

632,780

Term Loan, 2.281%, maturing January 27, 2014

625,661

456,754

Term Loan, 3.506%, maturing July 26, 2016

456,004

6,945,247

Term Loan, 3.539%, maturing July 26, 2016

6,933,850

Bolthouse Farms, Inc.

985,909

Term Loan, 5.500%, maturing February 11, 2016

990,634

Green Mountain Coffee Roasters, Inc.

Ba3

B+

1,000,000

(5)

Term Loan, maturing November 23, 2016

1,006,875

Iglo Birds Eye

BB-

EUR

2,125,000

Term Loan, 5.546%, maturing April 30, 2016

2,769,249

Michael Foods, Inc.

BB-

997,500

Term Loan, 6.250%, maturing June 29, 2016

1,009,969

Pinnacle Foods Holding Corporation

Ba3

B+

7,423,092

Term Loan, 2.761%, maturing April 02, 2014

7,249,116

United Biscuits Holdco, Ltd.

GBP

2,724,251

Term Loan, 3.081%, maturing December 15, 2014

4,043,971

Van Houtte Inc.

Ba3

BB-

1,243,952

Term Loan, 2.789%, maturing July 19, 2014

1,233,067

169,630

Term Loan, 2.789%, maturing July 19, 2014

168,146

31,349,363

Buildings & Real Estate: 1.7%

Armstrong World Industries, Inc.

BB-

2,250,000

(5)

Term Loan, maturing May 23, 2017

2,267,813

Capital Automotive, L.P.

Ba3

2,951,361

Term Loan, 2.760%, maturing December 14, 2012

2,932,915

CB Richard Ellis

Ba1

1,500,000

Term Loan, 3.503%, maturing November 06, 2016

1,502,501

Contech Construction Products, Inc.

1,001,485

Term Loan, 5.250%, maturing January 31, 2013

842,082

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Buildings & Real Estate: (continued)

Custom Building Products, Inc.

B+

991,780

Term Loan, 5.750%, maturing March 19, 2015

996,739

Goodman Global, Inc.

B+

3,200,000

(5)

Term Loan, 5.750%, maturing October 28, 2016

3,231,405

John Maneely Company

2,278,214

Term Loan, 3.539%, maturing December 09, 2013

2,227,352

KCPC Acquisition, Inc.

Ba3

CCC

189,655

Term Loan, 2.563%, maturing May 22, 2014

154,569

519,560

Term Loan, 2.563%, maturing May 22, 2014

423,441

14,578,817

Cargo Transport: 1.0%

Baker Tanks, Inc.

1,194,486

Term Loan, 4.787%, maturing May 08, 2014

1,177,564

Ceva Group, PLC

989,770

Term Loan, 3.256%, maturing November 04, 2013

940,281

1,851,871

Term Loan, 3.256%, maturing November 04, 2013

1,759,278

723,070

Term Loan, 3.880%, maturing November 04, 2013

669,744

Dockwise Transport, N.V.

594,840

Term Loan, 2.039%, maturing January 11, 2015

552,829

725,864

Term Loan, 2.039%, maturing April 10, 2015

674,600

594,840

Term Loan, 2.914%, maturing January 11, 2016

552,829

609,882

Term Loan, 2.914%, maturing April 10, 2016

566,809

Inmar, Inc.

745,328

Term Loan, 2.510%, maturing April 29, 2013

719,241

US Shipping Partners, L.P.

B-

1,073,382

Term Loan, 9.200%, maturing November 12, 2013

816,441

8,429,616

Cellular: 0.2%

NTELOS, Inc.

Ba3

1,488,745

Term Loan, 5.750%, maturing August 07, 2015

1,498,050

1,498,050

Chemicals, Plastics & Rubber: 6.5%

AZ Chem US, Inc.

B+

600,000

(5)

Term Loan, maturing November 18, 2016

604,875

Brenntag Holding GmbH & Co. KG

Ba2

BBB-

3,542,098

Term Loan, 3.764%, maturing January 20, 2014

3,564,236

695,099

Term Loan, 3.781%, maturing January 20, 2014

697,705

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Fair Value
*Chemicals, Plastics & Rubber: (continued)*
			Celanese U.S Holdings, LLC	Ba2	BB+
$	3,200,000		Term Loan, 1.761%, maturing April 02, 2014			$	3,190,000
			Chemtura Corporation	Ba1	NR
765,000			Term Loan, 5.500%, maturing August 27, 2016			771,375
			Cristal Inorganic Chemicals, Inc.	Ba3	BB-
2,561,926			Term Loan, 2.539%, maturing May 15, 2014			2,508,554
			Cristal Inorganic Chemicals, Inc.	B3	B-
1,000,000			Term Loan, 6.039%, maturing November 18, 2014			986,250
			General Chemical Corporation	B1	B
1,125,000			Term Loan, 6.750%, maturing October 06, 2015			1,135,688
			Hexion Specialty Chemicals, Inc.	Ba3	B-
1,140,000			Term Loan, 2.499%, maturing May 05, 2013			1,040,250
2,940,997			Term Loan, 4.063%, maturing May 05, 2015			2,866,002
967,500			Term Loan, 4.063%, maturing May 05, 2015			938,475
1,170,867			Term Loan, 4.063%, maturing May 05, 2015			1,147,450
1,307,796			Term Loan, 4.063%, maturing May 05, 2015			1,274,447
			Huntsman International, LLC	Ba2	BB-
5,606,098			Term Loan, 2.515%, maturing June 30, 2016			5,507,973
			Ineos US Finance, LLC	B1	B
282,828			Term Loan, 7.001%, maturing December 14, 2012			289,898
EUR	865,735		Term Loan, 7.501%, maturing December 16, 2013			1,127,923
$	1,864,962		Term Loan, 7.501%, maturing December 16, 2013			1,895,267
EUR	989,691		Term Loan, 8.001%, maturing December 16, 2014			1,289,419
$	2,171,244		Term Loan, 8.001%, maturing December 16, 2014			2,206,527
			ISP Chemco, Inc.	Ba3	BB
3,386,250			Term Loan, 1.813%, maturing June 04, 2014			3,323,818
			JohnsonDiversey, Inc.	Ba2	BB-
1,879,866			Term Loan, 5.500%, maturing November 24, 2015			1,895,140
			Kraton Polymers, LLC	Ba3	BB
1,350,084			Term Loan, 2.313%, maturing May 13, 2013			1,329,412
			Lyondell Chemical Company	Ba2	BB
748,125			Term Loan, 5.500%, maturing April 08, 2016			750,532
			MacDermid, Inc.	B2	B+
EUR	1,633,459		Term Loan, 3.005%, maturing April 11, 2014			1,973,562
$	2,400,273		Term Loan, 2.253%, maturing April 12, 2014			2,286,260
			Nalco Company	Ba1	BB+
1,000,000			Term Loan, 4.500%, maturing October 05, 2017			1,009,375
			Omnova Solutions, Inc.	Ba2	B+
1,300,000		(5)	Term Loan, maturing April 12, 2017			1,311,375

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Chemicals, Plastics & Rubber: (continued)

Polypore, Inc.

Ba2

BB-

3,151,395

Term Loan, 2.260%, maturing July 03, 2014

3,094,275

Rockwood Specialties Group, Inc.

Ba2

BB+

1,500,473

Term Loan, 6.000%, maturing May 15, 2014

1,512,039

Solutia, Inc.

Ba1

BB-

1,174,779

Term Loan, 4.500%, maturing March 17, 2017

1,183,224

Styron, Inc.

B+

3,406,875

Term Loan, 7.500%, maturing June 17, 2016

3,462,237

56,173,563

Containers, Packaging & Glass: 4.9%

Berry Plastics Corporation

4,772,280

Term Loan, 2.284%, maturing April 03, 2015

4,495,192

Bway Holding Corporation

Ba3

912,000

Term Loan, 5.522%, maturing June 16, 2017

919,410

85,500

Term Loan, 5.560%, maturing June 16, 2017

86,195

Graham Packaging Company, L.P.

B+

7,710,170

Term Loan, 6.750%, maturing April 05, 2014

7,787,272

Graphic Packaging International, Inc.

