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:	May 31, 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.

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

SENIOR LOANS*: 131.1%

Aerospace & Defense: 2.4%

Delta Airlines, Inc.

Ba2

BB-

497,500

Term Loan, 8.750%, maturing September 27, 2013

499,884

Delta Airlines, Inc.

6,349,149

Term Loan, 3.548%, maturing April 30, 2014

5,694,393

Forgings International, Ltd.

1,500,000

Term Loan, 4.790%, maturing November 20, 2015

1,383,750

1,500,000

Term Loan, 5.290%, maturing November 20, 2016

1,383,750

McKechnie Aerospace DE, Inc.

B+

1,906,062

Term Loan, 2.360%, maturing May 11, 2014

1,820,289

Transdigm, Inc.

Ba2

BB-

3,500,000

Term Loan, 2.278%, maturing June 23, 2013

3,405,210

Triumph Group, Inc.

Baa3

BB+

800,000

(5)

Term Loan, maturing June 12, 2016

801,500

United Airlines, Inc.

B+

4,046,121

Term Loan, 2.357%, maturing February 03, 2014

3,595,990

Wesco Aircraft Hardware Corporation

Ba3

BB-

1,373,600

Term Loan, 2.610%, maturing September 29, 2013

1,325,524

19,910,290

Automobile: 4.2%

Avis Budget Car Rental, LLC

Ba2

3,210,089

Term Loan, 5.750%, maturing April 19, 2014

3,171,970

Dollar Thrifty Automotive Group, Inc.

B-

3,384,541

Term Loan, 2.854%, maturing June 15, 2014

3,350,695

Ford Motor Company

Ba1

B-

3,994,987

Term Loan, 3.260%, maturing December 16, 2013

3,721,163

14,462,627

Term Loan, 3.326%, maturing December 16, 2013

13,538,045

KAR Holdings, Inc.

Ba3

B+

5,687,496

Term Loan, 3.110%, maturing October 18, 2013

5,431,559

Oshkosh Truck Corporation

Ba3

1,564,138

Term Loan, 6.260%, maturing December 06, 2013

1,568,538

Speedy 1, Ltd.

EUR

1,520,556

(5)

Term Loan, maturing August 31, 2013

1,711,435

TRW Automotive, Inc.

Ba2

BB+

2,768,063

Term Loan, 4.139%, maturing May 30, 2015

2,747,302

35,240,707

Beverage, Food & Tobacco: 3.4%

ARAMARK Corporation

Ba3

1,912,730

Term Loan, 2.165%, maturing January 26, 2014

1,769,275

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Beverage, Food & Tobacco (continued)

3,855,636

Term Loan, 2.165%, maturing January 27, 2014

3,695,388

632,780

Term Loan, 2.167%, maturing January 27, 2014

606,481

6,945,247

Term Loan, 3.540%, maturing July 26, 2016

6,750,996

456,754

Term Loan, 3.542%, maturing July 26, 2016

443,979

Bolthouse Farms, Inc.

1,000,000

Term Loan, 5.500%, maturing February 11, 2016

999,063

Bolthouse Farms, Inc.

Caa1

CCC+

375,000

Term Loan, 9.500%, maturing August 11, 2016

375,234

Pinnacle Foods Holding Corporation

7,423,092

Term Loan, 2.778%, maturing April 02, 2014

7,013,492

United Biscuits Holdco, Ltd.

GBP

2,976,692

Term Loan, 3.237%, maturing December 15, 2014

4,017,642

Van Houtte, Inc.

Ba3

BB-

1,290,761

Term Loan, 2.790%, maturing July 19, 2014

1,258,492

176,013

Term Loan, 2.790%, maturing July 19, 2014

171,613

Wm. Wrigley Jr. Company

Baa3

BBB

694,750

Term Loan, 3.063%, maturing December 17, 2012

694,671

624,719

Term Loan, 3.313%, maturing October 06, 2014

624,980

28,421,306

Buildings & Real Estate: 1.7%

Capital Automotive, L.P.

Ba3

3,990,170

Term Loan, 2.780%, maturing December 14, 2012

3,692,902

Contech Construction Products, Inc.

1,601,485

Term Loan, 2.340%, maturing January 31, 2013

1,445,741

Custom Building Products, Inc.

B+

1,095,339

Term Loan, 5.750%, maturing March 19, 2015

1,091,231

Goodman Global, Inc.

Ba3

1,922,577

Term Loan, 6.250%, maturing February 13, 2014

1,926,984

John Maneely Company

2,294,885

Term Loan, 3.552%, maturing December 09, 2013

2,205,547

KCPC Acquisition, Inc.

Ba3

CCC

189,655

Term Loan, 2.563%, maturing May 22, 2014

165,474

522,245

Term Loan, 2.813%, maturing May 22, 2014

455,659

Tishman Speyer Real Estate D.C. Area Portfolio GP

1,979,280

(3)

Term Loan, 15.280%, maturing April 30, 2010

2,098,037

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Buildings & Real Estate (continued)

1,500,000

(3)

Term Loan, 4.920%, maturing December 27, 2012

1,340,625

14,422,200

Cargo Transport: 1.1%

Baker Tanks, Inc.

1,723,759

Term Loan, 4.898%, maturing May 08, 2014

1,617,101

Ceva Group, PLC

B-

723,070

Term Loan, 3.290%, maturing November 04, 2013

638,712

1,862,005

Term Loan, 3.345%, maturing November 04, 2013

1,655,635

994,885

Term Loan, 3.345%, maturing January 04, 2014

884,619

Dockwise Transport, N.V.

728,331

Term Loan, 2.040%, maturing January 11, 2015

670,064

596,861

Term Loan, 2.040%, maturing January 11, 2015

549,112

596,861

Term Loan, 2.915%, maturing January 11, 2016

549,112

611,954

Term Loan, 2.915%, maturing January 11, 2016

562,998

Inmar, Inc.

745,328

Term Loan, 2.610%, maturing April 29, 2013

726,694

US Shipping Partners, L.P.

B-

1,165,560

Term Loan, 9.200%, maturing November 12, 2013

980,527

8,834,574

Cellular: 0.1%

NTELOS, Inc.

Ba3

995,000

Term Loan, 5.750%, maturing August 07, 2015

995,746

995,746

Chemicals, Plastics & Rubber: 6.5%

AZ Chem US, Inc.

BB-

EUR

637,115

Term Loan, 2.909%, maturing February 26, 2013

720,520

Brenntag Holding GmbH & Co. KG

Ba2

BBB-

695,099

Term Loan, 4.070%, maturing January 20, 2014

684,672

3,542,098

Term Loan, 4.084%, maturing January 20, 2014

3,524,388

Celanese U.S. Holdings, LLC

Ba2

BB+

3,200,000

Term Loan, 2.028%, maturing April 02, 2014

3,060,000

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Value
*Chemicals, Plastics & Rubber (continued)*
			CF Industries Holdings, Inc.	Ba1	BBB
$	500,000		Term Loan, 4.500%, maturing April 06, 2015			$	501,027
			Chemtura Corporation	NR	NR
1,250,000			Term Loan, 6.000%, maturing March 22, 2011			1,256,250
			Cristal Inorganic Chemicals, Inc.	B1	B
2,575,098			Term Loan, 2.540%, maturing May 15, 2014			2,391,622
			First Chemical Holding VKFT	NR	NR
EUR	33,468	(3)	Term Loan, 2.948%, maturing September 19, 2014			34,106
EUR	37,936	(3)	Term Loan, 3.453%, maturing September 19, 2015			38,659
			GenTek Holding, LLC	B1	B+
$	332,500		Term Loan, 7.000%, maturing October 29, 2014			333,228
			Hexion Specialty Chemicals, Inc.	Ba3	B-
1,152,000			Term Loan, 2.499%, maturing May 05, 2013			1,019,520
972,500			Term Loan, 4.063%, maturing May 05, 2015			880,113
1,314,625			Term Loan, 4.063%, maturing May 05, 2015			1,219,315
2,970,872			Term Loan, 4.063%, maturing May 05, 2015			2,755,484
1,182,987			Term Loan, 4.125%, maturing May 05, 2015			1,088,348
			Huntsman International, LLC	Ba2	B+
6,053,683		(5)	Term Loan, 2.658%, maturing June 30, 2016			5,727,213
			Ineos US Finance, LLC	B2	B
334,707			Term Loan, 7.000%, maturing December 14, 2012			328,292
EUR	818,207		Term Loan, 7.501%, maturing December 16, 2013			977,494
EUR	47,527		Term Loan, 7.501%, maturing December 16, 2013			56,780
$	2,350,219		Term Loan, 7.501%, maturing December 16, 2013			2,284,119
EUR	835,532		Term Loan, 5.401%, maturing December 16, 2014			998,191
EUR	154,159		Term Loan, 5.401%, maturing December 16, 2014			184,170
$	2,685,987		Term Loan, 8.001%, maturing December 16, 2014			2,610,443
			ISP Chemco, Inc.	Ba3	BB-
3,403,750			Term Loan, 2.125%, maturing June 04, 2014			3,226,755

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Chemicals, Plastics & Rubber (continued)

JohnsonDiversey, Inc.

