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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, 2004

 

 

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 November 30, 2004 (unaudited)
 
                                 
                    Bank Loan    
                    Ratings†    
                   
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
               
 
                
Senior Loans*: 179.3%                
Aerospace and Defense: 2.5%                
$ 1,840,000            
Alliant Techsystems, Inc.
Term Loan, maturing March 31, 2011
  Ba2   BB   $ 1,867,217  
  995,000            
Arinc, Inc.
Term Loan, maturing March 10, 2011
  Ba3   BB     1,008,059  
  2,500,000            
Ceradyne, Inc.
Term Loan, maturing August 18, 2011
  Ba3   BB-     2,534,375  
  5,000,000            
K&F Industries, Inc.
Term Loan, maturing November 16, 2012
  B2   B+     5,078,125  
  1,400,000            
Northwest Airlines, Inc.
Term Loan, maturing November 23, 2010
  B1   B+     1,433,834  
  4,361,538            
Standard Aero Holdings, Inc.
Term Loan, maturing August 20, 2012
  B2   B+     4,426,961  
  1,985,025            
Transdigm, Inc.
Term Loan, maturing July 22, 2010
  B1   B+     2,017,282  
  2,000,000            
United Air Lines, Inc.
Debtor in Possession Term Loan, maturing June 30, 2005
  Ba3   BB-     2,023,750  
  5,969,732            
United Defense Industries, Inc.
Term Loan, maturing August 13, 2009
  Ba2   BB+     6,043,112  
               
               
               
            26,432,715  
               
               
Automobile: 8.2%                
  2,000,000            
Affinia Group, Inc.
Term Loan, maturing November 15, 2011
  B2   BB-     2,033,438  
  953,720            
Aftermarket Technology Corporation
Term Loan, maturing February 08, 2008
  Ba3   BB-     960,754  
  1,311,439            
Term Loan, maturing February 08, 2008
            1,327,832  
  3,874,190            
CCC Information Services, Inc.
Term Loan, maturing August 20, 2010
  B1   B+     3,922,617  
  1,174,622            
Collins & Aikman Products Company
Term Loan, maturing September 11, 2011
  B1   B+     1,179,271  
  4,486,250            
Dayco Products, LLC
Term Loan, maturing June 23, 2011
  B1   BB-     4,559,152  
  3,128,000            
Dura Operating Corporation
Term Loan, maturing December 31, 2008
  Ba3   BB-     3,161,886  
  3,975,500       (2 )  
Federal-Mogul Corporation
Term Loan, maturing February 24, 2005
  Ca   NR     3,770,978  
  5,500,000            
Goodyear Tire & Rubber Company
Term Loan, maturing March 31, 2006
  B1   BB     5,595,106  
  1,500,000            
Term Loan, maturing March 31, 2006
            1,522,500  
  2,992,500            
Grand Vehicle Works Holdings Corporation
Term Loan, maturing July 31, 2010
  B2   B+     2,955,094  
  2,759,722            
HLI Operating Company, Inc.
Term Loan, maturing June 03, 2009
  Ba3   BB-     2,789,044  
  2,500,000            
JL French Automotive Castings, Inc.
Term Loan, maturing July 31, 2011
  B3   B     2,511,458  
  1,500,000            
Term Loan, maturing July 31, 2012
  Caa1   CCC+     1,455,000  
  1,441,705            
Key Automotive Group
Term Loan, maturing June 29, 2010
  B1   BB-     1,462,430  
  628,959            
Term Loan, maturing June 30, 2011
            638,000  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                                 
                    Bank Loan    
                    Ratings†    
                   
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
               
 
                
Automobile: (continued)                
$ 1,402,174            
Keystone Automotive Industries, Inc.
Term Loan, maturing October 30, 2009
  B1   B+   $ 1,420,796  
  1,987,494            
Meridian Automotive Systems, Inc.
Term Loan, maturing April 28, 2010
  B2   B+     1,858,929  
  2,397,435            
Metaldyne Company, LLC
Term Loan, maturing December 31, 2009
  B2   BB-     2,394,738  
  1,958,621            
Plastech, Inc.
Term Loan, maturing March 31, 2010
  Ba3   BB-     1,990,856  
  2,987,500            
RJ Tower Corporation
Term Loan, maturing May 21, 2009
  B1   B+     2,954,638  
  7,711,878            
Safelite Glass Corporation
Term Loan, maturing September 30, 2007
  B3   B+     6,747,894  
  12,403,267            
Term Loan, maturing September 30, 2007
            10,852,859  
  2,054,475            
Tenneco Automotive, Inc.
Term Loan, maturing December 12, 2010
  B1   B+     2,093,853  
  2,487,500            
Transportation Technologies Industries, Inc.
Term Loan, maturing March 14, 2009
  B2   B     2,508,228  
  1,600,000            
TRW Automotive Acquisitions Corporation
Term Loan, maturing February 28, 2009
  Ba2   BB+     1,604,000  
  9,863,478            
Term Loan, maturing February 28, 2011
            9,957,181  
  2,998,333            
United Components, Inc.
Term Loan, maturing June 30, 2010
  B1   BB-     3,036,751  
               
               
               
            87,265,283  
               
               
Banking: 0.3%                
  3,426,801            
Outsourcing Solutions, Inc.
Term Loan, maturing December 09, 2008
  NR   NR     3,448,219  
               
               
               
            3,448,219  
               
               
Beverage, Food and Tobacco: 4.6%                
  6,532,306            
Birds Eye Foods, Inc.
Term Loan, maturing June 30, 2008
  B1   B+     6,622,125  
  5,036,417            
Commonwealth Brands, Inc.
Term Loan, maturing August 28, 2007
  Ba3   BB-     5,105,668  
  5,250,000            
Constellation Brands, Inc.
Term Loan, maturing November 30, 2008
  Ba1   BB     5,279,122  
  3,179,861            
Del Monte Corporation
Term Loan, maturing December 20, 2010
  Ba3   BB-     3,239,483  
  3,586,438            
Dr. Pepper Bottling Company Of Texas
Term Loan, maturing December 19, 2010
  B1   BB-     3,650,883  
  3,980,000            
Golden State Foods Corporation
Term Loan, maturing February 28, 2011
  B1   B+     4,047,163  
  4,410,243            
Keystone Foods Holdings, LLC
Term Loan, maturing June 16, 2011
  Ba3   B+     4,459,858  
  3,960,000            
Michael Foods, Inc.
Term Loan, maturing November 21, 2010
  B1   B+     4,024,968  
  4,737,500            
Pierre Foods, Inc.
Term Loan, maturing June 30, 2010
  B1   B+     4,789,811  
  2,985,000            
Pinnacle Foods Corporation
Term Loan, maturing November 25, 2010
  B1   B+     2,985,621  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                                 
                    Bank Loan    
                    Ratings†    
                   
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
               
 
                
Beverage, Food and Tobacco: (continued)                
$ 2,944,982            
Southern Wine & Spirits Of America, Inc.
Term Loan, maturing July 02, 2008
  Ba3   BB+   $ 2,984,094  
  1,142,087            
Swift & Company
Term Loan, maturing September 19, 2008
  Ba2   BB     1,166,356  
               
               
               
