ING Prime Rate Trust to redeem 1,000 auction preferred shares

By Toni Weeks

San Diego, Sept. 2 - ING Prime Rate Trust said it will redeem 1,000, or half, of its series M, T, W, Th and F auction preferred shares over a four-day period in October, according to a filing with the Securities and Exchange Commission.

The trust will redeem

• 200 of its 400 series M shares on Oct. 11;

• 200 of its 400 series T shares on Oct. 12;

• 200 of its 400 series W shares on Oct. 13;

• 200 of its 400 series Th shares on Oct. 14; and

• 200 of its 400 series F shares on Oct. 11.

In December 2009, the trust announced its intention to redeem up to $100 million of the $225 million auction-rate preferreds then outstanding through four quarterly periodic redemptions of up to $25 million each. In September 2010, the continuation of the redemption program was approved by the board of trustees.

The trust is a New York diversified closed-end management investment company.

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