Ba3

BB+

4,298,853

Term Loan, 2.288%, maturing May 16, 2014

4,237,328

KLEOPATRA LUX 2 S.À. R.L

2,917,598

Term Loan, 3.242%, maturing January 03, 2016

2,445,918

Pro Mach, Inc.

2,298,719

Term Loan, 2.510%, maturing December 14, 2011

2,137,809

Reynolds Group Holdings, Ltd.

BB-

1,481,309

Term Loan, 6.750%, maturing May 05, 2016

1,497,202

Reynolds Group Holdings, Ltd.

Ba3

2,981,250

Term Loan, 6.250%, maturing May 05, 2016

3,008,579

4,100,000

Term Loan, 6.500%, maturing May 05, 2016

4,138,142

Smurfit-Stone Container Corporation

BB+

3,885,263

Term Loan, 6.750%, maturing July 15, 2016

3,940,608

Xerium Technologies, Inc.

Ba3

BB-

1,347,474

Term Loan, 6.500%, maturing November 25, 2014

1,349,158

137,031

Term Loan, 6.500%, maturing November 25, 2014

137,203

365,417

Term Loan, 6.500%, maturing November 25, 2014

365,873

319,740

Term Loan, 6.500%, maturing November 25, 2014

320,139

570,964

Term Loan, 6.500%, maturing November 25, 2014

571,677

Xerium Technologies, Inc.

B+

5,418,458

Term Loan, 8.250%, maturing May 25, 2015

5,228,812

42,666,517

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Data and Internet Services: 7.9%

Activant Solutions, Inc.

84,525

Term Loan, 2.813%, maturing May 01, 2013

83,362

2,575,953

Term Loan, 4.813%, maturing May 02, 2013

2,540,533

Amadeus IT Group, S.A.

EUR

1,268,581

Term Loan, 4.314%, maturing July 01, 2013

1,611,986

EUR

1,268,581

Term Loan, 4.814%, maturing July 01, 2014

1,611,986

Aspect Software, Inc.

Ba3

B+

1,243,750

Term Loan, 6.250%, maturing April 19, 2016

1,241,677

Audatex North America, Inc.

Ba2

1,060,471

Term Loan, 2.063%, maturing May 16, 2014

1,049,867

AutoTrader.com, Inc.

Ba3

BB+

1,350,000

Term Loan, 6.000%, maturing June 14, 2016

1,357,594

Carlson Wagonlit Holdings, B.V.

B-

3,654,102

Term Loan, 4.038%, maturing August 04, 2014

3,464,546

Dealer Computer Services, Inc.

Ba3

BB-

5,057,967

Term Loan, 5.250%, maturing April 21, 2017

5,075,670

Fifth Third Processing Solutions

Ba3

BB-

1,200,000

Term Loan, 5.500%, maturing November 01, 2016

1,208,100

First American Payment Systems

B+

2,250,000

Term Loan, 6.750%, maturing October 04, 2016

2,250,000

First Data Corporation

B+

3,438,770

Term Loan, 3.003%, maturing September 24, 2014

3,108,373

2,861,843

Term Loan, 3.003%, maturing September 24, 2014

2,586,227

7,758,322

Term Loan, 3.003%, maturing September 24, 2014

7,025,245

Information Solutions Company

Ba2

BB+

623,438

Term Loan, 4.750%, maturing April 12, 2016

627,724

Orbitz Worldwide, Inc.

B+

3,159,183

Term Loan, 3.275%, maturing July 25, 2014

3,001,224

Sabre, Inc.

11,849,782

Term Loan, 2.268%, maturing September 30, 2014

11,112,132

SAVVIS Communications Corporation

2,000,000

Term Loan, 6.750%, maturing August 04, 2016

2,026,000

Ship US Bidco, Inc.

Ba2

1,900,000

(5)

Term Loan, maturing October 15, 2017

1,911,875

Sungard Data Systems, Inc.

Ba3

247,164

Term Loan, 2.003%, maturing February 28, 2014

241,602

1,467,544

Term Loan, 6.750%, maturing February 28, 2014

1,477,021

6,687,515

Term Loan, 3.910%, maturing February 26, 2016

6,639,452

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Data and Internet Services: (continued)

Trans Union, LLC

Ba3

BB-

3,411,450

Term Loan, 6.750%, maturing June 15, 2017

3,460,063

Transfirst Holdings, Inc.

1,989,717

Term Loan, 3.040%, maturing June 15, 2014

1,828,053

Travelport, Inc.

Ba3

136,295

Term Loan, 4.789%, maturing August 21, 2015

131,320

967,500

Term Loan, 4.962%, maturing August 21, 2015

932,186

598,833

Term Loan, 4.963%, maturing August 21, 2015

576,976

68,180,794

Diversified / Conglomerate Manufacturing: 2.6%

Brand Services, Inc.

2,633,981

Term Loan, 2.563%, maturing February 07, 2014

2,522,037

1,152,204

Term Loan, 3.563%, maturing February 07, 2014

1,116,197

Clopay Ames True Temper Holding Corporation

BB+

1,700,000

Term Loan, 7.750%, maturing September 28, 2016

1,712,750

Dresser, Inc.

B+

4,813,677

Term Loan, 2.534%, maturing May 04, 2014

4,797,132

Edwards (Cayman Islands II), Ltd.

B+

1,905,276

Term Loan, 2.294%, maturing May 31, 2014

1,846,927

EPD, Inc.

175,869

Term Loan, 2.760%, maturing July 31, 2014

153,373

1,227,921

Term Loan, 2.760%, maturing July 31, 2014

1,070,849

Ferretti S.P.A.

EUR

385,205

(3)

Term Loan, 3.472%, maturing January 31, 2015

258,073

EUR

385,868

(3)

Term Loan, 3.972%, maturing January 31, 2016

258,517

EUR

65,586

(3)

Term Loan, 6.627%, maturing January 31, 2017

40,528

Manitowoc Company, Inc. (The)

Ba2

622,541

Term Loan, 5.313%, maturing November 06, 2013

626,951

449,706

Term Loan, 8.000%, maturing November 06, 2014

456,227

Rexnord Corporation / RBS Global, Inc.

Ba3

BB-

943,967

Term Loan, 2.563%, maturing July 19, 2013

929,217

1,000,000

Term Loan, 2.813%, maturing July 19, 2013

984,375

Sensata Technologies, B.V.

5,008,613

Term Loan, 2.038%, maturing April 26, 2013

4,858,355

Sensus Metering Systems, Inc.

Ba2

349,386

Term Loan, 2.272%, maturing December 17, 2010

350,696

21,982,204

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Diversified / Conglomerate Service: 3.9%

Affinion Group, Inc.

Ba2

BB-

2,487,500

Term Loan, 5.000%, maturing October 10, 2016

2,477,135

AlixPartners, LLP

Ba3

2,574,688

Term Loan, 2.299%, maturing October 12, 2013

2,536,067

Brock Holdings, Inc.

1,492,977

Term Loan, 2.806%, maturing February 26, 2014

1,407,130

Catalina Marketing Corporation

Ba2

BB-

4,207,737

Term Loan, 3.006%, maturing October 01, 2014

4,130,159

Coach America Holdings, Inc.

1,250,997

Term Loan, 3.040%, maturing April 18, 2014

1,007,053

267,307

Term Loan, 3.040%, maturing April 20, 2014

215,182

Fidelity National Information Services, Inc.

Ba1

BBB-

3,300,000

Term Loan, 5.250%, maturing July 18, 2016

3,340,943

ISS Holding A/S

EUR

424,609

Term Loan, 2.879%, maturing December 31, 2013

533,501

EUR

227,055

Term Loan, 2.879%, maturing December 31, 2013

285,284

EUR

3,032,921

Term Loan, 2.879%, maturing December 31, 2013

3,810,719

EUR

42,895

Term Loan, 2.879%, maturing December 31, 2013

53,895

EUR

240,402

Term Loan, 2.879%, maturing December 31, 2013

302,053

EUR

32,118

Term Loan, 2.879%, maturing December 31, 2013

40,354

ISTA International GmbH

EUR

1,617,426

Term Loan, 3.036%, maturing May 14, 2015

1,881,424

EUR

377,847

Term Loan, 3.036%, maturing May 14, 2015

439,520

ServiceMaster Company

B+

270,951

Term Loan, 2.760%, maturing July 24, 2014

257,048

2,720,801

Term Loan, 2.771%, maturing July 24, 2014

2,581,191

Valleycrest Companies, LLC

CCC+

1,665,107

Term Loan, 2.290%, maturing March 12, 2014

1,558,956

Vertafore, Inc.