Ba2

BB-

1,995,000

Term Loan, 5.500%, maturing November 24, 2015

1,997,494

Kraton Polymers, LLC

Ba3

1,357,153

Term Loan, 2.313%, maturing May 13, 2013

1,295,232

Lyondell Chemical Company

Ba3

750,000

Term Loan, 5.500%, maturing April 08, 2016

751,004

Lyondell Chemical Company

5,269,044

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

5,611,531

MacDermid, Inc.

B+

EUR

1,646,484

Term Loan, 2.645%, maturing April 11, 2014

1,831,667

1,417,665

Term Loan, 2.354%, maturing April 12, 2014

1,307,796

Polypore, Inc.

Ba2

BB-

3,168,061

Term Loan, 2.360%, maturing July 03, 2014

3,049,259

Rockwood Specialties Group, Inc.

Ba2

BB-

1,791,468

Term Loan, 6.000%, maturing May 15, 2014

1,793,894

Solutia, Inc.

Ba3

BB-

1,300,000

Term Loan, 4.750%, maturing March 17, 2017

1,301,895

54,840,481

Containers, Packaging & Glass: 4.5%

Berry Plastics Corporation

4,797,007

Term Loan, 2.257%, maturing April 03, 2015

4,323,970

Bway Holding Corporation

Ba3

B+

1,000,000

(5)

Term Loan, maturing May 19, 2017

998,958

Graham Packaging Company, L.P.

B+

820,094

Term Loan, 2.680%, maturing October 07, 2011

809,843

7,749,308

Term Loan, 6.750%, maturing April 05, 2014

7,786,846

Graphic Packaging International, Inc.

Ba3

4,375,408

Term Loan, 2.300%, maturing May 16, 2014

4,156,638

Kleopatra Lux 2, S.À. R.L

2,917,598

Term Loan, 2.918%, maturing January 03, 2016

2,337,725

OI European Group, B.V.

Baa2

BBB

EUR

647,541

Term Loan, 1.919%, maturing June 14, 2013

762,160

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Value
*Containers, Packaging & Glass (continued)*
			Pro Mach, Inc.	B1	B
$	2,310,755		Term Loan, 2.610%, maturing December 14, 2011			$	2,082,452
			Reynolds Group Holdings, Ltd.	B1	BB-
3,000,000			Term Loan, 5.750%, maturing May 05, 2016			2,990,625
1,490,625			Term Loan, 6.250%, maturing May 05, 2016			1,492,488
		(2)	Smurfit-Stone Container Corporation	B2	D
286,329			Revolver, 3.118%, maturing November 01, 2009			285,434
861,231			Revolver, 2.897%, maturing November 02, 2009			858,539
173,279			Term Loan, 4.500%, maturing November 01, 2010			172,737
371,682			Term Loan, 2.510%, maturing November 01, 2011			365,735
197,196			Term Loan, 2.570%, maturing November 01, 2011			196,579
112,376			Term Loan, 2.570%, maturing November 01, 2011			112,516
			Xerium Technologies, Inc.	Ba3	BB-
3,750,000			Term Loan, 4.500%, maturing November 25, 2014			3,768,750
			Xerium Technologies, Inc.	B3	B+
4,445,686		(5)	Term Loan, 8.250%, maturing May 25, 2015			4,345,659
						37,847,654
*Data and Internet Services: 7.0%*
			Activant Solutions, Inc.	B1	B
86,171			Term Loan, 2.813%, maturing May 01, 2013			81,647
2,626,118			Term Loan, 2.313%, maturing May 02, 2013			2,488,247
			Amadeus IT Group, S.A.	NR	NR
EUR	1,268,581		Term Loan, 3.913%, maturing July 01, 2013			1,498,977
EUR	1,268,581		Term Loan, 4.413%, maturing July 01, 2014			1,498,977
			Aspect Software, Inc.	Ba3	B+
$	1,250,000		Term Loan, 6.250%, maturing April 19, 2016			1,231,250
			Audatex North America, Inc.	Ba2	BB
1,065,966			Term Loan, 2.063%, maturing May 16, 2014			1,031,322
			Carlson Wagonlit Holdings, B.V.	B2	B-
3,644,008			Term Loan, 4.088%, maturing August 03, 2012			3,270,497

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Data and Internet Services (continued)

Dealer Computer Services, Inc.

Ba3

BB-

5,527,747

Term Loan, 5.250%, maturing April 21, 2017

5,500,109

First Data Corporation

B+

2,994,541

Term Loan, 3.032%, maturing September 24, 2014

2,528,515

8,118,061

Term Loan, 3.032%, maturing September 24, 2014

6,859,202

3,598,219

Term Loan, 3.087%, maturing September 24, 2014

3,042,100

Information Solutions Company

Ba2

BB+

625,000

Term Loan, 4.750%, maturing April 09, 2016

625,781

Language Line, Inc.

Ba3

B+

1,781,250

Term Loan, 5.500%, maturing November 04, 2015

1,769,374

Orbitz Worldwide, Inc.

B+

4,159,183

Term Loan, 3.400%, maturing July 25, 2014

3,926,673

Sabre, Inc.

11,849,782

Term Loan, 2.348%, maturing September 30, 2014

10,666,651

Sungard Data Systems, Inc.

Ba3

248,448

Term Loan, 2.047%, maturing February 28, 2014

237,702

1,475,031

Term Loan, 6.750%, maturing February 28, 2014

1,472,572

6,722,255

Term Loan, 3.991%, maturing February 26, 2016

6,557,311

Transaction Network Services, Inc.

Ba3

2,384,615

Term Loan, 6.000%, maturing November 18, 2015

2,398,010

Travelport, Inc.

Ba3

972,500

Term Loan, 2.790%, maturing August 23, 2013

925,091

598,833

Term Loan, 2.790%, maturing August 23, 2013

566,646

136,295

Term Loan, 2.790%, maturing August 23, 2013

128,969

58,305,623

Diversified / Conglomerate Manufacturing: 2.9%

Brand Services, Inc.

2,633,981

Term Loan, 2.563%, maturing February 07, 2014

2,469,357

1,152,204

Term Loan, 3.795%, maturing February 07, 2014

1,093,634

Doncasters Group, Ltd.

511,256

Term Loan, 4.273%, maturing April 03, 2015

446,497

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Diversified / Conglomerate Manufacturing (continued)

511,256

Term Loan, 4.773%, maturing April 04, 2016

446,497

Dresser, Inc.

B+

4,813,677

Term Loan, 2.695%, maturing May 04, 2014

4,521,246

Edwards (Cayman Islands II), Ltd.

1,163,189

Term Loan, 2.354%, maturing May 31, 2014

1,056,563

EPD, Inc.

302,376

Term Loan, 2.840%, maturing July 31, 2014

259,539

2,111,218

Term Loan, 2.840%, maturing July 31, 2014

1,812,128

Ferretti S.P.A.

EUR

385,205

(3)

Term Loan, 3.472%, maturing January 31, 2015

211,897

EUR

385,868

(3)

Term Loan, 3.972%, maturing January 31, 2016

212,262

EUR

63,830

(3)

Term Loan, 6.472%, maturing January 31, 2017

30,993

Manitowoc Company, Inc.

1,000,000

Term Loan, 4.813%, maturing November 06, 2013

989,167

2,277,540

Term Loan, 7.500%, maturing November 06, 2014

2,271,846

Mueller Group, Inc.

Ba3

BB-

722,247

Term Loan, 5.328%, maturing May 23, 2014

718,636

Rexnord Corporation / RBS Global, Inc.

Ba3

BB-

948,870

Term Loan, 2.625%, maturing July 19, 2013

907,061

1,000,000

Term Loan, 2.834%, maturing July 19, 2013

955,938

Sensata Technologies, B.V.