            48,355,152  
               
               
Buildings and Real Estate: 7.0%                
  1,400,000            
Associated Materials, Inc.
Term Loan, maturing August 29, 2010
  Ba3   B+     1,419,250  
  2,977,500            
Atrium Companies, Inc.
Term Loan, maturing December 10, 2008
  B1   B+     3,019,682  
  3,980,000            
Builders Firstsource, Inc.
Term Loan, maturing February 25, 2010
  B1   B+     4,014,825  
  1,975,000            
Building Materials Holding Corporation
Term Loan, maturing August 21, 2010
  Ba2   BB-     1,989,813  
  1,500,000            
Contech Construction Products, Inc.
Term Loan, maturing November 9, 2010
  Ba3   BB-     1,500,000  
  2,545,388            
Crescent Real Estate Equities, L.P.
Term Loan, maturing January 12, 2006
  B1   BB+     2,570,842  
  6,514,344            
DMB Newco, LLC
Term Loan, maturing February 28, 2009
  NR   NR     6,530,630  
  10,000,000            
GGPLP, LLC
Term Loan, maturing November 10, 2007
  Ba2   BB+     9,984,720  
  17,000,000            
Term Loan, maturing November 10, 2008
            17,082,348  
  5,368,750            
Headwaters, Inc.
Term Loan, maturing April 30, 2011
  B1   B+     5,444,809  
  1,496,250            
NCI Building Systems, Inc.
Term Loan, maturing September 15, 2008
  Ba2   BB     1,514,953  
  5,985,000            
Nortek, Inc.
Term Loan, maturing August 27, 2011
  B1   B+     6,094,723  
  321,429            
Ply Gem Industries, Inc.
Revolver, maturing February 12, 2009
  B1   B+     314,599  
  746,250            
Term Loan, maturing March 15, 2010
            755,112  
  1,500,000            
Term Loan, maturing February 12, 2011
            1,517,813  
  4,228,750            
Term Loan, maturing October 01, 2011
            4,278,966  
  5,466,231            
St. Marys Cement, Inc.
Term Loan, maturing December 04, 2009
  B1   BB-     5,531,142  
  916,667            
Werner Holdings Company, Inc.
Term Loan, maturing June 11, 2009
  B1   B     896,042  
               
               
               
            74,460,269  
               
               
Cable Television: 17.2%                
  2,956,684       (2 )  
Adelphia Communications Corporation
Debtor in Possession Term Loan, maturing March 31, 2005
  NR   BBB     2,975,778  
  2,000,000            
Atlantic Broadband Finance, LLC
Term Loan, maturing September 01, 2011
  B2   B     2,045,834  
  2,493,750            
Bragg Communications, Inc.
Term Loan, maturing August 31, 2011
  B1   NR     2,526,480  
  5,000,000            
Bresnan Communications, LLC
Term Loan, maturing December 31, 2007
  B1   BB-     5,073,440  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                                 
                    Bank Loan    
                    Ratings†    
                         
                         
Principal Amount       Borrower/Tranche Description   Moody's   S&P   Value
 
               
 
                
Cable Television: (continued)                
$ 1,492,500            
Cebridge Connections, Inc.
Term Loan, maturing February 23, 2009
  NR   NR   $ 1,496,698  
  4,477,500            
Term Loan, maturing February 23, 2010
            4,455,113  
  1,230,000       (2 )  
Century Cable Holdings, LLC
Revolver, maturing March 31, 2009
  Caa1   NR     1,213,856  
  19,357,940            
Term Loan, maturing June 30, 2009
            19,259,427  
  5,500,000            
Term Loan, maturing December 31, 2009
            5,467,919  
  7,000,000            
Charter Communications Operating, LLC
Term Loan, maturing April 27, 2010
  B2   B     6,920,242  
  49,875,000            
Term Loan, maturing April 27, 2011
            49,817,095  
  7,000,000       (2 )  
Hilton Head Communications, L.P.
Revolver, maturing September 30, 2007
  Caa1   NR     6,872,250  
  8,500,000            
Term Loan, maturing March 31, 2008
            8,387,375  
  1,820,000            
Insight Midwest Holdings, LLC
Term Loan, maturing June 30, 2009
  Ba3   BB     1,821,707  
  1,985,000            
Term Loan, maturing December 31, 2009
            2,019,462  
  16,376,250            
Term Loan, maturing December 31, 2009
            16,674,199  
  15,960,000            
Mediacom Communications Corporation
Term Loan, maturing September 30, 2010
  Ba3   BB-     16,222,350  
  5,000,000       (2 )  
Olympus Cable Holdings, LLC
Term Loan, maturing June 30, 2010
  B2   NR     4,947,655  
  21,000,000            
Term Loan, maturing September 30, 2010
            20,835,948  
  3,500,000            
Persona Communication, Inc.
Term Loan, maturing August 01, 2011
  B2   B+     3,532,813  
               
               
               
            182,565,641  
               
               
Cargo Transport: 3.2%                
  6,000,000            
Atlantic Express Transportation
Corporation Floating Rate Note, maturing April 15, 2008
  B3   B     5,880,000  
  971,000            
Baker Tanks, Inc.
Term Loan, maturing January 30, 2011
  B1   B+     985,262  
  1,917,447            
Gemini Leasing, Inc.
Term Loan, maturing December 31, 2011
  NR   NR     1,246,341  
  3,500,000            
Helm Holding Corporation
Term Loan, maturing July 02, 2010
  B2   B+     3,553,228  
  2,493,750            
Horizon Lines, LLC
Term Loan, maturing July 04, 2011
  B2   B+     2,539,468  
  1,867,500            
Neoplan USA Corporation
Revolver, maturing June 30, 2006
  NR   NR     1,867,500  
  5,387,690            
Term Loan, maturing June 30, 2006
            5,387,690  
  1,847,059            
Pacer International, Inc.
Term Loan, maturing June 10, 2010
  B1   BB-     1,873,610  
  396,429            
Railamerica, Inc.
Term Loan, maturing September 29, 2011
  Ba3   BB     402,623  
  3,353,571            
Term Loan, maturing September 29, 2011
            3,405,971  
  945,013            
Terex Corporation
Term Loan, maturing July 03, 2009
  B1   BB-     957,220  
  1,312,266            
Term Loan, maturing December 31, 2009
            1,329,217  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                                 
                    Bank Loan    
                    Ratings†    
                   
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
               
 
                
Cargo Transport: (continued)                
$ 2,899,500            
Transport Industries, L.P.
Term Loan, maturing June 13, 2010
  B2   B+   $ 2,904,937  
  1,923,077            
United States Shipping, LLC
Term Loan, maturing April 30, 2010
  Ba3   BB-     1,944,712  
               
               
               
            34,277,779  
               
               
Cellular: 8.1%                
  1,995,000             Cellular South, Inc.
Term Loan, maturing 1,995,000 May 04, 2011		   Ba3   B+     2,033,653  
  10,919,987            
Centennial Cellular Operating Company
Term Loan, maturing February 09, 2011
  B2   B-     11,055,309  
  4,304,714            
Independent Wireless One Corporation
Term Loan, maturing December 20, 2007
  Caa1   NR     4,261,667  
  10,912,873            
Term Loan, maturing June 20, 2008
            10,803,744  
               
Nextel Finance Company
  Ba1   BB+        
  28,787,475            
Term Loan, maturing December 15, 2010
            28,856,363  
  8,000,000            
Nextel Partners Operating Corporation
Term Loan, maturing May 31, 2011
  Ba3   B+     8,141,664  
  2,500,000            
Rogers Wireless Communications, Inc.
Floating Rate Note, maturing December 15, 2010
  Ba3   BB     2,587,500  
  2,500,000            
Rural Cellular Corporation
Floating Rate Note, maturing March 15, 2010
  B2   B-     2,568,750  
  14,962,500            
Western Wireless Corporation
Term Loan, maturing May 31, 2011
  B2   B-     15,229,685  
               
               
               
            85,538,335  
               
               
Chemicals, Plastics and Rubber: 8.9%                
  4,000,000            
Brenntag, AG
Term Loan, maturing February 27, 2012
  B1   BB-     4,072,500  
  48,246       (2 )  
GEO Specialty Chemicals, Inc.
Debtor in Possession Revolver, maturing December 31, 2004
  NR   NR     48,246  
  1,740,101            
Term Loan, maturing December 31, 2007
            1,689,186  
  9,278,375            
Hercules, Inc.
Term Loan, maturing October 08, 2010
  Ba1   BB     9,357,241  
  18,500,000            
Huntsman International, LLC
Term Loan, maturing December 31, 2010
  B1   B     18,874,625  
  13,000,000            
Huntsman, LLC
Term Loan, maturing March 31, 2010
  B2   B     13,246,454  
  1,213,636            
Innophos, Inc.
Term Loan, maturing August 13, 2010
  B1   B+     1,234,875  
  3,078,229            
JohnsonDiversey, Inc.
Term Loan, maturing November 03, 2009
  Ba3   BB-     3,134,502  
  1,463,411            
Kraton Polymers, LLC
Term Loan, maturing December 23, 2010
  B1   B+     1,482,923  
  14,982,417            
Nalco Company
Term Loan, maturing November 04, 2010
  B1   BB-     15,153,306  
  9,975,000            
Polypore, Inc.
Term Loan, maturing November 12, 2011
  B1   B     10,124,625  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                                 
                    Bank Loan    
                    Ratings†    
                   