B+

748,125

Term Loan, 6.750%, maturing July 29, 2016

752,240

West Corporation

Ba3

BB-

940,091

Term Loan, 2.631%, maturing October 24, 2013

930,837

2,309,581

Term Loan, 4.506%, maturing July 15, 2016

2,315,355

2,607,827

Term Loan, 4.509%, maturing July 15, 2016

2,609,681

33,465,727

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Diversified Natural Resources, Precious Metals & Minerals: 0.9%

Georgia Pacific, LLC

Ba1

BBB+

4,347,379

Term Loan, 2.292%, maturing December 21, 2012

4,347,380

3,808,054

Term Loan, 3.541%, maturing December 23, 2014

3,822,631

8,170,011

Ecological: 0.1%

Synagro Technologies, Inc.

CCC+

870,750

Term Loan, 2.260%, maturing April 02, 2014

774,967

Synagro Technologies, Inc.

Caa3

CCC-

485,000

Term Loan, 5.010%, maturing October 02, 2014

401,338

1,176,305

Electronics: 2.0%

Aeroflex, Inc.

Ba2

BB-

945,529

Term Loan, 4.313%, maturing August 15, 2014

934,892

Brocade Communications Systems, Inc.

Ba2

BBB-

661,136

Term Loan, 7.000%, maturing October 07, 2013

669,400

FCI International, S.A.S.

311,229

Term Loan, 2.790%, maturing September 30, 2012

303,448

284,586

Term Loan, 2.790%, maturing September 30, 2012

276,048

Freescale Semiconductor, Inc.

B-

6,311,820

Term Loan, 4.508%, maturing December 01, 2016

5,958,971

Infor Enterprise Solutions Holdings, Inc.

B+

483,750

Term Loan, 5.010%, maturing July 28, 2015

452,306

EUR

721,875

Term Loan, 5.753%, maturing July 28, 2015

878,046

901

Term Loan, 6.010%, maturing July 28, 2015

854

23,557

Term Loan, 6.010%, maturing July 28, 2015

22,214

Infor Enterprise Solutions Holdings, Inc.

Caa2

CCC+

EUR

500,000

Term Loan, 7.046%, maturing March 02, 2014

461,819

Intersil Corporation

Ba2

BB+

498,750

Term Loan, 4.750%, maturing April 27, 2016

502,491

Kronos, Inc.

Ba3

B+

3,097,851

Term Loan, 2.039%, maturing June 11, 2014

3,029,442

Microsemi Corporation

Ba1

BB+

1,800,000

(5)

Term Loan, maturing November 02, 2017

1,818,751

Redprairie Corporation

B+

995,000

Term Loan, 6.000%, maturing March 24, 2016

998,731

Spansion, LLC

BB-

1,048,958

Term Loan, 6.500%, maturing January 08, 2015

1,062,070

17,369,483

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Fair Value
*Finance: 2.8%*
			Interactive Data Corporation	Ba3	B+
$	4,987,500		Term Loan, 6.750%, maturing January 27, 2017			$	5,069,046
			LPL Holdings, Inc.	Ba3	B+
1,746,666			Term Loan, 2.039%, maturing June 28, 2013			1,745,938
5,498,006			Term Loan, 4.250%, maturing June 25, 2015			5,532,368
1,990,000			Term Loan, 5.250%, maturing June 28, 2017			2,014,875
			MSCI, Inc.	Ba2	BB+
4,973,753			Term Loan, 4.750%, maturing June 01, 2016			5,004,839
			Nuveen Investments, Inc.	B3	B
4,893,540			Term Loan, 3.289%, maturing November 13, 2014			4,579,649
						23,946,715
*Gaming: 3.1%*
			Cannery Casino Resorts, LLC	B3	B
456,265			Term Loan, 4.503%, maturing May 17, 2013			432,596
377,290			Term Loan, 4.503%, maturing May 20, 2013			357,718
		(2)	Fontainebleau Las Vegas, LLC	NR	NR
1,070,339		(3)	Term Loan, 6.000%, maturing June 06, 2014			216,744
535,170		(3)	Term Loan, 6.000%, maturing June 06, 2014			108,372
			Golden Nugget, Inc.	Caa3	CC
1,220,871			Term Loan, 3.260%, maturing June 30, 2014			991,958
2,144,742			Term Loan, 3.260%, maturing June 30, 2014			1,742,603
		(2)	Green Valley Ranch Gaming, LLC	C	NR
750,000		(3)	Term Loan, 3.507%, maturing August 16, 2014			24,531
			Harrahs Operating Company, Inc.	Caa1	B
2,415,817			Term Loan, 3.288%, maturing January 28, 2015			2,117,196
2,249,697			Term Loan, 3.288%, maturing January 28, 2015			1,975,094
3,166,830			Term Loan, 3.288%, maturing January 28, 2015			2,775,926
1,543,889			Term Loan, 9.500%, maturing October 31, 2016			1,600,434
			Isle Of Capri Casinos, Inc.	B1	B+
840,277			Term Loan, 5.000%, maturing November 25, 2013			832,819
2,973,826			Term Loan, 5.000%, maturing November 25, 2013			2,947,434
1,189,531			Term Loan, 5.000%, maturing November 25, 2013			1,178,974
			Las Vegas Sands, LLC	B1	BB-
1,026,170			Term Loan, 3.030%, maturing November 23, 2016			964,360
4,062,797			Term Loan, 3.030%, maturing November 23, 2016			3,823,156

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Gaming: (continued)

Seminole Tribe Of Florida

Ba1

BBB-

16,314

Term Loan, 1.813%, maturing March 05, 2014

15,886

VML US Finance, LLC

BB-

865,858

Term Loan, 4.800%, maturing May 25, 2012

867,660

1,592,817

Term Loan, 4.800%, maturing May 27, 2013

1,596,132

2,117,891

Term Loan, 4.800%, maturing May 27, 2013

2,122,657

26,692,250

Healthcare, Education and Childcare: 17.7%

Bausch & Lomb, Inc.

BB-

381,916

Term Loan, 3.506%, maturing April 24, 2015

376,274

1,574,899

Term Loan, 3.527%, maturing April 24, 2015

1,551,633

Biomet, Inc.

BB-

5,918,653

Term Loan, 3.281%, maturing March 25, 2015

5,870,552

Bright Horizons Family Solutions, Inc.

Ba2

BB-

460,000

Term Loan, 7.500%, maturing May 28, 2015

462,300

Catalent Pharma Solutions, Inc.

Ba3

BB-

6,364,000

Term Loan, 2.506%, maturing April 10, 2014

6,024,589

CHG Medical Staffing, Inc.

Ba3

B+

2,000,000

Term Loan, 7.250%, maturing October 05, 2016

2,021,250

CHS/Community Health Systems, Inc.

Ba3

1,922,625

Term Loan, 2.544%, maturing July 25, 2014

1,882,249

37,438,007

Term Loan, 2.544%, maturing July 25, 2014

36,651,809

Concentra Operating Corporation

Ba3

B+

1,883,055

Term Loan, 2.540%, maturing June 25, 2014

1,873,639

CRC Health Corporation

B+

902,331

Term Loan, 2.539%, maturing February 06, 2013

866,238

944,252

Term Loan, 2.539%, maturing February 06, 2013

906,482

Davita, Inc.

Ba2

1,250,000

Term Loan, 4.500%, maturing October 20, 2016

1,256,505

Emdeon Business Services, LLC

Ba3

2,253,932

Term Loan, 2.260%, maturing November 16, 2013

2,218,012

538,462

Term Loan, 4.500%, maturing November 18, 2013

541,042

EMSC, L.P.

Baa3

BB+

1,975,000

Term Loan, 3.253%, maturing April 08, 2015

1,972,531

Gambro Holding AB

1,670,984

Term Loan, 2.534%, maturing June 05, 2014

1,551,229

SEK

2,146,343

Term Loan, 3.735%, maturing June 05, 2014

283,845

SEK

2,111,070

Term Loan, 3.735%, maturing June 05, 2014

279,180

1,670,984

Term Loan, 3.284%, maturing June 05, 2015

1,551,229

SEK

2,146,343

Term Loan, 4.485%, maturing June 05, 2015

283,845

SEK

2,111,070

Term Loan, 4.485%, maturing June 05, 2015

279,180

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Healthcare, Education and Childcare: (continued)

Grifols, S.A.