BB-

5,034,768

Term Loan, 2.078%, maturing April 26, 2013

4,742,122

Sensus Metering Systems, Inc.

Ba2

B+

1,048,159

Term Loan, 2.297%, maturing December 17, 2010

1,029,816

24,175,199

Diversified / Conglomerate Service: 4.0%

Affinion Group, Inc.

Ba2

BB-

2,500,000

Term Loan, 5.000%, maturing October 10, 2016

2,396,875

AlixPartners, LLP

Ba3

2,578,769

Term Loan, 2.266%, maturing October 12, 2013

2,506,242

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Diversified / Conglomerate Service (continued)

Brickman Group Holdings, Inc.

1,925,909

Term Loan, 2.290%, maturing January 23, 2014

1,858,503

Brock Holdings, Inc.

Caa1

2,527,842

Term Loan, 2.335%, maturing February 26, 2014

2,329,829

Catalina Marketing Corporation

Ba2

BB-

4,230,673

Term Loan, 3.091%, maturing October 01, 2014

4,045,581

Coach America Holdings, Inc.

2,083,910

Term Loan, 3.090%, maturing April 18, 2014

1,689,703

442,989

Term Loan, 3.040%, maturing April 20, 2014

359,190

Intergraph Corporation

BB-

2,384,107

Term Loan, 4.788%, maturing May 29, 2014

2,370,201

ISS Holding A/S

EUR

240,402

Term Loan, 2.646%, maturing December 31, 2013

272,150

EUR

3,032,921

Term Loan, 2.646%, maturing December 31, 2013

3,433,458

EUR

42,895

Term Loan, 2.646%, maturing December 31, 2013

48,560

EUR

227,055

Term Loan, 2.646%, maturing December 31, 2013

257,041

EUR

32,118

Term Loan, 2.646%, maturing December 31, 2013

36,359

EUR

424,609

Term Loan, 2.646%, maturing December 31, 2013

480,684

ISTA International GmbH

EUR

1,622,153

Term Loan, 2.992%, maturing May 14, 2015

1,796,623

EUR

377,847

Term Loan, 3.332%, maturing May 14, 2015

418,486

Valleycrest Companies, LLC

1,791,960

Term Loan, 2.300%, maturing March 12, 2014

1,711,322

Vertafore, Inc.

1,025,245

Term Loan, 5.500%, maturing July 31, 2014

1,004,740

West Corporation

BB-

4,146,033

Term Loan, 2.753%, maturing October 24, 2013

3,898,133

3,132,044

Term Loan, 4.253%, maturing July 15, 2016

3,001,541

33,915,221

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Diversified National Resources, Precious Metals & Minerals: 1.2%

Georgia Pacific, LLC

Ba1

BBB

5,969,348

Term Loan, 2.282%, maturing December 21, 2012

5,842,499

3,828,010

Term Loan, 3.528%, maturing December 23, 2014

3,816,645

9,659,144

Ecological: 0.1%

Synagro Technologies, Inc.

CCC+

875,250

Term Loan, 2.340%, maturing April 02, 2014

791,007

Synagro Technologies, Inc.

Caa3

CCC-

485,000

Term Loan, 5.090%, maturing October 02, 2014

404,167

1,195,174

Electronics: 2.5%

Aeroflex, Inc.

Ba3

BB-

990,063

Term Loan, 3.688%, maturing August 15, 2014

935,610

Brocade Communications Systems, Inc.

Ba2

BBB-

775,647

Term Loan, 7.000%, maturing October 07, 2013

779,041

Decision One Corporation

1,808,948

Junior Notes, 15.000%, maturing November 29, 2013

1,808,948

FCI International S.A.S.

314,400

(5)

Term Loan, maturing September 30, 2012

292,392

343,834

(5)

Term Loan, maturing September 30, 2012

321,485

Freescale Semiconductor, Inc.

1,795,011

Revolver, 2.272%, maturing November 10, 2012

1,649,166

5,346,114

Term Loan, 4.528%, maturing December 01, 2016

4,729,403

Infor Enterprise Solutions Holdings, Inc.

B+

486,250

Term Loan, 5.110%, maturing July 28, 2015

452,212

EUR

725,625

Term Loan, 5.395%, maturing July 28, 2015

831,766

951,178

Term Loan, 6.110%, maturing July 28, 2015

922,643

1,823,091

Term Loan, 6.110%, maturing July 28, 2015

1,713,706

Infor Enterprise Solutions Holdings, Inc.

Caa2

CCC+

EUR

500,000

Term Loan, 6.676%, maturing March 02, 2014

473,261

Intersil Corporation

Ba2

BB+

500,000

Term Loan, 4.752%, maturing April 27, 2016

499,875

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Value
*Electronics (continued)*
			Kronos, Inc.	Ba3	B+
$	3,114,686		Term Loan, 2.290%, maturing June 11, 2014			$	2,939,485
			Redprairie Corporation	B2	B+
1,000,000			Term Loan, 6.000%, maturing March 24, 2016			998,750
			Spansion, LLC	NR	BB-
1,875,000			Term Loan, 7.500%, maturing January 08, 2015			1,859,766
						21,207,509
*Finance: 2.2%*
			LPL Holdings, Inc.	Ba3	B+
1,755,443			Term Loan, 2.040%, maturing June 28, 2013			1,685,775
5,525,635			Term Loan, 4.250%, maturing June 25, 2015			5,346,051
2,000,000			Term Loan, 5.250%, maturing June 28, 2017			1,985,000
			MSCI, Inc.	Ba2	BB+
5,500,000		(5)	Term Loan, maturing April 20, 2016			5,506,876
			Nuveen Investments, Inc.	B3	B
4,893,540			Term Loan, 3.325%, maturing November 13, 2014			4,170,867
						18,694,569
*Gaming: 3.9%*
			Cannery Casino Resorts, LLC	B3	B
482,982			Term Loan, 4.591%, maturing May 18, 2013			436,193
399,351			Term Loan, 4.541%, maturing May 20, 2013			360,664
		(2)	Fontainebleau Las Vegas, LLC	NR	NR
535,170		(3)	Term Loan, 6.000%, maturing June 06, 2014			127,549
1,070,339		(3)	Term Loan, 6.000%, maturing June 06, 2014			255,097
			Golden Nugget, Inc.	Caa3	CC
2,144,035		(5)	Term Loan, 3.360%, maturing June 30, 2014			1,711,476
1,220,505		(5)	Term Loan, 3.365%, maturing June 30, 2014			974,268
		(2)	Green Valley Ranch Gaming, LLC	C	NR
750,000		(3)	Term Loan, 3.507%, maturing August 16, 2014			51,563
			Harrahs Operating Company, Inc.	Caa1	B
4,189,968			Term Loan, 3.316%, maturing January 28, 2015			3,508,227
2,415,817			Term Loan, 3.316%, maturing January 28, 2015			2,028,533

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Value
*Gaming (continued)*
$	2,249,697		Term Loan, 3.316%, maturing January 28, 2015			$	1,888,540
1,551,667			Term Loan, 9.500%, maturing October 31, 2016			1,559,641
			Isle of Capri Casinos, Inc.	B1	B+
844,597			Term Loan, 5.000%, maturing November 25, 2013			810,285
1,195,678			Term Loan, 5.000%, maturing November 25, 2013			1,147,104
2,989,195			Term Loan, 5.000%, maturing November 25, 2013			2,867,758
			Las Vegas Sands, LLC	B3	B-
1,572,000			Term Loan, 2.050%, maturing May 23, 2014			1,401,606
6,224,000			Term Loan, 2.050%, maturing May 23, 2014			5,549,362
		(2)	New World Gaming Partners, Ltd.	Caa3	D
3,063,903		(3)(5)	Term Loan, 4.786%, maturing September 30, 2014			2,915,814
620,577		(3)(5)	Term Loan, 6.776%, maturing September 30, 2014			590,582
			Seminole Tribe of Florida	Baa3	BBB
16,401			Term Loan, 1.813%, maturing March 05, 2014			15,827
			VML US Finance, LLC	B3	B-
873,736			Term Loan, 4.800%, maturing May 25, 2012			845,964
2,137,161			Term Loan, 4.800%, maturing May 27, 2013			2,071,043
1,607,309			Term Loan, 4.800%, maturing May 27, 2013			1,556,219
						32,673,315
*Healthcare, Education and Childcare: 17.7%*
			AGA Medical Corporation	B2	BB-
1,632,209			Term Loan, 2.379%, maturing April 26, 2013			1,497,552
			Bausch & Lomb, Inc.	B1	BB-
382,928			Term Loan, 3.540%, maturing April 24, 2015			364,808
1,578,947			Term Loan, 3.540%, maturing April 24, 2015			1,504,230
			Biomet, Inc.	B1	BB-
5,949,161			Term Loan, 3.287%, maturing March 25, 2015			5,798,945
			Bright Horizons Family Solutions, Inc.	Ba2	BB-
461,622			Term Loan, 7.500%, maturing May 28, 2015			461,746
			Catalent Pharma Solutions, Inc.	Ba3	BB-
6,396,889			Term Loan, 2.595%, maturing April 10, 2014			5,897,132

