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<SEC-DOCUMENT>0001104659-07-031861.txt : 20070426
<SEC-HEADER>0001104659-07-031861.hdr.sgml : 20070426
<ACCEPTANCE-DATETIME>20070426152353
ACCESSION NUMBER:		0001104659-07-031861
CONFORMED SUBMISSION TYPE:	POS 8C
PUBLIC DOCUMENT COUNT:		27
FILED AS OF DATE:		20070426
DATE AS OF CHANGE:		20070426

FILER:

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

	FILING VALUES:
		FORM TYPE:		POS 8C
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-61831
		FILM NUMBER:		07791071

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

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

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

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		POS 8C
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		07791072

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS 8C
<SEQUENCE>1
<FILENAME>a07-4614_2pos8c.htm
<DESCRIPTION>486APOS
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><a name="scotch"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As filed with the Securities and Exchange Commission on April 26, 2007</font></a></p> <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities Act File No. 333-61831</font></p> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;margin:0pt 0pt 12.0pt;padding:0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act File No. 811-05410</font></p> </div>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b><font size="5" style="font-size:18.0pt;font-weight:bold;">U.S. SECURITIES AND EXCHANGE
  COMMISSION<br>
  </font>Washington, D.C. 20549</b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM
  N-2</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Check
  Appropriate box or boxes)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Registration
  Statement Under The Securities Act Of 1933</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pre-Effective
  Amendment No. </font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Post-Effective
  Amendment No. 17</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">and/or</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Registration
  Statement Under The Investment Company Act Of 1940</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendment
  No. 67</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Check appropriate box
  or boxes)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">ING
  PRIME RATE TRUST</font></b></p>
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of
  Registrant Specified in Charter)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7337 E.
  Doubletree Ranch Road</font></b></p>
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Scottsdale,
  AZ 85258</font></b></p>
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal
  Executive Offices)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:14.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:73.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s Telephone
  Number, Including Area Code: <b>(800) 992-0180</b></font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Huey P. Falgout, Jr.</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With copies to:</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING
  Investments, LLC</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Jeffrey
  S. Puretz, Esq.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7337
  East Doubletree Ranch Road</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dechert
  LLP</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Scottsdale,
  AZ 85258</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1775 I
  Street, NW</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and
  Address of Agent for Service)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
  DC 20006</font></b></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Approximate Date of
Proposed Offering: </font></u></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As soon as
practical after the effective date of this Registration Statement</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any securities
being registered on this form will be offered on a delayed or continuous basis
in reliance on Rule 415 under the Securities Act of 1933, other than securities
offered in connection with a dividend reinvestment plan, check the following
box.&#160; </font><font face="Wingdings">x</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is proposed
that this filing will become effective:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>When declared effective pursuant to Section
8(c) of the Securities Act of 1933.</p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;"><p style="color:black;margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">ING PRIME RATE TRUST (25 MILLION)</font></p><p style="color:black;margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">CONTENTS OF REGISTRATION STATEMENT</font></p><p style="color:black;margin:0pt 0pt 12.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">This Registration Statement consists of the following papers and documents:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->*</p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cover Sheet</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contents of Registration Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplement dated June 29, 2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust (25 Million Common Shares)
  Prospectus dated June 29, 2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust Statement of Additional
  Information dated June 29, 2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Part C</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Page</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="color:windowtext;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
Prime Rate Trust (&#147;Registrant&#148;)</font></b></p>

<p style="color:windowtext;font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Supplement dated June 29, 2007</font></b></p>

<p align="center" style="color:windowtext;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to
the current Prospectuses</font></p>

<p style="color:windowtext;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">dated June 29, 2007</font></b></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Prospectuses for the
Registrant are hereby supplemented with the following information relating to &#147;Information
Regarding Trading of ING&#146;s U.S. Mutual Funds.&#148;</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Information Regarding Trading of
ING&#146;s U.S. Mutual Funds</font></b></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As discussed in earlier
supplements, ING Investments, LLC (&#147;Investments&#148;), the adviser to the ING
Funds, has reported to the Boards of Directors/Trustees (the &#147;Boards&#148;) of the ING
Funds that, like many U.S. financial services companies, Investments and
certain of its U.S. affiliates have received informal and formal requests for
information since September 2003 from various governmental and self-regulatory
agencies in connection with investigations related to mutual funds and variable
insurance products.&#160; Investments has
advised the Boards that it and its affiliates have cooperated fully with each
request.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to responding
to regulatory and governmental requests, Investments reported that management
of U.S. affiliates of ING Groep N.V., including Investments (collectively, &#147;ING&#148;),
on their own initiative, have conducted, through independent special counsel
and a national accounting firm, an extensive internal review of trading in ING
insurance, retirement, and mutual fund products. The goal of this review was to
identify any instances of inappropriate trading in those products by third
parties or by ING investment professionals and other ING personnel. ING&#146;s
internal review related to mutual fund trading is now substantially
completed.&#160; ING has reported that, of the
millions of customer relationships that ING maintains, the internal review
identified several isolated arrangements allowing third parties to engage in
frequent trading of mutual funds within ING&#146;s variable insurance and mutual
fund products, and identified other circumstances where frequent trading
occurred, despite measures taken by ING intended to combat market timing.&#160; ING further reported that each of these arrangements
has been terminated and fully disclosed to regulators.&#160; The results of the internal review were also
reported to the independent members of the Boards.</font></p>

<p style="color:black;margin-left:0pt;margin-right:0pt;margin-top:0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Investments has advised the Boards
that most of the identified arrangements were initiated prior to ING&#146;s
acquisition of the businesses in question in the U.S.&#160; Investments further reported that the
companies in question did not receive special benefits in return for any of
these arrangements, which have all been terminated.</font></p>

<p style="color:black;margin-left:0pt;margin-right:0pt;margin-top:0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Based on the internal review,
Investments has advised the Boards that the identified arrangements do not
represent a systemic problem in any of the companies that were involved.</font></p>

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<p style="color:black;margin-left:0pt;margin-right:0pt;margin-top:0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">In September 2005, ING Funds
Distributor, LLC (&#147;IFD&#148;), the distributor of certain ING Funds, settled an
administrative proceeding with the NASD regarding three arrangements, dating
from 1995, 1996 and 1998, under which the administrator to the then-Pilgrim
Funds, which subsequently became part of the ING Funds, entered into formal and
informal arrangements that permitted frequent trading.&#160; Under the terms of the Letter of Acceptance,
Waiver and Consent (&#147;AWC&#148;) with the NASD, under which IFD neither admitted nor
denied the allegations or findings, IFD consented to the following sanctions:
(i) a censure; (ii) a fine of $1.5 million; (iii) restitution of approximately
$1.44 million to certain ING Funds for losses attributable to excessive trading
described in the AWC; and (iv) agreement to make certification to NASD
regarding the review and establishment of certain procedures.</font></p>

<p style="color:black;margin-left:0pt;margin-right:0pt;margin-top:0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">In addition to the arrangements
discussed above, Investments reported to the Boards that, at this time, these
instances include the following, in addition to the arrangements subject to the
AWC discussed above:</font></p>

<p style="color:black;font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">Aeltus Investment Management, Inc.
(a predecessor entity to ING Investment Management Co.) identified two
investment professionals who engaged in extensive frequent trading in certain
ING Funds.&#160; One was subsequently
terminated for cause and incurred substantial financial penalties in connection
with this conduct and the second has been disciplined.</font></p>

<p style="color:black;font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">ReliaStar Life Insurance Company (&#147;ReliaStar&#148;)
entered into agreements seven years ago permitting the owner of policies issued
by the insurer to engage in frequent trading and to submit orders until 4pm
Central Time.&#160; In 2001 ReliaStar also
entered into a selling agreement with a broker-dealer that engaged in frequent
trading.&#160; Employees of ING affiliates were
terminated and/or disciplined in connection with these matters.</font></p>

<p style="color:black;font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">In 1998, Golden American Life
Insurance Company entered into arrangements permitting a broker-dealer to
frequently trade up to certain specific limits in a fund available in an ING
variable annuity product.&#160; No employee
responsible for this arrangement remains at the company.</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For additional information regarding these matters, you may consult the&#160; Form 8-K and Form 8-K/A for each of four life insurance companies, </font><font face="Times New Roman">ING USA Annuity and Life Insurance Company, ING Life Insurance and Annuity Company, ING Insurance Company of America, and ReliaStar Life Insurance Company of New York, each filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on October 29, 2004 and September 8, 2004.&#160; These Forms 8-K and Forms 8-K/A can be accessed through the SEC&#146;s Web site at http://</font><font face="Times New Roman">www.sec.gov</font><font face="Times New Roman">.&#160; Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Boards are the only instances of 
such trading respecting the ING Funds.</font></p>

<p style="color:black;margin-left:0pt;margin-right:0pt;margin-top:0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Investments reported to the Boards
that ING is committed to conducting its business with the highest standards of
ethical conduct with zero tolerance for noncompliance. Accordingly, Investments
advised the Boards that ING management was disappointed</font></p>


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<p style="color:black;margin-left:0pt;margin-right:0pt;margin-top:0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">that its voluntary internal review
identified these situations. Viewed in the context of the breadth and magnitude
of its U.S. business as a whole, ING management does not believe that ING&#146;s
acquired companies had systemic ethical or compliance issues in these areas.
Nonetheless, Investments reported that given ING&#146;s refusal to tolerate any
lapses, it has taken the steps noted below, and will continue to seek
opportunities to further strengthen the internal controls of its affiliates.</font></p>

<p style="color:black;font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">ING has agreed with the ING Funds to
indemnify and hold harmless the ING Funds from all damages resulting from
wrongful conduct by ING or its employees or from ING&#146;s internal investigation,
any investigations conducted by any governmental or self-regulatory agencies,
litigation or other formal proceedings, including any proceedings by the
SEC.&#160; Investments reported to the Boards
that ING management believes that the total amount of any indemnification obligations
will not be material to ING or its U.S. business.</font></p>

<p style="color:black;font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">ING updated its Code of Conduct for
employees reinforcing its employees&#146; obligation to conduct personal trading
activity consistent with the law, disclosed limits, and other requirements.</font></p>

<p style="color:black;font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">The ING Funds, upon a recommendation
from ING, updated their respective Codes of Ethics applicable to investment
professionals with ING entities and certain other fund personnel, requiring
such personnel to pre-clear any purchases or sales of ING Funds that are not
systematic in nature (i.e., dividend reinvestment), and imposing minimum
holding periods for shares of ING Funds.</font></p>

<p style="color:black;font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">ING instituted excessive trading
policies for all customers in its variable insurance and retirement products
and for shareholders of the ING Funds sold to the public through financial
intermediaries.&#160; ING does not make
exceptions to these policies.</font></p>

<p style="color:windowtext;font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ING
reorganized and expanded its U.S. Compliance Department, and created an
Enterprise Compliance team to enhance controls and consistency in regulatory
compliance.</p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other Regulatory
Matters.</font></b></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The New York Attorney General (the &#147;NYAG&#148;) and other
federal and state regulators are also conducting broad inquiries and
investigations involving the insurance industry. These initiatives currently
focus on, among other things, compensation and other sales incentives;
potential conflicts of interest; potential anti-competitive activity;
reinsurance; marketing practices (including suitability); specific product
types (including group annuities and indexed annuities); fund selection for
investment products and brokerage sales; and disclosure. It is likely that the
scope of these industry investigations will further broaden before they
conclude. ING has received formal and informal requests in connection with such
investigations, and is cooperating fully with each request.&#160; In connection with one such investigation, affiliates
of Investments were named in a petition for relief and cease and desist order
filed by the New Hampshire Bureau of Securities Regulation (the &#147;NH Bureau&#148;) concerning
their administration of the New Hampshire state employees deferred compensation
plan.</font></p>


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<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October 10, 2006, an affiliate of Investments
entered into an assurance of discontinuance with the NYAG (the &#147;NYAG Agreement&#148;)
regarding the endorsement of its products by the New York State United Teachers
Union Member Benefits Trust (&#147;NYSUT&#148;) and the sale of their products to NYSUT
members.&#160; Under the terms of the NYAG
Agreement, the affiliate of Investments, without admitting or denying the NYAG&#146;s
findings, will distribute $30 million to NYSUT members, and/or former NYSUT
members, who participated in the NYSUT-endorsed products at any point between
January 1, 2001 and June 30, 2006.&#160; The
affiliate also agreed with the NYAG&#146;s office to develop a one-page disclosure
that will further improve transparency and disclosure regarding retirement
product fees (the &#147;One-Page Disclosure&#148;).&#160;
Pursuant to the terms of the NYAG Agreement, the affiliate has agreed
for a five year period to provide its retirement product customers with the One-Page
Disclosure.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, on the same date, these affiliates of
Investments entered into a consent agreement with the NH Bureau (the &#147;NH
Agreement&#148;) to resolve this petition for relief and cease and desist
order.&#160; Under the terms of the NH
Agreement, these affiliates of Investments, without admitting or denying the NH
Bureau&#146;s claims, have agreed to pay $3 million to resolve the matter, and for a
five year period to provide their retirement product customers with the
One-Page Disclosure described above.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other federal and state regulators could initiate
similar actions in this or other areas of ING&#146;s businesses.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These regulatory initiatives may result in new legislation and
regulation that could significantly affect the financial services industry,
including businesses in which ING is engaged.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In light of these and other developments, ING
continuously reviews whether modifications to its business practices are
appropriate.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At this time, in light of
the current regulatory factors, ING U.S. is actively engaged in reviewing
whether any modifications in our practices are appropriate for the future.</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There can be no assurance
that these matters, or the adverse publicity associated with them, will not
result in increased fund redemptions, reduced sale of fund shares, or other
adverse consequences to ING Funds.</font></p>


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<p style="color:windowtext;margin:0pt 0pt .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE</font></b></p>
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<!-- Document name: 07-4614-4.aa-->
<p><img src="j0746144_aa001.jpg"></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Prospectus</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Prospectus</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>June 29, 2007</b></font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">25,000,000 Common Shares</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING Prime Rate Trust</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">This Prospectus sets forth concisely the information about ING Prime Rate Trust ("Trust") that a prospective investor ought to know before investing. You should read it carefully before you invest, and keep it for future reference.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has filed with the Securities and Exchange Commission ("SEC") a Statement of Additional Information ("SAI") dated June 29, 2007 containing additional information about the Trust. The SAI is incorporated by reference in its entirety into this Prospectus. You may obtain a free copy of the SAI, annual shareholder report and semi-annual shareholder report by contacting the Trust at (800) 992-0180 or by writing to the Trust at 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258. The Trust's SAI and annual and semi-annual shareholder reports are available, free of charge, on the Trust's website at www.ingfunds.com. The Prospectus, SAI and other information about the Trust are also available on the SEC's website (http://www.sec.gov). The table of contents for the SAI appears on page 30 of this Prospectus.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares of the Trust trade on the New York Stock Exchange (the "NYSE") under the symbol PPR.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">Market fluctuations and general economic conditions can adversely affect the Trust. There is no guarantee that the Trust will achieve its investment objective. Investment in the Trust involves certain risks and special considerations, including risks associated with the Trust's use of leverage. See "Risk Factors and Special Considerations" on pages 4 and 15 for a discussion of any factors that make investment in the Trust speculative or high risk.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">Neither the SEC nor any state securities commission has approved or disapproved these securities, or determined that this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </font></p>
<p><img src="j0746144_aa002.jpg"></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<!-- Document name: 07-4614-4.ba-->
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">WHAT'S INSIDE</font></p>
<p align="left"><img src="j0746144_ba001.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;INVESTMENT<BR>OBJECTIVE</font></p>
<p align="left"><img src="j0746144_ba002.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;PRINCIPAL<BR>INVESTMENT <BR>STRATEGIES</font></p>
<p align="left"><img src="j0746144_ba003.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;RISKS</font></p>
<p align="left"><img src="j0746144_ba004.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;WHAT YOU PAY TO INVEST</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">This Prospectus describes ING Prime Rate Trust's investment objective, principal investment strategies and risks. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">You'll also find:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>What you pay to invest. </b></font><font face="Times New Roman PS, Times New Roman, Times" size="2">A list of the fees and expenses you pay &#151; both directly and indirectly</font><font size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#151;</font><font size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="2">when you invest in ING Prime Rate Trust.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Introduction to ING Prime Rate Trust</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">1</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Prospectus Synopsis</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">2</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">What You Pay To Invest &#151; Trust Expenses</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6</font>

</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Highlights</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">


&nbsp;

</td>
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<font face="Times New Roman PS, Times New Roman, Times" size="2">8</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Trading and NAV Information</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">10</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Objective and Policies</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">11</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's Investments</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">13</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Risk Factors and Special Considerations</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">15</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Transaction Policies</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">20</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Plan of Distribution</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">21</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Use of Proceeds</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">22</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Dividends and Distributions</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">22</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Management and Other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Service Providers</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">23</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Description of the Trust</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">25</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Description of Capital Structure</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">27</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax Matters</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">28</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">More Information</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">29</font>

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&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="2">Statement of Additional Information<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Table of Contents</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">30</font>

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&nbsp;