Ba3

2,850,000

(5)

Term Loan, maturing October 15, 2016

2,882,826

Harlan Sprague Dawley, Inc.

2,433,125

Term Loan, 3.780%, maturing July 11, 2014

2,191,839

HCA, Inc.

Ba3

5,009,376

Term Loan, 2.539%, maturing November 18, 2013

4,915,711

12,013,480

Term Loan, 3.539%, maturing March 31, 2017

11,889,562

Health Management Associates, Inc.

BB-

3,579,887

Term Loan, 2.039%, maturing February 28, 2014

3,494,456

HGI Holding, Inc.

B+

2,250,000

Term Loan, 6.750%, maturing September 29, 2016

2,264,063

Iasis Healthcare, LLC

Ba2

B+

1,244,276

Term Loan, 2.256%, maturing March 14, 2014

1,212,133

3,595,015

Term Loan, 2.256%, maturing March 14, 2014

3,502,145

339,445

Term Loan, 2.265%, maturing March 14, 2014

330,676

IM US Holdings, LLC

Ba2

4,368,903

Term Loan, 2.268%, maturing June 26, 2014

4,293,815

IM US Holdings, LLC

B-

1,000,000

Term Loan, 4.506%, maturing June 26, 2015

973,125

IMS Health, Inc.

Ba3

EUR

989,818

Term Loan, 5.500%, maturing January 31, 2016

1,292,482

1,980,480

Term Loan, 5.250%, maturing February 26, 2016

2,003,172

inVentiv Health, Inc.

Ba3

BB-

2,134,650

Term Loan, 6.500%, maturing August 04, 2016

2,149,994

Medassets, Inc.

Ba3

BB-

1,750,000

(5)

Term Loan, 5.250%, maturing November 15, 2016

1,762,031

Molnlycke Health Care Group

EUR

200,000

Term Loan, 2.796%, maturing March 30, 2015

249,691

GBP

250,000

Term Loan, 2.583%, maturing March 31, 2015

370,200

EUR

170,016

Term Loan, 3.046%, maturing March 30, 2016

212,258

GBP

203,835

Term Loan, 2.833%, maturing March 31, 2016

301,839

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Healthcare, Education and Childcare: (continued)

National Mentor, Inc.

Ba3

9,492

Term Loan, 2.150%, maturing June 29, 2013

8,852

1,161,035

Term Loan, 2.290%, maturing June 29, 2013

1,082,665

Nyco Holdings 3 ApS

EUR

504,944

Term Loan, 4.796%, maturing December 29, 2014

615,621

EUR

81,310

Term Loan, 4.796%, maturing December 29, 2014

99,132

EUR

1,317,855

Term Loan, 4.796%, maturing December 29, 2014

1,606,712

EUR

51,795

Term Loan, 4.796%, maturing December 29, 2014

63,148

EUR

366,234

Term Loan, 4.796%, maturing December 29, 2014

446,508

EUR

1,317,531

Term Loan, 5.296%, maturing December 29, 2015

1,606,317

EUR

366,144

Term Loan, 5.296%, maturing December 29, 2015

446,398

EUR

81,290

Term Loan, 5.296%, maturing December 29, 2015

99,108

EUR

504,819

Term Loan, 5.296%, maturing December 29, 2015

615,469

EUR

51,782

Term Loan, 5.296%, maturing December 29, 2015

63,132

Quintiles Transnational Corporation

Ba2

2,885,467

Term Loan, 2.290%, maturing March 29, 2013

2,849,399

Renal Advantage, Inc.

Ba3

3,192,000

Term Loan, 6.000%, maturing June 03, 2016

3,205,965

Rural/Metro Operating Company, LLC

Ba3

1,000,000

(5)

Term Loan, 5.000%, maturing November 24, 2016

1,011,033

Skilled Healthcare Group, Inc.

B+

1,243,750

Term Loan, 5.250%, maturing April 08, 2016

1,218,356

Sterigenics International, Inc.

B+

1,681,310

Term Loan, 2.550%, maturing November 21, 2013

1,618,261

Sun Healthcare Group, Inc.

Ba2

B+

1,500,000

Term Loan, 7.500%, maturing October 15, 2016

1,487,813

Surgical Care Affiliates, LLC

Ba3

2,902,500

Term Loan, 2.289%, maturing December 29, 2014

2,775,516

Team Health, Inc.

987,665

Term Loan, 2.286%, maturing November 23, 2012

969,558

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Healthcare, Education and Childcare: (continued)

United Surgical Partners International, Inc.

Ba3

1,618,710

Term Loan, 2.274%, maturing April 19, 2014

1,559,020

305,843

Term Loan, 2.260%, maturing April 21, 2014

294,565

Universal Health Services, Inc.

Ba2

BB+

3,125,000

Term Loan, 5.500%, maturing November 15, 2016

3,164,878

Vanguard Health Holdings Company II, LLC

Ba2

BB-

2,238,764

Term Loan, 5.000%, maturing January 29, 2016

2,252,524

VWR International, Inc.

B+

EUR

2,450,636

Term Loan, 3.296%, maturing June 29, 2014

3,039,255

1,470,382

Term Loan, 2.756%, maturing June 30, 2014

1,420,297

Warner Chilcott Company, LLC

Ba3

1,081,239

Term Loan, 6.000%, maturing October 30, 2014

1,083,266

521,924

Term Loan, 6.250%, maturing April 30, 2015

526,300

869,098

Term Loan, 6.250%, maturing April 30, 2015

876,384

943,627

Term Loan, 6.500%, maturing February 22, 2016

953,727

306,373

Term Loan, 6.500%, maturing February 22, 2016

309,874

152,364,684

Home & Office Furnishings: 0.9%

Global Garden Products Italy S.P.A.

EUR

745,552

Term Loan, 3.384%, maturing August 31, 2016

853,502

EUR

745,552

Term Loan, 3.384%, maturing August 31, 2017

853,502

Hilding Anders

SEK

25,364,613

Term Loan, 4.470%, maturing March 31, 2015

2,956,900

EUR

324,872

Term Loan, 4.130%, maturing April 25, 2015

343,595

National Bedding Company

BB-

1,138,309

Term Loan, 2.313%, maturing February 28, 2013

1,121,234

Springs Window Fashions, LLC

B+

2,032,825

Term Loan, 3.063%, maturing December 31, 2012

1,952,783

8,081,516

Insurance: 2.0%

AmWINS Group, Inc.

B-

1,898,650

Term Loan, 2.796%, maturing June 08, 2013

1,779,985

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Insurance: (continued)

Applied Systems, Inc.

B-

1,183,138

Term Loan, 2.756%, maturing September 26, 2013

1,175,743

C.G. JCF Corporation

2,754,120

Term Loan, 3.260%, maturing August 01, 2014

2,671,495

Conseco, Inc.

B-

2,283,764

Term Loan, 7.500%, maturing October 10, 2013

2,285,191

HMSC Corporation

B-

2,486,845

Term Loan, 2.506%, maturing April 03, 2014

2,101,384

Hub International, Ltd.

445,259

Term Loan, 2.789%, maturing June 13, 2014

433,571

1,980,856

Term Loan, 2.789%, maturing June 13, 2014

1,928,858

990,000

Term Loan, 6.750%, maturing June 13, 2014

993,300

Sedgwick Holdings, Inc.

B+

1,393,000

Term Loan, 5.500%, maturing May 27, 2016

1,403,448

USI Holdings Corporation

B-

594,000

Term Loan, 7.000%, maturing April 15, 2014

582,417

2,231,373

Term Loan, 2.760%, maturing May 05, 2014

2,116,085

17,471,477

Leisure, Amusement, Entertainment: 3.2%

24 Hour Fitness Worldwide, Inc.

Ba3

B+

2,244,375

Term Loan, 6.750%, maturing April 22, 2016

2,166,524

Alpha D2, Ltd.

1,221,225

Term Loan, 2.381%, maturing December 31, 2013

1,120,474

824,903

Term Loan, 2.381%, maturing December 31, 2013

756,848

AMF Bowling Worldwide, Inc.