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description		Moody’s	S&P	Value
*Healthcare, Education and Childcare (continued)*
		CHG Medical Staffing, Inc.		Ba3	B+
$	400,000	Term Loan, 2.790%, maturing December 30, 2013				$	387,000
1,804,500		Term Loan, 2.820%, maturing December 30, 2013				1,745,854
		CHS/Community Health Systems, Inc.	.	Ba3	BB
37,580,334		Term Loan, 2.787%, maturing July 25, 2014				35,222,166
1,922,625		Term Loan, 2.788%, maturing July 25, 2014				1,801,980
		Concentra Operating Corporation		Ba3	B+
1,893,055		Term Loan, 2.550%, maturing June 25, 2014				1,795,246
		CRC Health Corporation		B1	B+
902,331		Term Loan, 2.540%, maturing February 06, 2013				843,679
944,252		Term Loan, 2.540%, maturing February 06, 2013				882,876
		Education Management Corporation		B1	BB
4,103,389		Term Loan, 2.063%, maturing June 03, 2013				3,888,815
		Emdeon Business Services, LLC		Ba3	BB
2,266,432		Term Loan, 2.300%, maturing November 16, 2013				2,194,190
		EMSC, L.P.		Baa3	BB+
2,000,000		Term Loan, 3.297%, maturing April 08, 2015				1,998,750
		Gambro Holding AB		NR	NR
1,670,984		Term Loan, 2.960%, maturing June 05, 2014				1,541,483
SEK	2,111,070	Term Loan, 3.053%, maturing June 05, 2014				247,964
SEK	2,146,343	Term Loan, 3.053%, maturing June 05, 2014				252,107
$	1,670,984	Term Loan, 3.460%, maturing June 05, 2015				1,541,483
SEK	2,146,343	Term Loan, 3.553%, maturing June 05, 2015				252,107
SEK	2,111,070	Term Loan, 3.553%, maturing June 05, 2015				247,964
		Harlan Sprague Dawley, Inc.		B3	BB-
$	2,446,875	Term Loan, 3.850%, maturing July 11, 2014				2,264,380
		Harrington Holdings, Inc.		B1	BB-
2,392,667		Term Loan, 2.604%, maturing December 28, 2013				2,282,006
		HCA, Inc.		Ba3	BB
5,009,376		Term Loan, 2.540%, maturing November 18, 2013				4,746,038
12,013,480		Term Loan, 3.540%, maturing March 31, 2017				11,647,439

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody’s	S&P	Value
*Healthcare, Education and Childcare (continued)*
		Health Management Associates, Inc.	B1	BB-
$	3,599,669	Term Loan, 2.040%, maturing February 28, 2014			$	3,390,438
		Iasis Healthcare, LLC	Ba2	B+
339,445		Term Loan, 2.351%, maturing March 14, 2014			321,709
1,250,641		Term Loan, 2.354%, maturing March 14, 2014			1,185,295
3,613,642		Term Loan, 2.354%, maturing March 14, 2014			3,424,829
		IM US Holdings, LLC	Ba2	BB
4,391,482		Term Loan, 2.284%, maturing June 26, 2014			4,166,418
		IM US Holdings, LLC	B2	B-
1,000,000		Term Loan, 4.604%, maturing June 26, 2015			972,500
		IMS Health, Inc.	Ba3	BB
EUR	989,818	Term Loan, 5.500%, maturing January 31, 2016			1,210,651
$	1,980,480	Term Loan, 5.250%, maturing February 26, 2016			1,970,166
		Molnlycke Health Care Group	NR	NR
EUR	200,000	Term Loan, 2.433%, maturing March 30, 2015			228,904
GBP	250,000	Term Loan, 2.573%, maturing March 31, 2015			332,178
EUR	181,943	Term Loan, 2.683%, maturing March 30, 2016			208,238
GBP	221,746	Term Loan, 2.823%, maturing March 31, 2016			294,637
		Multiplan, Inc.	B1	B+
$	1,049,449	Term Loan, 3.625%, maturing April 12, 2013			1,005,722
		National Mentor, Inc.	Ba3	B+
126,588		Term Loan, 2.300%, maturing June 29, 2013			115,406
3,054,906		Term Loan, 2.300%, maturing June 29, 2013			2,785,057
		Nyco Holdings 3 ApS	NR	NR
EUR	85,383	Term Loan, 2.885%, maturing December 29, 2014			93,674
EUR	1,383,872	Term Loan, 2.885%, maturing December 29, 2014			1,518,255
EUR	54,390	Term Loan, 2.885%, maturing December 29, 2014			59,671
EUR	384,581	Term Loan, 2.885%, maturing December 29, 2014			421,926
EUR	530,239	Term Loan, 2.885%, maturing December 29, 2014			581,728

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Healthcare, Education and Childcare (continued)

EUR

530,239

Term Loan, 3.635%, maturing December 29, 2015

581,728

EUR

1,383,872

Term Loan, 3.635%, maturing December 29, 2015

1,518,255

EUR

85,383

Term Loan, 3.635%, maturing December 29, 2015

93,674

EUR

54,390

Term Loan, 3.635%, maturing December 29, 2015

59,671

EUR

384,581

Term Loan, 3.635%, maturing December 29, 2015

421,926

Orthofix Holdings, Inc.

BB+

1,379,242

Term Loan, 6.750%, maturing September 22, 2013

1,371,197

Quintiles Transnational Corporation

Ba2

2,900,612

Term Loan, 2.300%, maturing March 31, 2013

2,807,552

Renal Advantage, Inc.

B+

6,295,776

(5)

Term Loan, 2.764%, maturing October 05, 2012

6,264,297

Rural/Metro Operating Company, LLC

Ba3

748,125

Term Loan, 7.000%, maturing December 09, 2014

751,866

Skilled Healthcare Group, Inc.

Ba3

BB-

104,167

Term Loan, 5.250%, maturing April 08, 2016

103,646

1,145,833

Term Loan, 5.250%, maturing April 08, 2016

1,140,104

Sterigenics International, Inc.

B+

1,759,245

Term Loan, 2.627%, maturing November 21, 2013

1,658,088

Sun Healthcare Group, Inc.

Ba2

B+

217,241

Term Loan, 2.290%, maturing April 21, 2014

208,226

871,818

Term Loan, 2.374%, maturing April 21, 2014

835,637

Surgical Care Affiliates, LLC

Ba3

2,917,500

Term Loan, 2.290%, maturing December 29, 2014

2,720,569

Team Health, Inc.

1,995,468

Term Loan, 2.431%, maturing November 23, 2012

1,908,998

United Surgical Partners International, Inc.

Ba3

EUR

1,627,097

Term Loan, 2.336%, maturing April 19, 2014

1,528,116

307,399

Term Loan, 2.350%, maturing April 21, 2014

288,699

Vanguard Health Holdings Company II, LLC

Ba2

B+

2,250,000

Term Loan, 5.000%, maturing January 29, 2016

2,230,313

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Healthcare, Education and Childcare (continued)

VWR International, Inc.

B+

EUR

2,450,636

Term Loan, 2.926%, maturing June 29, 2014

2,756,387

1,470,382

Term Loan, 2.854%, maturing June 30, 2014

1,373,582

Warner Chilcott Company, LLC

BB+

1,139,684

Term Loan, 5.500%, maturing October 30, 2014

1,140,462

524,547

Term Loan, 5.750%, maturing April 30, 2015

524,793

873,466

Term Loan, 5.750%, maturing April 30, 2015

873,875

148,757,003

Home & Office Furnishings: 1.0%

Global Garden Products Italy S.P.A.