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<p>&nbsp;</p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">INTRODUCTION TO ING PRIME RATE TRUST</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Risk is the potential that your investment will lose money or not earn as much as you hope. All mutual funds have varying degrees of risk, depending upon the securities in which they invest.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">This Trust involves certain risks and special considerations, including risks associated with investing in below investment grade assets and risks associated with the Trust's use of borrowing and other leverage strategies. See "Risk Factors and Special Considerations" on pages 4 and 15.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Please read this Prospectus carefully to be sure you understand the principal investment strategies and risks associated with the Trust. You should consult the SAI for a complete list of the principal investment strategies and risks.</font></p>
<p align="left"><img src="j0746144_ba005.jpg">
</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">If you have any questions about the Trust, please call your investment professional or us at 1-800-992-0180.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>This Prospectus is designed to help you make an informed decision about making an investment in ING Prime Rate Trust ("Trust"). Please read it carefully and retain it for future reference.</i></b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Who should invest in the Trust?</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING PRIME RATE TRUST MAY BE A SUITABLE INVESTMENT IF YOU:</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;are seeking a high level of current income; and</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;are willing to accept the risks associated with an investment in a leveraged portfolio consisting primarily of senior loans that are typically below investment grade credit quality.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DESCRIPTION OF THE TRUST</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is a diversified, closed-end management investment company that seeks to provide investors with as high a level of current income as is consistent with the preservation of capital. The Trust seeks to achieve this objective by investing in a professionally managed portfolio comprised primarily of senior loans, an investment typically not available directly to individual investors. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Since the senior loans in the Trust's portfolio typically are below investment grade credit quality and the portfolio is leveraged, the Trust has speculative characteristics. The Trust cannot guarantee that it will achieve its investment objective.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares of the Trust trade on the NYSE under the symbol PPR.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's investment adviser is ING Investments, LLC. The Trust's sub-adviser is ING Investment Management Co.</font></p>
<p><img src="j0746144_ba006.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Introduction to the Trust<br>1</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following synopsis is qualified in its entirety by reference to the more detailed information appearing elsewhere in this Prospectus.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DESCRIPTION OF <BR>THE TRUST</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>The Trust</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). It was organized as a Massachusetts business trust on December 2, 1987. As of June 15, 2007, the Trust's net asset value ("NAV") per Common Share was $[      ].</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NYSE Listed</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">As of June 15, 2007, the Trust had [      ] Common Shares outstanding, which are traded on the NYSE under the symbol PPR. At that date, the last reported sales price of a Common Share of the Trust was $[      ].</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Objective</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">To provide investors with as high a level of current income as is consistent with the preservation of capital. There is no assurance that the Trust will achieve its investment objective.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Adviser/Sub-Adviser</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's investment adviser is ING Investments, LLC ("ING Investments" or "Adviser"), an Arizona limited liability company. As of March 31, 2007, ING Investments managed approximately $[      ] billion in assets.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Adviser is an indirect, wholly-owned subsidiary of ING Groep N.V. ("ING Groep") (NYSE: ING). ING Groep is one of the largest financial services organizations in the world with approximately 120,000 employees. Based in Amsterdam, ING Groep offers an array of banking, insurance and asset management services to both individual and institutional investors.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Adviser receives an annual fee, payable monthly, in an amount equal to 0.80% of the Trust's average daily gross asset value, minus the sum of the Trust's accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Trust and the liquidation preference of any outstanding preferred shares) ("Managed Assets"). This definition includes the assets acquired through the Trust's use of leverage.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Investment Management Co. ("ING IM" or "Sub-Adviser") serves as sub-adviser to the Trust. See "Investment Management and Other Service Providers &#151; Sub-Adviser" on page 23. ING IM is an affiliate of the Adviser.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Distributions</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Income dividends on Common Shares accrue and are declared and paid monthly. Income dividends may be distributed in cash or reinvested in additional full and fractional shares of the Trust through the Trust's Shareholder Investment Program.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Principal Investment Strategies</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. dollar denominated floating rate secured senior loans ("Senior Loans"). The Trust will provide shareholders with at least 60 days' prior notice of any change in this investment policy. Under normal circumstances, the Trust invests at least 80% of its assets in Senior Loans made to corporations or other business entities organized under U.S. or Canadian law and that are domiciled in the U.S., Canada or in U.S. territories or possessions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Senior Loans in which the Trust invests either hold the most senior position in the capital structure of the borrower or hold an equal ranking with other senior debt or have characteristics that the Adviser or Sub-Adviser believes justifies treatment as senior debt. These Senior Loans are typically below investment grade quality.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust typically makes its investments in Senior Loans by purchasing a portion of the overall loan, i.e., the Trust becomes one of a number of lenders participating in the loan. The Trust may also make its investments in Senior Loans through the use of derivative instruments such as participations, credit-linked notes, credit default swaps, and total return swaps as long as the reference obligation for any such instrument is a Senior Loan. Investments through the use of such derivative instruments involve counterparty risk, i.e., the risk that the party from which such instrument is purchased will not perform as agreed. The Trust seeks to minimize such counterparty risk by purchasing such investments from large, well established and highly rated counter-parties.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>2</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Other Investment Strategies and Policies</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Assets not invested in Senior Loans may be invested in unsecured loans, subordinated loans, short-term debt securities, and equities acquired in connection with investments in loans. See "Investment Objective and Policies" on page 11.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Loans in which the Trust invests typically have interest rates which reset at least quarterly and may reset as frequently as daily. The maximum duration of an interest rate reset on any loan in which the Trust may invest is one year. In order to achieve overall reset balance, the Trust will ordinarily maintain a dollar-weighted average time until the next interest rate adjustment on its loans of 90 days or less.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Normally at least 80% of the Trust's portfolio will be invested in Senior Loans with maturities of one to ten years. The maximum maturity on any loan in which the Trust may invest is ten years.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">To seek to increase the yield on the Common Shares, the Trust may engage in lending its portfolio securities. Such lending will be fully secured by investment grade collateral held by an independent agent.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust may hold a portion of its assets in short-term interest bearing instruments. Moreover, in periods when, in the opinion of the Adviser or Sub-Adviser, a temporary defensive position is appropriate, up to 100% of the Trust's assets may be held in cash or short-term interest bearing instruments. The Trust may not achieve its investment objective when pursuing a temporary defensive position.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust may invest up to 20% of its total assets in U.S. dollar denominated loans, secured or unsecured, to borrowers that are organized or located in countries outside the United States and Canada or U.S. territories and possessions and up to 15% of its total assets in investments denominated in the Organization for Economic Co-operation and Development ("OECD") currencies (including the euro), other than the U.S. dollar.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust may engage in executing repurchase and reverse repurchase agreements.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Leverage</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">To seek to increase the yield on the Common Shares, the Trust employs financial leverage by borrowing money and issuing preferred shares. The timing and terms of leverage will be determined by the Trust's Board of Trustees ("Board") in consultation with the Adviser or Sub-Adviser. See "Risk Factors and Special Considerations &#151; Leverage" on page 16.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Borrowings</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Under the 1940 Act, the Trust may borrow up to an amount equal to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="2">% of its total assets (including the proceeds of the borrowings) less all liabilities other than borrowings. The Trust's obligations to holders of its debt are senior to its ability to pay dividends on, or repurchase, Common Shares and preferred shares, or to pay holders of Common Shares and preferred shares in the event of liquidation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Preferred Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Under the 1940 Act, the Trust may issue preferred shares so long as immediately after any issuance of preferred shares the value of the Trust's total assets (less all Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust's senior indebtedness plus the involuntary liquidation preference of all outstanding shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust is authorized to issue an unlimited number of shares of a class of preferred stock in one or more series. In November 2000, the Trust issued 3,600 shares each of Series M, T, W, Th and F Auction Rate Cumulative Preferred Shares, $0.01 par value, $25,000 liquidation preference per share, for a total issuance of $450 million ("Preferred Shares"). The Trust's obligations to holders of the Preferred Shares are senior to its ability to pay dividends on, or repurchase, Common Shares, or to pay holders of Common Shares in the event of liquidation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The 1940 Act also requires that the holders of the Preferred Shares, voting as a separate class, have the right to:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;elect at least two trustees at all times; and</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;elect a majority of the trustees at any time when dividends on any series of Preferred Shares are unpaid for two full years.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">In each case, the holders of Common Shares voting separately as a class will elect the remaining trustees.</font></p>
<p><img src="j0746144_ba007.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>3</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Diversification</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust maintains a diversified investment portfolio, an investment strategy which seeks to limit exposure to any one issuer or industry.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">As a diversified investment company, the Trust may not make investments in any one issuer (other than the U.S. government) if, immediately after such purchase or acquisition, more than 5% of the value of the Trust's total assets would be invested in such issuer, or the Trust would own more than 25% of any outstanding issue. The Trust will consider a borrower on a loan, including a loan participation, to be the issuer of that loan. In addition, with respect to a loan under which the Trust does not have privity with the borrower or would not have a direct cause of action against the borrower in the event of the failure of the borrower to pay scheduled principal or interest, the Trust will also separately meet the foregoing requirements and consider each interpositioned bank (a lender from which the Trust acquires a loan) to be an issuer of the loan. This investment strategy is a fundamental policy that may not be changed without s
hareholder approval. With respect to no more than 25% of its total assets, the Trust may make investments that are not subject to the foregoing restrictions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Concentration</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">In addition, a maximum of 25% of the Trust's total assets, measured at the time of investment, may be invested in any one industry. This investment strategy is also a fundamental policy that may not be changed without shareholder approval.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Plan of Distribution</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Common Shares are offered by the Trust through the Trust's Shareholder Investment Program. The Shareholder Investment Program allows participating shareholders to reinvest all dividends in additional shares of the Trust, and also allows participants to purchase additional Common Shares through optional cash investments in amounts ranging from a minimum of $100 to a maximum of $100,000 per month. The Trust and ING Funds Distributor, LLC ("ING Funds Distributor" or "Distributor") reserve the right to reject any purchase order. Please note that cash, travelers checks, third-party checks, money orders and checks drawn on non-U.S. banks (even if payment may be effected through a U.S. bank) generally will not be accepted. Common Shares may be issued by the Trust under the Shareholder Investment Program only if the Trust's Common Shares are trading at a premium to NAV. If the Trust's Common Shares are trading at a discount to NAV, 
Common Shares purchased under the Shareholder Investment Program will be purchased on the open market. See "Plan of Distribution" on pages 21 and 22.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Shareholders may elect to participate in the Shareholder Investment Program by telephoning the Trust or submitting a completed Participation Form to DST Systems, Inc. ("DST").</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Common Shares also may be offered pursuant to privately negotiated transactions between the Trust or the Distributor and individual investors. Common Shares of the Trust issued in connection with privately negotiated transactions will be issued at the greater of (i) NAV per Common Share of the Trust's Common Shares or (ii) at a discount ranging from 0% to 5% of the average daily market price of the Trust's Common Shares at the close of business on the two business days preceding the date upon which Common Shares are sold pursuant to the privately negotiated transaction. See "Plan of Distribution" on pages 21 and 22.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Administrator</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's administrator is ING Funds Services, LLC ("Administrator"). The Administrator is an affiliate of the Adviser. The Administrator receives an annual fee, payable monthly, in a maximum amount equal to 0.25% of the Trust's Managed Assets.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>RISK FACTORS<BR>AND SPECIAL<BR>CONSIDERATIONS</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Credit Risk on Senior Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust invests a substantial portion of its assets in below investment grade senior loans and other below investment grade assets. Below investment grade loans involve a greater risk that borrowers may not make timely payment of the interest and principal due on their loans. They also involve a greater risk that the value of such loans could decline significantly. If borrowers do not make timely payments of</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>4</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">the interest due on their loans, the yield on the Trust's Common Shares will decrease. If borrowers do not make timely payment of the principal due on their loans, or if the value of such loans decreases, the Trust's NAV will decrease.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Interest Rate Risk</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Changes in short-term market interest rates will directly affect the yield on the Trust's Common Shares. If short-term market interest rates fall, the yield on the Trust's Common Shares will also fall. To the extent that the interest rate spreads on loans in the Trust's portfolio experience a general decline, the yield on the Trust's Common Shares will fall and the value of the Trust's assets may decrease, which will cause the Trust's NAV to decrease. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the Trust's portfolio, the impact of rising rates will be delayed to the extent of such lag.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Discount from NAV</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">As with any security, the market value of the Common Shares may increase or decrease from the amount that you paid for the Common Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's Common Shares may trade at a discount to NAV. This is a risk separate and distinct from the risk that the Trust's NAV per Common Share may decrease.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Leverage</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's use of leverage through borrowings and the issuance of Preferred Shares can adversely affect the yield on the Trust's Common Shares. To the extent that the Trust is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Trust's Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in which the Trust invests, the effect of that decline will be magnified in the Trust because of the additional assets purchased with the proceeds of the leverage. As of June 15, 2007, the Trust had $[      ] million of borrowings outstanding under two credit facilities totaling $[      ], and $[      ] million of Preferred Shares issued and outstanding.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Limited Secondary Market For Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Because of the limited secondary market for loans, the Trust may be limited in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Demand For Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">An increase in demand for loans may adversely affect the rate of interest payable on new loans acquired by the Trust, and it may also increase the price of loans in the secondary market.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Impact of Shareholder Investment Program and Privately Negotiated Transactions</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The issuance of Common Shares through the Shareholder Investment Program and/or through privately negotiated transactions may have an adverse effect on prices in the secondary market for the Trust's Common Shares by increasing the number of Common Shares available for sale. In addition, the Common Shares may be issued at a discount to the market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Trust.</font></p>
<p><img src="j0746144_ba008.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>5</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">WHAT YOU PAY TO INVEST &#151; TRUST EXPENSES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The cost you pay to invest in the Trust includes the expenses incurred by the Trust. In accordance with SEC requirements, the table below shows the expenses of the Trust, including interest expense on borrowings, as a percentage of the average net assets of the Trust, and not as a percentage of gross assets or Managed Assets. By showing expenses as a percentage of net assets, expenses are not expressed as a percentage of all of the assets that are invested for the Trust. The Table below assumes that the Trust has issued $450 million of Preferred Shares and has borrowed an amount equal to 25% of its Managed Assets. For information about the Trust's expense ratios if the Trust had not borrowed or issued Preferred Shares, see "Risk Factors and Special Considerations &#151; Annual Expenses Without Borrowings or Preferred Shares."</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="369" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Shareholder Transaction Expenses</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholder Investment Program Fees</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">NONE</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Privately Negotiated Transactions Maximum Sales Load on <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Your Investment (as a percentage of offering price)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.00</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="369" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Annual Expenses (as a percentage of net assets attributable to Common Shares)</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Management and Administrative Fees<sup>(1)</sup></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Interest Expense on Borrowed Funds</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Operating Expenses<sup>(2)</sup></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Annual Expenses<sup>(3)</sup></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="19" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="42" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(1)</sup>&nbsp;&nbsp;Pursuant to the Investment Advisory Agreement with the Trust, ING Investments is paid a fee of 0.80% of the Trust's Managed Assets. Pursuant to its Administration Agreement with the Trust, the Trust's Administrator is paid a fee of 0.25% of the Trust's Managed Assets. See "Investment Management and Other Service Providers &#151; The Administrator."</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup>&nbsp;&nbsp;"Other Operating Expenses" are based on estimated amounts for the current fiscal year, which, in turn, are based on "other operating expenses" for the fiscal year ended February 28, 2007, and do not include the expenses of borrowing.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup>&nbsp;&nbsp;If the Total Annual Expenses of the Trust were expressed as a percentage of Managed Assets (assuming the same 25% borrowing), the Total Annual Expense ratio would be [      ]%.</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">What You Pay to Invest &#151; Trust Expenses<br>6</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">WHAT YOU PAY TO INVEST &#151; TRUST EXPENSES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Examples</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following hypothetical Examples show the amount of the expenses that an investor in the Trust would bear on a $1,000 investment that is held for the different time periods in the table. The examples assume that all dividends and other distributions are reinvested at NAV and that the percentage amounts listed under Total Annual Expenses remain the same in the years shown. The tables and the assumption in the hypothetical examples of a 5% annual return are required by regulations of the SEC applicable to all investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Trust's Common Shares. For more complete descriptions of certain of the Trust's costs and expenses, see "Investment Management and Other Service Providers."</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Example #1</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following Example applies to shares issued in connection with the Trust's Shareholder Investment Program. This example does not take into account whether such shares are purchased at a discount or a premium to the Trust's NAV.</font></p>
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&nbsp;

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<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1 Year</b></font>

</td>
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<td colspan="3" width="61" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>3 Years</b></font>

</td>
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<td colspan="3" width="61" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>5 Years</b></font>

</td>
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<td colspan="3" width="66" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>10 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="237" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">You would pay the following expenses on a $1,000 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">investment, assuming a 5% annual return and where the <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust has borrowed in an amount equal to 25% of its <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Managed Assets</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="237" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">You would pay the following expenses on a $1,000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">investment, assuming a 5% annual return and where the<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust has not borrowed</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Example #2</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following Example applies to shares issued in connection with privately negotiated transactions, which have the maximum front-end sales load of 3%.</font></p>
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<tr>
<td colspan="3" width="237" valign="bottom">


&nbsp;

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<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1 Year</b></font>

</td>
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<td colspan="3" width="61" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>3 Years</b></font>

</td>
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<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>5 Years</b></font>

</td>
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<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>10 Years</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="237" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">You would pay the following expenses on a $1,000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">investment, assuming a 5% annual return and where the<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust has borrowed in an amount equal to 25% of its <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Managed Assets</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="237" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">You would pay the following expenses on a $1,000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">investment, assuming a 5% annual return and where the<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust has not borrowed</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="41" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="45" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="50" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The purpose of each table is to assist you in understanding the various costs and expenses that an investor in the Trust will bear directly or indirectly.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>The foregoing Examples should not be considered a representation of future expenses, and actual expenses may be greater or less than those shown.</b></font></p>
<p><img src="j0746144_ca009.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">What You Pay to Invest &#151; Trust Expenses<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='7',FILE='07-4614-4.ca',USER='bhansen',CD='Apr 25 19:31 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">FINANCIAL HIGHLIGHTS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Financial Highlights Table</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The table below sets forth selected financial information which has been derived from the financial statements in the Trust's annual shareholder report dated as of February 28, 2007. The information in the table below has been audited by KPMG LLP, an independent registered public accounting firm. A report of the Trust's independent registered public accounting firm along with the Trust's financial statements is included in the Trust's annual shareholder report dated as of February 28, 2007. A free copy of the annual shareholder report may be obtained by calling (800) 992-0180.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="147" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="514" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Years Ended February 28 or February 29,</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2007</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2006</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2005</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2004</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2003</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="661" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Per Share Operating Performance</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value, beginning of year</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.47</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.34</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.73</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.20</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.09</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="661" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Income from investment operations:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.57</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.45</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.46</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.50</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.74</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">on investments</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.12</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.16</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.61</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.47</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.89</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total from investment operations</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.69</font>

</td>
<td colspan="1" width="25" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.61</font>

</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.07</font>

</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.03</font>

</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.15</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to Common Shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">from net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.46</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.43</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.42</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.45</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.63</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Distribution to Preferred Shareholders</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.11</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.05</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.04</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.05</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.11</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value, end of year</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.59</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.47</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.34</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.73</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.20</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Closing market price at end of year</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.02</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.56</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.84</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.46</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.77</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="661" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Investment Return</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup>(1)</sup></b></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment return at closing<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">market price</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font>&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.82</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.04</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">28.77</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.53</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(9.20</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment return at net asset <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">value</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.53</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.70</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">15.72</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.44</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(3.02</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="661" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ratios/Supplemental Data</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets end of year (000's)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100,671</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,082,748</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,010,325</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">922,383</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">985,982</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares-Aggregate <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">amount outstanding (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Liquidation and market value<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">per share of Preferred Shares</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Borrowings at end of year (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">465,000</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">496,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">225,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">167,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">282,000</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per $1,000 of debt</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2,203</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2,140</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2,350</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Average borrowings (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">509,178</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">414,889</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">143,194</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">190,671</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">365,126</font>

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios to average net assets including <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">facility)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.64</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.60</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.45</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.49</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.57</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.02</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.21</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.65</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.81</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.54</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.02</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.22</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.65</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.81</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.54</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">5.44</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.21</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.57</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.97</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.83</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios to average net assets plus <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">borrowings</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="25" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">facility)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.58</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.63</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.82</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.66</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.90</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.26</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.09</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.23</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.70</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.90</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.27</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.09</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.23</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.70</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">5.24</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.32</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">5.82</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.10</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.24</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios to average net assets</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">other fees related to revolving<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">credit facility)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.33</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.29</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.11</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.19</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.25</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.27</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.17</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.40</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.68</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.64</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.27</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.18</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.40</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.68</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.64</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.71</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.04</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.68</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.33</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.79</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio turnover rate</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">81</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">93</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">87</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">48</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">53</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Common shares outstanding at end <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">of year (000's)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">145,033</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">145,033</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">137,638</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">136,973</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">136,973</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Total investment return calculations are attributable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;Total investment return measures the change in the market value of your investment assuming reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the Trust's dividend reinvestment plan.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(3)&nbsp;&nbsp;Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends and capital gain distributions in accordance with the provisions of the dividend reinvestment plan. This calculation differs from total investment return because it excludes the effects of changes in the market values of the Trust's shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(4)&nbsp;&nbsp;Asset coverage represents the total assets available for settlement of Preferred Stockholder's interest and notes payables in relation to the Preferred Shareholder interest and notes payable balance outstanding. The Preferred Shares were first offered November 2, 2000.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Financial Highlights<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='8',FILE='07-4614-4.ca',USER='bhansen',CD='Apr 25 19:31 2007' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">FINANCIAL HIGHLIGHTS</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="147" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="400" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Years Ended February 28 or February 29,</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2001</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2000</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1999</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup>(6)</sup></b></font>&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1998</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup>(7)</sup></b></font>&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="547" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Per Share Operating Performance</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value, beginning of year</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.95</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.24</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.34</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.45</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="547" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Income from investment operations:</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.88</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.79</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.79</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.87</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">on investments</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.78</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.30</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.10</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.13</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total from investment operations</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.10</font>

</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to Common Shareholders<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">from net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.86</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.78</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.82</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.85</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Distribution to Preferred Shareholders</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.06</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.03</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value, end of year</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.09</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.95</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.24</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.34</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Closing market price at end of year</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.12</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.25</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.56</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">10.31</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="547" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Investment Return</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup>(1)</sup></b></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment return at closing<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">market price</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font>&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.10</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(5.88</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.11</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">12.70</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment return at net asset <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">value</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.19</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">5.67</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.86</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.01</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="547" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ratios/Supplemental Data</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets end of year (000's)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,107,432</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,217,339</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,202,565</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,034,403</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares-Aggregate <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">amount outstanding (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Liquidation and market value<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">per share of Preferred Shares</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Borrowings at end of year (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">510,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">484,000</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">534,000</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per $1,000 of debt</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2,150</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,520</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,250</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Average borrowings (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,197</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">524,019</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">490,978</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">346,110</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios to average net assets including <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(5)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">facility)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.62</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.97</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.97</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.28</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios to average net assets plus <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">borrowings</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">facility)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.31</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.00</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.05</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.04</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.21</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.21</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.50</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.12</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.91</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Ratios to average net assets</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">other fees related to revolving<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">credit facility)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.81</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.43</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.50</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.39</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.45</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.45</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">10.39</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.77</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.60</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.23</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio turnover rate</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">46</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">71</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">68</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">90</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="147" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Common shares outstanding at end <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">of year (000's)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">136,847</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">136,036</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">130,206</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">110,764</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(5)&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to Preferred Shareholders; income ratios reflect income earned on assets attributable to the Preferred Shares; ratios do not reflect any add-back for the borrowings.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(6)&nbsp;&nbsp;The Adviser agreed to reduce its fee for a period of three years from the Expiration Date of the November 12, 1996 Rights Offering to 0.60% of the average daily net assets, plus the proceeds of any outstanding borrowings, over $1.15 billion.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(7)&nbsp;&nbsp;Calculated on total expenses before impact of earnings credits.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(8)&nbsp;&nbsp;Calculation of total return excludes the effects of the per share dilution resulting from the rights offering as the total account value of a fully subscribed shareholder was minimally impacted.</font></p>
<p><img src="j0746144_ca010.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Financial Highlights<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='9',FILE='07-4614-4.ca',USER='bhansen',CD='Apr 25 19:31 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">TRADING AND NAV INFORMATION</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following table shows for the Trust's Common Shares for the periods indicated: (1) the high and low closing prices as shown on the NYSE Composite Transaction Tape; (2) the NAV per Common Share represented by each of the high and low closing prices as shown on the NYSE Composite Transaction Tape; and (3) the discount from or premium to NAV per Share (expressed as a percentage) represented by these closing prices. The table also sets forth the aggregate number of shares traded as shown on the NYSE Composite Transaction Tape during the respective quarter.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="121" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="126" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Price</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="114" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NAV</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="148" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Premium/(Discount)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>To NAV</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Reported</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Calendar Quarter Ended</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>High</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Low</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>High</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Low</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>High</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Low</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NYSE Volume</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2005</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.830</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.160</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.48</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.38</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">5.67</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(3.49</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">13,877,317</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">June 30, 2005</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.360</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6.800</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.46</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.31</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(1.34</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(7.23</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">17,197,500</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">September 30, 2005</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.200</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6.640</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.48</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.36</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(3.10</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(10.99</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">18,052,800</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2005</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6.890</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6.460</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.46</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.40</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(7.64</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(12.94</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">29,717,900</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2006</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.120</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6.720</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.62</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" size="2">7.42</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">(6.19</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">(9.43</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">21,188,110</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">June 30, 2006</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">September 30, 2006</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2006</font>

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<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2007</font>