1,824,794

Term Loan, 2.753%, maturing June 08, 2013

1,613,233

Cedar Fair, L.P.

Ba2

BB-

3,117,188

Term Loan, 5.500%, maturing December 15, 2016

3,158,378

HIT Entertainment, Inc.

CCC+

1,930,756

Term Loan, 5.536%, maturing June 01, 2012

1,877,177

Live Nation Entertainment, Inc.

Ba2

BB-

995,000

Term Loan, 4.500%, maturing November 07, 2016

994,162

Metro-Goldwyn-Mayer, Inc.

Ba3

B+

15,743,161

(3)

Term Loan, 20.500%, maturing April 09, 2012

7,055,991

3,691,110

(3)

Term Loan, 20.500%, maturing April 09, 2012

1,654,333

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Leisure, Amusement, Entertainment: (continued)

NEP II, Inc.

4,205,581

Term Loan, 2.544%, maturing February 16, 2014

4,016,330

Regal Cinemas Corporation

Ba3

BB-

2,955,675

Term Loan, 3.789%, maturing November 21, 2016

2,970,453

27,383,903

Lodging: 1.7%

Audio Visual Services Corporation

970,000

Term Loan, 2.540%, maturing February 28, 2014

790,550

HdC Mezz 1 Partners, L.P.

B+

16,400,000

Term Loan, 2.004%, maturing January 15, 2011

13,776,000

14,566,550

Machinery: 0.9%

Alliance Laundry Systems, LLC

B+

500,000

Term Loan, 6.250%, maturing September 23, 2016

506,459

Bucyrus International, Inc.

Ba2

BB+

2,985,253

Term Loan, 4.250%, maturing February 19, 2016

3,005,761

Kion Group GmbH

507,587

Term Loan, 4.006%, maturing December 23, 2014

424,343

EUR

1,257,708

Term Loan, 4.546%, maturing December 23, 2014

1,400,545

507,587

Term Loan, 4.256%, maturing December 23, 2015

424,343

EUR

1,163,220

Term Loan, 4.796%, maturing December 23, 2015

1,295,326

NACCO Materials Handling Group, Inc.

989,664

Term Loan, 2.085%, maturing March 22, 2013

937,707

7,994,484

Mining, Steel, Iron & Nonprecious Metals: 1.4%

Fairmount Minerals, Ltd.

2,100,000

Term Loan, 6.273%, maturing August 05, 2016

2,130,624

Noranda Aluminum Acquisition Corporation

Ba3

B+

1,617,464

Term Loan, 2.006%, maturing May 18, 2014

1,593,202

Novelis, Inc.

Ba1

BB-

2,201,683

Term Loan, 2.260%, maturing July 06, 2014

2,191,650

2,660,808

Term Loan, 2.260%, maturing July 07, 2014

2,648,682

Oxbow Carbon, LLC

Ba3

3,378,180

Term Loan, 2.289%, maturing May 08, 2014

3,369,735

11,933,893

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Fair Value
*Non-North American Cable: 2.6%*
			Casema Bidco / Serpering Investments, B.V.	NR	NR
EUR	227,032		Term Loan, 3.546%, maturing September 15, 2014			$	291,495
EUR	499,525		Term Loan, 3.546%, maturing September 15, 2014			641,361
EUR	287,729		Term Loan, 3.546%, maturing September 15, 2014			369,427
EUR	31,025		Term Loan, 4.296%, maturing September 14, 2015			39,835
			Numericable / YPSO France, S.A.S.	NR	NR
EUR	171,371		Term Loan, 4.626%, maturing June 16, 2014			174,169
EUR	66,096		Term Loan, 4.664%, maturing June 16, 2014			67,176
EUR	107,842		Term Loan, 4.664%, maturing June 16, 2014			109,603
EUR	234,065		Term Loan, 5.164%, maturing December 31, 2015			237,615
EUR	439,625		Term Loan, 5.164%, maturing December 31, 2015			446,292
			UPC Broadband Holding, B.V.	Ba3	B+
$	1,055,136		Term Loan, 4.251%, maturing December 30, 2016			1,040,079
EUR	4,268,168		Term Loan, 4.560%, maturing December 31, 2016			5,200,030
$	1,944,864		Term Loan, 4.251%, maturing December 29, 2017			1,913,260
EUR	3,078,704		Term Loan, 4.810%, maturing December 31, 2017			3,767,907
			Virgin Media Investment Holdings, Ltd.	Ba1	BB+
GBP	5,000,000		Term Loan, 4.778%, maturing December 31, 2015			7,722,236
						22,020,485
*North American Cable: 11.6%*
			Atlantic Broadband	Ba3	B+
$	2,250,000	(5)	Term Loan, maturing November 08, 2015			2,264,063
			Block Communications, Inc.	Ba1	BB
952,500			Term Loan, 2.289%, maturing December 22, 2011			923,925
			Bresnan Communications, LLC	B1	BB-
1,231,250			Term Loan, 2.260%, maturing June 30, 2013			1,225,340
1,711,282			Term Loan, 2.260%, maturing September 30, 2013			1,703,068
			Cequel Communications, LLC	Ba3	BB-
27,948,418			Term Loan, 2.253%, maturing November 05, 2013			27,708,145

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

North American Cable: (continued)

Charter Communications Operating, LLC

Ba1

BB+

1,520,431

Term Loan, 2.260%, maturing March 06, 2014

1,490,880

13,853,488

Term Loan, 3.540%, maturing September 06, 2016

13,589,412

CSC Holdings, Inc.

Baa3

BBB-

19,677,176

Term Loan, 2.003%, maturing March 29, 2016

19,557,637

Insight Midwest Holdings, LLC

Ba3

B+

8,276,372

Term Loan, 2.021%, maturing April 07, 2014

8,033,254

Knology, Inc.

B+

1,600,000

Term Loan, 5.500%, maturing October 17, 2016

1,608,000

Mediacom Broadband, LLC

Ba3

BB-

8,086,940

Term Loan, 2.010%, maturing January 31, 2015

7,803,897

Mediacom LLC Group

Ba3

BB-

3,990,000

Term Loan, 4.500%, maturing October 23, 2017

3,915,188

3,564,000

Term Loan, 5.500%, maturing March 31, 2017

3,546,180

San Juan Cable, LLC

BB-

1,668,745

Term Loan, 2.050%, maturing October 31, 2012

1,652,058

WideOpenWest Finance, LLC

B-

5,702,357

Term Loan, 2.753%, maturing June 28, 2014

5,319,233

100,340,280

Oil & Gas: 0.8%

CGGVeritas Services, Inc.

Ba1

1,963,126

Term Loan, 5.500%, maturing January 12, 2016

1,972,942

Hercules Offshore, LLC

Caa1

B-

1,154,823

Term Loan, 6.000%, maturing July 11, 2013

1,073,444

MEG Energy Corporation

BBB-

3,427,044

Term Loan, 6.000%, maturing April 03, 2016

3,436,324

6,482,710

Other Broadcasting and Entertainment: 1.9%

Getty Images, Inc.

Ba2

3,500,000

(5)

Term Loan, maturing November 07, 2016

3,535,438

TWCC Holding Corporation

Ba2

1,957,801

Term Loan, 5.000%, maturing September 14, 2015

1,971,874

Nielson Finance, LLC

Ba3

BB-

169,252

Term Loan, 2.253%, maturing August 09, 2013

166,467

5,926,496

Term Loan, 4.003%, maturing May 02, 2016

5,887,338

4,743,557

Term Loan, 4.003%, maturing May 02, 2016

4,677,147

16,238,264

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Other Telecommunications: 2.3%

Alaska Communications Systems Holdings, Inc.

Ba3

BB-

2,000,000

Term Loan, 6.250%, maturing October 15, 2016

2,014,062

Asurion Corporation

Ba3

B+

5,197,500

Term Loan, 3.263%, maturing July 03, 2014

4,858,482

2,500,000

Term Loan, 6.750%, maturing March 31, 2015

2,470,983

BCM Ireland Holdings, Ltd.

EUR

1,679,980

Term Loan, 2.671%, maturing September 30, 2014

1,650,041

EUR

1,680,261

Term Loan, 2.921%, maturing September 30, 2015

1,650,317

Consolidated Communications, Inc.