EUR

745,552

Term Loan, 3.206%, maturing August 31, 2016

806,494

EUR

745,552

Term Loan, 3.206%, maturing August 31, 2017

806,494

Hilding Anders

SEK

25,364,613

(5)

Term Loan, 3.750%, maturing March 31, 2015

2,540,618

EUR

324,872

Term Loan, 3.885%, maturing April 25, 2015

317,197

National Bedding Company

BB-

2,144,222

Term Loan, 2.313%, maturing February 28, 2013

2,066,494

Springs Window Fashions, LLC

B+

2,175,115

Term Loan, 3.063%, maturing December 31, 2012

2,088,111

8,625,408

Insurance: 2.2%

AmWINS Group, Inc.

B-

1,898,650

Term Loan, 2.930%, maturing June 08, 2013

1,757,438

Applied Systems, Inc.

B-

1,190,009

Term Loan, 2.854%, maturing September 26, 2013

1,109,684

C.G. JCF Corporation

2,144,559

Term Loan, 3.360%, maturing August 01, 2014

2,030,630

Conseco, Inc.

B-

2,283,764

Term Loan, 7.500%, maturing October 10, 2013

2,211,444

Crawford & Company International, Inc.

BB-

1,746,349

Term Loan, 5.250%, maturing October 30, 2013

1,717,971

HMSC Corporation

B-

2,486,845

Term Loan, 2.588%, maturing April 03, 2014

1,983,259

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Insurance (continued)

Hub International, Ltd.

447,553

Term Loan, 2.790%, maturing June 13, 2014

407,832

1,991,093

Term Loan, 2.790%, maturing June 13, 2014

1,814,383

995,000

Term Loan, 6.750%, maturing June 13, 2014

973,856

Sedgwick Holdings, Inc.

B+

1,400,000

(5)

Term Loan, maturing May 13, 2016

1,396,500

USI Holdings Corporation

B-

597,000

Term Loan, 7.000%, maturing April 15, 2014

581,080

2,242,905

Term Loan, 3.050%, maturing May 05, 2014

2,057,865

18,041,942

Leisure, Amusement, Entertainment: 3.6%

24 Hour Fitness Worldwide, Inc.

Ba2

B+

2,250,000

Term Loan, 6.750%, maturing December 30, 2015

2,157,188

Alpha D2, Ltd.

1,221,225

Term Loan, 2.447%, maturing December 31, 2013

1,094,741

824,903

Term Loan, 2.447%, maturing December 31, 2013

739,467

AMF Bowling Worldwide, Inc.

2,889,423

Term Loan, 2.797%, maturing June 08, 2013

2,501,157

Cedar Fair, L.P.

Ba3

BB-

3,150,836

Term Loan, 4.354%, maturing August 30, 2014

3,139,020

HIT Entertainment, Inc.

CCC+

1,940,892

Term Loan, 5.597%, maturing June 01, 2012

1,801,391

Live Nation Entertainment, Inc.

Ba2

BB-

1,000,000

Term Loan, 4.500%, maturing November 07, 2016

998,750

Metro-Goldwyn-Mayer, Inc.

Ba3

B+

15,743,161

(3)

Term Loan, 20.500%, maturing April 09, 2012

6,994,780

5,691,110

(3)

Term Loan, 20.500%, maturing April 09, 2012

2,528,594

NEP II, Inc.

4,205,581

Term Loan, 2.353%, maturing February 16, 2014

3,974,274

Regal Cinemas Corporation

Ba3

BB-

1,320,528

Term Loan, 3.790%, maturing October 28, 2013

1,314,983

1,650,000

Term Loan, 3.790%, maturing November 18, 2016

1,642,781

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Leisure, Amusement, Entertainment (continued)

TWCC Holding Corporation

Ba2

1,984,297

(5)

Term Loan, 5.000%, maturing September 14, 2015

1,985,785

30,872,911

Lodging: 1.7%

Audio Visual Services Corporation

975,000

Term Loan, 2.550%, maturing February 28, 2014

748,313

HDC Mezz 1 Partners, L.P.

B+

16,400,000

(X)

Term Loan, 2.005%, maturing January 15, 2011

13,776,000

14,524,313

Machinery: 0.8%

Bucyrus International, Inc.

Ba2

3,000,000

Term Loan, 4.500%, maturing February 19, 2016

2,995,626

Kion Group GmbH

503,755

Term Loan, 2.523%, maturing December 23, 2014

412,239

EUR

1,248,212

Term Loan, 4.158%, maturing December 23, 2014

1,255,622

503,755

Term Loan, 2.773%, maturing December 23, 2015

412,239

EUR

1,154,438

Term Loan, 4.408%, maturing December 23, 2015

1,161,291

NACCO Materials Handling Group, Inc.

994,832

Term Loan, 2.481%, maturing March 22, 2013

875,452

7,112,469

Mining, Steel, Iron & Nonprecious Metals: 1.1%

Noranda Aluminum Acquisition Corporation

Ba3

1,617,464

Term Loan, 2.538%, maturing May 18, 2014

1,550,069

Novelis Corporation

Ba3

BB-

2,213,061

Term Loan, 2.360%, maturing July 06, 2014

2,090,420

2,674,505

Term Loan, 2.428%, maturing July 06, 2014

2,526,292

Oxbow Carbon and Minerals Holdings, LLC

BB+

3,395,680

Term Loan, 2.290%, maturing May 08, 2014

3,278,954

9,445,735

Non-North American Cable: 2.6%

Casema Bidco / Serpering Investments, B.V.

EUR

227,032

Term Loan, 3.426%, maturing September 15, 2014

270,985

EUR

306,668

Term Loan, 3.426%, maturing September 15, 2014

366,040

EUR

266,300

Term Loan, 3.426%, maturing September 15, 2014

317,857

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody’s	S&P	Value
*Non-North American Cable (continued)*
EUR	66,352	Term Loan, 3.926%, maturing September 14, 2015			$	79,197
EUR	733,648	Term Loan, 3.926%, maturing September 14, 2015			875,684
		Numericable / YPSO France SAS	NR	NR
EUR	664,277	Term Loan, 4.158%, maturing June 16, 2014			643,918
EUR	256,356	Term Loan, 4.158%, maturing June 16, 2014			248,499
EUR	418,265	Term Loan, 4.158%, maturing June 16, 2014			405,446
EUR	232,592	Term Loan, 4.658%, maturing December 31, 2015			226,229
EUR	436,857	Term Loan, 4.658%, maturing December 31, 2015			424,907
		UPC Broadband Holding, B.V.	Ba3	B+
$	1,944,864	Term Loan, 2.180%, maturing December 31, 2014			1,873,551
1,055,136		Term Loan, 3.930%, maturing December 30, 2016			1,023,702
EUR	4,268,168	Term Loan, 4.163%, maturing December 31, 2016			4,844,129
EUR	3,078,704	Term Loan, 4.995%, maturing December 31, 2017			3,526,342
		Virgin Media Investment Holdings, Ltd.	Ba1	BB+
GBP	5,000,000	Term Loan, 4.408%, maturing December 31, 2015			7,065,945
					22,192,431
*North American Cable: 11.9%*
		Atlantic Broadband Finance, LLC	B1	BB-
$	68,961	Term Loan, 2.550%, maturing September 01, 2011			68,030
1,854,393		Term Loan, 6.750%, maturing May 31, 2013			1,838,941
		Block Communications, Inc.	Ba1	BB
957,500		Term Loan, 2.290%, maturing December 22, 2011			902,444
		Bresnan Communications, LLC	B1	BB-
1,237,500		Term Loan, 2.314%, maturing June 30, 2013			1,205,403
2,722,500		Term Loan, 2.367%, maturing March 29, 2014			2,651,887
		Cequel Communications, LLC	Ba3	BB-
27,948,418		Term Loan, 2.292%, maturing November 05, 2013			26,760,609
		Charter Communications Operating, LLC	Ba2	BB+
1,715,197		Term Loan, 2.300%, maturing March 06, 2014			1,592,036
13,923,278		Term Loan, 3.550%, maturing September 06, 2016			13,008,324

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

North American Cable (continued)

CSC Holdings, Inc.

Baa3

BBB-

19,776,056

Term Loan, 2.087%, maturing March 29, 2016

19,472,354

Insight Midwest Holdings, LLC

B+

9,002,500

Term Loan, 2.035%, maturing April 07, 2014

8,549,161

Knology, Inc.