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<p>&nbsp;</p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">On June 15, 2007, the last reported sale price of a Common Share of the Trust's Common Shares on the NYSE was $[     ]. The Trust's NAV on June 15, 2007 was $[     ]. See "Transaction Policies &#151; Net Asset Value." On June 15, 2007 the last reported sale price of a share of the Trust's Common Shares on the NYSE [     ] represented a [     ]% discount below NAV [     ] as of that date.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Common Shares have traded in the market above, at, and below NAV since March 9, 1992, when the Trust's Common Shares were listed on the NYSE. The Trust cannot predict whether its Common Shares will trade in the future at a premium or discount to NAV, and if so, the level of such premium or discount. Shares of closed-end investment companies frequently trade at a discount from NAV.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Trading and NAV Information<br>10</font></p>
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<!-- SEQ.=14,FOLIO='10',FILE='07-4614-4.ca',USER='bhansen',CD='Apr 25 19:31 2007' -->
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">INVESTMENT OBJECTIVE AND POLICIES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Objective</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital. The Trust seeks to achieve this investment objective by investing in the types of assets described below:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1.&nbsp;&nbsp;Senior Loans</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">. Under normal circumstances, at least 80% of the Trust's net assets, plus the amount of any borrowings for investment purposes, will be invested in Senior Loans. This investment policy may be changed without shareholder approval so long as the Trust provides its shareholders with at least 60 days' prior notice of any changes in this investment policy. Under normal circumstances, the Trust invests at least 80% of its assets in Senior Loans made to corporations or other business entities organized under U.S. or Canadian law and that are domiciled in the U.S., Canada or in U.S. territories or possessions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Senior Loans in which the Trust invests either hold the most senior position in the capital structure of the borrower or hold an equal ranking with other senior debt or have characteristics that the Adviser or Sub-Adviser believes justify treatment as senior debt. These Senior Loans are typically below investment grade credit quality.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust typically makes its investments in Senior Loans by purchasing a portion of the overall loan, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> the Trust becomes one of a number of lenders participating in the loan. The Trust may also make its investments in Senior Loans through the use of derivative instruments such as participations, credit-linked notes, credit default swaps and total return swaps as long as the reference obligation for any such instrument is a Senior Loan. Investments through the use of such derivative instruments involve counterparty risk, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> the risk that the party from which such instrument is purchased will not perform as agreed. The Trust 
seeks to minimize such counterparty risk by purchasing such investments only from large, well established and highly rated counter-parties.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2.&nbsp;&nbsp;Other Investments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Under normal circumstances, the Trust may invest up to 20% of its total assets, measured at the time of investment, in a combination of one or more of the following types of investments ("Other Investments"):</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;loans to borrowers organized outside the U.S. or Canada;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;unsecured floating rate loans, notes and other debt instruments;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;floating rate subordinated loans;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;tranches of floating rate asset-backed securities, including structured notes;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;short-term debt securities; and</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;equity securities incidental to investment in loans</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>3.&nbsp;&nbsp;Cash and Short-Term Instruments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Under normal circumstances, the Trust may invest in cash and/or short-term instruments. During periods when, in the opinion of the Adviser or Sub-Adviser, a temporary defensive posture in the market is appropriate, the Trust may hold up to 100% of its assets in cash and/or short-term instruments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>4.&nbsp;&nbsp;Other Investment Strategies.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may lend its portfolio securities, on a short-term or long-term basis, in an amount equal to up to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="1">% of its total assets.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Fundamental Diversification Policies</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1.&nbsp;&nbsp;Industry Diversification.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may invest in any industry. The Trust may not invest more than 25% of its total assets in any single industry.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2.&nbsp;&nbsp;Borrower Diversification.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> As a diversified investment company, the Trust may not make investments in any one issuer (other than the U.S. government) if, immediately after such purchase or acquisition, more than 5% of the value of the Trust's total assets would be invested in such issuer, or the Trust would own more than 25% of any outstanding issue. The Trust will consider the borrower on a loan, including a loan participation, to be the issuer of such loan. With</font><font size="1"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">respect to no more than 25% of its total assets, the Trust may make investments that are not subject to the foregoing restrictions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">These fundamental diversification policies may only be changed with approval by a majority of all shareholders, including the vote of a majority of the holders of Preferred Shares, and holders of any other preferred shares, voting separately as a class.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Policies</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Adviser and Sub-Adviser follow certain investment policies set by the Trust's Board. Some of those policies are set forth below. Please refer to the SAI for additional information on these and other investment policies.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1.&nbsp;&nbsp;Limitations on Currencies.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust's investments must be denominated in U.S. dollars, provided that the Trust may invest up to 15% of its total assets in investments denominated in the OECD currencies (including the euro), other than the U.S. dollar. The Trust will engage in currency exchange transactions to seek to hedge, as closely as practicable, 100% of the economic impact to the Trust arising from foreign currency fluctuations.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2.&nbsp;&nbsp;Maturity.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Although the Trust has no restrictions on portfolio maturity, under normal circumstances, at least 80% of the Trust's total assets will be invested in assets with remaining maturities of one to ten years. The maximum maturity on any </font></p>
<p><img src="j0746144_ca011.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Investment Objective and Policies<br>11</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">INVESTMENT OBJECTIVE AND POLICIES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">loan in which the Trust can invest is ten years.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>3.&nbsp;&nbsp;Interest Rate Resets.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Under normal circumstances, at least 80% of the Trust's total assets will be invested in assets with rates of interest which reset either daily, monthly, or quarterly. The maximum duration of an interest rate reset on any loan investment in which the Trust may invest is one year. In addition, under normal circumstances, the Trust will maintain a dollar-weighted average time until the next interest rate adjustment on its loan investments of 90 days or less.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>4.&nbsp;&nbsp;Limitations on Other Investments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may also invest up to 20% of its total assets, measured at the time of investment, in Other Investments. The following additional limitations apply to Other Investments:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>a.&nbsp;&nbsp;Unsecured Debt Instruments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may not invest in unsecured floating rate loans, notes and other debt instruments, whether or not senior or subordinated, in an aggregate amount that exceeds 20% of the Trust's total assets, measured at the time of investment.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>b.&nbsp;&nbsp;Equities.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may acquire equity securities only as an incident to the purchase or ownership of a loan or in connection with a reorganization of a borrower or its debt.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>c.&nbsp;&nbsp;Subordinated Loans.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may not invest in floating rate subordinated loans, whether or not secured, in an aggregated amount that exceeds 5% of its total assets, measured at the time of investment.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>5.&nbsp;&nbsp;Investment Quality; Credit Analysis.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Loans in which the Trust invests generally are rated below investment grade credit quality or are unrated. In acquiring a loan, the Adviser or Sub-Adviser will consider some or all of the following factors concerning the borrower: ability to service debt from internally generated funds; adequacy of liquidity and working capital; appropriateness of capital structure; leverage consistent with industry norms; historical experience of achieving business and financial projections; the quality and experience of management; and adequacy of collateral coverage. The Adviser or Sub-Adviser performs its own independent credit analysis of each borrower. In so doing, the Adviser or Sub-Adviser may utilize information and credit analyses from agents that originate or administer loans, other lenders investing in a l
oan, and other sources. The Adviser or Sub-Adviser also may communicate directly with management of the borrowers. These analyses continue on a periodic basis for any Senior Loan held by the Trust. See "Risk Factors and Special Considerations &#151; Credit Risk on Senior Loans."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>6.&nbsp;&nbsp;Use of Leverage.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may borrow money and issue preferred shares to the fullest extent permitted by the 1940 Act. See "Policy on Borrowing" and "Policy on Issuance of Preferred Shares" below.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>7.&nbsp;&nbsp;Short-term Instruments</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">. Short-term instruments in which the Trust invests may include (i) commercial paper rated A-1 by Standard and Poor's or P-1 by Moody's Investors Service, Inc., or of comparable quality as determined by the Adviser or Sub-Adviser, (ii) certificates of deposit, banker's acceptances, and other bank deposits and obligations, and (iii) securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Policy on Borrowing</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has a policy of borrowing for investment purposes. The Trust seeks to use proceeds from borrowing to acquire loans and other investments which pay interest at a rate higher than the rate the Trust pays on borrowings. Accordingly, borrowing has the potential to increase the Trust's total income available to holders of its Common Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust may issue notes, commercial paper, or other evidences of indebtedness and may be required to secure repayment by mortgaging, pledging, or otherwise granting a security interest in the Trust's assets. The terms of any such borrowings are subject to the provisions of the 1940 Act, and also subject to the more restrictive terms of the credit agreements relating to borrowings and additional guidelines imposed by rating agencies which are more restrictive than the provisions of the 1940 Act. The Trust is permitted to borrow an amount equal to up to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, or such other percentage permitted by law, of its total assets (
including the amount borrowed) less all liabilities other than borrowings. See "Risk Factors and Special Considerations &#151; Leverage" and "Risk Factors and Special Considerations &#151; Restrictive Covenants and 1940 Act Restrictions."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Policy on Issuance of Preferred Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has a policy of issuing preferred shares for investment purposes. The Trust seeks to use the proceeds from preferred shares to acquire loans and other investments which pay interest at a rate higher than the dividends payable on preferred shares. The terms of the issuance of preferred shares are subject to the 1940 Act and to additional guidelines imposed by rating agencies, which are more restrictive than the provisions of the 1940 Act. Under the 1940 Act, the Trust may issue preferred shares so long as immediately after any issuance of preferred shares the value of the Trust's total assets (less all Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust's senior indebtedness plus the involuntary liquidation preference of all outstanding shares. In November 2000, the Trust issued 18,000 Preferred Shares for a total of $450 million. See "Risk Factors and Special Co
nsiderations &#151; Leverage."</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Investment Objective and Policies<br>12</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">THE TRUST'S INVESTMENTS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As stated above under "Investment Objective and Policies", the Trust will invest primarily in Senior Loans. This section contains a discussion of the characteristics of Senior Loans, the manner in which those investments are made and the market for Senior Loans.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Senior Loan Characteristics</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans are loans that are typically made to business borrowers to finance leveraged buy-outs, recapitalizations, mergers, stock repurchases and internal growth. Senior Loans generally hold the most senior position in the capital structure of a borrower and are usually secured by liens on the assets of the borrowers, including tangible assets such as cash, accounts receivable, inventory, property, plant and equipment, common and/or preferred stock of subsidiaries, and intangible assets including trademarks, copyrights, patent rights and franchise value. The Trust may also receive guarantees as a form of collateral.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior loans are typically structured to include two or more types of loans within a single credit agreement. The most common structure is to have a revolving loan and a term loan. A revolving loan is a loan that can be drawn upon, repaid fully or partially, and then the repaid portions can be drawn upon again. A term loan is a loan that is fully drawn upon immediately and once repaid it cannot be drawn upon again. Sometimes there may be two or more term loans, and they may be secured by different collateral and have different repayment schedules and maturity dates. In addition to revolving loans and term loans, senior loan structures can also contain facilities for the issuance of letters of credit, and may contain mechanisms for lenders to pre-fund letters of credit through credit-linked deposits.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust typically invests only in the term loan portions of Senior Loan structures, although it does sometimes invest in the revolving loan portions and the pre-funded letters of credit portions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">By virtue of their senior position and collateral, Senior Loans typically provide lenders with the first right to cash flows or proceeds from the sale of a borrower's collateral if the borrower becomes insolvent (subject to the limitations of bankruptcy law, which may provide higher priority to certain claims such as, for example, employee salaries, employee pensions and taxes). This means Senior Loans are generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors, and preferred or common stockholders.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans typically pay interest at least quarterly at rates which equal a fixed percentage spread over a base rate such as LIBOR. For example, if the London Inter-Bank Offered Rate ("LIBOR") were 5% and the borrower were paying a fixed spread of 2.50%, the total interest rate paid by the borrower would be 7.50%. Base rates and, therefore, the total rates paid on Senior Loans float, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> they change as market rates of interest change.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Although a base rate such as LIBOR can change every day, loan agreements for Senior Loans typically allow the borrower the ability to choose how often the base rate for its loan will change. Such periods can range from one day to one year, with most borrowers choosing monthly or quarterly reset periods. During periods of rising interest rates, borrowers will tend to choose longer reset periods, and during periods of declining interest rates, borrowers will tend to choose shorter reset periods. The fixed spread over the base rate on a Senior Loan typically does not change.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans generally are arranged through private negotiations between a borrower and several financial institutions represented by an agent who is usually one of the originating lenders. In larger transactions, it is common to have several agents; however, generally only one such agent has primary responsibility for ongoing administration of a Senior Loan. Agents are typically paid fees by the borrower for their services. The agent is primarily responsible for negotiating the loan agreement which establishes the terms and conditions of the Senior Loan and the rights of the borrower and the lenders. The agent also is responsible for monitoring collateral and for exercising remedies available to the lenders such as foreclosure upon collateral.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Loan agreements may provide for the termination of the agent's agency status in the event that it fails to act as required under the relevant loan agreement, becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership or, if not FDIC insured, enters into bankruptcy. Should such an agent, lender or assignor with respect to an assignment interpositioned between the Trust and the borrower become insolvent or enter FDIC receivership or bankruptcy, any interest in the Senior Loan of such person and any loan payment held by such person for the benefit of the Trust should not be included in such person's or entity's bankruptcy estate. If, however, any such amount were included in such person's or entity's bankruptcy estate, the Trust would incur certain costs and delays in realizing payment or could suffer a loss of principal or interest. In this event, the Trust could experience a decrease in the NAV.</font><
/p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust acquires Senior Loans from lenders such as banks, insurance companies, finance companies, other investment companies and private investment funds. The Trust may also acquire Senior Loans from U.S. branches of foreign banks that are regulated by the Federal Reserve System or appropriate state regulatory authorities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment by the Trust</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust typically invests in Senior Loans primarily by purchasing an assignment of a portion of a Senior Loan </font></p>
<p><img src="j0746144_ca012.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The Trust's Investments<br>13</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">THE TRUST'S INVESTMENTS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">from a third-party, either in connection with the original loan transaction (</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> in the primary market) or after the initial loan transaction (</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font size="1"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">in the secondary market). When the Trust purchases a Senior Loan in the primary market, it may share in a fee paid to the original lender. When the Trust purchases a Senior Loan in the secondary market, it may pay a fee to, or forego a portion of interest payments from, the lender making the assignment. The Trust may also make its investments in Senior Loans through the use of derivative instruments such as participations, credit-linked notes, credit default swap
s and total return swaps as long as the reference obligation for any such instrument is a Senior Loan. Investments through the use of such derivative instruments involve counter party risk, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> the risk that the party from which such instrument is purchased will not perform as agreed. Unlike an assignment, as described below, the Trust does not have a direct contractual relationship with the borrower. The Trust seeks to minimize such counter party risk by purchasing such investments only from large, well established and highly rated counter parties.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Except for rating agency guidelines imposed on the Trust's portfolio while it has outstanding Preferred Shares, there is no minimum rating or other independent evaluation of a borrower limiting the Trust's investments and most Senior Loans that the Trust may acquire, if rated, will be rated below investment grade credit quality. See "Risk Factors and Special Considerations &#151; Credit Risk on Senior Loans."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Assignments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> When the Trust is a purchaser of an assignment, it succeeds to all the rights and obligations under the loan agreement of the assigning lender and becomes a lender under the loan agreement with the same rights and obligations as the assigning lender. These rights include the ability to vote along with the other lenders on such matters as enforcing the terms of the loan agreement, (</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>e.g.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">, declaring defaults, initiating collection action, etc.). Taking such actions usually requires at least a vote of the lenders holding a majority of the investment in the loan, and may require a vote by lenders holding two-thirds or more of the investment in the loan. Because the Trust typically does not hold 
a majority of the investment in any loan, it will not be able by itself to control decisions that require a vote by the lenders.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Acquisition Costs</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">. When the Trust acquires an interest in a Senior Loan in the primary market, it typically acquires the loan at par less its portion of the fee paid to all originating lenders. When the Trust acquires an interest in a Senior Loan, in the secondary market, it may be at par, but typically the Trust will do so at premium or discount to par.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Senior Loan Market</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Total U.S. domestic Senior Loan volume has increased dramatically over the last 10 years. This increase has helped improve the liquidity of Senior Loans. However, this increase has also been accompanied by an increase in the number of participants in the Senior Loan market. Currently, the Senior Loan market is experiencing a narrowing of spreads over LIBOR and some relaxation in credit standards due to an insufficient number of loans to satisfy the requirements of all lenders. More loans may become available if the U.S. economy continues to show signs of improvement.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The Trust's Investments<br>14</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Risk is inherent in all investing. The following discussion summarizes some of the risks that you should consider before deciding whether to invest in the Trust. For additional information about the risks associated with investing in the Trust, see "Additional Information About Investments and Investment Techniques" in the SAI.</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Credit Risk on Senior Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's ability to pay dividends and repurchase its Common Shares is dependent upon the performance of the assets in its portfolio. That performance, in turn, is subject to a number of risks, chief among which is credit risk on the underlying assets.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Credit risk is the risk of nonpayment of scheduled interest or principal payments. In the event a borrower fails to pay scheduled interest or principal payments on a Senior Loan held by the Trust, the Trust will experience a reduction in its income and a decline in the market value of the Senior Loan, which will likely reduce dividends and lead to a decline in the NAV of the Trust's Common Shares. See "The Trust's Investments &#151; Investment by the Trust."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans generally involve less risk than unsecured or subordinated debt and equity instruments of the same issuer because the payment of principal and interest on Senior Loans is a contractual obligation of the issuer that, in most instances, takes precedence over the payment of dividends, or the return of capital, to the issuer's shareholders and payments to bond holders. The Trust generally invests in Senior Loans that are secured with specific collateral. However, the value of the collateral may not equal the Trust's investment when the loan is acquired or may decline below the principal amount of the Senior Loan subsequent to the Trust's investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Trust bears the risk that the stock may decline in value, be relatively illiquid, or may lose all or substantially all of its value, causing the Senior Loan to be und
ercollateralized. Therefore, the liquidation of the collateral underlying a Senior Loan may not satisfy the issuer's obligation to the Trust in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In the event of the bankruptcy of a borrower, the Trust could experience delays and limitations on its ability to realize the benefits of the collateral securing the Senior Loan. Among the credit risks involved in a bankruptcy are assertions that the pledge of collateral to secure a loan constitutes a fraudulent conveyance or preferential transfer that would have the effect of nullifying or subordinating the Trust's rights to the collateral.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Senior Loans in which the Trust invests are generally rated lower than investment grade credit quality, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> rated lower than "Baa" by Moody's Investors Service, Inc. ("Moody's") or "BBB" by Standard and Poor's Corporation ("S&amp;P"), or have been issued by issuers who have issued other debt securities which, if unrated, would be rated lower than investment grade credit quality. Investment decisions will be based largely on the credit analysis performed by the Adviser or Sub-Adviser, and not on rating agency evaluation. This analysis may be difficult to perform. Information about a Senior Loan and its issuer generally is not in the public domain. Moreover, Senior Loans are not often rated by any nationally recognized rating service. Many issuers have not issued securities to
 the public and are not subject to reporting requirements under federal securities laws. Generally, however, issuers are required to provide financial information to lenders and information may be available from other Senior Loan participants or agents that originate or administer Senior Loans.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Interest Rate Risk</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">During normal market conditions, changes in market interest rates will affect the Trust in certain ways. The principal effect will be that the yield on the Trust's Common Shares will tend to rise or fall as market interest rates rise and fall. This is because almost all of the assets in which the Trust invests pay interest at rates which float in response to changes in market rates. However, because the interest rates on the Trust's assets reset over time, there will be an imperfect correlation between changes in market rates and changes to rates on the portfolio as a whole. This means that changes to the rate of interest paid on the portfolio as a whole will tend to lag behind changes in market rates.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Market interest rate changes may also cause the Trust's NAV to experience moderate volatility. This is because the value of a loan asset in the Trust is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular loan, given its individual credit and other characteristics. If market interest rates change, a loan's value could be affected to the extent the interest rate paid on that loan does not reset at the same time. As discussed above, the rates of interest paid on the loans in which the Trust invests have a weighted average reset period that typically is less than 90 days. Therefore, the impact of the lag between a change in market interest rates and the change in the overall rate on the portfolio is expected to be minimal.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">To the extent that changes in market rates of interest are reflected not in a change to a base rate such as LIBOR but in a change in the spread over the base rate which is payable on loans of the type and quality in which the Trust invests, the Trust's NAV could also be adversely affected. This is because the value of a loan asset in the Trust is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular loan, given its individual credit and other characteristics. However, unlike changes in market rates of interest for which there is only a temporary lag before the portfolio reflects those changes, changes in a loan's value based on changes in the market spread on loans in the Trust's portfolio may be of longer duration.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Finally, substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack the resources to meet higher debt service requirements.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Pre-Payment Risk</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">If a Senior Loan in which the Trust invests is paid off sooner than scheduled, and interest rates are falling, the Trust will be forced to reinvest this money at lower yields.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Changes to NAV</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The NAV of the Trust is expected to change in </font></p>
<p><img src="j0746144_ca013.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>15</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">response to a variety of factors, primarily in response to changes in the creditworthiness of the borrowers on the loans in which the Trust invests. See "Risk Factors and Special Considerations &#151; Credit Risk on Senior Loans" above. Changes in market interest rates may also have a moderate impact on the Trust's NAV. See "Risk Factors and Special Considerations &#151; Interest Rate Risk." Another factor which can affect the Trust's NAV is changes in the pricing obtained for the Trust's assets. See "Transaction Policies &#151; Valuation of the Trust's Assets."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Discount From NAV</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Common Shares have traded in the market above, at, and below NAV since March 9, 1992, when the Trust's shares were listed on the NYSE. The reasons for the Trust's Common Shares trading at a premium to or discount from NAV are not known to the Trust, and the Trust cannot predict whether its Common Shares will trade in the future at a premium to or discount from NAV, and if so, the level of such premium or discount. Shares of closed-end investment companies frequently trade at a discount from NAV. The possibility that Common Shares of the Trust will trade at a discount from NAV is a risk separate and distinct from the risk that the Trust's NAV may decrease.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Leverage</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust may borrow an amount equal to up to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="1">% (or such other percentage permitted by law) of its total assets (including the amount borrowed) less all liabilities other than borrowings. Under the 1940 Act, the Trust may issue preferred shares so long as immediately after any issuance of preferred shares the value of the Trust's total assets (less all Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust's senior indebtedness plus the involuntary liquidation preference of all outstanding shares. In November 2000, the Trust issued 18,000 Preferred Shares for a tota
l of $450 million. Borrowings and the issuance of preferred shares are referred to in this Prospectus collectively as "leverage." The Trust may use leverage for investment purposes, to finance the repurchase of its Common Shares, and to meet other cash requirements. The use of leverage for investment purposes increases both investment opportunity and investment risk.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Capital raised through leverage will be subject to interest and other costs, and these costs could exceed the income earned by the Trust on the proceeds of such leverage. There can be no assurance that the Trust's income from the proceeds of leverage will exceed these costs. However, the Adviser or Sub-Adviser seeks to use leverage for the purposes of making additional investments only if they believe, at the time of using leverage, that the total return on the assets purchased with such funds will exceed interest payments and other costs on the leverage.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In addition, the Adviser or Sub-Adviser intends to reduce the risk that the costs of the use of leverage will exceed the total return on investments purchased with the proceeds of leveraging by utilizing leverage mechanisms whose interest rates float (or reset frequently). In the event of a default on one or more loans or other interest-bearing instruments held by the Trust, the use of leverage would increase the loss to the Trust and may increase the effect on the Trust's NAV. The Trust's lenders and Preferred shareholders have priority to the Trust's assets over the Trust's Common shareholders.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust currently uses leverage by borrowing money on a floating rate basis and by the issuance of Preferred Shares. The current rate on the borrowings (as of June 15, 2007) is [     ]%. The current dividend rate on the Preferred Shares (as of June 15, 2007) is [     ]%. To cover the annual interest and dividends on the borrowings and the Preferred Shares for the current fiscal year (assuming that the current interest and dividend rates remain in effect for the entire fiscal year and assuming that the Trust borrows an amount equal to 25% of its Managed Assets and the current Preferred Shares remain outstanding), the Trust would need to earn [     ]% on its amount of Managed Assets as of June 15, 2007.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the credit facilities or obtained through the issuance of Preferred Shares, or any other preferred shares, may constitute a substantial lien and burden by reason of their prior claim against the income of the Trust and against the net assets of the Trust in liquidation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is not permitted to declare dividends or other distributions, including dividends and distributions with respect to Common Shares or Preferred Shares, or to purchase Common Shares or, Preferred Shares unless (i) at the time thereof the Trust meets certain asset coverage requirements and (ii) there is no event of default under any credit facility program that is continuing. See "Risk Factors and Special Considerations &#151; Restrictive Covenants and 1940 Act Restrictions" below. In the event of a default under a credit facility program, the lenders have the right to cause a liquidation of the collateral (</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> sell Senior Loans and other assets of the Trust) and, if any such default is not cured, the lenders may be able to control the liquidation as well.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In addition, the Trust is not permitted to pay dividends on or redeem Common Shares unless all accrued dividends on the Preferred Shares and all accrued interest on borrowings have been paid or set aside for payment.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Because the fee paid to the Adviser will be calculated on the basis of Managed Assets, the fee will be higher when leverage is utilized, giving the Adviser an incentive to utilize leverage.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is subject to certain restrictions imposed by lenders to the Trust and by guidelines of one or more rating agencies which issue ratings for the Preferred Shares issued by the Trust. These restrictions impose asset coverage, fund composition requirements and limits on investment techniques, such as the use of financial derivative products, that are more stringent than those imposed on the Trust by the 1940 Act. These covenants or guidelines could impede the Adviser or Sub-Adviser from fully managing the Trust's portfolio in accordance with the Trust's investment objective and policies.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>16</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Annual Expenses Without Borrowings or Preferred Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">If the Trust were not to have borrowed or have Preferred Shares outstanding, the remaining expenses, as a percentage of the net assets of the Trust, would be as follows:</font></p>
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<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Annual Expenses Without Borrowings or Preferred Shares</b></font>