B+

1,000,000

Term Loan, 2.760%, maturing December 31, 2014

970,000

(2)

Hawaiian Telcom Communications, Inc.

938,165

Term Loan, 9.000%, maturing November 01, 2015

946,081

Kentucky Data Link, Inc.

B-

2,492,742

Term Loan, 4.500%, maturing February 26, 2014

2,474,046

U.S. Telepacific Corporation

CCC+

3,084,500

Term Loan, 9.250%, maturing August 17, 2015

3,117,273

20,151,285

Personal & Nondurable Consumer Products: 2.1%

Advantage Sales & Marketing, Inc.

Ba3

B+

1,990,000

Term Loan, 5.000%, maturing May 05, 2016

1,992,488

Bushnell, Inc.

B-

1,659,702

Term Loan, 4.540%, maturing August 24, 2013

1,535,224

Fender Musical Instruments Corporation

1,991,672

Term Loan, 2.540%, maturing June 09, 2014

1,832,338

1,006,136

Term Loan, 2.550%, maturing June 09, 2014

925,645

Hillman Group (The), Inc.

Ba3

B+

897,750

Term Loan, 5.500%, maturing May 27, 2016

901,117

Huish Detergents, Inc.

Ba2

1,632,503

Term Loan, 2.010%, maturing April 26, 2014

1,566,387

Information Resources, Inc.

Ba3

266,554

Term Loan, 3.422%, maturing May 16, 2014

262,555

Jarden Corporation

Ba1

BB+

3,622,338

Term Loan, 3.539%, maturing January 26, 2015

3,651,002

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Personal & Nondurable Consumer Products: (continued)

KIK Custom Products, Inc.

CCC+

1,681,446

Term Loan, 2.540%, maturing June 02, 2014

1,454,451

288,248

Term Loan, 2.540%, maturing June 02, 2014

249,334

Spectrum Brands, Inc.

2,240,000

Term Loan, 8.000%, maturing June 16, 2016

2,289,701

Yankee Candle Company, Inc.

Ba3

BB-

1,553,135

Term Loan, 2.260%, maturing February 06, 2014

1,522,655

18,182,897

Personal, Food & Miscellaneous: 4.4%

Acosta, Inc.

4,700,470

Term Loan, 2.510%, maturing July 28, 2013

4,639,716

Advance Pierre Foods

B+

4,000,000

Term Loan, 7.001%, maturing September 30, 2016

3,976,668

Burger King Corporation

Ba3

BB-

3,440,860

Term Loan, 6.250%, maturing October 19, 2016

3,491,541

EUR

2,000,000

Term Loan, 6.500%, maturing October 19, 2016

2,625,215

Dennys, Inc.

B+

2,100,000

Term Loan, 6.500%, maturing September 20, 2016

2,113,125

DineEquity, Inc.

Ba2

BB-

2,366,050

Term Loan, 6.000%, maturing October 19, 2017

2,402,265

Dunkin Brands, Inc.

B+

1,520,000

(5)

Term Loan, maturing November 18, 2017

1,536,626

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

Ba3

B+

2,632,143

Term Loan, 6.000%, maturing March 23, 2016

2,618,161

NBTY, Inc.

Ba3

BB-

2,898,734

Term Loan, 6.250%, maturing October 02, 2017

2,939,099

OSI Restaurant Partners, Inc.

B+

671,679

Term Loan, 2.586%, maturing June 14, 2013

631,274

7,136,856

Term Loan, 2.625%, maturing June 14, 2014

6,707,530

Seminole Hard Rock Entertainment, Inc.

750,000

Floating Rate Note, 2.571%, maturing March 15, 2014

665,625

Wendys/Arbys Restaurants, LLC

Ba2

1,496,250

Term Loan, 5.000%, maturing May 24, 2017

1,505,383

Whitelabel IV, S.A.

Ba3

B+

EUR

583,833

Term Loan, 5.000%, maturing August 11, 2017

764,825

EUR

966,167

Term Loan, 5.000%, maturing August 16, 2017

1,265,684

37,882,737

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Printing & Publishing: 8.5%

Black Press, Ltd.

B-

1,262,286

Term Loan, 2.294%, maturing August 02, 2013

1,136,057

766,388

Term Loan, 2.294%, maturing August 02, 2013

689,749

Caribe Information Investments Inc.

CCC-

1,836,411

Term Loan, 2.540%, maturing March 31, 2013

1,239,578

Cengage Learning, Inc.

B+

6,975,978

Term Loan, 2.540%, maturing July 03, 2014

6,452,779

Cenveo Corporation

Ba2

15,637

Term Loan, 4.792%, maturing June 21, 2013

15,603

967,538

Term Loan, 4.792%, maturing June 21, 2013

965,422

CW Acquisition Limited Partnership

Ba3

1,894,406

Term Loan, 9.000%, maturing July 13, 2016

1,939,398

Dex Media East, LLC

B+

3,920,154

(5)

Term Loan, 2.795%, maturing October 24, 2014

2,920,515

Dex Media West, LLC

Ba3

B+

2,108,320

Term Loan, 7.000%, maturing October 24, 2014

1,801,560

Flint Group Holdings S.A.R.L.

841,151

Term Loan, 2.713%, maturing December 31, 2014

791,734

353,279

Term Loan, 2.713%, maturing December 31, 2014

332,524

1,277,104

Term Loan, 2.713%, maturing December 31, 2015

1,202,074

2,333,333

Term Loan, 2.713%, maturing May 29, 2015

2,196,250

EUR

666,667

Term Loan, 3.393%, maturing May 29, 2015

835,828

Hanley Wood, LLC

Caa1

CCC

1,654,278

Term Loan, 2.563%, maturing March 08, 2014

760,141

Intermedia Outdoor, Inc.

1,582,388

Term Loan, 3.039%, maturing January 31, 2013

1,428,106

Mediannuaire Holding

EUR

1,487,172

Term Loan, 3.129%, maturing October 10, 2014

1,302,269

EUR

1,486,320

Term Loan, 3.629%, maturing October 09, 2015

1,301,522

Merrill Communications, LLC

B-

3,761,595

Term Loan, 8.500%, maturing December 24, 2012

3,695,767

Nelson Canada

2,812,546

Term Loan, 2.789%, maturing July 05, 2014

2,517,229

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Printing & Publishing: (continued)

PagesJaunes Groupe, S.A.

EUR

800,000

Term Loan, 2.629%, maturing November 22, 2013

864,773

PBL Media

AUD

24,331,191

Term Loan, 7.428%, maturing February 05, 2013

21,160,523

Penton Media, Inc.

Caa1

CCC+

1,650,353

Term Loan, 5.000%, maturing August 01, 2014

1,243,265

Quad/Graphics, Inc.

Ba2

BB+

1,795,500

Term Loan, 5.500%, maturing April 14, 2016

1,763,316

R.H. Donnelley Corporation

4,260,290

(5)

Term Loan, 9.000%, maturing October 24, 2014

3,070,071

Source Media, Inc.

2,515,824

Term Loan, 7.000%, maturing November 08, 2011

2,415,191

Springer Science + Business Media, S.A.

B+

2,000,000

Term Loan, 6.751%, maturing June 17, 2016

2,000,000

SuperMedia, Inc.

B-

6,819,315

Term Loan, 11.000%, maturing December 31, 2015

4,415,507

Thomas Nelson Publishers

Caa2

CCC

995,515

Term Loan, 9.000%, maturing June 14, 2016

970,627

(2)

Tribune Company

1,491,225

(3)

Term Loan, 5.250%, maturing June 04, 2014

950,241

Yell Group, PLC

1,690,294

Term Loan, 4.006%, maturing July 31, 2014

747,955

73,125,574

Radio and TV Broadcasting: 4.4%

Citadel Broadcasting Corporation

Ba2

BB+

1,680,066

Term Loan, 11.000%, maturing June 03, 2015

1,774,761

CMP KC, LLC

1,338,663

(3)

Term Loan, 3.506%, maturing May 03, 2011

113,786

CMP Susquehanna Corporation

Caa1

B-

3,527,099

Term Loan, 2.313%, maturing May 05, 2013

3,161,163

Cumulus Media, Inc.