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
               
 
                
Chemicals, Plastics and Rubber: (continued)                
$ 13,250,000            
Rockwood Specialties Group, Inc.
Term Loan, maturing July 30, 2012
  B1   B+   $ 13,352,926  
  2,743,125            
Supresta, LLC
Term Loan, maturing June 21, 2011
  NR   B+     2,791,130  
               
               
               
            94,562,539  
               
               
Containers, Packaging and Glass: 9.8%                
  1,496,250            
Appleton Papers, Inc.
Term Loan, maturing June 11, 2010
  Ba3   BB     1,516,075  
  3,479,134            
Berry Plastics Corporation
Term Loan, maturing June 30, 2010
  B1   B+     3,526,972  
  12,089,041            
Boise Cascade Corporation
Term Loan, maturing October 28, 2010
  Ba3   BB     12,188,643  
  10,410,959            
Term Loan, maturing October 29, 2011
            10,598,575  
  1,433,333            
BWAY Corporation
Term Loan, maturing June 30, 2011
  B1   B+     1,456,027  
  7,500,000            
Graham Packaging Company, L.P.
Term Loan, maturing October 07, 2011
  B2   B     7,623,885  
  1,500,000            
Term Loan, maturing March 15, 2012
  B3   CCC+     1,540,688  
  9,536,368            
Graphic Packaging International, Inc.
Term Loan, maturing June 30, 2010
  B1   B+     9,723,519  
  642,675            
Greif Bros. Corporation
Term Loan, maturing August 23, 2009
  Ba3   BB     650,307  
  2,750,000            
Intertape Polymer Group, Inc.
Term Loan, maturing July 28, 2011
  Ba3   B+     2,798,125  
  2,178,547            
Kerr Group, Inc.
Term Loan, maturing August 13, 2010
  B1   BB-     2,202,376  
  1,782,357            
Koch Cellulose, LLC
Term Loan, maturing May 07, 2011
  B1   BB     1,811,320  
  117,581            
Lincoln Paper and Tissue, LLC
Term Loan, maturing November 28, 2005
  NR   NR     117,581  
  6,700,000            
Term Loan, maturing May 01, 2009
            6,700,000  
  1,800,000            
Term Loan, maturing May 01, 2009
            1,800,000  
  12,239,568       (3 )  
Term Loan, maturing August 28, 2009
            2,921,418  
  3,571,429            
Owens-Illinois Group, Inc.
Term Loan, maturing April 01, 2008
  B1   BB-     3,646,950  
  5,164,380            
Silgan Holdings, Inc.
Term Loan, maturing November 30, 2008
  Ba3   BB     5,229,740  
  10,468,862            
Smurfit-Stone Container Corporation
Term Loan, maturing November 01, 2011
  Ba3   BB-     10,648,141  
  3,221,188            
Term Loan, maturing November 01, 2011
            3,278,061  
  9,428,750            
Solo Cup, Inc.
Term Loan, maturing February 27, 2011
  B1   B+     9,618,796  
  4,487,500            
U.S. Can Company
Term Loan, maturing January 10, 2010
  B2   B     4,504,328  
               
               
               
            104,101,527  
               
               

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount           Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Data and Internet Services: 0.2%                
$1,312,794
          McLeodUSA, Inc.
Term Loan, maturing May 30, 2008 		  Caa2   NR   $ 669,525  
1,466,250
          Mitchell International, Inc.
Term Loan, maturing August 15, 2011 		  B1   B+     1,487,786  
                           
                        2,157,311  
                           
Diversified/Conglomerate Manufacturing: 3.9%                
1,883,333
          Axia, Inc.
Term Loan, maturing November 30, 2010 		  B2   B     1,911,583  
4,000,000
          Cinram International, Inc.
Term Loan, maturing September 30, 2009 		  Ba3   BB     4,055,624  
2,000,000
          Dresser Rand, Inc.
Term Loan, maturing October 01, 2010 		  B1   B+     2,034,000  
2,866,154
          Dresser, Inc.
Term Loan, maturing April 10, 2009 		  Ba3   BB-     2,905,564  
785,067
          Flowserve Corporation
Term Loan, maturing June 30, 2006 		  Ba3   BB-     790,792  
2,726,400
          Term Loan, maturing June 30, 2009             2,771,557  
889,392
          Itron, Inc.
Term Loan, maturing June 28, 2011 		  Ba3   BB-     898,286  
9,449,541
          Mueller Group, Inc.
Term Loan, maturing April 23, 2011 		  B2   B+     9,526,319  
942,788
          Norcross Safety Products, LLC
Term Loan, maturing March 20, 2009 		  B1   B+     954,279  
2,347,846
          RLC Industries Company
Term Loan, maturing February 26, 2010 		  B1   BB+     2,362,520  
3,224,375
          Roper Industries, Inc.
Term Loan, maturing December 29, 2008 		  Ba2   BB+     3,235,460  
1,713,043
          Sensus Metering Systems, Inc.
Term Loan, maturing December 17, 2010 		  B2   B+     1,728,388  
256,957
          Term Loan, maturing December 17, 2010             259,259  
8,423,508
          SPX Corporation
Term Loan, maturing September 30, 2009 		  Ba2   BBB-     8,479,314  
                           
                        41,912,945  
                           
Diversified/Conglomerate Service: 2.1%                
12,934,726
          Amerco, Inc.
Term Loan, maturing February 27, 2009 		  NR   BB     13,217,673  
3,165,435
          Brand Services, Inc.
Term Loan, maturing October 16, 2009 		  B1   B     3,193,133  
4,000,000
          Iron Mountain, Inc.
Term Loan, maturing April 02, 2011 		  B2   BB-     4,033,332  
2,280,520
          Term Loan, maturing April 02, 2011             2,297,624  
                           
                        22,741,762  
                           
Ecological: 2.2%                
16,700
          Allied Waste North America, Inc.
Revolver, maturing June 30, 2010 		  B1   BB     16,417  
12,860,457
          Term Loan, maturing January 15, 2010             13,052,219  
1,967,902
          Term Loan, maturing January 15, 2010             1,997,694  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan      
                Ratings†
      
Principal Amount     Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Ecological: (continued)                
$3,559,091
          Envirosolutions, Inc.
Term Loan, maturing March 01, 2009 		  NR   NR   $ 3,559,091  
1,163,636
          Term Loan, maturing March 01, 2009             1,163,636  
1,917,081
          Great Lakes Dredge & Dock Corporation
Term Loan, maturing December 22, 2010 		  B2   B-     1,917,081  
169,375
          IESI Corporation
Revolver, maturing September 30, 2008 		  B1   B+     169,163  
990,000
          Term Loan, maturing September 30, 2010             1,000,210  
                           
                        22,875,511  
                           
Electronics: 1.0%                
645,669
          Acterna, LLC
Term Loan, maturing October 14, 2008 		  NR   NR     555,275  
10,541,011
    (3 )   Decision One Corporation
Term Loan, maturing April 18, 2005 		  B3   CCC     5,428,621  
1,977,157
          Invensys International Holdings, Ltd.
Term Loan, maturing September 05, 2009 		  Ba3   B+     2,005,579  
2,074,883
          Knowles Electronics, Inc.
Term Loan, maturing June 29, 2007 		  B3   B-     2,090,445  
467,901
          Worldspan, L.P.
Term Loan, maturing June 30, 2007 		  B1   BB-     469,071  
                           