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<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="369" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(as a percentage of net assets attributable to Common Shares)</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Management and Administrative Fees<sup>(1)</sup></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.05</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Operating Expenses<sup>(2)</sup></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Annual Expenses</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="86" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Pursuant to the Investment Advisory Agreement with the Trust, ING Investments is paid a fee of 0.80% of the Trust's Managed Assets. Pursuant to its Administration Agreement with the Trust, the Trust's Administrator is paid a fee of 0.25% of the Trust's Managed Assets. See "Investment Adviser and Other Service Providers &#151; The Administrator."</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;"Other Operating Expenses" are based on estimated amounts for the current fiscal year, which, in turn, are based on "other operating expenses" for the fiscal year ended February 28, 2007, and does not include the expenses of borrowing.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Effect of Leverage</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following table is designed to illustrate the effect on return to a holder of the Trust's Common Shares of the leverage created by the Trust's use of borrowing, using an assumed initial interest rate of  &nbsp;&nbsp;&nbsp;%, assuming the Trust has used leverage by borrowing an amount equal to 25% of the Trust's Managed Assets and assuming hypothetical annual returns on the Trust's portfolio of minus 10% to plus 10%. As can be seen, leverage generally increases the return to shareholders when portfolio return is positive and decreases return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="178" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Assumed Portfolio Return, net of<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">expenses<sup>(1)</sup></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="33" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">% </font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="178" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Corresponding Return to Common<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Shareholders<sup>(2)</sup></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="33" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;The "Assumed Portfolio Return" is required by regulation of the SEC and is not a prediction of, and does not represent, the projected or actual performance of the Trust.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;In order to compute the "Corresponding Return to Common Shareholders," the "Assumed Portfolio Return" is multiplied by the total value of the Trust's assets at the beginning of the Trust's fiscal year to obtain an assumed return to the Trust. From this amount, all interest accrued during the year is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of the Trust's net assets attributable to Common Shares as of the beginning of the fiscal year to determine the "Corresponding Return to Common Shareholders."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Impact of Shareholder Investment Program and Privately Negotiated Transactions</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The issuance of Common Shares through the Trust's Shareholder Investment Program may have an adverse effect on the secondary market for the Trust's Common Shares. The increase in the number of the Trust's outstanding Common Shares resulting from issuances pursuant to the Trust's Shareholder Investment Program or pursuant to privately negotiated transactions, and the discount to the market price at which such Common Shares may be issued, may put downward pressure on the market price for Common Shares of the Trust. Common Shares will not be issued pursuant to the Trust's Shareholder Investment Program at any time when Common Shares are trading at a price lower than the Trust's NAV per Common</font><font size="1"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Share. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Limited Secondary Market for Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Although the resale, or secondary, market for loans is growing, it is currently limited. There is no organized exchange or board of trade on which loans are traded. Instead, the secondary market for loans is an unregulated inter-dealer or inter-bank re-sale market.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Loans usually trade in large denominations (typically in $1 million or larger) and trades can be infrequent. The market has limited transparency so that information about actual trades may be difficult to obtain. Accordingly, some or many of the loans in which the Trust invests will be relatively illiquid.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In addition, loans in which the Trust invests may require the consent of the borrower and/or the agent prior to sale or assignment. These consent requirements can delay or impede the Trust's ability to sell loans and can adversely affect the price that can be obtained. The Trust may have difficulty disposing of loans if it needs cash to repay debt, to pay dividends, to pay expenses or to take advantage of new investment opportunities. Although the </font></p>
<p><img src="j0746144_ca014.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>17</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Trust has not conducted a tender offer since 1992, if it determines to again conduct a tender offer, limitations of a secondary market may result in difficulty raising cash to purchase tendered Common Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">These considerations may cause the Trust to sell securities at lower prices than it would otherwise consider to meet cash needs or cause the Trust to maintain a greater portion of its assets in cash equivalents than it would otherwise, which could negatively impact performance. The Trust seeks to avoid the necessity of selling assets to meet such needs by the use of borrowings.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust values its assets daily. However, because the secondary market for loans is limited, it may be difficult to value loans. Reliable market value quotations may not be readily available for some loans and valuation of such loans may require more research than for liquid securities. In addition, elements of judgment may play a greater role in valuation of loans, than for securities with a more developed secondary market, because there is less reliable, objective market value data available. In addition, if the Trust purchases a relatively large portion of a loan to generate extra income sometimes paid to large lenders, the limitations of the secondary market may inhibit the Trust from selling a portion of the loan and reducing its exposure to a borrower when the Adviser or Sub-Adviser deems it advisable to do so.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Lending Portfolio Securities</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">To generate additional income, the Trust may lend portfolio securities in an amount equal to up to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="1">% of the Trust's total assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower default or fail financially. The Trust intends to engage in lending portfolio securities only when such lending is fully secured by investment grade collateral held by an independent agent.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Demand for Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Although the volume of loans has increased in recent years, demand for loans has also grown. An increase in demand may benefit the Trust by providing increased liquidity for loans and higher sales prices, but it may also adversely affect the rate of interest payable on loans acquired by the Trust, the rights provided to the Trust under the terms of a loan agreement, and increase the price of loans that the Trust wishes to purchase in the secondary market.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Unsecured Loans and Subordinated Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Subject to the aggregate 20% limit on Other Investments, the Trust may invest up to 20% of its total assets in unsecured floating rate loans, notes and other debt instruments and 5% of its total assets in floating rate subordinated loans. Unsecured loans and subordinated loans share the same credit risks as those discussed above under "Credit Risk on Senior Loans" except that unsecured loans are not secured by any collateral of the borrower and subordinated loans are not the most senior debt in a borrower's capital structure. Unsecured loans do not enjoy the security associated with collateralization and may pose a greater risk of nonpayment of interest or loss of principal than do secured loans. The primary additional risk in a subordinated loan is the potential loss in the event of default by the issuer of the loan. Subordinated loans in an insolvency bear an increased share, relative to senior secured lenders, of the ultimate
 risk that the borrower's assets are insufficient to meet its obligations to its creditors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Short-Term Debt Securities</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Subject to the aggregate 20% limit on Other Investments, the Trust may invest in short-term debt securities. Short-term debt securities are subject to the risk of the issuer's inability to meet principal and interest payments on the obligation and also may be subject to price volatility due to such factors as interest rates, market perception of the creditworthiness of the issuer and general market liquidity.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Because short-term debt securities pay interest at a fixed-rate, when interest rates decline, the value of the Trust's short-term debt securities can be expected to rise, and when interest rates rise, the value of those securities can be expected to decline.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Call Risk</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">During periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. Lower-grade securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity. An issuer may redeem a lower-grade obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment in Non-U.S. and Non-Canadian Issuers</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Subject to the aggregate 20% limit on Other Investments, the Trust may invest up to 20% of its total assets in U.S. dollar denominated loans, secured or unsecured, to borrowers that are organized or located in countries outside the United States and Canada or U.S. territories and possessions and up to 15% of its total assets in investments denominated in OECD currencies (including the Euro), other than the U.S.</font><font size="1"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">dollar.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investments in Equity Securities Incidental to Investment in Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Subject to the aggregate 20% on Other Investments, the Trust may acquire equity securities as an incident to the purchase or ownership of a loan or in connection with a reorganization of a borrower or its debt. Investments in equity securities incidental to investment in loans entail certain risks in addition to those associated with </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>18</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">investment in loans. The value of these securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. These risks may increase fluctuations in the Trust's NAV. The Trust may frequently possess material non-public information about a borrower as a result of its ownership of a loan of such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information the Trust might be unable to enter into a transaction in a security of such a borrower when it would otherwise be advantageous to do so.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Borrowings under the Credit Facility Program</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has a policy of borrowing to acquire income-producing investments which, by their terms, pay interest at a rate higher than the rate the Trust pays on borrowings. Accordingly, borrowing has the potential to increase the Trust's total income. The Trust currently is a party to two credit facilities with financial institutions that permit the Trust to borrow up to an aggregate of $625 million. Interest is payable on the credit facilities by the Trust at a variable rate that is tied to either LIBOR, the federal funds rate, or a commercial paper based rate and includes a facility fee on unused commitments. As of June 15, 2007, the Trust had outstanding borrowings under the credit facilities of approximately $[     ] million. Collectively, the lenders under the credit facilities have a security interest in all assets of the Trust. Under each of the credit facilities, the lenders have the right to liquidate Trust assets in th
e event of default by the Trust under such credit facility, and the Trust may be prohibited from paying dividends in the event of certain adverse events or conditions respecting the Trust or Adviser or Sub-Adviser until the credit facility is repaid in full or until the event or condition is cured.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Ranking of Senior Indebtedness</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The rights of lenders to receive payments of interest on and repayments of principal of any borrowings made by the Trust under the credit facility program are senior to the rights of holders of Common Shares and Preferred Shares with respect to the payment of dividends or upon liquidation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Restrictive Covenants and 1940 Act Restrictions</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The credit agreements governing the credit facility program ("Credit Agreements") include usual and customary covenants for their respective type of transaction, including limits on the Trust's ability to (i)</font><font size="1"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">issue preferred shares, (ii) incur liens or pledge portfolio securities, (iii) change its investment objective or fundamental investment restrictions without the approval of lenders, (iv) make changes in any of its business objectives, purposes or operations that could result in a material adverse effect, (v) make any changes in its capital structure, (vi) amend the Trust documents in a manner which could adversely affect the rights, interests or obligations of any of the lenders, (vii) engage in any business other than the businesses currently engaged in, (viii) create, incur, assume or permit to exist certain debt except for cert
ain specified types of debt, and (ix) permit any of its Employee Retirement Security Act ("ERISA") affiliates to cause or permit to occur an event that could result in the imposition of a lien under the Internal Revenue Code or ERISA. In addition, the Credit Agreements do not permit the Trust's asset coverage ratio (as defined in the Credit Agreements) to fall below 300% at any time ("Credit Agreement Asset Coverage</font><font size="1"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Test").</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under the requirements of the 1940 Act, the Trust must have asset coverage of at least 300% immediately after any borrowing, including borrowing under the credit facility program. For this purpose, asset coverage means the ratio which the value of the total assets of the Trust, less liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of borrowings represented by senior securities issued by the Trust. The Credit Agreements limit the Trust's ability to pay dividends or make other distributions on the Trust's Common Shares, or purchase or redeem Common Shares, unless the Trust complies with the Credit Agreement Asset Coverage Test. In addition, the Credit Agreements do not permit the Trust to declare dividends or other distributions or purchase or redeem Common Shares or any preferred shares (i) at any time that an event of default under a Credit Agreement has occurred and is continuing;
 or (ii) if, after giving effect to such declaration, the Trust would not meet the Credit Agreement Asset Coverage Test set forth in the Credit Agreements.</font></p>
<p><img src="j0746144_ca015.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>19</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">TRANSACTION POLICIES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Net Asset Value</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The NAV per Common Share of the Trust is determined each business day as of the close of regular trading ("Market Close") on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern time unless otherwise designated by the NYSE). The Trust is open for business every day the NYSE is open. The NYSE is closed on all weekends and on all national holidays and Good Friday. Trust shares will not be priced on those days. The NAV per Common Share is determined by dividing the value of the Trust's loan assets plus all cash and other assets (including interest accrued but not collected) less all liabilities (including accrued expenses but excluding capital and less the liquidation preference of any outstanding preferred shares) by the number of Common Shares outstanding. The NAV per Common Share is made available for publication.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Valuation of the Trust's Assets</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The assets in the Trust's portfolio are valued daily in accordance with the Trust's Loan Valuation Procedures adopted by the Board. A majority of the Trust's assets are valued using quotations supplied by a third-party loan pricing service. However, the loans in which the Trust invests are not listed on any securities exchange or board of trade. Some loans are traded by institutional investors in an over-the-counter secondary market that has developed in the past several years. This secondary market generally has fewer trades and less liquidity than the secondary markets for other types of securities. Some loans have few or no trades. Accordingly, determinations of the value of loans may be based on infrequent and dated trades. Because there is less reliable, objective market value data available, elements of judgment may play a greater role in valuation of loans than for other types of securities. For further information, see "
Risk Factors and Special Considerations &#151; Limited Secondary Market for Loans."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Loans are normally valued at the mean of the means of one or more bid and asked quotations obtained from a pricing service or other sources believed to be reliable. Loans for which reliable market value quotations are not readily available from a pricing service may be valued with reference to another loan or a group of loans for which reliable market value quotations are readily available and whose characteristics are comparable to the loan being valued. Under this approach, the comparable loan or loans serve as a proxy for changes in value of the loan being valued. The Trust has engaged an independent pricing service to provide quotations from dealers in loans and to calculate values under this proxy procedure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">It is expected that most of the loans held by the Trust will be valued with reference to quotations from the independent pricing service or with reference to the proxy procedure described above. The Adviser or Sub-Adviser may believe that the price for a loan derived from quotations or the proxy procedure described above is not reliable or accurate. Among other reasons, this may be the result of information about a particular loan or borrower known to the Adviser or Sub-Adviser that they believe may not be known to the pricing service or reflected in a price quote. In this event, the loan is valued at fair value under procedures established by the Board, and in accordance with the provisions of the 1940 Act.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under these procedures, fair value is determined by the Adviser or Sub-Adviser and monitored by the Board through its Valuation, Proxy and Brokerage Committee. In fair valuing a loan, consideration is given to several factors, which may include, among others, the following:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the characteristics of and fundamental analytical data relating to the loan, including the cost, size, current interest rate, period until the next interest rate reset, maturity and base lending rate of the loan, the terms and conditions of the loan and any related agreements, and the position of the loan in the borrower's debt structure;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the nature, adequacy and value of the collateral, including the Trust's rights, remedies and interests with respect to the collateral;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the creditworthiness of the borrower and the cash flow coverage of outstanding principal and interest, based on an evaluation of its financial condition, financial statements and information about the borrower's business, cash flows, capital structure and future prospects;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;information relating to the market for the loan, including price quotations for, and trading in, the loan and interests in similar loans and the market environment and investor attitudes towards the loan and interests in similar loans;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the reputation and financial condition of the agent of the loan and any intermediate participants in the loans;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the borrower's management; and</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the general economic and market conditions affecting the fair value of the loan.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Securities for which the primary market is a national securities exchange are stated at the last reported sale price on the day of valuation. Securities reported by NASDAQ National Market System will be valued at the NASDAQ Official Closing Price on the valuation day. Debt and equity securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean between the last reported bid and asked price. Valuation of short term cash equivalent investments is at amortized cost. Securities maturing in 60 days or less are valued at amortized cost, which, when combined with accrued interest, approximates market value.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Account Access</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Unless your Common Shares are held through a third-party fiduciary or in an omnibus registration at your bank or brokerage firm, you may be able to access your account </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Transaction Policies<br>20</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">TRANSACTION POLICIES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">information over the internet at www.ingfunds.com, or via a touch tone telephone by calling (800) 992-0180 and selecting Option 1. Should you wish to speak with a Shareholder Services Representative, you may call the toll-free number listed above and select Option 2.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Privacy Policy</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has adopted a policy concerning investor privacy. To review the privacy policy, contact a Shareholder Services Representative at (800) 992-0180 and select Option 1, obtain a policy over the internet at www.ingfunds.com, or see the privacy promise that accompanies this Prospectus.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Householding</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">To reduce expenses, we may mail only one copy of the Trust's Prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 992-0180 or speak to your investment professional. We will begin sending you individual copies 30 days after receiving your request.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">PLAN OF DISTRIBUTION</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Shareholder Investment Program</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following is a summary of the Shareholder Investment Program ("Program"). Shareholders are advised to review a fuller explanation of the Program contained in the Trust's SAI. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares are offered by the Trust through the Program. The Program allows participating shareholders to reinvest all dividends ("Dividends") in additional Common Shares of the Trust, and also allows participants to purchase additional Common Shares through optional cash investments in amounts ranging from a minimum of $100 to a maximum of $100,000 per month.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust and the Distributor reserve the right to reject any purchase order. Please note that cash, travelers checks, third-party checks, money orders and checks drawn on non-U.S. banks (even if payment may be effected through a U.S. bank) generally will not be accepted.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares will be issued by the Trust under the Program when the Trust's Common Shares are trading at a premium to NAV. If the Trust's Common Shares are trading at a discount to NAV, Common Shares issued under the Program will be purchased on the open market. Common Shares issued under the Program directly from the Trust will be acquired at the greater of (i) NAV at the close of business on the day preceding the relevant investment date or (ii) the average of the daily market price of the Common Shares during the pricing period minus a discount of 5% for reinvested Dividends and 0% to 5% for optional cash investments. Common Shares issued under the Program when shares are trading at a discount to NAV will be purchased in the market by DST at market price. Shares issued by the Trust under the Program will be issued without a fee or a commission. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders may elect to participate in the Program by telephoning the Trust or submitting a completed Participation Form to DST, the Program administrator. DST will credit to each participant's account funds it receives from: (a) Dividends paid on Trust shares registered in the participant's name, and (b) optional cash investments. DST will apply all Dividends and optional cash investments received to purchase Common Shares as soon as practicable beginning on the relevant investment date (as described below) and not later than six business days after the relevant investment date, except when necessary to comply with applicable provisions of the federal securities laws. For more information on the Trust's distribution policy, see "Dividends and Distributions."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In order for participants to purchase shares through the Program in any month, the Program administrator must receive from the participant any optional cash investment by the relevant investment date. The relevant investment date will be set in advance by the Trust, upon which optional cash investments are first applied by DST to the purchase of Common Shares. Participants may obtain a schedule of relevant dates, including investments dates, the dates by which optional cash investment payments must be received and the dates which shares will be paid by calling ING's Shareholder Services Department at (800) 992-0180.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Participants will pay a pro rata share of brokerage commissions with respect to DST's open market purchases in connection with the reinvestment of Dividends or purchases made with optional cash investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Program is intended for the benefit of investors in the Trust. The Trust reserves the right to exclude from participation, at any time, (i) persons or entities who attempt to circumvent the Program's standard $100,000 maximum by accumulating accounts over which they have control or (ii) any other persons or entities, as determined in the sole discretion of the Trust.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Currently, persons who are not shareholders of the Trust may not participate in the Program. The Board may elect to change this policy at a future date, and permit non-shareholders to participate in the Program. Shareholders may request to receive their Dividends in cash at any time by giving DST written notice or by contacting ING's Shareholder Services Department at (800) 992-0180 and selecting Option 2. Shareholders may elect to close their account at any time by giving DST written notice. When a participant closes their account, the participant upon request will receive a certificate </font></p>
<p><img src="j0746144_ca016.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Transaction Policies<br>21</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">PLAN OF DISTRIBUTION</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">for full Common Shares in the account. Fractional Common Shares will be held and aggregated with other fractional Common Shares being liquidated by DST as agent of the Program and paid for by check when actually sold.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The automatic reinvestment of Dividends does not affect the tax characterization of the Dividends (i.e., capital gains and income are realized even though cash is not received). If shares are issued pursuant to the Program's dividend reinvestment provisions or cash purchase provisions at a discount from market price, participants may have income equal to the discount.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Additional information about the Program may be obtained by contacting ING's Shareholder Services Department at (800) 992-0180 and selecting Option 2.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Privately Negotiated Transactions</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Common Shares may also be offered pursuant to privately negotiated transactions between the Trust or the Distributor and specific investors. Generally, such investors will be sophisticated institutional investors. The terms of such privately negotiated transactions will be subject to the discretion of the management of the Trust. In determining whether to sell Common Shares pursuant to a privately negotiated transaction, the Trust will consider relevant factors including, but not limited to, the attractiveness of obtaining additional funds through the sale of Common Shares, the purchase price to apply to any such sale of Common Shares and the person seeking to purchase the Common Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares issued by the Trust in connection with privately negotiated transactions will be issued at the greater of (i) NAV per Common Share of the Trust's Common Shares or (ii) at a discount ranging from 0% to 5% of the average of the daily market price of the Trust's Common Shares at the close of business on the two business days preceding the date upon which Common Shares are sold pursuant to the privately negotiated transaction. The discount to apply to such privately negotiated transactions will be determined by the Trust with regard to each specific transaction. The Trust will not pay any  commissions with regard to privately negotiated transactions, but an investor may be subject to a front end sales load of up to 3% paid to or retained by a third party broker-dealer through which such transaction may be effected.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">USE OF PROCEEDS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">It is expected that 100% of the net proceeds of Common Shares issued pursuant to the Shareholder Investment Program and privately negotiated transactions will be invested in Senior Loans and other securities consistent with the Trust's investment objective and policies. Pending investment in Senior Loans, the proceeds, which are expected to be used within three months, will be used to pay down the Trust's outstanding borrowings under its credit facilities. See "Investment Objective and Policies &#151; Policy on Borrowing."</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As of June 15, 2007, the Trust's outstanding borrowings under its credit facilities was $[     ] million. By paying down the Trust's borrowings, the Trust can avoid adverse impacts on yields pending investment of such proceeds in Senior Loans. As investment opportunities are subsequently identified, it is expected that the Trust will reborrow amounts previously repaid and invest such amounts in additional Senior Loans.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">DIVIDENDS AND DISTRIBUTIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Distribution Policy.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Income dividends are declared and paid monthly. Income dividends consist of interest accrued and amortization of fees earned less any amortization of premiums paid and the estimated expenses of the Trust, including fees payable to ING Investments. Income dividends are calculated monthly under guidelines approved by the Trustees. Each dividend is payable to shareholders of record on the 10th day of the following month (unless it is a holiday, in which case the next business day is the record date). Accrued amounts of fees received, including facility fees, will be taken in as income and passed on to shareholders as part of dividend distributions. Any fees or commissions paid to facilitate the sale of portfolio Senior Loans in connection with tender offers or other portfolio transactions may reduce the dividend yield.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Capital gains, if any, are declared and paid annually. Because the Trust currently has capital loss carry forwards, it is not anticipated that capital gains distributions will be made for the foreseeable future.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dividend Reinvestment.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Unless you instruct the Trust to pay you dividends in cash, dividends and distributions paid by the Trust will be reinvested in additional Common Shares of the Trust. You may request to receive dividends in cash at any time by giving DST written notice or by contacting the ING's Shareholder Services Department at (800) 992-0180 and selecting Option 2.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Plan of Distribution<br>22</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">INVESTMENT MANAGEMENT AND OTHER<BR>SERVICES PROVIDERS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Adviser</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ING Investments,</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> an Arizona limited liability company, serves as the Adviser to the Trust and has overall responsibility for the management of the Trust under the general supervision of the Board. Its principal business address is 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust and the Adviser have entered into an investment advisory agreement ("Investment Advisory Agreement") that requires ING Investments to provide all investment advisory and portfolio management services for the Trust. The Investment Advisory Agreement with ING Investments may be canceled by the Board upon 60 days' written notice.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investments is registered with the SEC as an investment adviser. ING Investments is an indirect wholly-owned subsidiary of ING Groep. ING Groep is one of the largest financial services organizations in the world with approximately 120,000 employees. ING Investments began investment management in April, 1995, and serves as an investment adviser to registered investment companies as well as structured finance vehicles. As of March 31, 2007, ING Investments had assets under management of approximately $[     ] billion.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Adviser bears the expenses of providing the services described above. The Adviser currently receives from the Trust an annual fee, paid monthly, of 0.80% of the Trust's Managed Assets.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For more information regarding the basis for the Board's approval of the investment advisory or investment sub-advisory relationships, please refer to the annual shareholder report dated February 28, 2007.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Sub-Adviser</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investments has engaged a sub-adviser to provide the day-to-day management of the Trust's portfolio. The sub-adviser has, at least in part, been selected primarily on the basis of its successful application of a consistent, well-defined, long-term investment approach over a period of several market cycles. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investments is responsible for monitoring the investment program and performance of the sub-adviser. Under the terms of the sub-advisory agreement, the agreement can be terminated by either ING Investments or the Board. In the event the sub-advisory agreement is terminated, the sub-adviser may be replaced subject to any regulatory requirements or ING Investments may assume day-to-day investment management of the Trust.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING Investment Management Co.</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investment Management Co., a Connecticut corporation, serves as Sub-Adviser to the Trust. Founded in 1972, ING IM is registered with the SEC as an investment adviser. ING IM is an indirect, wholly-owned subsidiary of ING Groep, and is an affiliate of ING Investments. ING IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As of March 31, 2007, ING IM managed over $[     ] billion in assets. Its principal business address is 230 Park Avenue, New York, NY 10169. For its services, ING IM is entitled to receive a sub-advisory fee of 0.36%, expressed as an annual rate based on the average daily Managed Assets of the Trust. This sub&#150;advisory fee is paid by ING Investments, not by the Trust.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolio Management.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The following individuals comprise the investment committee of the Trust and share responsibility for the day-to-day management of the Trust's portfolio:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Daniel A. Norman.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Mr. Norman is Senior Vice President and Senior Portfolio Manager in the Senior Debt Group, and has served in that capacity since November 1999. Mr. Norman has managed the Trust since April 1995 and is responsible for the operations, analytics, legal and marketing areas for the Trust. Mr. Norman also serves as Senior Vice President of the Trust, and he serves as Senior Vice President of ING Senior Income Fund, another closed-end fund sub-advised by ING IM that invests primarily in Senior Loans. Mr. Norman co-manages the Trust with Mr. Bakalar.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Jeffrey A. Bakalar.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Mr. Bakalar is Senior Vice President and Senior Portfolio Manager in the Senior Debt Group, and has served in that capacity since November 1999. Mr. Bakalar also serves as Senior Vice President of the Trust and as Senior Vice President of ING Senior Income Fund, another closed-end fund sub-advised by ING IM that invests primarily in Senior Loans. Mr. Bakalar co-manages the Trust with Mr. Norman.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Curtis F. Lee.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Mr. Lee is Senior Vice President and Chief Credit Officer in the Senior Debt Group and has served in that capacity since January 2001. Mr. Lee also serves as Senior Vice President and Chief Credit Officer of the Fund (since January 2001), and he serves as Senior Vice President and Chief Credit Officer of ING Prime Rate Trust, another closed-end fund sub-advised by ING IM that invests primarily in Senior Loans. As Chief Credit Officer, Mr. Lee is responsible for implementing best credit practices within the Senior Debt Group, beginning with the original credit underwriting and approval process through ongoing credit monitoring and review. Mr. Lee also oversees loan workout and negotiation strategies. Mr. Lee serves on the valuation committee and acts as the primary liaison on valuation and credit matters as requested by the Board of Trus
tees, internal and external auditors and regulatory authorities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Additional Information Regarding Portfolio Managers</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of securities in the Trust.</font></p>
<p><img src="j0746144_ca017.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Investment Management and Other Services Providers<br>23</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">INVESTMENT MANAGEMENT AND OTHER<BR>SERVICES PROVIDERS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>The Administrator</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Administrator of the Trust is ING Funds Services, LLC ("ING Funds Services"). Its principal business address is 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258. The Administrator is a wholly-owned subsidiary of ING Groep and the immediate parent company of the Adviser.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under an administration agreement ("Administration Agreement") between the Administrator and the Trust, ING Funds Services administers the Trust's corporate affairs subject to the supervision of the Board. In that connection, the Administrator monitors the provisions of the Senior Loan agreements and any agreements with respect to interests in Senior Loans and is responsible for recordkeeping with respect to the Senior Loans in the Trust's repurchase offers portfolio. ING Funds Services also furnishes the Trust with office facilities and furnishes executive personnel together with clerical and certain recordkeeping and administrative services. These services include preparation of annual and other reports to shareholders and to the SEC. The Administrator also handles the filing of federal, state and local income tax returns not being furnished by the Custodian or Transfer Agent (as defined below). The Administration Agreement al
so requires the Administrator to assist in managing and supervising all aspects of the general day-to-day business activities and operations of the Trust, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Administrator provides the Trust with office space, equipment and personnel necessary to administer the Trust. The Administrator has authorized all of its officers and employees who have been elected as officers of the Trust to serve in such capacities. All services furnished by the Administrator under the Administration Agreement may be furnished by such officers or employees of the Administrator.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust pays the Administrator an administration fee, computed daily and payable monthly. The Administration Agreement states that the Administrator is entitled to receive a fee at an annual rate of 0.25% of the Trust's Managed Assets. The Administration Agreement may be canceled by the Board upon 60 days' written notice.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Transfer Agent, Dividend Disbursing Agent and Registrar</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The transfer agent, dividend disbursing agent and registrar for the Common Shares is DST Systems, Inc., whose principal business address is 333 W. 11th Street, Kansas City, Missouri 64105.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Custodian</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's securities and cash are held and maintained under a Custody Agreement with State Street Bank and Trust Company, whose principal place of business is 801 Pennsylvania Avenue, Kansas City, Missouri 64105.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Investment Management and Other Services Providers<br>24</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">DESCRIPTION OF THE TRUST</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is an unincorporated business trust established under the laws of the Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated December 2, 1987, as amended (Declaration of Trust). The Board is responsible for protecting the interests of shareholders. The Trustees are experienced executives who oversee the Trust's activities, review contractual arrangements with companies that provide services to the Trust and review the Trust's performance.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Declaration of Trust provides that the Trustees of the Trust may authorize separate classes of shares of beneficial interest. The Trustees have authorized an unlimited number of shares of beneficial interest, without par value, all of which were initially classified as Common Shares. The Declaration of Trust also authorizes the creation of an unlimited number of shares of beneficial interest with preference rights, including preferred shares, without par value, in one or more series, with rights as determined by the Board, by action of the Board without the approval of the shareholders. The following table shows the number of (i) shares authorized, (ii) shares held by the Trust for its own account and (iii) shares outstanding, for each class of authorized securities of the Trust as of June 15, 2007.</font></p>