Caa1

B-

4,438,786

Term Loan, 4.003%, maturing June 11, 2014

4,101,437

FoxCo Acquisition, LLC

1,082,208

Term Loan, 7.500%, maturing July 14, 2015

1,071,379

Local TV Finance, LLC

B-

1,808,327

Term Loan, 2.290%, maturing May 07, 2013

1,726,199

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Radio and TV Broadcasting: (continued)

Nexstar Broadcasting, Inc.

Ba3

BB-

583,538

Term Loan, 5.000%, maturing September 30, 2016

583,538

912,713

Term Loan, 5.006%, maturing September 30, 2016

912,713

ProSiebenSat.1 Media AG

EUR

64,386

Term Loan, 2.539%, maturing July 02, 2014

76,902

EUR

1,186,386

Term Loan, 2.539%, maturing July 02, 2014

1,417,006

EUR

220,233

Term Loan, 2.539%, maturing March 02, 2015

263,044

EUR

798,662

Term Loan, 2.914%, maturing June 26, 2015

961,381

EUR

35,934

Term Loan, 2.914%, maturing July 03, 2015

43,255

Regent Broadcasting, LLC

1,452,230

Term Loan, 5.250%, maturing April 27, 2014

1,423,186

Sinclair Television Group, Inc.

Baa3

1,145,455

Term Loan, 5.500%, maturing October 29, 2015

1,163,114

Spanish Broadcasting Systems

Caa1

B-

1,954,228

Term Loan, 2.040%, maturing June 11, 2012

1,865,066

Univision Communications, Inc.

18,533,395

Term Loan, 4.506%, maturing March 31, 2017

17,308,448

37,966,378

Retail Stores: 8.5%

Amscan Holdings, Inc.

1,529,009

Term Loan, 2.540%, maturing May 25, 2013

1,523,276

CBR Fashion GmbH

EUR

213,184

Term Loan, 2.921%, maturing April 20, 2015

259,189

EUR

208,202

Term Loan, 3.171%, maturing April 19, 2016

253,132

Claires Stores, Inc.

Caa2

B-

3,432,962

Term Loan, 3.043%, maturing May 29, 2014

3,009,801

Dollar General Corporation

Ba2

BBB-

7,256,413

Term Loan, 3.020%, maturing July 07, 2014

7,253,510

General Nutrition Centers, Inc.

B+

2,458,318

Term Loan, 2.529%, maturing September 16, 2013

2,439,880

Guitar Center, Inc.

Caa1

B-

3,782,785

Term Loan, 3.760%, maturing October 09, 2014

3,446,385

Harbor Freight Tools USA, Inc.

B+

3,334,029

Term Loan, 5.016%, maturing February 24, 2016

3,337,157

HEMA Holding, B.V.

EUR

1,500,000

(5)

Term Loan, maturing July 06, 2015

1,881,832

EUR

1,500,000

(5)

Term Loan, maturing July 05, 2016

1,881,832

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Retail Stores: (continued)

Leslies Poolmart, Inc.

Ba3

B+

1,600,000

(5)

Term Loan, 6.000%, maturing November 24, 2017

1,612,501

Maxeda DIY Group, B.V.

EUR

530,263

(5)

Term Loan, maturing June 29, 2015

641,532

EUR

719,737

(5)

Term Loan, maturing August 01, 2015

870,764

EUR

530,263

(5)

Term Loan, maturing June 27, 2016

641,532

EUR

719,737

(5)

Term Loan, maturing August 01, 2016

870,764

Michaels Stores, Inc.

B+

1,842,617

Term Loan, 2.563%, maturing October 31, 2013

1,781,580

2,479,746

Term Loan, 4.813%, maturing July 31, 2016

2,463,558

Neiman Marcus Group, Inc.

BB-

6,763,834

Term Loan, 4.294%, maturing April 06, 2015

6,647,346

Petco Animal Supplies, Inc.

6,100,000

(5)

Term Loan, maturing November 24, 2017

6,122,112

Pets at Home Group, Ltd.

BB-

GBP

2,500,000

Term Loan, 5.581%, maturing January 24, 2017

3,887,184

Picard Groupe

EUR

810,628

Term Loan, 5.935%, maturing October 31, 2017

1,062,850

EUR

189,372

Term Loan, 5.935%, maturing September 14, 2017

248,484

Pilot Travel Centers, LLC

Ba2

BBB-

1,161,755

Term Loan, 5.250%, maturing June 30, 2016

1,179,175

Rite Aid Corporation

B+

5,862,342

Term Loan, 2.010%, maturing June 04, 2014

5,301,234

1,379,406

Term Loan, 6.000%, maturing June 04, 2014

1,366,043

Sally Holding, LLC

BB+

2,281,384

Term Loan, 2.510%, maturing November 15, 2013

2,273,399

Savers

Ba3

B+

1,492,500

Term Loan, 5.750%, maturing March 11, 2016

1,498,097

The Gymboree Corporation

B+

1,800,000

(5)

Term Loan, maturing November 16, 2017

1,809,803

Toys “R” Us, Inc.

BB-

3,835,388

Term Loan, 6.000%, maturing August 17, 2016

3,867,578

Vivarte S.A.S.

EUR

1,924,280

Term Loan, 2.728%, maturing March 09, 2015

2,110,590

EUR

1,924,280

Term Loan, 3.353%, maturing March 08, 2016

2,110,590

73,652,710

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Satellite: 0.5%

Intelsat Corporation

BB-

1,359,678

Term Loan, 2.790%, maturing January 03, 2014

1,335,316

1,359,259

Term Loan, 2.790%, maturing January 03, 2014

1,334,905

1,359,259

Term Loan, 2.790%, maturing January 03, 2014

1,334,905

4,005,126

Telecommunications Equipment: 1.3%

CommScope, Inc.

Ba2

644,464

Term Loan, 2.789%, maturing December 26, 2014

644,330

Macquarie UK Broadcast Ventures, Ltd.

GBP

4,383,255

Term Loan, 2.581%, maturing December 01, 2014

5,818,449

Sorenson Communications, Inc.

Ba2

CCC+

1,428,476

Term Loan, 6.000%, maturing August 16, 2013

1,342,512

TDF, S.A.

EUR

1,500,000

Term Loan, 2.796%, maturing January 30, 2015

1,717,798

EUR

1,500,000

Term Loan, 3.046%, maturing January 29, 2016

1,717,798

11,240,887

Textiles & Leather: 0.2%

Phillips-Van Heusen Corporation

Ba2

BBB

1,135,571

Term Loan, 4.750%, maturing May 06, 2016

1,150,649

EUR

709,732

Term Loan, 5.000%, maturing May 06, 2016

920,982

2,071,631

Utilities: 5.6%

Calpine Corporation

B+

2,653,087

Term Loan, 3.165%, maturing March 29, 2014

2,641,474

Coleto Creek WLE, L.P.

B+

2,160,391

Term Loan, 3.033%, maturing June 28, 2013

2,070,374

437,602

Term Loan, 3.283%, maturing June 28, 2013

419,368

FirstLight Power Resources, Inc.

B+

90,682

Term Loan, 2.813%, maturing November 01, 2013

87,508

1,847,478

Term Loan, 2.813%, maturing November 01, 2013

1,782,817

FirstLight Power Resources, Inc.

CCC+

610,514

Second Lien Term Loan, 4.813%, maturing May 01, 2014

567,778

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Utilities: (continued)

Great Point Power, LLC

Ba1

BB+

995,000

Term Loan, 5.500%, maturing March 10, 2017

996,244

MACH Gen, LLC.

Ba3

BB-

444,571

Term Loan, 2.289%, maturing February 22, 2013

414,933

New Development Holdings, LLC

Ba3

BB-

4,401,469

Term Loan, 7.000%, maturing July 03, 2017

4,487,434

NRG Energy, Inc.