                        10,548,991  
                           
Farming and Agriculture: 2.0%                
4,603,333
          AGCO Corporation
Term Loan, maturing January 31, 2006 		  Ba1   BB+     4,688,209  
153,846
          United Industries Corporation
Revolver, maturing April 30, 2010 		  B1   B+     151,538  
9,957,544
          Term Loan, maturing April 29, 2011             10,125,578  
5,882,159
          Vicar Operating, Inc.
Term Loan, maturing June 30, 2009 		  Ba3   BB-     5,959,362  
                           
                        20,924,687  
                           
Finance: 1.0%                
5,000,000
          Refco Finance Holdings, LLC
Term Loan, maturing August 05, 2011 		  B1   BB-     5,060,625  
5,985,000
          Rent-A-Center, Inc.
Term Loan, maturing June 30, 2010 		  Ba2   BB+     6,065,798  
                           
                        11,126,423  
                           
Gaming: 5.7%                
7,257,303
          Alliance Gaming Corporation
Term Loan, maturing September 04, 2009 		  Ba3   BB-     7,329,876  
2,358,055
          Ameristar Casinos, Inc.
Term Loan, maturing December 20, 2006 		  Ba3   BB-     2,395,390  
2,000,000
          Argosy Gaming Company
Term Loan, maturing July 31, 2008 		  Ba2   BB     2,014,376  
6,483,750
          Boyd Gaming Corporation
Term Loan, maturing June 30, 2011 		  Ba2   BB     6,580,196  
2,925,000
          Global Cash Access, LLC
Term Loan, maturing March 10, 2010 		  B2   B+     2,981,672  
350,000
          Green Valley Ranch Gaming, LLC
Revolver, maturing December 23, 2008 		  B1   B+     349,125  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount     Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Gaming: (continued)                
$1,985,000
          Term Loan, maturing December 24, 2010           $ 2,014,775  
2,152,373
          Isle of Capri Casinos, Inc.
Term Loan, maturing April 26, 2008 		  Ba2   BB-     2,180,623  
2,000,000
          Marina District Finance Company, Inc.
Term Loan, maturing October 20, 2011 		  NR   NR     2,016,666  
14,228,479
          Opbiz, LLC
Term Loan, maturing September 01, 2010 		  NR   NR     13,766,053  
33,068
          Term Loan, maturing September 01, 2010             31,993  
1,869,854
          Penn National Gaming, Inc.
Term Loan, maturing September 01, 2007 		  Ba3   BB-     1,879,203  
1,500,000
          Pinnacle Entertainment, Inc.
Term Loan, maturing August 27, 2010 		  B1   B+     1,522,500  
4,000,000
          Ruffin Gaming, LLC
Term Loan, maturing July 14, 2007 		  NR   NR     4,055,000  
2,845,560
          United Auburn Indian Community
Term Loan, maturing January 24, 2009 		  Ba3   BB+     2,859,788  
8,636,364
          Venetian Casino Resorts, LLC
Term Loan, maturing June 15, 2011 		  B1   B+     8,796,499  
                           
                        60,773,735  
                           
Grocery: 0.3%                
1,036,297
          Giant Eagle, Inc.
Term Loan, maturing August 06, 2009 		  Ba2   BB+     1,050,331  
1,894,074
          Term Loan, maturing August 06, 2009             1,919,724  
                           
                        2,970,055  
                           
Healthcare, Education and Childcare: 12.5%                
6,481,250
          Accredo Health, Inc.
Term Loan, maturing March 31, 2009 		  Ba2   BB     6,550,113  
3,476,288
          Advanced Medical Optics, Inc.
Term Loan, maturing June 25, 2009 		  B1   BB-     3,532,778  
750,000
          AI Asset Acquisition Company, LLC
Term Loan, maturing November 30, 2010 		  B1   B     754,688  
500,000
          AI Asset Acquisition Company, LLC
Term Loan, maturing May 31, 2011 		  B3   CCC+     507,500  
5,000,000
          Ardent Health Services, Inc.
Term Loan, maturing August 12, 2011 		  B1   B+     5,018,750  
26,956
          Block Vision Holdings Corporation
Revolver, maturing December 31, 2005 		  NR   NR   —  
18,420,900
          Community Health Systems, Inc.
Term Loan, maturing August 19, 2011 		  Ba3   BB-     18,600,799  
          Concentra Operating Corporation   B1   B+        
1,492,509
          New Term Loan, maturing June 30, 2010             1,509,922  
2,000,000
          Cooper Companies
Term Loan, maturing November 15, 2011 		  Ba3   BB     2,029,376  
3,437,500
          Davita, Inc.
Term Loan, maturing March 31, 2007 		  Ba2   BB     3,471,875  
12,354,392
          Term Loan, maturing March 31, 2009             12,529,095  
3,000,000
          Term Loan, maturing June 30, 2010             3,036,162  
962,500
          dj Orthopedics, LLC
Term Loan, maturing May 15, 2009 		  Ba3   BB-     972,727  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†
    
                     
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
 
 
                            
Healthcare, Education and Childcare: (continued)                
$2,000,000
          Encore Medical IHC, Inc.
Term Loan, maturing October 04, 2010 		  B1   B   $ 2,036,250  
2,985,000
          Express Scripts, Inc.
Term Loan, maturing February 13, 2010 		  Ba1   BBB     3,013,605  
2,493,750
          Fisher Scientific International, Inc.
Term Loan, maturing August 02, 2011 		  Ba2   BBB     2,519,468  
9,181,362
          Fresenius Medical Care Holdings, Inc.
Term Loan, maturing February 21, 2010 		  Ba1   BB+     9,235,881  
8,977,500
          Iasis Healthcare Corporation
Term Loan, maturing June 30, 2011 		  B1   B+     9,118,707  
597,614
          Insight Health Services Corporation
Term Loan, maturing October 17, 2008 		  B1   B     596,120  
137,911
          Term Loan, maturing October 17, 2008             137,566  
68,955
          Term Loan, maturing October 17, 2008             68,783  
3,624,296
          Term Loan, maturing October 17, 2008             3,656,009  
6,556,196
          Kinetic Concepts, Inc.
Term Loan, maturing August 11, 2010 		  B1   BB-     6,653,175  
4,488,750
          Leiner Health Products Group, Inc.
Term Loan, maturing May 27, 2011 		  B1   B     4,567,303  
1,479,167
          Magellan Health Services, Inc.
Term Loan, maturing August 15, 2008 		  B1   B+     1,497,657  
1,745,625
          Medical Device Manufacturing, Inc.
Term Loan, maturing June 30, 2010 		  B2   B+     1,769,627  
987,500
          Pacificare Health Systems, Inc.
Term Loan, maturing June 03, 2008 		  Ba2   BBB-     990,381  
3,990,000
          Skilled Healthcare Group, Inc.
Term Loan, maturing July 31, 2010 		  B1   B     4,034,888  
1,950,000
          Sola International, Inc.
Term Loan, maturing December 11, 2009 		  Ba3   BB-     1,976,813  
4,488,750
          Sterigenics International, Inc.
Term Loan, maturing June 14, 2011 		  B2   B+     4,544,859  
625,107
          Sybron Dental Management, Inc.
Term Loan, maturing June 06, 2009 		  Ba2   BB+     629,307  
1,480,536
          Triad Hospitals, Inc.
Term Loan, maturing September 30, 2008 		  Ba3   BB     1,503,080  
10,500,000
          Vanguard Health Systems, Inc.
Term Loan, maturing September 23, 2011 		  B2   B     10,686,375  
5,034,334
          VWR International, Inc.
Term Loan, maturing April 07, 2011 		  B1   BB-     5,132,504  
                           