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<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Title of Class</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Authorized</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number Held By<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trust for its<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Own Account</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="57" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Outstanding</b></font>

</td>
<td colspan="1">&nbsp;</td>
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<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">unlimited</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="57" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<tr>
<td colspan="3" width="119" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series M</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="57" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series T</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="57" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series W</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="57" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series Th</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="57" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series F</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="57" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Common Shares outstanding are fully paid and nonassessable by the Trust. Holders of Common Shares are entitled to share equally in dividends declared by the Board payable to holders of Common Shares and in the net assets of the Trust available for distribution to holders of Common Shares after payment of the preferential amounts payable to holders of any outstanding Preferred Shares. Neither holders of Common Shares nor holders of Preferred Shares have pre-emptive or conversion rights and Common Shares are not redeemable. Upon liquidation of the Trust, after paying or adequately providing for the payment of all liabilities of the Trust and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Trust among the holders of the Common Sh
ares. Under the rules of the NYSE applicable to listed companies, the Trust is required to hold an annual meeting of shareholders in each year. If the Trust is converted to an open-end investment company or if for any other reason Common Shares are no longer listed on the NYSE (or any other national securities exchange the rules of which require annual meetings of shareholders), the Trust does not intend to hold annual meetings of shareholders.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is responsible for paying the following expenses, among others: the fees payable to the Adviser; the fees payable to the Administrator; the fees and certain expenses of the Trust's custodian and transfer agent, including the cost of providing records to the Administrator in connection with its obligation of maintaining required records of the Trust; the charges and expenses of the Trust's legal counsel, legal counsel to the Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act and independent accountants; commissions and any issue or transfer taxes chargeable to the Trust in connection with its transactions; all taxes and corporate fees payable by the Trust to governmental agencies; the fees of any trade association of which the Trust is a member; the costs of share certificates representing Common Shares of the Trust; organizational and offering expenses of the Trust and the fees and expen
ses involved in registering and maintaining registration of the Trust and its Common Shares with the SEC, including the preparation and printing of the Trust's registration statement and prospectuses for such purposes; allocable communications expenses with respect to investor services, and all expenses of shareholders' and Trustees' meetings and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders; fees for independent loan pricing services; the cost of insurance; and litigation and indemnification expenses and extraordinary expenses not incurred in the ordinary course of the Trust's business.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under Massachusetts law, shareholders, including holders of Preferred Shares, could under certain circumstances be held personally liable for the obligations of the Trust. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or the Trustees. The Declaration of Trust provides for indemnification out of Trust property for all loss and expense of any shareholder held personally liable for the obligations of the Trust. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust would be unable to meet its obligations.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Holders of Common Shares are entitled to one vote for each share held and will vote with the holders of any outstanding Preferred Shares or any other preferred shares on each matter submitted to a vote of holders of Common Shares, except as described under "Description of Capital Structure &#151; Preferred Shares."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders are entitled to one vote for each share held. The Common Shares, Preferred Shares and any other preferred shares do not have cumulative voting rights, which means that the holders of more than 50% of the shares of Common Shares, Preferred Shares and any other preferred shares voting for the election of Trustees can elect all of the Trustees standing for election by such holders, and, in such event, the holders of the remaining shares of Common Shares, Preferred </font></p>
<p><img src="j0746144_ca018.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Description of the Trust<br>25</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">DESCRIPTION OF THE TRUST</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares and any other preferred shares will not be able to elect any of such Trustees.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">So long as any Preferred Shares or any other Preferred Shares are outstanding, holders of Common Shares will not be entitled to receive any dividends of or other distributions from the Trust, unless at the time of such declaration, (1) all accrued dividends on preferred shares or accrued interest on borrowings has been paid and (2) the value of the Trust's total assets (determined after deducting the amount of such dividend or other distribution), less all liabilities and indebtedness of the Trust not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding preferred shares plus redemption premium, if any, together with any accrued and unpa
id dividends thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Trust is required to comply with other asset coverage requirements as a condition of the Trust obtaining a rating of the Preferred Shares from a rating agency. These requirements include an asset coverage test more stringent than under the 1940 Act.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust will send unaudited reports at least semi-annually and audited financial statements annually to all of its shareholders.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Declaration of Trust further provides that obligations of the Trust are not binding upon Trustees individually but only upon the property of the Trust and that the Trustees will not be liable for errors of judgment or mistakes of fact or law, but nothing in the Declaration of Trust protects a Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Conversion to Open-End Fund</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trustees may at any time propose conversion of the Trust to an open-end management investment company depending upon their judgment as to the advisability of such action in light of circumstances then prevailing. In considering whether to submit an open-ending proposal to shareholders, the Trustees might consider, among other factors, the differences in operating expenses between open-end and closed-end funds (due to the expenses of continuously selling shares and of standing ready to effect redemptions), the potentially adverse tax consequences to non-redeeming shareholders once a fund is open-ended, and the impact of open-ending on portfolio management policies. Such a conversion would require the approval of both a majority of the Trust's outstanding Common Shares and preferred shares voting together as a single class and a majority of the outstanding preferred shares voting as a separate class on such conversion. Convers
ion of the Trust to an open-end investment company would require the redemption of all outstanding preferred shares, including the Preferred Shares, which would eliminate the leveraged capital structure of the Trust with respect to the Common Shares. A delay in conversion could result following shareholder approval due to the Trust's inability to redeem the preferred shares. Shareholders of an open-end investment company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their next computed NAV less any redemption charge as might be in effect at the time of redemption. If the Trust is converted to an open-end management investment company, it could be required to liquidate portfolio securities to meet requests for redemption, and its shares would no longer be listed on the NYSE. If the Trust were to experience significant redemptions as an open-end fund, the decrease in total assets could result in a higher expense ratio and 
inefficiencies in portfolio management. In this regard, the Trust could reserve the right to effect redemptions in-kind with portfolio securities, which would subject redeeming shareholders to transaction costs in liquidating those securities. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Repurchase of Common Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In recognition of the possibility that the Trust's Common Shares may trade at a discount to their NAV, the Trust may from time to time take action to attempt to reduce or eliminate a market value discount from NAV by repurchasing its Common Shares in the open market or by tendering its Common Shares at NAV. So long as any Preferred Shares are outstanding, the Trust may not purchase, redeem or otherwise acquire any Common Shares unless (1) all accumulated dividends on the Preferred Shares have been paid or set aside for payment through the date of such purchase, redemption or other acquisition and (2) at the time of such purchase, redemption or acquisition asset coverage requirements set forth in the Declaration of Trust and the Trust's Certificate of Designation for Preferred Shares are met. Repurchases of Common Shares may result in the Trust being required to redeem preferred shares to satisfy asset coverage requirements.</fon
t></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Fundamental and Non-fundamental Policies of the Trust</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The investment objective of the Trust, certain policies of the Trust specified herein as fundamental and the investment restrictions of the Trust described in the SAI are fundamental policies of the Trust and may not be changed without a Majority Vote of the shareholders of the Trust. The term Majority Vote means the affirmative vote of (a) more than 50% of the outstanding shares of the Trust or (b) 67% or more of the shares present at a meeting if more than 50% of the outstanding shares of the Trust are represented at the meeting in person or by proxy, whichever is less. All other policies of the Trust may be modified by resolution of the Board.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Description of the Trust<br>26</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">DESCRIPTION OF CAPITAL STRUCTURE</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Common Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Declaration of Trust authorizes the issuance of an unlimited number of Common Shares of beneficial interest, without par value. All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation. Common Shares will, when issued, be fully paid and non-assessable, and will have no pre-emptive or conversion rights or rights to cumulative voting.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Whenever preferred shares are outstanding, holders of Common Shares will not be entitled to receive any distributions from the Trust, unless at the time of such declaration, (1) all accrued dividends on Preferred Shares or accrued interest on borrowings have been paid and (2) the value of the Trust's total assets (determined after deducting the amount of such dividend or other distribution), less all liabilities and indebtedness of the Trust not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares. In addition to the requirements of the 1940 Act, the Trust is required to comply with other asset coverage requirements as a condition of the Trust obtaining a rating of the preferred shares from a rating agency. The
se requirements include asset coverage tests more stringent than under the 1940 Act. See "Preferred Shares" below.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Borrowings</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Declaration of Trust authorizes the Trust, without the prior approval of holders of Common Shares, to borrow money. In this connection, the Trust may issue notes or other evidence of indebtedness (including bank borrowings or commercial paper) and may secure any such borrowings by mortgaging, pledging or otherwise granting a security interest in the Trust's assets. See "Risk Factors and Special Considerations &#151; Leverage."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Preferred Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under the 1940 Act, the Trust is permitted to have outstanding more than one series of preferred shares as long as no single series has priority over another series nor holders of preferred shares have pre-emptive rights to purchase any other preferred shares that might be issued.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Declaration of Trust authorizes the issuance of a class of preferred shares (which class may be divided into two or more series) as the Trustees may, without shareholder approval, authorize. The preferred shares have such preferences, voting powers, terms of redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustee may determine and as are set forth in the Trust's Certificate of Designation establishing the terms of the preferred shares. The number of shares of the preferred class or series authorized is unlimited, and the shares authorized may be represented in part by fractional shares. Under the Trust's Certificate of Designation, the Trustees have authorized the creation of 18,000 Auction Rate Cumulative Preferred Shares, without par value, with a liquidation preference of $25,000 per share, classified as Series M, T, W, Th and F Auction Rate Cumulative 
Preferred Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Any decision to offer preferred shares is subject to market conditions and to the Board and the Adviser's continuing belief that leveraging the Trust's capital structure through the issuance of preferred shares is likely to achieve the benefits to the Common Shares described in this Prospectus for long-term investors. The terms of the preferred shares will be determined by the Board in consultation with the Adviser (subject to applicable law and the Trust's Declaration of Trust) if and when it authorizes a preferred shares offering.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Preferred Shares have complete priority over the Common Shares as to distribution of assets. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Trust, holders of preferred shares will be entitled to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus accumulated and unpaid dividends thereon, whether or not earned or declared) before any distribution of assets is made to holders of Common Shares.</font></p>
<p><img src="j0746144_ca019.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Description of Capital Structure<br>27</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">TAX MATTERS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following information is meant as a general summary for U.S. shareholders. Please see the SAI for additional information. Investors should rely on their own tax adviser for advice about the particular federal, state and local tax consequences to them of investing in the Trust.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The federal income tax treatment of the Trust's Preferred Shares is not entirely clear, but the Trust believes, based on the advice of its counsel, that the Preferred Shares will constitute stock of the Trust. It is possible, however, that the IRS might take a contrary position, asserting, for example, that the Preferred Shares constitute debt of the Trust. The discussion below assumes that the Preferred Shares are stock.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust will distribute all or substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. Although the Trust will not be taxed on amounts it distributes, most shareholders will be taxed on amounts they receive. A particular distribution generally will be taxable as either ordinary income or long-term capital gain. The Trust will allocate a proportionate amount of each type of its income to the Common Shares and to the Preferred Shares. It generally does not matter how long a shareholder has held the Trust's Common Shares or Preferred Shares or whether the shareholder elects to receive distributions in cash or reinvest them in additional Trust's Common Shares or Preferred Shares. For example, if the Trust designates a particular distribution as a long-term capital gains distribution, it will be taxable to a shareholder at his or her long-term capital gains rate. Dividen
ds from the Trust are generally not eligible for the reduced rate of tax that may apply to certain qualifying dividends on corporate stock.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Current tax law generally provides for a maximum tax rate for individual taxpayers of 15% on long-term capital gains and from certain qualifying dividends on corporate stock. Although, these rate reductions do not apply to corporate taxpayers, such taxpayers may be entitled to a corporate dividends received deduction with respect to their share of eligible domestic corporate dividends received by the Trust, or to foreign shareholders. The following are guidelines for how certain distributions by the Fund are generally taxed to individual taxpayers:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Distributions of earnings from qualifying dividends and qualifying long-term capital gains will be taxed at a maximum rate of 15%.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Note that distributions of earnings from dividends paid by certain "qualified foreign corporations" can also qualify for the lower tax rates on qualifying dividends.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;A shareholder will also have to satisfy a more than 60-day holding period with respect to any distributions of qualifying dividends in order to obtain the benefit of the lower tax rate.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Distributions of earnings from non-qualifying dividends interest income, other types of ordinary income and short-term capital gains will be taxed at the ordinary income tax rate applicable to the taxpayer.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Dividends declared by the Trust in October, November or December and paid during the following January may be treated as having been received by shareholders in the year the distributions were declared. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Each shareholder will receive an annual statement summarizing the shareholder's dividend and capital gains distributions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">If a shareholder invests through a tax-deferred account, such as a retirement plan, the shareholder generally will not have to pay tax on dividends until they are distributed from the account. These accounts are subject to complex tax rules, and shareholders should consult a tax adviser about investment through a tax-deferred account.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">There may be tax consequences to a shareholder if the shareholder sells the Trust's Common Shares or Preferred Shares. A shareholder will generally have a capital gain or loss, which will be long-term or short-term, generally depending on how long the shareholder holds those Common Shares or Preferred Shares. If a shareholder exchanges shares, the shareholder may be treated as if he or she sold them. Shareholders are responsible for any tax liabilities generated by their own transactions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As with all investment companies, the Trust may be required to withhold U.S. federal income tax at the current rate of 28% of all taxable distributions payable to a shareholder if the shareholder fails to provide the Trust with his or her correct taxpayer identification number or to make required certifications, or if the shareholder has been notified by the IRS that he or she is subject to backup withholding. Backup withholding is not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against a shareholder's U.S. federal income tax liability.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Tax Matters<br>28</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="3">MORE INFORMATION</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Distribution Arrangements</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Pursuant to the terms of a distribution agreement ("Distribution Agreement"), ING Funds Distributor will act as the Trust's distributor for the optional cash investments under the Trust's Shareholder Investment Program and for privately negotiated transactions. The Distribution Agreement provides that ING Fund's Distributor does not receive compensation or commissions from the Trust for such services. In addition, no fees or commissions will be paid by the Trust or its shareholders in connection with the reinvestment of dividends and capital gains distributions. ING Funds Distributor's principal business address is 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258. ING Funds Distributor, ING Investments, the Trust's Adviser, and ING IM, the Trust's Sub-Adviser, are indirect, wholly-owned subsidiaries of ING Groep. See "Plans of Distribution" in the SAI.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust bears the expenses of issuing the Common Shares. These expenses include, but are not limited to, the expense of preparation and printing of the Prospectus and SAI, the expense of counsel and independent registered public accounting firm and others.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Legal Matters</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The validity of the Common Shares offered hereby will be passed upon for the Trust by Dechert LLP, 1775 I Street, NW, Washington, DC 20006, counsel to the Trust.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Independent Registered Public Accounting Firm</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">KPMG LLP serves as the independent registered public accounting firm for the Trust. The principal address of KPMG is 99 High Street, Boston, Massachusetts 02110.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Registration Statement</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has filed with the SEC a Registration Statement under the Securities Act of 1933, relating to the Common Shares offered hereby. For further information with respect to the Trust and its Common Shares, reference is made to such Registration Statement and the exhibits filed therein.</font></p>
<p><img src="j0746144_ca020.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">More Information<br>29</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">STATEMENT OF ADDITIONAL INFORMATION</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TABLE OF CONTENTS</b></font></p>
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<tr>
<td colspan="3" width="352" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Page</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Change of Name</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Objective</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Restrictions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Additional Information About Investments and Investment Techniques</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Trustees and Officers</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Compensation Table</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Management and Other Service Providers</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Code of Ethics</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Portfolio Transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net Asset Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Federal Taxation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Advertising and Performance Data</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">General Information</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Statements</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Statement of Additional Information<br>30</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING PRIME RATE TRUST</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>7337 East Doubletree Ranch Road<BR>Scottsdale, Arizona 85258<BR>(800) 992-0180</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>25,000,000 Common Shares of Beneficial Interest</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TRUST ADVISORS AND AGENTS</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ADVISER</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Investments, LLC<BR>7337 East Doubletree Ranch Road<BR>Scottsdale, AZ 85258</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>SUB-ADVISER</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Investment Management Co.<BR>230 Park Avenue<BR>New York, NY 10169</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ADMINISTRATOR</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Funds Services, LLC<BR>7337 East Doubletree Ranch Road<BR>Scottsdale, AZ 85258</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>CUSTODIAN</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">State Street Bank and Trust<BR>801 Pennsylvania Avenue<BR>Kansas City, MO 64105</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INDEPENDENT REGISTERED PUBLIC<BR>ACCOUNTING FIRM</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">KPMG LLP<BR>99 High Street<BR>Boston, MA 02110</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DISTRIBUTOR</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Funds Distributor, LLC<BR>7337 East Doubletree Ranch Road<BR>Scottsdale, AZ 85258</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TRANSFER AGENT</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">DST Systems, Inc.<BR>333 W. 11th Street<BR>Kansas City, MO 64105</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>LEGAL COUNSEL</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Dechert LLP<BR>1775 I Street, NW<BR>Washington, DC 20006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INSTITUTIONAL INVESTORS AND ANALYSTS</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Call ING Prime Rate Trust<BR>(800) 336-3436</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>The Trust has not authorized any person to provide you with any information or to make any representations other than those contained in this Prospectus in connection with this offer. You should rely only on the information in this Prospectus or other information to which we have referred you. This Prospectus is not an offer to sell or the solicitation of any offer to buy any security other than the Common Shares offered by this Prospectus, nor does it constitute an offer to sell or a solicitation of any offer to buy the Common Shares by anyone in any jurisdiction in which such offer or solicitation is not authorized, or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such an offer or solicitation. The delivery of this Prospectus or any sale made pursuant to this Prospectus does not imply that the information contained in this Prospectus is correct as of any 
time after the date of this Prospectus. However, if any material change occurs while this Prospectus is required by law to be delivered, this Prospectus will be amended or supplemented.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>When contacting the SEC, you will want to refer to the Trust's SEC file number. The file number is as follows:</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">1940 Act File No. 811-05410</font></p>
<p><img src="j0746144_za021.jpg"></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">PRPRO-UPRT25M  (0607-062907)</font></p>

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<h1 align="center" style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><font style="position:relative;z-index:1;"><font style="height:12px;left:-87px;position:absolute;top:-49px;width:11px;"><img width="11" height="12" src="g46146bg01i001.gif"></font></font><b>ING
Prime Rate Trust</b></h1>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7337 East Doubletree
Ranch Road</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scottsdale, Arizona
85258-2034</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(800) 992-0180</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STATEMENT
OF ADDITIONAL INFORMATION</font></b></p>