1,881,055

Term Loan, 3.792%, maturing June 30, 2014

1,858,326

Mediacom Broadband, LLC

Ba3

BB-

8,128,950

Term Loan, 2.080%, maturing January 31, 2015

7,566,752

Mediacom LLC Group

Ba3

BB-

3,582,000

Term Loan, 5.500%, maturing March 31, 2017

3,554,240

4,000,000

Term Loan, 4.500%, maturing October 23, 2017

3,928,332

San Juan Cable, LLC

BB-

1,677,495

Term Loan, 2.050%, maturing October 31, 2012

1,588,029

WideOpenWest Finance, LLC

B-

5,702,357

Term Loan, 2.808%, maturing June 18, 2014

5,284,660

99,829,528

Oil & Gas: 1.6%

Alon USA Energy, Inc.

BB-

213,889

Term Loan, 2.604%, maturing June 22, 2013

167,903

1,711,111

Term Loan, 2.696%, maturing June 22, 2013

1,343,222

CGGVeritas Services, Inc.

Ba1

1,982,279

Term Loan, 3.534%, maturing January 12, 2014

1,966,173

Hercules Offshore, LLC

2,165,959

Term Loan, 6.000%, maturing July 11, 2013

2,044,124

MEG Energy Corporation

BB+

4,446,871

Term Loan, 6.000%, maturing April 03, 2016

4,402,402

SG Resources Mississippi, LLC

2,456,250

Term Loan, 2.229%, maturing April 02, 2014

2,327,297

Targa Resources, Inc.

B+

481,322

Term Loan, 6.000%, maturing July 05, 2016

482,585

Vulcan Energy Corporation

Ba2

746,250

Term Loan, 5.500%, maturing September 29, 2015

753,713

13,487,419

Other Broadcasting and Entertainment: 1.0%

Nielsen Finance, LLC

Ba3

B+

2,921,139

Term Loan, 2.297%, maturing August 09, 2013

2,733,456

5,956,391

Term Loan, 4.047%, maturing May 02, 2016

5,760,324

8,493,780

Other Telecommunications: 2.0%

Asurion Corporation

5,223,750

Term Loan, 3.331%, maturing July 03, 2014

5,029,724

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Other Telecommunications (continued)

BCM Ireland Holdings, Ltd.

B+

EUR

1,679,980

Term Loan, 2.301%, maturing September 30, 2014

1,750,923

EUR

1,680,261

Term Loan, 2.551%, maturing September 30, 2015

1,751,216

Consolidated Communications, Inc.

B+

1,000,000

Term Loan, 2.860%, maturing December 31, 2014

941,250

(2)

Hawaiian Telcom Communications, Inc.

1,890,802

Term Loan, 4.750%, maturing June 01, 2014

1,619,788

Kentucky Data Link, Inc.

B-

2,507,387

Term Loan, 2.604%, maturing February 26, 2014

2,388,286

U.S. Telepacific Corporation

CCC+

3,100,000

Term Loan, 9.250%, maturing August 17, 2015

3,106,783

16,587,970

Personal & Nondurable Consumer Products: 2.5%

Advantage Sales & Marketing, Inc.

Ba3

B+

2,000,000

Term Loan, 5.000%, maturing May 05, 2016

1,990,834

Bushnell, Inc.

B-

1,690,355

Term Loan, 4.501%, maturing August 24, 2013

1,601,612

Fender Musical Instruments Corporation

2,003,339

Term Loan, 2.550%, maturing June 09, 2014

1,779,632

1,011,970

Term Loan, 2.610%, maturing June 09, 2014

898,966

Hillman Group, Inc.

Ba3

B+

900,000

(5)

Term Loan, maturing May 27, 2016

897,750

Huish Detergents, Inc.

Ba2

1,640,940

Term Loan, 2.110%, maturing April 26, 2014

1,572,020

Information Resources, Inc.

Ba3

267,982

Term Loan, 3.485%, maturing May 16, 2014

260,613

Jarden Corporation

Ba1

BB+

1,355,723

Term Loan, 2.040%, maturing January 24, 2012

1,339,020

162,031

Term Loan, 2.040%, maturing January 24, 2012

159,561

3,640,679

Term Loan, 3.540%, maturing January 26, 2015

3,615,973

KIK Custom Products, Inc.

CCC+

289,734

Term Loan, 2.570%, maturing June 02, 2014

245,404

1,690,113

Term Loan, 2.570%, maturing June 02, 2014

1,431,526

Spectrum Brands, Inc.

B-

2,763,952

Term Loan, 8.000%, maturing June 29, 2012

2,759,114

142,368

Term Loan, 8.000%, maturing June 29, 2012

142,119

		PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust		as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Personal & Nondurable Consumer Products (continued)

Yankee Candle Company, Inc.

Ba3

BB-

2,087,261

Term Loan, 2.360%, maturing February 06, 2014

2,008,751

20,702,895

Personal, Food & Miscellaneous: 1.9%

Acosta, Inc.

4,725,015

Term Loan, 2.610%, maturing July 28, 2013

4,583,265

Culligan International Company

B-

968,726

Term Loan, 2.610%, maturing November 24, 2012

798,594

Dennys, Inc.

Ba2

450,000

Term Loan, 2.240%, maturing March 31, 2012

446,625

370,000

Term Loan, 2.376%, maturing March 31, 2012

367,225

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

Ba3

B+

2,750,000

Term Loan, 6.000%, maturing March 05, 2016

2,717,344

OSI Restaurant Partners, Inc.

B+

505,264

Term Loan, 2.548%, maturing June 14, 2013

440,053

5,337,583

Term Loan, 2.625%, maturing June 14, 2014

4,648,703

Seminole Hard Rock Entertainment, Inc.

750,000

Term Loan, 2.751%, maturing March 15, 2014

641,250

Wendys/Arbys Restaurants, LLC

Ba2

1,500,000

(5)

Term Loan, maturing May 24, 2017

1,500,626

16,143,685

Printing & Publishing: 9.5%

American Achievement Corporation

B+

155,409

Term Loan, 6.260%, maturing March 25, 2011

147,639

Black Press, Ltd.

B-

1,394,142

(5)

Term Loan, 2.538%, maturing August 02, 2013

1,219,875

846,443

(5)

Term Loan, 2.538%, maturing August 02, 2013

740,638

Caribe Information Investments, Inc.

CCC+

1,836,411

Term Loan, 2.582%, maturing March 31, 2013

1,386,491

Cengage Learning, Inc.

B+

277,778

Revolver, 0.572%, maturing July 05, 2013

225,000

7,011,936

Term Loan, 2.790%, maturing July 03, 2014

6,096,002

Cenveo Corporation

Ba2

15,718

Term Loan, 4.771%, maturing June 21, 2013

15,627

972,547

Term Loan, 4.771%, maturing June 21, 2013

966,955

Dex Media East, LLC

B+

4,302,583

Term Loan, 2.919%, maturing October 24, 2014

3,645,096

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Printing & Publishing (continued)

Dex Media West, LLC

Ba3

B+

4,616,998

Term Loan, 7.500%, maturing October 24, 2014

4,261,489

Flint Group Holdings S.A.R.L.

841,151

Term Loan, 2.588%, maturing December 31, 2014

770,179

353,279

Term Loan, 2.588%, maturing December 31, 2014

323,471

2,333,333

Term Loan, 2.588%, maturing May 29, 2015

2,136,458

EUR

666,667

Term Loan, 2.906%, maturing May 29, 2015

753,940

1,277,104

Term Loan, 2.588%, maturing December 31, 2015

1,169,349

FM Mergerco, Inc.

1,837,776

(3)

Term Loan, 8.750%, maturing June 12, 2012

1,421,213

Hanley Wood, LLC

Caa1

CCC

2,667,925

Term Loan, 2.730%, maturing March 08, 2014

1,494,038

Intermedia Outdoor, Inc.

1,582,388

Term Loan, 3.290%, maturing January 31, 2013

1,280,746

Lamar Media Corporation

Baa3

2,000,000

Term Loan, 4.250%, maturing December 30, 2016

2,003,750

Mediannuaire Holding

EUR

1,561,344

Term Loan, 2.900%, maturing October 10, 2014

1,459,722

EUR

1,561,189

Term Loan, 3.400%, maturing October 09, 2015

1,459,577

Merrill Communications, LLC

CCC+

3,761,595

Term Loan, 8.500%, maturing December 24, 2012

3,550,005

Nelson Canada, Ltd.

2,900,000

Term Loan, 2.790%, maturing July 05, 2014

2,668,000

PagesJaunes Groupe S.A.