                        132,882,143  
                           
Home and Office Furnishings: 3.6%                
3,975,038
          Buhrmann U.S., Inc.
Term Loan, maturing December 31, 2010 		  Ba3   BB-     4,030,939  
2,496,250
          Global Imaging Systems, Inc.
Term Loan, maturing May 10, 2010 		  Ba3   BB-     2,532,915  
2,985,000
          Hillman Group, Inc.
Term Loan, maturing March 30, 2011 		  B2   B     3,016,716  
3,987,500
          Holmes Group, Inc.
Term Loan, maturing November 08, 2010 		  B1   B     3,997,469  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount       Borrower/Tranche Description   Moody's   S&P   Value
 
                            
Home and Office Furnishings: (continued)                
$3,869,203
          Identity Group, Inc.
Term Loan, maturing April 30, 2006 		  NR   NR   $ 2,631,058  
3,990,000
          Maax Corporation
Term Loan, maturing June 04, 2011 		  B1   B+     4,029,900  
7,553,571
          Sealy Mattress Company
Term Loan, maturing April 06, 2012 		  B2   B+     7,679,466  
8,323,704
          Simmons Company
Term Loan, maturing December 19, 2011 		  B2   B+     8,434,684  
2,000,000
          Xerox Corporation
Term Loan, maturing September 30, 2008 		  Ba1   BB-     2,016,250  
                           
                        38,369,397  
                           
Insurance: 1.4%                
14,962,500
          Conseco, Inc.
Term Loan, maturing June 22, 2010 		  B2   BB-     15,280,453  
                           
                        15,280,453  
                           
Leisure, Amusement, Entertainment: 8.7%                
2,183,714
          AMF Bowling Worldwide, Inc.
Term Loan, maturing August 27, 2009 		  B1   B     2,206,916  
1,492,500
          Cinemark USA, Inc.
Term Loan, maturing March 31, 2011 		  Ba3   BB-     1,514,265  
4,962,500
          Fitness Holdings Worldwide, Inc.
Term Loan, maturing July 01, 2009 		  B1   B     5,027,633  
2,743,125
          Hollywood Theaters, Inc.
Term Loan, maturing July 31, 2009 		  B2   B     2,785,986  
6,000,000
          Kerasotes Theatres, Inc.
Term Loan, maturing October 31, 2011 		  B1   B     6,097,500  
3,716,865
          Lodgenet Entertainment Corporation
Term Loan, maturing August 29, 2008 		  B1   B+     3,740,095  
7,500,000
          Loews Cineplex Entertainment Corporation
Term Loan, maturing July 31, 2011 		  B1   B     7,608,398  
19,000,000
          Metro-Goldwyn-Mayer Studios, Inc.
Term Loan, maturing April 30, 2011 		  Ba3   B+     19,087,875  
2,985,000
          Pure Fishing, Inc.
Term Loan, maturing September 30, 2010 		  B1   BB-     3,033,506  
13,506,821
          Regal Cinemas, Inc.
Term Loan, maturing November 10, 2010 		  Ba3   BB-     13,662,149  
1,500,000
          Riddell Bell Holding, Inc.
Term Loan, maturing September 28, 2011 		  B1   BB-     1,522,812  
5,944,970
          Six Flags Theme Parks, Inc.
Term Loan, maturing June 30, 2009 		  B1   B-     6,011,851  
4,990,166
          Universal City Development Partners, L.P.
Term Loan, maturing June 30, 2007 		  B1   B+     5,008,879  
14,887,500
          WMG Acquisition Corporation
Term Loan, maturing February 28, 2011 		  B1   B+     15,143,386  
                           
                        92,451,251  
                           
Lodging: 1.4%                
7,000,000
          Boca Resorts Hotel Corporation
Term Loan, maturing July 22, 2009 		  NR   NR     7,000,000  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount     Borrower/Tranche Description   Moody's   S&P   Value
 
                            
Lodging: (continued)                
$8,295,070
          Wyndham International, Inc.
Term loan, maturing June 30, 2006 		  NR   NR   $ 8,361,605  
                           
                        15,361,605  
                           
Machinery: 3.7%                
2,869,412
          Alliance Laundry Holdings, LLC
Term Loan, maturing August 02, 2007 		  B1   B     2,880,172  
    (2 )   Anthony Crane Rental, L.P.   Caa2   CC        
4,757,427
    (3 )   Term Loan, maturing July 20, 2006             4,004,169  
1,995,000
          Blount, Inc.
Term Loan, maturing August 09, 2010 		  B2   B+     2,028,251  
2,468,750
          Bucyrus International, Inc.
Term Loan, maturing July 28, 2010 		  Ba3   BB-     2,511,953  
4,265,931
          Enersys, Inc.
Term Loan, maturing March 17, 2011 		  Ba3   BB     4,329,920  
2,219,697
          Juno Lighting, Inc.
Term Loan, maturing November 21, 2010 		  B1   B+     2,251,605  
2,801,020
          National Waterworks, Inc.
Term Loan, maturing November 22, 2009 		  B1   B+     2,833,700  
6,066,666
          Rexnord Corporation
Term Loan, maturing November 25, 2009 		  B1   B+     6,127,333  
10,281,666
          United Rentals (North America), Inc.
Term Loan, maturing February 14, 2011 		  Ba3   BB     10,423,039  
1,975,000
          Vutek, Inc.
Term Loan, maturing June 25, 2010 		  B1   B+     1,952,469  
                           
                        39,342,611  
                           
Mining, Steel, Iron and Nonprecious Metals: 0.5%                
3,750,000
          Foundation Coal Corporation
Term Loan, maturing July 30, 2011 		  Ba3   BB-     3,810,469  
1,500,000
          International Coal Group, LLC
Term Loan, maturing October 01, 2010 		  B2   B-     1,524,375  
                           
                        5,334,844  
                           
Oil and Gas: 3.0%                
7,500,000
          El Paso Corporation
Term Loan, maturing November 23, 2009 		  B3   B-     7,563,870  
5,900,000
          Getty Petroleum Marketing, Inc.
Term Loan, maturing May 19, 2010 		  B1   BB-     6,014,313  
5,500,000
          La Grange Acquisition, L.P.
Term Loan, maturing January 18, 2008 		  NR   NR     5,591,097  
1,995,000
          Lyondell-Citgo Refining, L.P.
Term Loan, maturing May 21, 2007 		  Ba3   BB     2,009,963  
2,625,000
          Semcrude, L.P.
Term Loan, maturing August 27, 2010 		  B1   NR     2,657,813  
3,921,429
          Vulcan Energy Corporation
Term Loan, maturing July 23, 2010 		  B1   BB     3,976,576  
3,961,325
          Williams Production RMT Company
Term Loan, maturing May 30, 2008 		  B2   BB     4,027,348  
                           
                        31,840,980  
                           

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount     Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Other Broadcasting and Entertainment: 5.2%                
$2,500,000
          Alliance Atlantis Communications, Inc.
Term Loan, maturing November 30, 2011 		  Ba2   BB   $ 2,534,375  
7,020,306
          DirecTV Holdings, LLC
Term Loan, maturing March 06, 2010 		  Ba2   BB     7,131,753  
12,000,000
          Echostar DBS Corporation
Floating Rate Note, maturing October 01, 2008 		  Ba3   BB-     12,450,000  
3,750,000
          Level 3 Communications, Inc.
Term Loan, maturing November 30, 2011 		  B3   CCC     3,866,018  
15,000,000
          Liberty Media Corporation
Floating Rate Note, maturing September 17, 2006 		  Baa3   BBB-     15,193,650  
10,000,000
          Rainbow National Services, LLC
Term Loan, maturing March 31, 2012 		  B1   B+     10,170,830  
2,742,857
          YankeeNets, LLC
Term Loan, maturing June 25, 2007 		  NR   NR     2,790,857  
1,257,143
          Yankees Holdings, L.P.
Term Loan, maturing June 25, 2007 		  NR   NR     1,279,143  
                           