<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">June 29, 2007 </font></b></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
Prime Rate Trust (&#147;Trust&#148;) is a diversified, closed-end management investment
company registered under the Investment Company Act of 1940, as amended (&#147;1940
Act&#148;).&#160; The Trust&#146;s investment objective
is to provide investors with as high a level of current income as is consistent
with the preservation of capital.&#160; There
is no assurance that the Trust will achieve its investment objective.&#160; The Trust is managed by ING Investments, LLC
(&#147;ING Investments&#148; or &#147;Adviser&#148;) and sub-advised by ING Investment Management
Co. (&#147;ING IM&#148; or &#147;Sub-Adviser&#148;).</font></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Statement of Additional
Information (&#147;SAI&#148;) does not constitute a prospectus, but should be read in
conjunction with the Prospectus relating thereto dated June 29, 2007.&#160; Capitalized terms not defined herein are used
as defined in the Prospectuses.&#160; This SAI
does not include all the information that a prospective investor should
consider before purchasing Common Shares in this offering, and investors should
obtain and read the Prospectus prior to purchasing such shares.&#160; In addition, the Trust&#146;s financial statements
and the independent registered public accounting firm&#146;s report thereon included
in the annual shareholder report dated February 28, 2007, are incorporated
herein by reference.&#160; A copy of the
Prospectuses may be obtained without charge by contacting the Trust at the address
and phone number written above. </font></p>



<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE
OF CONTENTS</font></b></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change
  of Name</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment
  Objective</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment
  Restrictions</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Additional
  Information About Investments And Investment Techniques</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Trustees
  and Officers</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">12</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation
  Table</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">22</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment
  Management and Other Service Providers</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">24</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy
  Voting Procedures</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">30</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Code of
  Ethics</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">32</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Portfolio
  Transactions</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">33</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net
  Asset Value</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">34</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Federal
  Taxation</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">35</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Advertising
  and Performance Data</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">39</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General
  Information</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">41</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="90%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:90.56%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Financial
  Statements</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.58%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">41</font></b></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Prospectuses and SAI omit certain information contained in the registration
statement filed with the Securities and Exchange Commission (&#147;SEC&#148;).&#160; The registration statement may be obtained
from the SEC upon payment of the fee prescribed, or inspected at the SEC&#146;s
office for no charge.&#160; The registration
statement is also available on the SEC&#146;s website (www.sec.gov).</font></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CHANGE OF NAME</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust changed its name from Pilgrim Prime Rate Trust to Pilgrim America Prime
Rate Trust in April 1996, and then changed its name back to Pilgrim Prime Rate
Trust on November 16, 1998.&#160; Effective
March 1, 2002, the Trust changed its name to ING Prime Rate Trust.</font></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT OBJECTIVE</font></b></h3>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust&#146;s investment objective is to obtain as high a level of current income as
is consistent with the preservation of capital.&#160;
The Trust seeks to achieve its investment objective by investing under
normal circumstances at least 80% of its net assets, plus the amount of any
borrowings for investment purposes, in U.S. dollar denominated floating rate
secured senior loans (&#147;Senior Loans&#148;). Under normal circumstances, the Trust
invests at least 80% of its assets in Senior Loans made to corporations or
other business entities organized under U.S. or Canadian law and that are
domiciled in the U.S., Canada or in U.S. territories or possessions.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Senior Loans in which the Trust invests either hold the most senior position in
the capital structure of the borrower or hold an equal ranking with other
senior debt or have characteristics that the Adviser or Sub-Adviser believes
justify treatment as senior debt. These Senior Loans are typically below
investment grade credit quality.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust may invest up to 20% of its total assets in other investments, including
unsecured floating rate loans, notes and other debt securities, subordinated
loans, tranches of floating rate asset-backed securities, including structured
notes, short-term debt instruments, equity securities acquired in connection
with investments in loans and other instruments as described under &#147;Additional
Information About Investments and Investment Techniques.&#148;&#160; During periods when, in the opinion of the
Trust&#146;s Adviser or Sub-Adviser, a temporary defensive posture in the market is
appropriate, the Trust may hold up to 100% of its assets in cash and/or in
short-term debt instruments.</font></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT RESTRICTIONS</font></b></h3>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust operates under a number of investment policies and restrictions.&#160; Certain investment restrictions of the Trust
are designated as fundamental policies and as such may not be changed without
the approval of a majority of the Trust&#146;s outstanding voting securities.&#160; In accordance with the 1940 Act, a majority
of the Trust&#146;s outstanding securities means the lesser of (i) 67% or more of
the Trust&#146;s shares present at a meeting, if the holders of more than 50% of the
Trust&#146;s shares are present or represented by proxy, or (ii) more than 50% of
the Trust&#146;s shares.&#160; The following
investment restrictions have been designated as fundamental policies.&#160; The Trust will not:</font></p>



<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>issue senior
securities, except insofar as the Trust may be deemed to have issued a senior
security by reason of&#160; (i) entering into
certain interest rate hedging transactions,&#160;
(ii) entering into reverse repurchase agreements, (iii) borrowing money
in an amount not exceeding 33<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font>/<font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font>%, or such other percentage permitted by
law, of the Trust&#146;s total assets (including the borrowed amount) less all
liabilities other than borrowings, or (iv) issuing a class or classes of
preferred shares in an amount not exceeding 50%, or such other percentage
permitted by law, of the Trust&#146;s total assets less all liabilities and
indebtedness not represented by senior securities. </h1>



<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>invest more than
25% of its total assets in any industry.</h1>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>invest in
marketable warrants other than those acquired in conjunction with Senior Loans
and such warrants will not constitute more than 5% of its assets.</h1>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make investments
in any one issuer other than U.S. government securities if, immediately after
such purchase or acquisition, more than 5% of the value of the Trust&#146;s total
assets would be invested in such issuer, or the Trust would own more than 25%
of any outstanding issue, except that up to 25% of the Trust&#146;s total assets may
be invested without regard to the foregoing restrictions.&#160; For the purpose of the foregoing restriction,
the Trust will consider the borrower of a Senior Loan to be the issuer of such
Senior Loan.&#160; In addition, with respect
to a Senior Loan under which the Trust does not have privity with the borrower
or would not have a direct cause of action against the borrower in the event of
the failure of the borrower to pay scheduled principal or interest, the Trust
will also separately meet the foregoing requirements and consider each
interpositioned bank (a lender from which the Trust acquires a Senior Loan) to
be an issuer of the Senior Loan.</h1>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>act as an
underwriter of securities, except to the extent that it may be deemed to act as
an underwriter in certain cases when disposing of its portfolio investments or
acting as an agent or one of a group of co-agents in originating Senior Loans.</h1>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>purchase or sell
equity securities (except that the Trust may, incidental to the purchase or
ownership of an interest in a Senior Loan, or as part of a borrower
reorganization, acquire, sell and exercise warrants and/or acquire or sell
other equity securities), real estate, real estate mortgage loans, commodities,
commodity futures contracts, or oil or gas exploration or development programs;
or sell short, purchase or sell straddles, spreads, or combinations thereof, or
write put or call options.</h1>



<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make loans of
money or property to any person, except that the Trust: (i) may make loans to
corporations or other business entities, or enter into leases or other
arrangements that have the characteristics of a loan; (ii) may lend portfolio
instruments; and (iii) may acquire securities subject to repurchase agreements.
</h1>



<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>purchase shares of
other investment companies, except in connection with a merger, consolidation,
acquisition or reorganization.</h1>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make investments
on margin or hypothecate, mortgage or pledge any of its assets except for the
purpose of securing borrowings as described above in connection with the
issuance of senior securities and then only in an amount up to 33<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font>/<font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font>% (50% in the case
of the issuance of a preferred class of shares), or such other percentage
permitted by law, of the value of the Trust&#146;s total assets (including, with
respect to borrowings, the amount borrowed) less all liabilities other than
borrowings (or, in the case of the issuance of senior securities, less all
liabilities and indebtedness not represented by senior securities).</h1>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
a percentage restriction is adhered to at the time of investment, a later
increase or decrease in percentage resulting from a change in value of the
Trust&#146;s investments or amount of total assets will not be considered a
violation of any of the foregoing restrictions.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There
is no limitation on the percentage of the Trust&#146;s total assets that may be
invested in instruments which are not readily marketable or subject to
restrictions on resale, and to the extent the Trust invests in such
instruments, the Trust&#146;s portfolio should be considered illiquid.&#160; The extent to which the Trust invests in such
instruments may affect its ability to realize the net asset value (&#147;NAV&#148;) of
the Trust in the event of the voluntary or involuntary liquidation of its
assets.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust has also adopted a non-fundamental policy as required by Rule 35d-1 under
the 1940 Act to invest, under normal circumstances, at least 80% of its net assets,
plus the amount of any</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">borrowings for investment purposes, in floating rate secured Senior
Loans.&#160; The Trust has also adopted a
policy to provide its shareholders with at least 60 days&#146; prior notice of any
change in such investment policy.&#160; If,
subsequent to an investment, the 80% requirement is no longer met, the Trust&#146;s
future investments will be made in a manner that will bring the Trust into
compliance with this policy.</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ADDITIONAL INFORMATION ABOUT INVESTMENTS AND
INVESTMENT TECHNIQUES</font></b></h3>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some
of the different types of securities in which the Trust may invest, subject to
its investment objective, policies and restrictions, are described in the
prospectus under &#147;Investment Objective and Policies.&#148;&#160; Additional information concerning certain of
the Trust&#146;s investments and investment techniques is set forth below.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity Securities</font></b></p>

<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
connection with its purchase or holding of interests in Senior Loans, the Trust
may acquire (and subsequently sell) equity securities or exercise warrants that
it receives. &#160;The Trust will acquire such
interests only as an incident to the intended purchase or ownership of loans or
in connection with a reorganization of a borrower or its debt.&#160; The Trust normally will not hold more than
20% of its total assets in equity securities.&#160;
Equity securities will not be treated as Senior Loans; therefore, an
investment in such securities will not count toward the 80% of the Trust&#146;s </font><font size="2" style="font-size:10.0pt;">net assets, plus
the amount of any borrowings for investment purposes,</font><font size="2" style="font-size:10.0pt;"> that normally
will be invested in Senior Loans.&#160; Equity
securities are subject to financial and market risks and can be expected to
fluctuate in value.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lease Participations</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior
Loans that the Trust may acquire include particpation interests in lease
fiancings (Lease Participations) where the collateral quality, credit quality
of the borrower and the likelihood of payback are believed by the Adviser or
Sub-Adviser to be the same as those applied to conventional Senior Loans.&#160; A Lease Participation is also required to
have a floating interest rate that is indexed to a benchmark indicator of
prevailing interest rates, such as London Inter-Bank Offered Rate (&#147;LIBOR&#148;) or
the Prime Rate.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
credit quality standards and general requirements that the Trust applies to
Lease Participations including collateral quality, the credit quality of the
borrower and the likelihood of payback are substantially the same as those
applied to conventional Senior Loans. A Lease Participation is also required to
have a floating interest rate that is indexed to the federal funds rate, LIBOR
, or Prime Rate in order to be eligible for investment.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Office of the Comptroller of the Currency has established regulations which set
forth circumstances under which national banks may engage in lease financings.
Among other things, the regulation requires that a lease be a net-full payout
lease representing the noncancelable obligation of the lessee, and that the
bank make certain determinations with respect to any estimated residual value
of leased property relied upon by the bank to yield a full return on the lease.
The Trust may invest in lease financings only if the Lease Participation meets
these banking law requirements.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Rates and Portfolio Maturity</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
rates on loans in which the Trust invests adjust periodically.&#160; The interest rates are adjusted based on a
base rate plus a premium or spread over the base rate.&#160; The base rate usually is LIBOR, the Federal
Reserve federal funds rate, the Prime Rate or other base lending rates used by
commercial lenders.&#160; LIBOR usually is an
average of the interest rates quoted by several designated banks</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as the rates at which they pay interest to major depositors in the
London interbank market on U.S. dollar denominated deposits.&#160; The Adviser and Sub-Adviser believe that changes
in short-term LIBOR rates are closely related to changes in the Federal Reserve
federal funds rate, although the two are not technically linked.&#160; The Prime Rate quoted by a major U.S. bank is
generally the interest rate at which that bank is willing to lend U.S. dollars
to its most creditworthy borrowers, although it may not be the bank&#146;s lowest
available rate.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans
in which the Trust invests typically have interest rates which reset at least
quarterly and may reset as frequently as daily.&#160;
The maximum duration of an interest rate reset on any loan in which the
Trust can invest is one year.&#160; The
maximum maturity on any loan in which the Trust can invest is ten years.&#160; The Trust&#146;s portfolio of loans will
ordinarily have a dollar-weighted average time until the next interest rate
adjustment of ninety (90) days or less, although the time may exceed 90
days.&#160; The Trust may find it possible and
appropriate to use interest rate swaps and other investment practices to shorten
the effective interest rate adjustment period of loans.&#160; If the Trust does so, it will consider the
shortened period to be the adjustment period of the loan.&#160; As short-term interest rates rise, interest
payable to the Trust should increase.&#160; As
short-term interest rates decline, interest payable to the Trust should
decrease.&#160; The amount of time that will
pass before the Trust experiences the effects of changing short-term interest
rates will depend on the dollar-weighted average time until the next interest
rate adjustment on the Trust&#146;s portfolio of loans.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans
usually have mandatory and optional prepayment provisions.&#160; Because of prepayments, the actual remaining
maturity of a loan may be considerably less than its stated maturity.&#160; If a loan is prepaid, the Trust will have to
reinvest the proceeds in other loans or securities which may have a lower fixed
spread over its base rate.&#160; In such a
case, the amount of interest paid to the Trust would likely decrease.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
the event of a change in the benchmark interest rate on a loan, the rate payable
to lenders under the loan will, in turn, change at the next scheduled reset
date.&#160; If the benchmark rate goes up, the
Trust as lender would earn interest at a higher rate, but only on and after the
reset date.&#160; If the benchmark rate goes
down, the Trust as lender would earn interest at a lower rate, but only on and
after the reset date.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During
normal market conditions, changes in market interest rates will affect the
Trust in certain ways.&#160; The principal
effect will be that the yield on the Trust&#146;s Common Shares will tend to rise or
fall as market interest rates rise and fall.&#160;
This is because almost all of the assets in which the Trust invests pay
interest at rates which float in response to changes in market rates.&#160; However, because the interest rates on the
Trust&#146;s assets reset over time, there will be an imperfect correlation between
changes in market rates and changes to rates on the portfolio as a whole.&#160; This means that changes to the rate of
interest paid on the portfolio as a whole will tend to lag behind changes in
market rates.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market
interest rate changes may also cause the Trust&#146;s NAV to experience moderate
volatility.&#160; This is because the value of
a loan asset in the Trust is partially a function of whether it is paying what
the market perceives to be a market rate of interest for the particular loan,
given its individual credit and other characteristics.&#160; If market interest rates change, a loan&#146;s
value could be affected to the extent the interest rate paid on that loan does
not reset at the same time.&#160; As discussed
above, the rates of interest paid on the loans in which the Trust invests have
a weighted average reset period that typically is less than 90 days.&#160; Therefore, the impact of the lag between a
change in market interest rates and the change in the overall rate on the
portfolio is expected to be minimal.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally,
to the extent that changes in market rates of interest are reflected not in a
change to a base rate such as LIBOR but in a change in the spread over the base
rate which is payable on loans of the type and quality in which the Trust
invests, the Trust&#146;s NAV could be adversely affected.&#160; Again, this is because the value of a loan
asset in the Trust is partially a function of whether it is paying what the</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">market perceives to be a market rate of interest for the particular
loan, given its individual credit and other characteristics.&#160; However, unlike changes in market rates of
interest for which there is only a temporary lag before the portfolio reflects
those changes, changes in a loan&#146;s value based on changes in the market spread
on loans in the Trust&#146;s portfolio may be of longer duration.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other
Investments</font></b></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assets not invested in
Senior Loans will generally consist of other instruments, including loans to
borrowers organized outside the U.S. or Canada, unsecured floating rate loans,
notes and other debt instruments, floating rate subordinated loans up to a
maximum of 5% of the Trust&#146;s total assets, tranches of floating rate
asset-backed securities, including structured notes, short-term debt
securities, with remaining maturities of 120 days or less (which may have
yields tied to the Prime Rate, commercial paper rates, the federal funds rate
or LIBOR) and equity securities acquired in connection with investments in
loans.&#160; Short-term debt instruments may
include (i) commercial paper rated A-1 by Standard &amp; Poor&#146;s (&#147;S&amp;P&#148;)
Ratings Services or P-1 by Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;), or of
comparable quality as determined by the Adviser or Sub-Adviser, (ii)
certificates of deposit, bankers&#146; acceptances, and other bank deposits and
obligations, and (iii) securities issued or guaranteed by the U.S.&#160; government, its agencies or
instrumentalities.&#160; During periods when,
in the judgment of the Adviser or Sub-Adviser, a temporary defensive posture in
the market is appropriate, the Trust may hold up to 100% of its assets in cash
and/or in short-term debt instruments. </font></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Repurchase Agreements</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust has the ability, pursuant to its investment objective and policies, to
enter into repurchase agreements.&#160; A
repurchase agreement is a contract under which the Trust may sell and
simultaneously obtain the commitment of the purchaser to sell the security back
to the Trust at an agreed upon price on an agreed upon date.&#160; Repurchase agreements will be considered
borrowings by the Trust, and as such are subject to the restrictions on
borrowing.&#160; Borrowings by the Trust
create an opportunity for greater total return, but at the same time increase
exposure to capital risk.&#160; The Trust will
maintain in a segregated account with its custodian cash or liquid high grade
portfolio securities in an amount sufficient to cover its obligations with
respect to the repurchase agreements.&#160;
The Trust will receive payment for such securities only upon physical
delivery or evidence of book entry transfer by its custodian.&#160; Regulations of the SEC require either that
securities sold by the Trust under a repurchase agreement be segregated pending
repurchase or that the proceeds be segregated on the Trust&#146;s books and records
pending repurchase.&#160; Repurchase
agreements may involve certain risks in the event of default or insolvency of
the other party, including possible loss from delays or restrictions upon the
Trust&#146;s ability to dispose of the underlying securities.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reverse
Repurchase Agreements</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust has the ability, pursuant to its investment objective and policies, to
enter into repurchase agreements if the asset which is the subject of the
repurchase is a loan.&#160; Such agreements
may be considered to be loans by the Trust for purposes of the 1940 Act.&#160; Each reverse repurchase agreement must be
collateralized fully, in accordance with the provisions of Rule 5b-3 under the
1940 Act, at all times.&#160; Pursuant to such
reverse repurchase agreements, the Trust acquires securities from financial
institutions such as brokers, dealers and banks, subject to the seller&#146;s
agreement to repurchase and the Trust&#146;s agreement to resell such securities at
a mutually agreed upon date and price.&#160;
The term of such an agreement is generally quite short, possibly
overnight or for a few days, although it may extend over a number of months (up
to one year) from the date of delivery.&#160;
The repurchase price generally equals the price paid by the Trust plus
interest negotiated on the basis of current short-term rates (which may
be more or less than the rate on the underlying portfolio security).&#160; The securities underlying a reverse</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">repurchase agreement will be marked to market every business day so
that the value of the collateral is at least equal to the value of the loan,
including the accrued interest thereon, and the Adviser or Sub-Adviser will
monitor the value of the collateral.&#160;
Securities subject to reverse repurchase agreements will be held by the
Custodian or in the Federal Reserve/Treasury Book-Entry System. If the
seller defaults on its repurchase obligation, the Trust will suffer a loss to
the extent that the proceeds from a sale of the underlying securities is less
than the repurchase price under the agreement.&#160;
Bankruptcy or insolvency of such a defaulting seller may cause the Trust&#146;s
rights with respect to such securities to be delayed or limited.&#160; To mitigate this risk, the Trust only enters
into reverse repurchase agreements with highly rated, large financial
institutions.&#160; The Trust may only enter
into reverse repurchase agreements that qualify for an exclusion from any
automatic stay of creditors&#146; rights against the counterparty under applicable
insolvency law in the event of the counterparty&#146;s insolvency.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lending
Loan Interests and Other Portfolio Instruments</font></b></p>