EUR

800,000

Term Loan, 2.400%, maturing November 22, 2013

868,097

PBL Media Finance Pty, Ltd.

AUD

24,331,191

Term Loan, 7.133%, maturing February 05, 2013

18,050,809

Penton Media, Inc.

CCC+

1,650,358

Term Loan, 5.000%, maturing August 01, 2014

1,210,950

R.H. Donnelley Corporation

4,168,891

Term Loan, 9.250%, maturing October 24, 2014

3,934,391

Source Media, Inc.

2,709,189

Term Loan, 5.300%, maturing November 08, 2011

2,655,005

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Printing & Publishing (continued)

Springer Science + Business Media S.A.

B+

2,000,000

Term Loan, 6.751%, maturing June 17, 2016

2,001,250

SuperMedia, Inc.

B-

8,442,730

Term Loan, 11.000%, maturing December 31, 2015

7,200,441

(2)

Tribune Company

1,491,225

(3)

Term Loan, 5.250%, maturing June 04, 2014

920,831

Valassis Communications, Inc.

Ba1

BB+

983,587

Term Loan, 2.250%, maturing March 02, 2014

956,293

1,003,211

Term Loan, 2.250%, maturing March 02, 2014

975,372

Yell Group, PLC

1,690,294

Term Loan, 4.104%, maturing July 31, 2014

1,250,818

79,219,517

Radio and TV Broadcasting: 5.4%

(2)

Citadel Broadcasting Corporation

4,796,148

Term Loan, 2.110%, maturing June 12, 2014

4,684,240

CMP KC, LLC

1,338,663

(3)

Term Loan, 3.540%, maturing May 03, 2011

113,786

CMP Susquehanna Corporation

Caa3

B-

3,547,176

Term Loan, 2.375%, maturing May 05, 2013

3,023,081

Cumulus Media, Inc.

Caa1

B-

4,653,488

Term Loan, 4.341%, maturing June 11, 2014

4,339,378

CW Media Holdings, Inc.

BB+

2,542,034

Term Loan, 3.290%, maturing February 16, 2015

2,448,825

FoxCo Acquisition, LLC

1,087,729

Term Loan, 7.500%, maturing July 14, 2015

1,064,615

Local TV Finance, LLC

B-

2,816,823

Term Loan, 2.300%, maturing May 07, 2013

2,563,309

Nexstar Broadcasting, Inc.

Ba3

B+

585,000

Term Loan, 5.000%, maturing September 30, 2016

584,269

915,000

Term Loan, 5.003%, maturing September 30, 2016

913,856

ProSiebenSat.1 Media AG

EUR

64,386

Term Loan, 2.442%, maturing July 02, 2014

69,807

EUR

1,186,386

Term Loan, 2.442%, maturing July 02, 2014

1,286,279

EUR

220,233

Term Loan, 2.442%, maturing March 02, 2015

238,776

EUR

35,934

Term Loan, 2.567%, maturing July 03, 2015

39,451

EUR

798,662

Term Loan, 2.567%, maturing July 03, 2015

876,831

Regent Broadcasting, LLC

1,459,528

(3)

Term Loan, 6.250%, maturing April 27, 2014

1,430,337

Sinclair Television Group, Inc.

Ba2

BB-

1,293,939

Term Loan, 6.750%, maturing October 29, 2015

1,299,585

Spanish Broadcasting System, Inc.

Caa3

CCC+

1,964,568

Term Loan, 2.050%, maturing June 11, 2012

1,836,871

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Radio and TV Broadcasting (continued)

Univision Communications, Inc.

B-

20,999,786

Term Loan, 2.540%, maturing September 29, 2014

18,102,465

44,915,761

Retail Stores: 8.1%

Amscan Holdings, Inc.

1,529,009

Term Loan, 2.534%, maturing May 25, 2013

1,460,204

CBR Fashion GmbH

EUR

500,000

Term Loan, 2.551%, maturing April 20, 2015

574,674

EUR

446,470

Term Loan, 2.801%, maturing April 19, 2016

513,150

Claires Stores, Inc.

Caa2

B-

4,455,871

Term Loan, 3.040%, maturing May 29, 2014

3,763,821

Dollar General Corporation

Ba3

7,256,413

Term Loan, 3.095%, maturing July 07, 2014

7,006,960

Dollarama Group, L.P.

Ba1

BB-

2,193,381

Term Loan, 2.023%, maturing November 18, 2011

2,164,136

General Nutrition Centers, Inc.

2,458,318

Term Loan, 2.567%, maturing September 16, 2013

2,353,839

Guitar Center, Inc.

B-

4,782,785

Term Loan, 3.850%, maturing October 09, 2014

4,283,581

Harbor Freight Tools USA, Inc.

B+

3,334,029

Term Loan, 5.000%, maturing February 23, 2016

3,324,304

Michaels Stores, Inc.

1,842,617

Term Loan, 2.693%, maturing October 31, 2013

1,684,021

2,479,746

Term Loan, 4.943%, maturing July 31, 2016

2,368,544

Missouri Bidco, Ltd.

Ba1

GBP

666,666

Term Loan, 5.570%, maturing August 31, 2016

964,932

Neiman Marcus Group, Inc.

BB-

7,180,013

Term Loan, 2.254%, maturing April 05, 2013

6,587,662

Petco Animal Supplies, Inc.

B+

4,958,437

Term Loan, 2.564%, maturing October 25, 2013

4,784,892

Pets at Home Group, Ltd.

BB-

GBP

2,500,000

Term Loan, 5.599%, maturing January 24, 2017

3,625,285

Pilot Travel Centers, LLC

Ba2

BBB-

1,350,000

(5)

Term Loan, maturing April 29, 2016

1,352,651

Rite Aid Corporation

B+

5,871,739

Term Loan, 2.083%, maturing June 04, 2014

5,218,508

1,381,565

Term Loan, 6.000%, maturing June 04, 2014

1,328,029

1,493,003

Term Loan, 9.500%, maturing June 10, 2015

1,523,330

500,000

Term Loan, 9.500%, maturing June 10, 2015

510,157

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Retail Stores (continued)

Sally Holding, LLC

BB+

2,335,454

Term Loan, 2.600%, maturing November 15, 2013

2,255,381

Savers, Inc.

Ba3

B+

1,500,000

Term Loan, 5.750%, maturing March 11, 2016

1,492,500

Toys “R” Us, Inc.

BB-

4,368,159

Term Loan, 4.595%, maturing July 19, 2012

4,327,754

Vivarte S.A.S.

EUR

1,924,280

Term Loan, 2.419%, maturing March 09, 2015

2,005,539

EUR

1,924,280

Term Loan, 2.919%, maturing March 08, 2016

2,005,539

67,479,393

Satellite: 0.5%

Intelsat Corporation

BB-

1,366,339

Term Loan, 2.792%, maturing January 03, 2014

1,307,510

1,366,339

Term Loan, 2.792%, maturing January 03, 2014

1,307,510

1,366,758

Term Loan, 2.792%, maturing January 03, 2014

1,307,911

3,922,931

Telecommunications Equipment: 1.4%

CommScope, Inc.

Ba2

696,307

Term Loan, 2.794%, maturing December 26, 2014

677,159

Macquarie UK Broadcast Ventures, Ltd.

GBP

4,383,255

Term Loan, 2.569%, maturing March 10, 2014

5,329,231

Sorenson Communications, Inc.

Ba2

CCC+

2,436,775

Term Loan, 6.000%, maturing August 16, 2013

2,199,798

TDF S.A.