                        55,416,626  
                           
Other Telecommunications: 7.8%                
8,535,685
          Cincinnati Bell, Inc.
Term Loan, maturing June 30, 2008 		  B1   B+     8,634,912  
3,404,372
          Consolidated Communications, Inc.
Term Loan, maturing April 14, 2010 		  B1   B+     3,412,883  
3,481,667
          Term Loan, maturing October 14, 2011             3,540,420  
2,977,342
          D&E Communications, Inc.
Term Loan, maturing December 31, 2011 		  Ba3   BB-     2,995,950  
2,087,144
          GCI Holdings, Inc.
Term Loan, maturing October 31, 2007 		  Ba2   BB+     2,105,407  
2,591,325
    (3 )   Intera Group, Inc.
Term Loan, maturing December 31, 2005 		  NR   NR     1,177,535  
1,051,830
    (3 )   Term Loan, maturing December 31, 2005           —  
2,062,656
    (3 )   Term Loan, maturing December 31, 2005           —  
5,250,000
          Iowa Telecommunications Services, Inc.
Term Loan, maturing November 30, 2011 		  Ba3   BB-     5,300,311  
11,909,639
          Panamsat Corporation
Term Loan, maturing August 20, 2011 		  B1   BB+     12,006,405  
15,000,000
          Qwest Communications International, Inc.
Floating Rate Note, maturing February 15, 2009 		  B3   CCC+     14,962,500  
2,000,000
          Qwest Corporation
Term Loan, maturing June 30, 2007 		  B2   BB-     2,087,916  
3,000,000
          Time Warner Telecom Holdings, Inc.
Floating Rate Note, maturing February 15, 2011 		  B1   B     2,955,042  
3,000,000
          Triton PCS, Inc.
Term Loan, maturing November 18, 2009 		  B2   BB+     3,036,876  
1,500,000
          USA Mobility, Inc.
Term Loan, maturing November 10, 2006 		  Ba3   NR     1,515,000  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Other Telecommunications: (continued)                
$12,000,000
          Valor Telecommunications, LLC
Term Loan, maturing November 10, 2011 		  B2   B+   $ 12,150,000  
4,000,000
          Term Loan, maturing November 16, 2011   B3   B-     4,051,252  
1,750,000
          Wiltel Communications, LLC
Term Loan, maturing October 01, 2009 		  B2   B-     1,751,642  
750,000
          Term Loan, maturing January 01, 2010   Caa1   CCC+     750,938  
                           
                        82,434,989  
                           
Personal and Nondurable Consumer Products: 3.2%                
2,992,500
          Amscan Holdings, Inc.
Term Loan, maturing April 30, 2012 		  B1   B+     3,022,425  
6,483,750
          Church & Dwight Company, Inc.
Term Loan, maturing May 30, 2011 		  Ba2   BB     6,566,826  
1,330,000
          Jarden Corporation
Term Loan, maturing April 24, 2008 		  Ba3   B+     1,332,494  
1,980,000
          Term Loan, maturing April 24, 2008             1,983,713  
12,734,461
          Norwood Promotional Products, Inc.
Term Loan, maturing August 16, 2009 		  NR   NR     12,225,083  
7,300,828
    (3 )   Norwood Promotional Products Holdings, Inc.
Term Loan, maturing August 16, 2011 		  NR   NR     3,431,389  
1,980,025
          Prestige Brands Holdings, Inc.
Term Loan, maturing April 06, 2011 		  B1   B     2,010,551  
3,607,729
          Rayovac Corporation
Term Loan, maturing September 30, 2009 		  B1   B+     3,666,355  
                           
                        34,238,835  
                           
Personal, Food and Miscellaneous: 3.0%                
1,137,760
          AFC Enterprises, Inc.
Term Loan, maturing May 23, 2009 		  B1   B     1,151,982  
2,651,077
          Alderwoods Group, Inc.
Term Loan, maturing August 19, 2010 		  B1   BB-     2,679,245  
2,000,000
          Allied Security Holdings, LLC
Term Loan, maturing June 30, 2010 		  B2   B+     2,025,000  
4,875,000
          Coinmach Corporation
Term Loan, maturing July 25, 2009 		  B2   B     4,934,417  
3,241,875
          Coinstar, Inc.
Term Loan, maturing July 07, 2011 		  Ba3   BB-     3,298,608  
2,500,000
          Culligan International Company
Term Loan, maturing September 30, 2011 		  B1   B+     2,546,355  
7,819,237
          Domino’s, Inc.
Term Loan, maturing June 25, 2010 		  Ba3   B+     7,885,216  
5,466,231
          Jack in the Box, Inc.
Term Loan, maturing January 09, 2010 		  Ba2   BB     5,549,935  
1,666,667
          N.E.W. Customer Services Companies, Inc.
Term Loan, maturing August 01, 2009 		  B1   B+     1,679,167  
                           
                        31,749,925  
                           

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Printing and Publishing: 14.4%                
$4,987,500
          Adams Outdoor Advertising, L.P.
Term Loan, maturing October 15, 2011 		  B1   B+   $ 5,060,233  
6,000,000
          Advertising Directory Solutions, Inc.
Term Loan, maturing November 09, 2011 		  B1   BB-     6,055,626  
2,000,000
          Term Loan, maturing May 09, 2012   B3   B-     2,044,250  
992,500
          American Achievement Corporation
Term Loan, maturing March 25, 2011 		  B1   B+     1,007,388  
3,671,782
          American Media Operations, Inc.
Term Loan, maturing April 01, 2007 		  Ba3   B+     3,730,303  
2,376,250
          American Reprographics Company
Term Loan, maturing June 18, 2009 		  B1   BB     2,420,805  
925,471
          American Reprographics Company
Term Loan, maturing December 18, 2009 		  B3   B     999,509  
7,492,816
          Canwest Media, Inc.
Term Loan, maturing August 15, 2009 		  Ba3   B+     7,595,842  
6,876,394
          Dex Media East, LLC
Term Loan, maturing November 08, 2008 		  Ba2   BB-     6,956,332  
3,916,606
          Term Loan, maturing May 08, 2009             3,965,564  
3,671,701
          Dex Media West, LLC
Term Loan, maturing September 09, 2009 		  Ba2   BB-     3,706,505  
18,703,766
          Term Loan, maturing March 09, 2010             18,898,603  
12,000,000
          Freedom Communications, Inc.
Term Loan, maturing May 18, 2012 		  Ba3   BB     12,210,000  
7,000,000
          Jostens, Inc.
Term Loan, maturing October 04, 2011 		  B1   B+     7,067,501  
5,368,811
          Journal Register Company
Term Loan, maturing August 12, 2012 		  Ba2   BB+     5,404,047  
12,370,370
          Lamar Media Corporation
Term Loan, maturing June 30, 2010 		  Ba2   BB-     12,503,735  
3,500,000
          MC Communications, LLC
Term Loan, maturing December 31, 2010 		  B2   B     3,508,750  
2,154,500
          Merrill Communications, LLC
Term Loan, maturing July 30, 2009 		  B1   B     2,180,759  
840,939
          Term Loan, maturing July 30, 2009             853,322  
2,500,000
          Newspaper Holdings, Inc.
Term Loan, maturing August 24, 2011 		  NR   NR     2,499,220  
1,945,375
          Primedia, Inc.
Revolver, maturing June 30, 2008 		  B3   B     1,869,992  
7,117,339
          Term Loan, maturing June 30, 2009             6,960,758  
1,500,000
          Term Loan, maturing December 31, 2009             1,504,376  
13,466,250
          R.H. Donnelley, Inc.
Term Loan, maturing June 30, 2011 		  Ba3   BB     13,616,978  
1,990,000
          Reader’s Digest Associations, Inc.
Term Loan, maturing May 20, 2008 		  Ba1   BB     2,017,673  
5,980,000
          Transwestern Publishing Company
Term Loan, maturing February 25, 2011 		  B1   B+     6,057,555  
3,980,003
          DTerm Loan, maturing February 25, 2012   B3   B-     4,044,057  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Printing and Publishing: (continued)                
$8,751,856
          Ziff Davis Media, Inc.
Term Loan, maturing March 31, 2007 		  B3   CCC   $ 8,715,387  
                           