<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
generate additional income, the Trust may lend its portfolio securities,
including interests in&#160; Senior Loans, in
an amount equal to up to 33</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font><font size="2" style="font-size:10.0pt;">/</font><font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font><font size="2" style="font-size:10.0pt;">% of the Trust&#146;s
total assets to broker-dealers, major banks, or other recognized domestic
institutional borrowers of securities.&#160;
No lending may be made to any companies affiliated with the Adviser or
Sub-Adviser.&#160; During the time portfolio
securities are on loan, the borrower pays the Trust any dividends or interest
paid on such securities, and the Trust may invest the cash collateral and earn
additional income, or it may receive an agreed-upon amount of interest income
from the borrower who has delivered equivalent collateral or a letter of
credit.&#160; As with other extensions of
credit, there are risks of delay in recovery or even loss of rights in the
collateral should the borrower fail financially.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust may seek to increase its income by lending financial instruments in its
portfolio in accordance with present regulatory policies, including those of
the Board of Governors of the Federal Reserve System and the SEC.&#160; The lending of financial instruments is a
common practice in the securities industry.&#160;
The loans are required to be secured continuously by collateral,
consistent with the requirements of the 1940 Act discussed below, maintained on
a current basis at an amount at least equal to the market value of the
portfolio instruments loaned.&#160; The Trust
has the right to call a loan and obtain the portfolio instruments loaned at any
time on such notice as specified in the transaction documents.&#160; For the duration of the loan, the Trust will
continue to receive the equivalent of the interest paid by the issuer on the
portfolio instruments loaned and may also receive compensation for the loan of
the financial instrument.&#160; Any gain or
loss in the market price of the instruments loaned that may occur during the
term of the loan will be for the account of the Trust.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust may lend its portfolio instruments so long as the terms and the structure
of such loans are not inconsistent with the requirements of the 1940 Act, which
currently require that (a) the borrower pledge and maintain with the Trust
collateral consisting of cash, a letter of credit issued by a domestic U.S.&#160; bank, or securities issued or guaranteed by
the U.S.&#160; government having a value at
all times not less than 100% of the value of the instruments loaned, (b) the
borrowers add to such collateral whenever the price of the instruments loaned
rises (<i>i.e.</i>, the value of the
loan is marked to market on a daily basis), (c) the loan be made subject to
termination by the Trust at any time, and (d) the Trust receives reasonable
interest on the loan (which may include the Trust&#146;s investing any cash
collateral in interest bearing short-term investments), any distributions on
the loaned instruments and increase in their market value.&#160; The Trust may lend its portfolio instruments
to member banks of the Federal Reserve System, members of the New York Stock
Exchange (&#147;NYSE&#148;) or other entities determined by the Adviser or Sub-Adviser to
be creditworthy.&#160; All relevant facts and
circumstances, including the creditworthiness of the qualified institution,
will be monitored by the Adviser or Sub-Adviser, and will be considered in
making decisions with respect to the lending of portfolio instruments.</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust may pay reasonable negotiated fees in connection with loaned
instruments.&#160; In addition, voting rights
may pass with loaned securities, but if a material event were to occur
affecting such a loan, the Trust will retain the right to call the loan and
vote the securities.&#160; If a default occurs
by the other party to such transaction, the Trust will have contractual
remedies pursuant to the agreements related to the transaction, but such
remedies may be subject to bankruptcy and insolvency laws which could
materially and adversely affect the Trust&#146;s rights as a creditor.&#160; However, the loans will be made only to firms
deemed by the Adviser or Sub-Adviser to be of good financial standing and when,
in the judgment of the Adviser or Sub-Adviser, the consideration which can be
earned currently from loans of this type justifies the attendant risk.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
Rate Hedging Transactions</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust has the ability, pursuant to its investment objectives and policies, to
engage in certain hedging transactions including interest rate swaps and the
purchase or sale of interest rate caps and floors. The Trust may undertake
these transactions primarily for the following reasons: to preserve a return on
or value of a particular investment or portion of the Trust&#146;s portfolio, to
protect against decreases in the anticipated rate of return on floating or
variable rate financial instruments which the Trust owns or anticipates
purchasing at a later date, or for other risk management strategies such as
managing the effective dollar-weighted average duration of the Trust&#146;s
portfolio. Market conditions will determine whether and in what circumstances
the Trust would employ any of the hedging techniques described below.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
rate swaps involve the exchange by the Trust with another party of their
respective commitments to pay or receive interest, <i>e.g.</i>, an exchange of an obligation to make floating rate
payments on a specified dollar amount, referred to as the &#147;notional&#148; principal
amount, for an obligation to make fixed rate payments. For example, the Trust
may seek to shorten the effective interest rate redetermination period of a
Senior Loan in its portfolio that has an interest rate redetermination period
of one year. The Trust could exchange its right to receive fixed income
payments for one year from a borrower for the right to receive payments under
an obligation that readjusts monthly. In such an event, the Trust would
consider the interest rate redetermination period of such Senior Loan to be the
shorter period.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
purchase of an interest rate cap entitles the purchaser, to the extent that a
specified index exceeds a predetermined interest rate, to receive payments of
interest on a notional principal amount from the party selling such interest
rate cap. The purchase of an interest rate floor entitles the purchaser, to the
extent that a specified index falls below a predetermined interest rate, to
receive payments of interest on a notional principal amount from the party
selling such interest rate floor. The Trust will not enter into swaps, caps or
floors if, on a net basis, the aggregate notional principal amount with respect
to such agreements exceeds the net assets of the Trust or to the extent the
purchase of swaps, caps or floors would be inconsistent with the Trust&#146;s other
investment restrictions.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust will usually enter into interest rate swaps on a net basis, <i>i.e</i>., where the two parties make net
payments with the Trust receiving or paying, as the case may be, only the net
amount of the two payments. The net amount of the excess, if any, of the Trust&#146;s
obligations over its entitlement with respect to each interest rate swap will
be accrued and an amount of cash or liquid securities having an aggregate NAV
at least equal to the accrued excess will be maintained in a segregated
account. If the Trust enters into a swap on other than a net basis, the Trust
will maintain in the segregated account the full amount of the Trust&#146;s
obligations under each such swap. The Trust may enter into swaps, caps and
floors with member banks of the Federal Reserve System, members of the NYSE or
other entities determined by ING Investments. If a default occurs by the other
party to such transaction, the Trust will have contractual remedies pursuant to
the agreements related to the transaction but such remedies may be subject to
bankruptcy and insolvency laws which could materially and adversely affect the
Trust&#146;s rights as a</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">creditor. The Trust will not treat swaps covered in accordance with applicable
regulatory guidance as senior securities.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
swap, cap and floor market has grown substantially in recent years with a large
number of banks and financial services firms acting both as principals and as
agents utilizing standardized swap documentation. As a result, this market has
become relatively liquid. There can be no assurance, however, that the Trust
will be able to enter into interest rate swaps or to purchase interest rate
caps or floors at prices or on terms the Adviser or Sub-Adviser believes are
advantageous to the Trust.&#160; In addition,
although the terms of interest rate swaps, caps and floors may provide for
termination, there can be no assurance that the Trust will be able to terminate
an interest rate swap or to sell or offset interest rate caps or floors that it
has purchased.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
successful utilization of hedging and risk management transactions requires
skills different from those needed in the selection of the Trust&#146;s portfolio
securities and depends on the Adviser&#146;s or Sub-Adviser&#146;s ability to predict
correctly the direction and degree of movements in interest rates. Although the
Trust believes that use of the hedging and risk management techniques described
above will benefit the Trust, if the Adviser&#146;s or Sub-Adviser&#146;s judgment about
the direction or extent of the movement in interest rates is incorrect, the
Trust&#146;s overall performance would be worse than if it had not entered into any
such transactions. The Trust will incur brokerage and other costs in connection
with its hedging transactions.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Originating
Senior Loans &#150; Reliance on Agents</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust has the ability to act as an agent in originating and administering a
loan on behalf of all lenders or as one of a group of co-agents in originating
Senior Loans.&#160; However, the Trust has not
acted as agent or co-agent on any loans, and has no present intention of doing
so in the future.&#160; An agent for a loan is
required to administer and manage the Senior Loan and to service or monitor the
collateral.&#160; The agent is also
responsible for the collection of principal and interest and fee payments from
the borrower and the apportionment of these payments to the credit of all
lenders which are parties to the loan agreement.&#160; The agent is charged with the responsibility
of monitoring compliance by the borrower with the restrictive covenants in the
loan agreement and of notifying the lenders of any adverse change in the
borrower&#146;s financial condition.&#160; In
addition, the agent generally is responsible for determining that the lenders
have obtained a perfected security interest in the collateral securing the
Senior Loan.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lenders
generally rely on the agent to collect their portion of the payments on a
Senior Loan and to use the appropriate creditor remedies against the
borrower.&#160; Typically under loan agreements,
the agent is given broad discretion in enforcing the loan agreement and is
obligated to use the same care it would use in the management of its own
property.&#160; The borrower compensates the
agent for these services.&#160; Such
compensation may include special fees paid on structuring and funding the
Senior Loan and other fees on a continuing basis.&#160; The precise duties and rights of an agent are
defined in the loan agreement.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
agent may enforce compliance by the borrower with the terms of the loan agreement.&#160; Agents also have voting and consent rights
under the applicable loan agreement.&#160;
Action subject to agent vote or consent generally requires the vote or
consent of the holders of some specified percentage of the outstanding
principal amount of the Senior Loan, which percentage varies depending on the
relative loan agreement.&#160; Certain
decisions, such as reducing the amount or increasing the time for payment of
interest on or repayment of principal of a Senior Loan, or relating collateral
therefor, frequently require the unanimous vote or consent of all lenders
affected.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the terms of a loan agreement, the agent typically has sole responsibility
for servicing and administering a loan on behalf of the other lenders.&#160; Each lender in a Senior Loan is generally</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">responsible for performing its own credit analysis and its own
investigation of the financial condition of the borrower.&#160; Generally, loan agreements will hold the
agent liable for any action taken or omitted that amounts to gross negligence
or willful misconduct.&#160; In the event of a
borrower&#146;s default on a loan, the loan agreements provide that the lenders do
not have recourse against the agent for its activities as agent.&#160; Instead, lenders will be required to look to
the borrower for recourse.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
a typical interest in a Senior Loan, the agent administers the loan and has the
right to monitor the collateral.&#160; The
agent is also required to segregate the principal and interest payments
received from the borrower and to hold these payments for the benefit of the
lenders.&#160; The Trust normally looks to the
agent to collect and distribute principal of and interest on a Senior
Loan.&#160; Furthermore, the Trust looks to
the agent to use normal credit remedies, such as to foreclose on collateral,
monitor credit loan covenants, and notify the lenders of any adverse changes in
the borrower&#146;s financial condition or declarations of insolvency.&#160; At times the Trust may also negotiate with
the agent regarding the agent&#146;s exercise of credit remedies under a Senior Loan.&#160; The agent is compensated for these services
by the borrower as set forth in the loan agreement.&#160; Such compensation may take the form of a fee
or other amount paid upon the making of the Senior Loan and/or an ongoing fee
or other amount.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
loan agreements in connection with Senior Loans set forth the standard of care
to be exercised by the agents on behalf of the lenders and usually provide for
the termination of the agent&#146;s agency status in the event that it fails to act
properly, becomes insolvent, enters FDIC receivership, or if not FDIC insured,
enters into bankruptcy or if the agent resigns.&#160;
In the event an agent is unable to perform its obligations as agent,
another lender would generally serve in that capacity.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional
Information on Senior Loans</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior
Loans are direct obligations of corporations or other business entities and are
arranged by banks or other commercial lending institutions and made generally
to finance internal growth, mergers, acquisitions, stock repurchases, and
leveraged buyouts.&#160; Senior Loans usually
include restrictive covenants which must be maintained by the borrower.&#160; Such covenants, in addition to the timely
payment of interest and principal, may include mandatory prepayment provisions
arising from free cash flow and restrictions on dividend payments, and usually
state that a borrower must maintain specific minimum financial ratios as well
as establishing limits on total debt.&#160; A
breach of covenant, which is not waived by the agent, is normally an event of
acceleration, <i>i.e.</i>, the agent has
the right to call the outstanding Senior Loan.&#160;
In addition, loan covenants may include mandatory prepayment provisions
stemming from free cash flow.&#160; Free cash
flow is cash that is in excess of capital expenditures plus debt service
requirements of principal and interest.&#160;
The free cash flow shall be applied to prepay the Senior Loan in an
order of maturity described in the loan documents.&#160; Under certain interests in Senior Loans, the
Trust may have an obligation to make additional loans upon demand by the
borrower.&#160; The Trust intends to ensure
its ability to satisfy such demands by segregating sufficient assets in high
quality short-term liquid investments or by sufficiently maintaining unused borrowing
capacity.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior
Loans, unlike certain bonds, usually do not have call protection.&#160; This means that investments comprising the
Trust&#146;s portfolio, while having a stated one to ten-year term, may be prepaid,
often without penalty.&#160; The Trust
generally holds Senior Loans to maturity unless it becomes necessary to sell
them to adjust the Trust&#146;s portfolio in accordance with the Adviser&#146;s or
Sub-Adviser&#146;s view of current or expected economic or specific industry or
borrower conditions.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior
Loans frequently require full or partial prepayment of a loan when there are
asset sales or a securities issuance.&#160;
Prepayments on Senior Loans may also be made by the borrower at its
election.&#160; The rate of such prepayments
may be affected by, among other things, general business and economic
conditions, as well as the financial status of the borrower.&#160; Prepayment would cause the actual duration of</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Senior Loan to be shorter than its stated maturity.&#160; Prepayment may be deferred by the Trust.&#160; This should, however, allow the Trust to
reinvest in a new loan and recognize as income any unamortized loan fees.&#160; In many cases this will result in a new
facility fee payable to the Trust.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because
interest rates paid on these Senior Loans fluctuate periodically with the
market, it is expected that the prepayment and a subsequent purchase of a new
Senior Loan by the Trust will not have a material adverse impact on the yield
of the portfolio.&#160; See &#147;Portfolio
Transactions.&#148;</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under
a Senior Loan, the borrower generally must pledge as collateral assets which
may include one or more of the following:&#160;
cash, accounts receivable, inventory, property, plant and equipment,
both common and preferred stock in its subsidiaries, trademarks, copyrights,
patent rights and franchise value.&#160; The
Trust may also receive guarantees as a form of collateral.&#160; In some instances, a Senior Loan may be
secured only by stock in a borrower or its affiliates.&#160; There is no assurance, however, that the
liquidation of the existing collateral would satisfy the borrower&#146;s obligation
in the event of nonpayment of scheduled interest or principal, or that such
collateral could be readily liquidated.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font style="position:relative;z-index:2;"><font style="height:12px;left:-87px;position:absolute;top:-49px;width:11px;"><img width="11" height="12" src="g46146bg01i001.gif"></font></font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Loan
Participation and Assignments</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust&#146;s investment in <b>loan participations </b>typically
will result in the Trust having a contractual relationship only with the lender
and not with the borrower.&#160; The Trust
will have the right to receive payments of principal, interest and any fees to
which it is entitled only from the lender selling the participation and only
upon receipt by the lender of the payments from the borrower.&#160; In connection with purchasing participation,
the Trust generally will have no right to enforce compliance by the borrower
with the terms of the loan agreement relating to the loan, nor any right of
set-off against the borrower, and the Trust may not directly benefit from any
collateral supporting the loan in which it has purchased the
participation.&#160; As a result, the Trust
may be subject to the credit risk of both the borrower and the lender that is
selling the participation.&#160; In the event
of the insolvency of the lender selling a participation, the Trust may be
treated as a general creditor of the lender and may not benefit from any
set-off between the lender and the borrower.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When
the Trust purchases a <b>loan assignment</b>
from lenders, it will acquire direct rights against the borrowers on the
loan.&#160; Because Assignments are arranged
through private negotiations between potential assignees and potential
assignors, however, the rights and obligations acquired by the Trust as the
purchaser of an Assignment may differ from, and be more limited than, those
held by the assigning lender.&#160; Because
there is no liquid market for such securities, the Trust anticipates that such
securities could be sold only to a limited number of institutional
investors.&#160; The lack of a liquid
secondary market may have an adverse impact on the value of such securities and
the Trust&#146;s ability to dispose of particular assignments or participation when
necessary to meet redemption of Trust shares, to meet the Trust&#146;s liquidity needs
or when necessary in response to a specific economic event, such as
deterioration in the creditworthiness of the borrower.&#160; The lack of a liquid secondary market for
assignments and participation also may make it more difficult for the Trust to
value these securities for purposes of calculating its NAV.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust may be required to pay and receive various fees and commissions in the
process of purchasing, selling and holding Senior Loans.&#160; The fee component may include any, or a
combination of, the following elements:&#160;
arrangement fees, assignment fees, non-use fees, facility fees, letter
of credit fees and ticking fees.&#160;
Arrangement fees are paid at the commencement of a loan as compensation
for the initiation of the transaction.&#160; A
non-use fee is paid based upon the amount committed but not used under the
loan.&#160; Facility fees are on-going annual
fees paid in connection with a loan.&#160;
Letter of credit fees are paid if a loan involves a letter of
credit.&#160; Ticking fees are paid from the
initial commitment indication until loan closing if for an extended
period.&#160; The amount of fees is negotiated
at the time of transaction.</font></b></p>


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<div>


<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Trustees and Officers</font></b></h3>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management of the Trust</font></b></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust is governed by its
Board of Trustees (&#147;Board&#148;).&#160; A trustee
who is not an interested person of the Trust, as defined in the 1940 Act, as
amended, is an independent trustee (&#147;Independent Trustee&#148;).&#160; The Trustees of the Trust are listed below. </font></p>





<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Name, Address and
  Age </font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Position(s) Held<br>
  With Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Term of Office<br>
  and Length of<br>
  Time Served(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Principal
  Occupation(s) &#150;<br>
  During the Past 5 Years</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Number of<br>
  Funds in<br>
  Fund<br>
  Complex<br>
  Overseen by<br>
  Trustee(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Other Directorships/Trusteeships<br>
  Held by Trustee</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.1%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Independent
  Trustees</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">John V.
  Boyer</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 53</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">January 2005 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">President and Chief Executive Officer, Franklin and
  Eleanor Roosevelt Institute (March 2006 &#150; Present). Formerly, Executive
  Director, The Mark Twain House &amp; Museum (3) (September 1989 &#150; November
  2005).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">None.</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Patricia W. Chadwick (4)</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 58</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">January 2006 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Consultant and President of self-owned company,
  Ravengate Partners LLC (January 2000 &#150; Present).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Wisconsin Energy (June 2006 &#150; Present).</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">J. Michael Earley</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 62</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">February 2002 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">President, Chief Executive Officer and Director,
  Bankers Trust Company, N.A., Des Moines (June 1992 &#150; Present).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Midamerica Financial Corporation (December 2002 &#150;
  Present).</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">R. Barbara Gitenstein</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 59</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">February 2002 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">President, College of New Jersey (January 1999 &#150;
  Present).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">None.</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Patrick W. Kenny</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 64</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">January 2005 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">President and Chief Executive Officer, International
  Insurance Society (June 2001 &#150; Present).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Assured Guaranty Ltd. (April 2004 &#150; Present); and
  Odyssey Reinsurance Holdings (November 2006 &#150; Present).</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Name, Address and
  Age </font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Position(s) Held<br>
  With Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Term of Office<br>
  and Length of<br>
  Time Served(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Principal
  Occupation(s) &#150;<br>
  During the Past 5 Years</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Number of<br>
  Funds in<br>
  Fund<br>
  Complex<br>
  Overseen by<br>
  Trustee(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;">Other
  Directorships/Trusteeships<br>
  Held by Trustee</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Jock Patton</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 61</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Chairman and Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">August 1995 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Private Investor (June 1997 &#150; Present).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">JDA Software Group, Inc. (January 1999 &#150; Present);
  and Swift Transportation Co. (March 2004 &#150; Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Sheryl K. Pressler (4)</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 56</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">January 2006 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Consultant (May 2001 &#150; Present).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Stillwater Mining Company (May 2002 &#150; Present);
  California HealthCare Foundation (June 1999 &#150; Present); and Romanian &#150;
  American Enterprise Fund (February 2004 &#150; Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">David W.C. Putnam</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 67</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">November 1999 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Chair, Board of Directors and President, F.L. Putnam
  Securities Company, Inc. (June 1978 &#150; Present).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Principled Equity Market Trust (December 1996 &#150;
  Present); and Asian American Bank and Trust Company (June 1993 &#150; Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Roger B. Vincent</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 61</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">February 2002 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">President, Springwell Corporation (March 1989 &#150;
  Present).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">UGI Corporation (February 2006 &#150; Present); and UGI
  Utilities, Inc. (February 2006 &#150; Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.1%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Trustees who are &#147;Interested Persons&#148;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">John G. Turner(5)</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 67</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">September 2000 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Retired.</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Hormel Foods Corporation (March 2000 &#150; Present); and
  Conseco, Inc. (September 2003 &#150; Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Shaun P. Mathews (3), (5), (6)</font></b><font size="1" style="font-size:7.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 51</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">June 2006 &#150;<br>
  Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">President and Chief Executive Officer, ING
  Investment, LLC (December 2006 &#150; Present); and ING USFS Mutual Funds and
  Investment Products (October 2004 &#150; Present). Formerly, CMO, ING USFS (April
  2002 &#150; October 2004); and Head of Rollover/Payout (October 2001 &#150; December
  2003).</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.2%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">174</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">Mark Twain House &amp; Museum (3)(September 2002 &#150;
  Present); Connecticut Forum (May 2002 &#150; Present); Capital Community College
  Foundation (February 2002 &#150; Present); ING Services Holding Company, Inc. (May
  2000 &#150; Present); Southland Life Insurance Company (June 2002 &#150; Present); and
  ING Capital Corporation, LLC, ING Funds Distributor, LLC, ING Funds Services,
  LLC, ING Investments, LLC and ING Pilgrim Funding, Inc. (March 2006 &#150;
  Present).</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<div style="margin:0pt 0pt .0001pt;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Trustees are considered
for election by shareholders on an annual basis and serve until their
successors are duly elected and qualified, subject to the Board&#146;s retirement
policy which states that each duly elected or appointed Trustee who is not an &#147;interested
person&#148; of the Trust, as defined in the Investment Company Act of 1940 (&#147;1940
Act&#148;) (&#147;Independent Trustees&#148;), shall retire from service as a Trustee at the
conclusion of the first regularly scheduled meeting of the Board that is held
after the Trustee reaches the age of 70.&#160;
A unanimous vote of the Board may extend the retirment date of a Trustee
for up to one year.&#160; An extension may be
permitted if the retirement would trigger a requirement to hold a meeting of
shareholders of the Trust under applicable law, whether for purposes of
appointing a successor to the Trustee or if otherwise necessary under
applicable law, in which case the extension would apply until such time as the
shareholder meeting can be held or is no longer needed.</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For
the purposes of this table, &#147;Fund Complex&#148; means the following investment
companies:&#160; ING Asia Pacific High
Dividend Equity Income Fund, ING Equity Trust; ING Funds Trust; ING Global
Advantage and Premium Opportunity Fund;&#160;
ING Global Equity Dividend and Premium Opportunity Fund; ING Investment
Funds, Inc.; ING Investors Trust; ING Mayflower Trust; ING Mutual Funds; ING
Partners, Inc.; ING Prime Rate Trust; ING Senior Income Fund; ING Separate
Portfolios Trust;&#160; ING Variable Insurance
Trust; and ING Variable Products Trust.&#160;
The number of Funds in the Fund Complex is as of February 28, 2006. </p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shaun Mathews, President, ING USFS Mutual
Funds and Investment Products, has held a seat on the Board of Directors of The
Mark Twain House &amp; Museum since September 19, 2002.&#160; ING Groep N.V. makes non-material, charitable
contributions to The Mark Twain House &amp; Museum. </p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mses. Chadwick and Pressler each commenced
services as Trustee on January 18, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Messrs. Matthews and Turner are deemed to be &#147;interested
persons&#148; of the Trust as defined in the 1940 Act because of their relationship
with ING Groep., N.V., the parent corporation of the &#160;adviser, ING Investments, LLC and the
distributor, ING Funds Distributor, LLC.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. Matthews commenced service as a Trustee on
June 14, 2006.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">14</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Officers</font></b></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information
about the ING Funds&#146; Officers are set forth in the table below: </font></p>