EUR

1,500,000

Term Loan, 2.426%, maturing January 30, 2015

1,557,614

EUR

1,500,000

Term Loan, 2.676%, maturing January 29, 2016

1,557,614

11,321,416

Textiles & Leather: 0.3%

Phillips-Van Heusen Corporation

Ba2

BBB

1,200,000

Term Loan, 4.750%, maturing May 06, 2016

1,202,156

EUR

750,000

Term Loan, 5.000%, maturing May 06, 2016

924,243

2,126,399

Utilities: 6.6%

Boston Generating, LLC

Caa2

CCC+

13,248

Term Loan, 2.540%, maturing December 20, 2013

11,312

Calpine Corporation

B+

9,481,507

Term Loan, 3.165%, maturing March 29, 2014

8,937,307

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of May 31, 2010 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody’s	S&P	Value
*Utilities (continued)*
				Coleto Creek WLE, L.P.	B1	B+
$	1,291,667			Revolver, 1.188%, maturing June 30, 2011			$	1,068,854
437,602				Term Loan, 3.040%, maturing June 28, 2013			402,047
2,285,178				Term Loan, 3.055%, maturing June 28, 2013			2,099,507
				FirstLight Power Resources, Inc. (aka NE Energy, Inc.)	B1	B+
558,045				Term Loan, 2.813%, maturing November 01, 2013			530,142
2,019,865				Term Loan, 2.813%, maturing November 01, 2013			1,918,872
				FirstLight Power Resources, Inc. (aka NE Energy, Inc.)	B3	CCC+
610,514				Term Loan, 4.813%, maturing May 01, 2014			557,094
				Great Point Power, LLC	Ba1	BB+
1,000,000			(5)	Term Loan, maturing December 26, 2016			1,015,000
				Infrastrux Group, Inc.	B3	B
3,980,864				Term Loan, 8.000%, maturing November 05, 2012			3,963,448
				MACH Gen, LLC	Ba3	BB-
444,571				Term Loan, 2.540%, maturing February 22, 2013			413,729
				NRG Energy, Inc.	Baa3	BB+
2,257,422				Term Loan, 2.021%, maturing February 01, 2013			2,176,617
7,557,512				Term Loan, 2.040%, maturing February 01, 2013			7,286,990
				Texas Competitive Electric Holdings Company, LLC	B1	B+
7,967,481				Term Loan, 3.797%, maturing October 10, 2014			6,102,239
2,938,452				Term Loan, 3.797%, maturing October 10, 2014			2,270,480
6,388,077				Term Loan, 3.797%, maturing October 10, 2014			4,912,546
5,850,000				Term Loan, 3.969%, maturing October 10, 2014			4,520,172
				TPF Generation Holdings, LLC	Ba3	BB
1,431,519				Term Loan, 2.290%, maturing December 13, 2013			1,361,435
1,944,023				Term Loan, 2.290%, maturing December 15, 2013			1,848,847
				TPF Generation Holdings, LLC	B3	B+
1,500,000				Term Loan, 4.540%, maturing December 15, 2014			1,365,000
				Viridian Group, PLC	NR	NR
EUR		1,072,386		Term Loan, 4.923%, maturing October 24, 2012			1,094,132

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Utilities (continued)

GBP

1,080,000

Term Loan, 5.065%, maturing

October 24, 2012

1,293,541

55,149,311

Total Senior Loans
(Cost $1,180,346,365)

1,099,290,929

Other Corporate Debt: 0.6%

Diversified / Conglomerate Manufacturing: 0.6%

Flextronics International, Ltd.

Ba1

BB+

2,671,105

Unsecured Term Loan, 2.542%, maturing

October 01, 2014

2,494,812

2,188,733

Unsecured Term Loan, 2.553%, maturing
October 01, 2014

2,044,277

4,539,089

Cargo Transport: 0.0%

US Shipping Partners, L.P.

CCC-

297,646

Subordinated Loan, 2.500%, maturing
August 07, 2013

98,719

98,719

Radio and TV Broadcasting: 0.0%

Regent Broadcasting, LLC

384,086

Subordinated Loan, 12.000%, maturing
October 27, 2014

345,677

345,677

Total Other Corporate Debt
(Cost $5,365,955)

4,983,485

Equities and Other Assets: 2.0%

	Description	Market Value USD
(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)	—
(@) , (R)	Decision One Corporation (1,545,989 Common Shares)	—
(2), (@) , (R)	Enterprise Profit Solutions (Liquidation Interest)	—
(4), (@) , (R)	Euro United Corporation (Residual Interest in Bankruptcy Estate)	—
(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)	—

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of May 31, 2010 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

(2), (@) , (R)

Grand Union Company (Residual Interest in Bankruptcy Estate)

—

(2), (@) , (R)

ION Media Networks, Inc. (7,182 Common Shares)

1,571,063

(2), (@) , (R)

Kevco Inc. (Residual Interest in Bankruptcy Estate)

(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)

—

(@)

LyondellBasell Industries NV (312,313 Class A Shares)

5,549,802

(@)

LyondellBasell Industries NV (286,245 Class B Shares)

5,066,537

(@)

Mega Brands Inc. (195,762 Common Shares)

88,529

(@)

Northeast Biofuels (Residual Interest)

—

(2), (@) , (R)

RDA Holding Co. (16,497 Common Shares)

470,165

(@)

Regent Broadcasting, LLC (314,505 Common Shares)

842,874

(@)

Regent Broadcasting, LLC (314,505 Preferred Shares)

—

(R)

Safelite Realty Corporation (57,804 Common Shares)

305,205

(2), (@) , (R)

Supermedia, Inc. (39,592 Common Shares)

981,997

(1), (@) , (R)

Transtar Metals (Residual Interest in Bankruptcy Estate)

—

(2), (@) , (R)

US Office Products Company (Residual Interest in Bankruptcy Estate)

—

(2), (@) , (R)

US Shipping Partners, L.P. (19,404 Common Shares)

—

(2), (@) , (R)

US Shipping Partners, L.P. (275,292 Contingency Rights)

—

Xerium Technologies, Inc. (104,244 Common Shares)

1,635,588

Total for Equities and Other Assets
(Cost $18,417,684)

16,511,785

Total Investments
(Cost $1,204,130,004)**

133.7%

1,120,786,199

Other Assets and Liabilities — Net

(33.7)

(282,594,962)

Net Assets

100.0%

838,191,237

*	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.
(X)	Loan is being fair valued in accordance with procedures established in good faith by the Board of Trustees.
AUD	Australian Dollar
GBP	British Pound Stirling
EUR	Euro
SEK	Swedish Kronor
**	For Federal Income Tax purposes cost of investments is $1,205,343,201.
	Net unrealized depreciation consists of the following:
	Gross Unrealized Appreciation	$	6,907,015
	Gross Unrealized Depreciation	(91,464,017)
	Net Unrealized Depreciation	$	(84,557,002)

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of May 31, 2010 (Unaudited) (continued)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of May 31, 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 5/31//10
Asset Table
Investments, at value
Senior Loans	$	—	$	1,085,514,929	$	13,776,000	$	1,099,290,929
Other Corporate Debt	—		4,983,485		—		4,983,485
Equities and Other Assets	13,792,618		—		2,719,167		16,511,785
Total Investments, at value	$	13,792,618	$	1,090,498,414	$	16,495,167	$	1,120,786,199
Other Financial Instruments+
Forward foreign currency contracts	—		2,955,556		—		2,955,556
Total Assets	$	13,792,618	$	1,093,453,970	$	16,495,167	$	1,123,741,755
Liabilities Table
Other Financial Instruments+
Forward foreign currency contracts	$	—	$	(372,446)	$	—	$	(372,446)
Unfunded Commitments	—		(1,317,517)		—		(1,317,517)
Total Liabilities	$	—	$	(1,689,963)	$	—	$	(1,689,963)

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 May 31, 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		842,874		993		—		993		—
Total	$	18,805,484	$	842,874	$	993	$	—	$	993	$	—

	Transfers Into Level 3		Transfers Out of Level 3		Ending Balance at 5/31/10
Senior Loans	$	—	$	—	$	13,776,000
Equities and Other Assets	—		(3,155,177)		2,719,167
Total	$	—	$	(3,155,177)	$	16,495,167

	PORTFOLIO OF INVESTMENTS
ING Prime Rate Trust	as of May 31, 2010 (Unaudited) (continued)

As of May 31, 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 $0.

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 market 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.

At May 31, 2010 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 21,377,000	Sell	08/31/10	$	17,544,959	$	17,837,411	$	(292,452)
British Pound Sterling GBP 10,599,000	Sell	06/30/10	15,335,617		15,398,481		(62,864)
British Pound Sterling GBP 6,345,000	Sell	07/30/10	9,637,250		9,219,004		418,246
Euro EUR 47,973,500	Sell	07/09/10	61,083,733		58,997,257		2,086,476
Euro EUR 1,810,500	Sell	07/30/10	2,485,624		2,227,121		258,503
Euro EUR 4,000,000	Sell	08/31/10	4,964,560		4,922,362		42,198
Sweden Kronor SEK 19,124,200	Sell	07/09/10	2,595,730		2,445,597		150,133
Sweden Kronor SEK 9,081,800	Sell	08/31/10	1,144,746		1,161,876		(17,130)
			$	114,792,219	$	112,209,109	$	2,583,110

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:	July 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:	July 27, 2010

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

Date:	July 27, 2010