                        153,455,070  
                           
Radio and TV Broadcasting: 7.5%                
2,789,884
          Block Communications, Inc.
Term Loan, maturing November 15, 2009 		  Ba2   BB-     2,810,808  
1,925,000
          Cumulus Media, Inc.
Term Loan, maturing March 28, 2009 		  Ba3   B+     1,943,649  
3,491,250
          Term Loan, maturing March 28, 2010             3,547,257  
10,000,000
          Emmis Operating Company
Term Loan, maturing November 10, 2011 		  Ba2   B+     10,116,880  
750,000
          Entravision Communications Corporation
Term Loan, maturing February 24, 2012 		  B1   B+     759,375  
2,500,000
          Term Loan, maturing February 24, 2012             2,531,250  
6,000,000
          Gray Television, Inc.
Term Loan, maturing June 30, 2011 		  Ba2   B+     6,082,500  
1,960,000
          LIN Television Corporation
Term Loan, maturing December 31, 2007 		  Ba1   BB     1,984,908  
3,064,660
          Mission Broadcasting, Inc.
Term Loan, maturing December 31, 2010 		  Ba3   B+     3,079,983  
3,000,000
          NEP Supershooters, L.P.
Term Loan, maturing November 30, 2010 		  B1   B     3,054,375  
2,173,466
          Nexstar Broadcasting, Inc.
Term Loan, maturing December 31, 2010 		  Ba3   B+     2,184,333  
18,000,000
          Paxson Communications Corporation
Floating Rate Note, maturing January 15, 2010 		  B1   B     18,090,000  
4,750,000
          Raycom Media, Inc.
Term Loan, maturing March 31, 2012 		  NR   NR     4,809,375  
3,000,000
          Sinclair Broadcast Group, Inc.
Term Loan, maturing June 30, 2009 		  Ba2   BB     3,020,625  
5,000,000
          Term Loan, maturing December 31, 2009             5,054,165  
1,985,000
          Spanish Broadcasting System, Inc.
Term Loan, maturing October 30, 2009 		  B1   B+     2,014,775  
7,000,000
          Susquehanna Media Company
Term Loan, maturing March 31, 2012 		  Ba2   BB-     7,094,066  
1,840,000
          Televicentro of Puerto Rico, LLC
Term Loan, maturing December 31, 2007 		  Ba1   BB     1,863,383  
                           
                        80,041,707  
                           
Retail Stores: 5.9%                
4,334,004
          Advance Stores Company, Inc.
Term Loan, maturing September 30, 2010 		  Ba2   BB+     4,392,244  
1,215,306
          Alimentation Couche-Tard, Inc.
Term Loan, maturing December 17, 2010 		  Ba2   BB     1,230,497  
1,102,500
          Baker & Taylor, Inc.
Revolver, maturing May 06, 2009 		  B1   B     1,091,475  
1,000,000
          Term Loan, maturing May 06, 2011             1,000,000  
15,000,000
          Blockbuster Entertainment Corporation
Term Loan, maturing August 19, 2011 		  Ba2   BB     14,974,215  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Retail Stores: (continued)                
$1,599,365
          CH Operating, LLC
Term Loan, maturing June 21, 2007 		  B2   B+   $ 1,595,367  
2,492,500
          CSK Automotive, Inc.
Term Loan, maturing June 19, 2009 		  Ba3   B+     2,522,098  
5,000,000
          Harbor Freight Tools USA, Inc.
Term Loan, maturing June 24, 2010 		  B1   B+     5,029,165  
9,975,000
          Jean Coutu Group, Inc.
Term Loan, maturing July 30, 2011 		  B1   BB     10,122,298  
2,487,500
          Nebraska Book Company, Inc.
Term Loan, maturing March 04, 2011 		  B2   B     2,523,258  
2,828,415
          Oriental Trading Company, Inc.
Term Loan, maturing August 06, 2010 		  B1   B+     2,871,430  
1,000,000
          Oriental Trading Company, Inc.
Term Loan, maturing January 08, 2011 		  B2   B-     1,020,625  
8,269,565
          Pantry, Inc.
Term Loan, maturing March 12, 2011 		  B1   B+     8,401,365  
2,075,129
          Petco Animal Supplies, Inc.
Term Loan, maturing October 26, 2008 		  Ba3   BB     2,101,718  
1,995,000
          Rite Aid Corporation
Term Loan, maturing August 31, 2009 		  NR   NR     2,016,821  
2,181,560
          Travelcenters Of America, Inc.
Term Loan, maturing November 14, 2008 		  Ba3   BB     2,192,468  
                           
                        63,085,044  
                           
Telecommunications Equipment: 2.9%                
3,500,000
          AAT Communications Corporation
Term Loan, maturing January 16, 2012 		  B1   B-     3,548,125  
9,975,000
          American Tower, L.P.
Term Loan, maturing August 31, 2011 		  B1   B     10,116,056  
7,231,875
          SBA Senior Finance, Inc.
Term Loan, maturing October 31, 2008 		  B2   CCC+     7,310,977  
10,000,000
          Spectrasite Communications, Inc.
Term Loan, maturing May 12, 2010 		  Ba3   BB-     10,095,830  
                           
                        31,070,988  
                           
Textiles and Leather: 0.7%                
    (2 )   Galey & Lord, Inc.
   NR   NR        
2,635,958
    (3 )   Term Loan, maturing September 05, 2009             720,951  
2,573,615
    (3 )   Malden Mills Industries, Inc.
Term Loan, maturing October 01, 2008 		  NR   NR     867,308  
735,319
    (3 )   Term Loan, maturing October 01, 2008         —
2,822,500
          Polymer Group, Inc.
Term Loan, maturing April 27, 2010 		  B2   B+     2,856,604  
1,508,347
          William Carter Company
Term Loan, maturing September 30, 2008 		  Ba3   BB+     1,530,972  
                           
                        5,975,835  
                           
Utilities: 5.7%                
17,000,000
          Allegheny Energy Supply Company
Term Loan, maturing March 08, 2011 		  B1   B+     17,318,750  
14,500,000
          Astoria Energy, LLC
Term Loan, maturing April 15, 2012 		  Ba3   B+     14,753,750  

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
                Bank Loan    
                Ratings†    
               
   
Principal Amount       Borrower/Tranche Description   Moody’s   S&P   Value
 
                            
Utilities: (continued)                
$1,980,000
          Calpine Construction Finance Company, L.P.
Term Loan, maturing August 26, 2009 		  NR   B+   $ 2,136,420  
3,942,588
          Calpine Corporation
Term Loan, maturing July 16, 2007 		  B2   B     3,439,202  
2,500,000
          Calpine Generating Company, LLC
Term Loan, maturing March 23, 2009 		  B1   B+     2,552,138  
3,462,162
          Centerpoint Energy, Inc.
Term Loan, maturing October 07, 2006 		  Ba1   BBB     3,478,393  
997,500
          Coleto Creek WLE, L.P.
Term Loan, maturing June 30, 2011 		  Ba2   BB     1,015,164  
1,000,000
          Term Loan, maturing June 30, 2012   Ba3   BB-     1,016,875  
2,992,500
          Dynegy Holdings, Inc.
Term Loan, maturing May 27, 2010 		  B2   BB-     3,058,898  
1,000,000
          Northwestern Corporation
Term Loan, maturing November 01, 2011 		  Ba1   BB     1,013,750  
4,190,534
          Pike Electric, Inc.
Term Loan, maturing July 01, 2012 		  Ba3   BB     4,235,180  
276,115
          Riverside Energy Center, LLC
Term Loan, maturing June 24, 2010 		  Ba3   BB-     278,876  
2,602,945
          Term Loan, maturing June 24, 2011             2,628,974  
3,620,937
          Term Loan, maturing June 24, 2011             3,657,146  
                           
                        60,583,516  
                           
          Total Senior Loans
(Cost $1,893,845,309) 		            1,905,954,698  
                           
Other Corporate Debt: 0.9%                
Finance: 0.7%                
7,424,894
          Value Asset Management, Inc.
Senior Subordinated Bridge Note, maturing August 31, 2005 		  B3   B     7,276,396  
                           