Baa3

BB+

2,892

Term Loan, 1.789%, maturing February 01, 2013

2,872

374,438

Term Loan, 2.039%, maturing February 01, 2013

371,897

1,777,282

Term Loan, 3.539%, maturing August 31, 2015

1,781,407

7,554,620

Term Loan, 3.539%, maturing August 31, 2015

7,528,987

Texas Competitive Electric Holdings Company, LLC

B+

6,355,317

Term Loan, 3.754%, maturing October 10, 2014

4,911,071

5,820,000

Term Loan, 3.754%, maturing October 10, 2014

4,512,816

7,927,444

Term Loan, 3.754%, maturing October 10, 2014

6,127,256

2,923,383

Term Loan, 3.754%, maturing October 10, 2014

2,265,806

TPF Generation Holdings, LLC

Ba3

1,431,519

Term Loan, 2.289%, maturing December 13, 2013

1,393,584

1,873,890

Term Loan, 2.289%, maturing December 15, 2013

1,824,232

TPF Generation Holdings, LLC

1,500,000

Term Loan, 4.539%, maturing December 15, 2014

1,383,750

Viridian Group, PLC

GBP

1,080,000

Term Loan, 5.076%, maturing October 24, 2012

1,406,995

EUR

1,072,386

Term Loan, 5.334%, maturing October 24, 2012

1,167,206

48,145,809

Total Senior Loans
(Cost $1,175,176,413)

1,131,629,251

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Fair Value

Other Corporate Debt: 1.4%

Diversified / Conglomerate Manufacturing: 0.7%

Flextronics International, Ltd.

Ba1

BB+

2,395,512

Term Loan, 2.503%, maturing October 01, 2014

2,363,771

81,304

Term Loan, 2.503%, maturing October 01, 2014

80,227

3,355,530

Term Loan, 2.507%, maturing October 01, 2014

3,311,069

5,755,067

Cargo Transport: 0.0%

US Shipping Partners, L.P.

Caa3

CCC-

297,646

Subordinated Term Loan, 2.500%, maturing August 07, 2013

37,702

37,702

Chemicals, Plastics & Rubber: 0.7%

Lyondell Chemical Company

5,269,044

Fixed Rate Note, 11.000%, maturing May 01, 2018

5,888,156

5,888,156

Radio and TV Broadcasting: 0.0%

Regent Broadcasting, LLC

404,310

Subordinated Term Loan, 12.000%, maturing October 27, 2014

363,879

363,879

Total Other Corporate Debt
(Cost $11,996,753)

12,044,804

Equities and Other Assets: 0.8%

	Description	Value
(1), (@), (R)	Allied Digital Technologies Corporation (Residual Interest in Bankruptcy Estate)	$	—
(@), (R)	Ascend Media (Residual Interest)		—
(@), (R)	Block Vision Holdings Corporation (719 Common Shares)		—
(2), (@), (R)	Boston Chicken, Inc. (Residual Interest in Boston Chicken Plan Trust)		—
(2), (@), (R)	Cedar Chemical (Liquidation Interest)		—
(@)	Citadel (53,898 Class A Shares)		1,401,349
(@)	Citadel (44,319 Class B Shares)		1,152,294
(@)	Contech (Residual Interest)		—
(2), (@), (R)	Enterprise Profit Solutions (Liquidation Interest)		—
(4), (@), (R)	Euro United Corporation (Residual Interest in Bankruptcy Estate)		—
(@)	Faith Media Holdings, Inc. (7,725 Class A-1 Shares)		397,817

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of November 30, 2010 (Unaudited) (continued)

	Description		Value
(2), (@), (R)	Ferretti SPA (Warrants for 0.111% Participation Interest)		$		—
(2), (@), (R)	Gainey Corporation (Residual Interest)		—
(@)	Global Garden (14,911 Class A1 Shares)		—
(@)	Global Garden (138,579 Class A3 Shares)		—
(@)	Glodyne Technoserve, Ltd. (55,483 Common Shares)		606,915
(@)	Glodyne Technoserve, Ltd. (Escrow Account)		137,105
(2), (@), (R)	Grand Union Company (Residual Interest in Bankruptcy Estate)		—
(@)	Hawaiian Telcom (31,238 Common Shares)		671,617
(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)		—
(@)	Mega Brands Inc. (195,762 Common Shares)		118,331
(@)	Northeast Biofuels (Residual Interest)		—
(2), (@)	RDA Holding Co. (16,497 Common Shares)		350,561
(@), (R)	Safelite Realty Corporation (57,804 Common Shares)		305,205
(2), (@), (R)	Supermedia, Inc. (39,592 Common Shares)		147,316
(@)	Townsquare Media, LLC (314,505 Common Shares)		909,046
(@)	Townsquare Media, LLC (314,505 Preferred Shares)		—
(1), (@), (R)	Transtar Metals (Residual Interest in Bankruptcy Estate)		—
(2), (@), (R)	US Office Products Company (Residual Interest in Bankruptcy Estate)		—
(2), (@)	US Shipping Partners, L.P. (19,404 Common Shares)		—
(2), (@)	US Shipping Partners, L.P. (275,292 Contingency Rights)		—
(@)	Xerium Technologies, Inc. (44,161 Common Shares)		574,976
	Total for Equities and Other Assets (Cost $6,046,454)		6,772,557
	Total Investments (Cost $1,193,219,620)**	133.4%	$	1,150,446,612
	Other Assets and Liabilities — Net	(33.4)		(288,284,060)
	Net Assets	100.0%	$	862,162,552

*				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.

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

(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 $1,194,134,684.
	Net unrealized depreciation consists of the following:
	Gross Unrealized Appreciation	$	13,638,210
	Gross Unrealized Depreciation		(57,326,282)
	Net Unrealized Depreciation	$	(43,688,072)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of November 30, 2010 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 11/30/10
Asset Table Investments, at value
Senior Loans	$	—	$	1,117,853,251	$	13,776,000	$	1,131,629,251
Other Corporate Debt	—		12,044,804		—		12,044,804
Equities and Other Assets	4,416,444		606,915		1,749,198		6,772,557
Total Investments, at value	$	4,416,444	$	1,130,504,970	$	15,525,198	$	1,150,446,612
Other Financial Instruments+
Forward foreign currency contracts	—		3,683,784		—		3,683,784
Total Assets	$	—	$	1,134,188,754	$	15,525,198	$	1,154,130,396
Liabilities Table Other Financial Instruments+
Unfunded Commitments	$	—	$	(802,681)	$	—	$	(802,681)
Total Liabilities	$	—	$	(802,681)	$	—	$	(802,681)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Trust’s assets and liabilities during the period ended November 30, 2010:

	Beginning Balance at 02/28/10		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)
Senior Loans	$	13,776,000	$	—	$	—	$	—	$	—	$	—
Equities and Other Assets	5,029,484		1,525,693		(3,901,864)		—		1,066,132		1,182,945
Total	$	18,805,484	$	1,525,693	$	(3,901,864)	$	—	$	1,066,132	$	1,182,945

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of November 30, 2010 (Unaudited) (continued)

	Transfers Into Level 3		Transfers Out of Level 3		Ending Balance at 11/30/10
Senior Loans	$	—	$	—	$	13,776,000
Equities and Other Assets	—		(3,153,192)		1,749,198
Total	$	—	$	(3,153,192)	$	15,525,198

As of November 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $66,172.

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

+ Other Financial Instruments are securities or derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, unfunded committments and written options. Forward foreign currency contracts, futures and unfunded commitments 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 fair value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (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. The Trust’s policy is to recognize transfers between levels at the end of the reporting period.

At November 30, 2010 the following forward foreign currency contracts were outstanding for ING Prime Rate Trust :

Counterparty	Currency	Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation
State Street Bank	Australian Dollar			USD
	AUD 22,432,000	Sell	02/28/11	$	21,779,678	$	21,309,958	$	469,720
State Street Bank	British Pound Sterling GBP 10,559,000	Sell	01/07/11	16,694,385		16,437,700		256,685
State Street Bank	British Pound Sterling GBP 4,845,000	Sell	01/31/11	7,637,125		7,541,240		95,885
State Street Bank	Euro EUR 52,510,000	Sell	01/07/11	70,528,143		68,301,821		2,226,322
State Street Bank	Euro EUR 4,441,000	Sell	01/31/11	6,180,618		5,776,050		404,568
State Street Bank	Euro EUR 2,628,000	Sell	02/28/11	3,499,103		3,417,489		81,614
State Street Bank	Sweden Kronor SEK 23,360,000	Sell	01/07/11	3,465,514		3,324,071		141,443
State Street Bank	Sweden Kronor SEK 5,408,000	Sell	02/28/11	775,815		768,268		7,547
				$	130,560,381	$	126,876,597	$	3,683,784

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, 2011

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, 2011

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

Date:	January 27, 2011