                        7,276,396  
                           
Healthcare, Education and Childcare: 0.0%                
 
           Block Vision Holdings Corporation   NR   NR      
13,365
          Junior Term Loan, maturing July 30, 2007           —  
                           
Home and Office Furnishings: 0.2%                
45,229
          MP Holdings, Inc.
Subordinated Note, maturing March 14, 2007 		  NR   NR     42,968  
2,000,000
          Sealy Mattress Company
Unsecured Term Loan, maturing April 05, 2013 		  B2   B+     2,070,000  
                           
                        2,112,968  
                           
          Total Other Corporate
Debt		                
          (Cost $9,466,603)             9,389,364  
                           

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
            Description       Value
 
                        
Equities and Other Assets: 2.4%            
(@), (R)
          Acterna, LLC (85,722 Common Shares)       $ 1,090,731  
(@), (R)
          Acterna, Inc. — Contingent Right       —
(1), (@), (R)
          Allied Digital Technologies Corporation (Residual Interest in Bankruptcy
Estate) 		        186,961  
(@), (R)
          AM Cosmetics Corporation
(Liquidation Interest) 		        50  
(@), (R)
          Block Vision Holdings Corporation
(571 Common Shares) 		      —
(2), (@), (R)
          Boston Chicken, Inc. (Residual Interest in Boston Chicken Plan Trust)         6,728,959  
(@), (R)
          Cedar Chemical (Liquidation
Interest) 		      —
(@), (R)
          Covenant Care, Inc. (Warrants for 19,000 Common Shares, Expires January 13, 2005)       —
(@), (R)
          Covenant Care, Inc. (Warrants for 26,901 Common Shares, Expires March 31, 2013)       —
(@), (R)
          Decision One Corporation (350,065
Common Shares) 		      —
(2), (@), (R)
          Electro Mechanical Solutions
(Residual Interest in
Bankruptcy Estate) 		        1,112  
(@), (R)
          Enginen Realty (857 Common Shares)       —
(@), (R)
          Enterprise Profit Solutions
(Liquidation Interest) 		      —
(4), (@), (R)
          Euro United Corporation (Residual
Interest in
Bankruptcy Estate) 		        2,335,366  
(2), (@), (R)
          Exide Technologies (Warrants for 16,501 Common Shares, Expires March 16, 2006)         165  
(@), (R)
          Galey & Lord, Inc. (203,345 Common Shares)       —
(@), (R)
          Gate Gourmet Borrower, LLC (Warrants for 101 Common Shares)       —
(@), (R)
          Gemini Leasing, Inc. (143,079 common shares)       —
(2), (@), (R)
          Grand Union Company (Residual
Interest in
Bankruptcy Estate) 		        54,523  
(@)
          Hayes Lemmerz International, Inc. (73,835 Common Shares)         562,623  
(@)
          Hayes Lemmerz International, Inc. (246 Preferred Shares)         1,875  
(@), (R)
          Holmes Group, Inc. (2,303 Common Shares)         22,731  
(2), (@), (R)
          Humphreys, Inc. (Residual Interest in Bankruptcy Estate)       —
(2), (@), (R)
          Imperial Home Décor Group, Inc. (300,141 Common Shares)         1  
(2), (@), (R)
          Imperial Home Décor Group, Inc. (Liquidation Interest)       —
(2), (@), (R)
          Insilco Technologies (Residual
Interest in Bankruptcy Estate) 		        20,586  
(@), (R)
          Intera Group, Inc. (864 Common Shares)       —
(2), (@), (R)
          IT Group, Inc. (Residual Interest in Bankruptcy Estate)         87,001  
(2), (@), (R)
          Kevco, Inc. (Residual Interest in Bankruptcy Estate)         147,443  
(2), (@), (R)
          Lincoln Pulp and Eastern Fine (Residual Interest in Bankruptcy Estate)       —
(@), (R)
          Malden Mills Industries, Inc. (436,865 Common Shares)       —
(@), (R)
          Malden Mills Industries, Inc. (1,427,661 Preferred Shares)       —
(@), (R)
          Morris Material Handling, Inc. (481,373 Common Shares)         1,078,276  
(@), (R)
          MP Holdings, Inc. (590 Common Shares)         6  
(@), (R)
          Murray’s Discount Auto Stores, Inc. (Escrow Interest)         40,136  

See Accompanying Notes to Financial Statements

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 
                             
            Description           Value
(@), (R)
          Neoplan USA Corporation (17,348 Common Shares)           $ —  
(@), (R)
          Neoplan USA Corporation (1,814,180 Series B Preferred Shares)           —  
(@), (R)
          Neoplan USA Corporation (1,084,000 Series C Preferred Shares)             205,960  
(@), (R)
          Neoplan USA Corporation (3,524,300 Series D Preferred Shares)             3,524,300  
(@), (R)
          New Piper Aircraft, Inc. (Residual Interest in Litigation Proceeds)           —  
(@), (R)
          New World Restaurant Group, Inc. (Warrants for 4,489 Common Shares, Expires June 15, 2006)             61,589  
(@), (R)
          Norwood Promotional Products, Inc. (72,238 Common Shares)           —  
(@)
          Outsourcing Solutions, Inc. (31,460 Common Shares)             863,892  
(@), (R)
          Safelite Glass Corporation (810,050 Common Shares)             6,553,305  
(@), (R)
          Safelite Realty Corporation (54,679 Common Shares)             300,735  
(@), (R)
          Scientific Games Corporation (48,930 Non-Voting
Common Shares) 		            1,169,427  
(@), (R)
          Soho Publishing (17,582 Common Shares)             176  
(@), (R)
          Targus Group, Inc. (Warrants for 66,824 Common Shares, Expires December 6, 2012)           —  
(1), (@), (R)
          Transtar Metals (Residual Interest in Bankruptcy
Estate) 		          —  
(1), (@), (R)
          TSR Wireless, LLC (Residual Interest in Bankruptcy Estate)           —  
(2), (@), (R)
          U.S. Aggregates (Residual Interest in Bankruptcy Estate)           —  
(2), (@), (R)
          U.S. Office Products Company (Residual Interest in Bankruptcy Estate)           —  
                           
          Total for Equity and Other Assets (Cost $21,536,034)             25,037,929  
                           
          Total Investments
(Cost $1,924,847,946) 		    182.6 %   $ 1,940,381,991  
          Preferred Shares and Liabilities in Excess of Cash and Other Assets — net     (82.6 )     (877,967,289 )
                           
          Net Assets     100.0 %   $ 1,062,414,702  
                           
                           

(@)   Non-income producing security.
 
(R)   Restricted security.
 
*   Senior loans, while exempt from registration under the Security 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.
 
NR   Not Rated
 
†   Bank Loans rated below Baa3 by Moody’s Investor Services, Inc. or BBB- by Standard & Poor’s Group are considered to be below investment grade.
 
(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.

 

 

ING Prime Rate Trust

 
PORTFOLIO OF INVESTMENTS   as of November 30, 2004 (unaudited) (continued)
 

(5)   For federal income tax purposes, the cost of investment is $1,925,761,759 and net unrealized appreciation consists of the following:
         
Gross Unrealized Appreciation
   $ 28,892,370  
Gross Unrealized Depreciation
     (14,272,138 )
 
      
Net Unrealized Appreciation
   $ 14,620,232  
 
      
 
      

See Accompanying Notes to Financial Statements

 

 

Item 2. Controls and Procedures.

(a)   Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-Q are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-Q and the officer certifications of such Form N-Q.
 
(b)   There were no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

 

 

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/ James M. Hennessy    
 
 		    
  James M. Hennessy    
  President and Chief Executive Officer    
 
        
Date: January 28, 2005    
 
   

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/ James M. Hennessy    
 
 		    
  James M. Hennessy    
  President and Chief Executive Officer    
 
        
Date: January 28, 2005    
 
   
 
        
By
  /s/ Michael J. Roland    
 
 		    
  Michael J. Roland    
  Executive Vice President and Chief Financial Officer    
 
        
Date: January 28, 2005