<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Name, Address and
  Age </font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Positions Held
  with the Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Term of Office
  and Length of Time Served (1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Principal
  Occupation(s) During the Last Five Years</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Shaun P. Mathews<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 51</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">President and Chief Executive Officer</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">November 2006 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">President and Chief Executive Officer, ING
  Investments, LLC(2) and ING Funds Services, LLC(3) (November 2006 &#150;
  Present)(4); and Head of ING USFS Mutual Funds and Investment Products
  (October 2004 &#150; Present). Formerly, CMO, ING USFS (April 2002 &#150; October
  2004); and Head of Rollover/Payout (October 2001 &#150; December 2003).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Stanley
  D. Vyner<br>
  </font></b><font size="1" style="font-size:6.5pt;">230 Park Avenue<br>
  New York, New York 10169<br>
  Age: 57</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Executive Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">August 2003 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Executive Vice President, ING Investments, LLC(2)
  (July 2000 &#150; Present); and Chief Investment Risk Officer, ING Investments,
  LLC(2) (January 2003 &#150; Present). Formerly, Chief Investment Officer of
  International Investments (August 2000 &#150; January 2003).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Michael
  J. Roland<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 49</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Executive Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">February 2002 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Head of Mutual Fund Platform (February 2007 &#150;
  Present); and Executive Vice President, ING Investments, LLC(2) and ING Funds
  Services, LLC(3) (December 2001 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present). Formerly, Head of Product
  Management (January 2005 &#150; January 2007); Chief Compliance Officer, ING
  Investments, LLC(2) and Directed Services, LLC(5) (October 2004 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> December 2005); and Chief Financial Officer and
  Treasurer, ING Investments, LLC(2) (December 2001 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;">
  March 2005).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Joseph
  M. O&#146;Donnell</font></b><font size="1" style="font-size:6.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 52</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Executive Vice President<br>
  <br>
  Chief Compliance Officer</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">March 2006 &#150; Present<br>
  <br>
  November 2004 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Chief Compliance Officer of the ING Funds (November
  2004 &#150; Present); ING Investments, LLC(2) and Directed Services, LLC(5) (March
  2006 &#150; Present) and Executive Vice President of the ING Funds (March 2006 &#150;
  Present). Formerly, Chief Compliance Officer of ING Life Insurance and
  Annuity Company (March 2006 &#150; December 2006); Vice President, Chief Legal
  Counsel, Chief Compliance Officer and Secretary of Atlas Securities, Inc.,
  Atlas Advisers, Inc. and Atlas Funds (October 2001 &#150; October 2004).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Robert
  S. Naka<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 44</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Executive Vice President and<br>
  Chief Operating Officer<br>
  <br>
  Assistant Secretary</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">March 2006 &#150; Present<br>
  <br>
  July 1996 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Executive Vice President and Chief Operating Officer,
  ING Funds Services, LLC(3) and ING Investments, LLC(2) (March 2006 &#150;
  Present); and Assistant Secretary, ING Funds Services, LLC(3) (October 2001 &#150;
  Present). Formerly, Senior Vice President, ING Investments, LLC(2) (August
  1999 &#150; March 2006).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Todd
  Modic</font></b><font size="1" style="font-size:6.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 39</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President, Chief/Principal Financial
  Officer and Assistant Secretary</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">March 2005 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President, ING Funds Services, LLC(3)
  (April 2005 &#150; Present). Formerly, Vice President, ING Funds Services, LLC(3)
  (September 2002 &#150; March 2005); and Director of Financial Reporting, ING
  Investments, LLC(2) (March 2001 &#150; September 2002).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Daniel
  A. Norman<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 49</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President<br>
  <br>
  Treasurer</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">April 1995 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present<br>
  <br>
  June 1997 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President and Group Head, ING Senior Debt
  Group, ING Investment Management Co. (January 2000 &#61485; Present).</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">15</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Name, Address and
  Age </font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Positions Held
  with the Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Term of Office
  and Length of Time Served (1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Principal
  Occupation(s) During the Last Five Years</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Curtis F. Lee<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 53</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President and<br>
  Chief Credit Officer</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">February 2001 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President and Chief Credit Officer in the
  Senior Floating Rate Loan Group, ING Investment Management Co. (January 2001 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Jeffrey
  A. Bakalar</font></b><font size="1" style="font-size:6.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 47</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">November 1999 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President and Group Head, ING Senior Debt
  Group, ING Investment Management Co. (January 200 &#150; Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Elliot
  A. Rosen</font></b><font size="1" style="font-size:6.5pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 54</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">May 2002 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President in the Senior Floating Rate
  Loan Group, ING Investment Management Co. (February 1999 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">William
  H. Rivoir III<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 56</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President and<br>
  Assistant Secretary</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">February 2001 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President, ING Investment Management Co.
  (January 2004 &#150; Present). Formerly, Counsel, ING USFS Law Department (January
  2003 &#150; December 2003); and Senior Vice President, ING Investments, LLC(2)
  (June 1998 &#150; December 2002).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Kimberly
  A. Anderson<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 42</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">November 2003 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President, ING Investments, LLC(2)
  (October 2003 &#150; Present). Formerly, Vice President and Assistant Secretary,
  ING Investments, LLC(3) (January 2001 &#150; October 2003).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Ernest
  J. C&#146;DeBaca<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age:&nbsp;37</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">May 2006 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President, ING Investments, LLC(2)
  (December 2006 &#150; Present); And ING Funds Services LLC(3) (April 2006 &#150;
  Present). Formerly, Counsel, ING Americas, U.S. Legal Services (January 2004 &#150;
  March 2006); and Attorney-Adviser, U.S. Securities and Exchange Commission
  (May 2001 &#150; December 2003)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Robert
  Terris</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;"><br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age:&nbsp; 37</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">May 2006 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Senior Vice President, Head of Division Operations,
  ING Funds (May 2006 &#150; Present); and Vice President, Head of Division
  Operations, ING Funds Services, LLC (3) (March 2006 &#150; Present). Formerly,
  Vice President of Administration, ING Funds Services, LLC(3) (October 2001 &#150; March
  2006).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Robyn L.
  Ichilov<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 39</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">November 1997 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President and Treasurer, ING Funds Services,
  LLC(3) (October 2001 &#150; Present) and ING Investments, LLC(2) (August 1997 &#150;
  Present).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Lauren
  D. Bensinger<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 53</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">August 2003 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President and Chief Compliance Officer, ING
  Funds Distributor, LLC(6) (July 1995 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;"> Present); and Vice President, ING
  Investment, LLC(2) (February 1996 &#150; Present) and Director of Compliance, ING
  Investments, LLC(2) (October 2004 &#150; Present). Formerly, Chief Compliance
  Officer, ING Investments, LLC(2). (October 2001 </font><font size="1" face="Symbol" style="font-size:6.5pt;">-</font><font size="1" style="font-size:6.5pt;">
  October 2004).</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">16</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Name, Address and
  Age </font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Positions Held
  with the Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Term of Office
  and Length of Time Served (1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;">Principal
  Occupation(s) During the Last Five Years</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Maria M. Anderson<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 49</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">September 2004 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President, ING Funds Services, LLC(3) (September
  2004 &#150; Present). Formerly, Assistant Vice President, ING Funds Services,
  LLC(3) (October 2001 &#150; September 2004); and Manager of Fund Accounting and
  Fund Compliance, ING Investments, LLC(2) (September 1999 &#150; October 2001).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Denise
  Lewis<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 43</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">January 2007 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President, ING Funds Services, LLC(3) (December
  2006 &#150; Present).&nbsp; Formerly, Senior Vice President, UMB Investment
  Services Group, LLC (November 2003 &#150; December 2006); and Vice President,
  Wells Fargo Funds Management, LLC (December 2000 &#150; August 2003).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Kimberly
  K. Palmer<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br> Age: 50</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">March 2006 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Vice President, ING Funds Services, LLC(3) (March
  2006 &#150; Present). Formerly, Assistant Vice President, ING Funds Services,
  LLC(3) (August 2004 &#150; March 2006), Manager, Registration Statements, ING
  Funds Services, LLC(3) (May 2003 &#150; August 2004); Associate Partner, AMVESCAP
  PLC (October 2000 &#150; May 2003); and Director of Federal Filings and Blue Sky
  Filings, INVESCO Funds Group, Inc. (March 1994 &#150; May 2003).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Susan P.
  Kinens<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 30</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Assistant Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">February 2003 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Assistant Vice President, ING Funds Services, LLC(3)
  (December 2002 &#150; Present); and has held various other positions with ING
  Funds Services, LLC(3) for more than the last five years.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Huey P.
  Falgout, Jr.<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, AZ 85258<br>
  Age: 43</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Secretary</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">August 2003 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Chief Counsel, ING Americas, U.S. Legal Services
  (September 2003 &#150; Present). Formerly, Counsel, ING Americas, U.S. Legal
  Services (November 2002 &#150; September 2003); and Associate General Counsel of
  AIG American General (January 1999 &#150; November 2002).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:6.5pt;font-weight:bold;">Theresa
  K. Kelety<br>
  </font></b><font size="1" style="font-size:6.5pt;">7337 East
  Doubletree Ranch Rd.<br>
  Scottsdale, AZ 85258<br>
  Age: 44</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Assistant Secretary</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">August 2003 &#150; Present</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Counsel, ING Americas, U.S. Legal Services (April
  2003 &#150; Present). Formerly, Senior Associate with Shearman &amp; Sterling
  (February 2000 &#150; April 2003).</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Officers hold office until the next annual
meeting of the Trustees and until their successors shall have been elected and
qualified. </p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ING Investments, LLC was previously named ING
Pilgrim Investments, LLC.&#160; ING Pilgrim
Investments, LLC is the sucessor in interest to ING Pilgrim Investments, Inc.,
which was previously known as Pilgrim Investments, Inc. and before that was
known as Pilgrim America Investments, Inc.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ING Funds Services, LLC was previously named
ING Pilgrim Group, LLC.&#160; ING Pilgrim
Group, LLC is the sucessor in interest to ING Pilgrim Group, Inc., which was
previously known as Pilgrim Group, Inc. and before that was known as Pilgrim
America Group, Inc.</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. Mathews commenced service as the President
and Chief Executive Officer on November 9, 2006. </p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Directed Services, LLC is the successor in
interest to Directed Services, Inc. </p>





<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ING Funds Distributor, LLC is the sucessor in
interest to ING Funds Distributor, Inc., which was previously known as ING
Pilgrim Securities, Inc., and before that was known as Pilgrim Securities,
Inc., and before that was known as Pilgrim America Securities, Inc. </p>




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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Board governs the Trust and is responsible for protecting the interests of the
shareholders.&#160; The Trustees are
experienced executives who oversee the Trust&#146;s activities, review contractual
arrangements with companies that provide services to the Trust, and review the
Trust&#146;s performance.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frequency of Board
Meetings</font></b></p>



<p align="left" style="margin:6.0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board currently conducts
regular meetings eight (8) times a year.&#160;
The Audit Committee and the Valuation, Proxy and Brokerage Committee
meet regularly four (4) times per year, the Investment Review Committee meets
six (6) times per year, the Contracts Committee meets seven (7) timer per year
and the remaining Committees meet as needed.&#160;
In addition, the Board or the Committees may hold special meetings by
telephone or in person to discuss specific matters that may require action
prior to the next regular meeting.&#160; Each
Committee listed below operates pursuant to a Charter approved by the Board. </font></p>



<p align="left" style="margin:6.0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Committees</font></i></p>



<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Executive Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Board has an Executive
Committee whose function is to</font><font size="2" style="font-size:10.0pt;"> act on behalf of the full
Board between meetings when necessary.&#160;
The Executive Committee currently consists of two (2) Independent
Trustees and one (1) Trustee who is an &#147;interested person&#148; as defined in the
1940 Act.&#160; The following Trustees serve
as members of the Exective Committee:&#160;
Messrs. Turner, Vincent and Patton.&#160;
Mr. Patton serves as Chairperson of the Executive Committee.&#160; During the fiscal year ended February 28,
2007, the Executive Committee held no meetings. </font></p>





<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Audit Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The functions of the Audit
Committee include, among others,&#160; to meet
with the independent registered public accounting firm of the Trust to review
the scope of the Trust&#146;s audit, the Trust&#146;s financial statements and interim
accounting controls, and to meet with management concerning these matters,
among other things.&#160; The Audit Committee
currently consists of five (5) Independent Trustees.&#160; The following Trustees serve as memebers of
the Audit Committe: Messrs. Earley, Kenny, Putnam, Vincent and Ms. Pressler.&#160; Mr. Earley serves as Chairperson of the Audit
Committee and Mr. Kenny has been designated as the Audit Committee&#146;s financial
expert under the Sarbanes-Oxley Act..&#160;
During the fiscal year ended February 28, 2007, the Audit Committee held
six (6) meetings. </font></p>





<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Valuation, Proxy and
Brokerage Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Board has a
Valuation, Proxy and Brokerage Committee whose functions include, among others,
reviewing the determination of the value of securities held by the Trust for
which market value quotations are not readily available, overseeing management&#146;s
administration of proxy voting and overseeing the effectiveness of the
investment adviser&#146;s usage of the Trust&#146;s brokerage and adviser&#146;s compliance
with changing regulations regarding the allocation of brokerage for services
other than pure trade executions. The Valutation, Proxy and Brokerage Committee
currently consists of four (4) Independent Trustees. The following Trustees
serve as members of the Valuation, Proxy and Brokerage Committee: Dr.
Gitenstein and Ms. Chadwick and Messrs. Boyer and paton.&#160; Ms. Chadwick serves as Chairperson of the
Valuation, Proxy and Brokerage Committee.&#160;
During the fiscal year ended February 28, 2007, the Valuation, Proxy and
Brokerage Committee held five (5) meetings. </font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;line-height:normal;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Nominating and Governance Committee.&#160;
</font></i></b>The Board has established a Nominating and
Governance Committee for the purpose of, among other things, (1) identifying
and recommending to the Board candidates it proposes for nomination to fill
Independent Trustees vacancies on the Board; (2) reviewing workload and
capabilities of Independent Board members and recommending changes to size or
composition of the Board, as necessary; (3) monitoring regulatory developments
and recommending modifications to the Nominating and Governance Committee&#146;s
responsibilities; (4) considering and</p>


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<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">recommending the creation of additional committees or changes to
Trustee policies and procedures based on rule changes and &#147;best practices&#148; in
corporate governance; (5) reviewing compensation of Independent Board members
and making recommendations for any changes; and (6) overseeing the Board&#146;s
annual self evaluation process.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In evaluating candidates, the Nominating and Governance Committee may
consider a variety of factors, but it has not at this time set any specific
minimum qualifications that must be met.&#160;
Specific qualifications of candidates for Board membership will be based
on the needs of the Board at the time of nomination.&#160; The Nominating and Governance Committee is
willing to consider nominations received from shareholders and shall assess
shareholder nominees in the same manner as it reviews its own nominees.&#160; A shareholder nominee for Trustee should be
submitted in writing to the Trust&#146;s Secretary.&#160;
Any such shareholder nomination should include at a minimum the
following information as to each individual proposed for nominations as
Trustee: such individual&#146;s written consent to be named in the proxy statement
as a nominee (if nominated) and to serve as a Trustee (if elected), and all
information relating to such individual that is required to be disclosed in the
solicitation of proxies for election of Trustees, or is otherwise required, in
each case under applicable federal securities laws, rules and regulations.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Secretary
shall submit all nominations received in a timely manner to the Nominating and
Governance Committee.&#160; To be timely, any
such submission must be delivered to the Trust&#146;s Secretary not earlier than the
90</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day prior to such meeting and not later than
the close of business on the later of the 60<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day prior to such meeting or the 10<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day following the day on which public
announcement of the date of the meeting is first made, by either the disclosure
in a press release or in a document publicly filed by the Trust with the SEC.</p>



<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Nominating and Governance Committee currently consists of </font><font size="2" style="font-size:10.0pt;">four (4)
Independent Trustees. The following Trustees serve as members of the Nominating
and Governance Committee:&#160; Dr. Gitenstein and Messrs. Kenny, Patton and Vincent.&#160; Dr.&nbsp;Gitenstein serves as Chairperson of
the Nominating and Governance Committee. During the fiscal year ended
February 28, 2007, the Nominating and Governance Committee held no meetings. </font></p>





<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Investment Review
Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Board has
established two Investment Review Committees, to among other things, monitor
the investment performance of the Trust and make recommendations to the Board
of Trustees with respect to the Trust.&#160;
The Investment Review committee for the Domestic Equity Funds currently
consists of five (5) Independent Trustees and one (1) Trustte who is an &#147;interested
person,&#148; as defined in the 1940 Act.&#160; The
following Trustees serve as members of the Investment Review Committee for the
Domestic Equity Funds: </font><font size="2" style="font-size:10.0pt;">Ms. Chadwick and Messrs. Patton, Putnam, Earley,
Turner and Vincent.&#160; Mr. Vincent serves
as Chairperson of the Investment Review Committee for the Domestic Equity
Funds.&#160; The Investment Review Committee
for the Domestic Equity Funds held six (6) meetings during the fiscal year
ended February 28, 2007. </font><font size="2" style="font-size:10.0pt;">The International/Balanced/Fixed Income Funds
currently consists of four (4) Independent Trustees.&#160; The following Trustees serve as memebers of
the Investment Review Committee for the International/Balanced/Fixed Income
Funds: Ms. Pressler and Dr. Gitenstein and Messrs. Kenny and Boyer,.&#160; Mr. Boyer serves as Chairperson of the
Investment Review Committee for the International/Balanced/Fixed-Income.&#160; During the fiscal year ended February 28, 2007,
the International/Balanced/Fixed-Income Investment Review Committee held nine
(9) meetings. </font></p>





<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Compliance Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Board has established a
Compliance Committee&nbsp;for the purpose of&nbsp;coordinating activities
between the Board and the Chief Compliance Officer (&#147;CCO&#148;) of the Trust.&#160; The Compliance Committee facilitates the flow
of&nbsp;information among Board members and the CCO between Board meetings;
works with the CCO and management to identify the types of reports to be
submitted by the CCO to the Compliance Committee and the Board; coordinates CCO
oversight activities </font></p>




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<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with other ING Fund boards;
and makes recommendations regarding the role, performance and oversight of the
CCO.&#160; </font><strong style="letter-spacing:0pt;"><b><font size="2" style="font-size:10.0pt;font-weight:normal;">The Compliance Committee currently
consists of five (5) Independent Trustees:&nbsp;Messrs. Boyer,
Earley,&nbsp;Putnam, Kenny and Patton.&#160;
Mr.&nbsp;Kenny serves as Chairperson of the Compliance Committee.&#160; During </font></b></strong><font size="2" style="font-size:10.0pt;">the fiscal year
ended&nbsp;February 28, 2007, </font><strong style="letter-spacing:0pt;"><b><font size="2" style="font-size:10.0pt;font-weight:normal;">the Compliance Committee held four (4) meetings</font></b></strong><font size="2" style="font-size:10.0pt;">. </font></p>





<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Contracts Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Board has a Contracts
Committee for the purpose of overseeing the annual renewal process relating to
investment advisory and sub-advisory agreements and, at the discretion of the
Board, other agreements or plans involving the ING Funds.&#160; The responsibilities of the Contracts
Committee, among other things, include:&#160;
(1) identifying the scope and format of information to be provided by
services providers in connection with applicable renewals; (2) providing
guidance to independent legal counsel regarding specific information requests
to be made by such counsel on behalf of the Trustees; (3) evaluating regulatory
and other developments that might have an impact on applicable review and
renewal processes; (4) reporting to the Trustees its recommendations and
decisions regarding the foregoing matters; (5) assisting in the preparation of
a written record of the factors considered by Trustees relating to the approval
and renewal of advisory and sub-advisory agreements; and (6) recommending to
the Trustees specific steps to be taken by them regarding the renewal process,
including, for example, proposed schedules of meetings by the Trustees.&#160; The Contracts Committee is not responsible
for making substantive recommendations whether to approve, renew, reject or
modify agreements or plans.&#160; The
Contracts Committee currently consists of six (6) Independent Trustees. &#160;The following Trustees serve as members of the
Contracts Committee: Messrs. Boyer, Kenny, Patton, Vincent, and Mses. Chadwick
and Pressler.&#160; Ms. Pressler serves as
Chairperson of the Contracts Committee.&#160;
During the fiscal year ended February 28, 2007, the Contracts Committee
held eight (8) meetings. </font></p>



<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee Ownership of
Securities</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:normal;">Share Ownership
Policy</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to further align the
interests of the Independent Trustees with shareholders, it is the policy of
the Board that the Independent Trustees own, beneficially, shares of one or
more funds in the ING Family of Funds at all times (&#147;Policy&#148;).&#160; For purposes of the Policy, beneficial
ownership of fund shares includes (a) ownership of a variable annuity contract
or a variable life insurance policy whose proceeds are invested in a fund; and
(b) shares associated with amounts deferred under ING Funds&#146; deferred
compensation plan.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Under this Policy, the initial
value of investments in the ING Family of Funds that are directly or indirectly
beneficially owned by a Trustee must equal at least $50,000.&#160; Existing Trustees have a reasonable amount of
time from the date of adoption of this Policy in order to satisfy the foregoing
requirements.&#160; A new Trustee must satisfy
the foregoing requirements within a reasonable amount of time of becoming a
Trustee.&#160; A decline in the value of any
Fund investments will not cause a Trustee to have to make any additional
investments under this Policy.</font></b></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table describes each Trustee&#146;s ownership
of equity securities of the Trust and the aggregate holdings of shares of
equity securities of all Funds overseen by the Trustee for the calendar year
ended December 31, 2006.&#160; &#160;</font></p>




 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>



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  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name of Trustee </font></b></p>
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  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dollar Range of Equity Securities<br>
  in the Trust as of December 31,<br>
  2006</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate Dollar Range of Equity<br>
  Securities in all Registered Investment<br>
  Companies Overseen by Trustee in<br>
  Family of Investment Companies</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Independent Trustees</font></b></p>
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  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W. Chadwick (1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael Earley</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Barbara Gitenstein</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Kenny</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Walter H. May(6)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jock Patton</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K. Pressler (1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David W. C. Putnam</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B. Vincent</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard A. Wedemeyer(3)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Trustees who are Interested Persons</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas J. McInerney (4)</font></p>
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  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. Turner</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun P. Mathews (5)</font></p>
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  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><sup><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></sup></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.22%;">
  <p style="margin:0pt 0pt .0001pt;"><sup><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></sup></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mses. Chadwick and Pressler each commenced services as a Trustee on
January 18, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Held in a deferred compensation account and/or a 401k account.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. Wedemeyer retired as a Trustee on May 25, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. McInerney resigned as a member of the Board on April 28, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. Matthews commenced service as a Trustee on June 14, 2006.</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. May retired on January 11, 2007. </p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Independent Trustee Ownership of
Securities</font></b></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth
in the table below is information regarding each Independent Trustee&#146;s (and his
or her immediate family members&#146;) share ownership in securities of the Trust&#146;s
investment adviser or principal underwriter, and the ownership of securities in
an entity controlling, controlled by or under common control with the
investment adviser or principal underwriter of the Trust (not including
registered investment companies) as of December 31, 2006. </font></p>





<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;of&nbsp;Trustee </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;of&nbsp;Owners<br>
  and&nbsp;Relationship<br>
  to&nbsp;Trustee</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Company</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title&nbsp;of&nbsp;Class</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Value&nbsp;of<br>
  Securities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percentage&nbsp;of<br>
  Class</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W. Chadwick(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael Earley</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Barbara Gitenstein</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Kenny</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Walter H. May(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jock Patton</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K. Pressler(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David W. C. Putnam</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B. Vincent</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard A. Wedemeyer (2)</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="11%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.68%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mses.
Chadwick and Pressler each commenced services as a Trustee on January 18, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)</font></b><font size="1" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:normal;">Mr.
Wedemeyer retired as Trustee on May 25, 2006.</font></p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. May retired on January 11, 2007. </p>



<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation of Trustees</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Trustee is
reimbursed for expenses incurred in connection with each meeting of the Board
or any committee attended.&#160; Each
Independent Trustee is compensated for his or her services according to a fee
schedule and receives a fee that consists of an annual retainer component and a
meeting fee.</font></p>



<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust currently pays each Independent Trustee a <i>pro rata </i>share, as described below, of:
(i) an annual retainer of $45,000 (Msses. Chadwick and Pressler and Messrs.
Patton, Earley, Boyer, Kenny, Vincent and Dr. Gitenstein, as Chairpersons of
Committees of the Board, each receives an additional annual retainer of
$10,000, $15,000, $30,000, $20,000, $20,000, $10,000, $20,000 and $10,000(1),
respectively) (ii) $7,000 for each in person meeting of the Board (Mr. Patton,
as Chairperson of the Board, receives an additional $1,000 for each Board
meeting); (iii) $3,000 per attendance of any Committee meeting (Chairpersons of
Committees of the Board receive an additional $1,000 for each Committee
meeting); (iv) $2,000 per special telephonic meeting; and (v) out-of-pocket
expenses. The <i>pro rata</i> share paid
by the Trust is based on the Trust&#146;s average net assets as a percentage of the
average net assets of all the funds managed by the Adviser or its affiliates,
Directed Services,LLC. and ING Life Insurance and Annuity Company, for which
the Trustees serve in common as Trustees. </font></p>





<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets
forth information provided by the Trust&#146;s adviser regarding the compensation of
Trustees by the Trust and other funds managed by ING Investments and its
affiliates for the fiscal year ended February 28, 2007. Officers of the Trust
and Trustees who are interested persons of the Trust do not receive any
compensation from the Trust or any other funds managed by ING Investments. </font></p>



<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Chairperson for the Nominating
and Governance Committee is paid on a quarterly basis and only if the
Nominating and Governance Committee has been active for the quarter.&#160; The compensation per quarter to the
Chairperson is $2,500, which if the Nominating and Governance Committee has
been active for all four quarters, will result in the Chairperson receiving the
full annual retainer of $10,000.</font></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPENSATION TABLE</font></b></h3>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="26%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name of Trustee </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate<br>
  Compensation<br>
  from Trust</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Pension or<br>
  Retirement<br>
  Benefits Accrued<br>
  as Part of Trust<br>
  Expenses</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Estimated Annual<br>
  Benefits Upon<br>
  Retirement(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total<br>
  Compensation<br>
  from Trust and<br>
  Fund Complex<br>
  Paid to Trustees<br>
  (2), (3)</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W. Chadwick (4)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael Earley<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Barbara Gitenstein<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Kenny (5)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="26%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name of Trustee </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate<br>
  Compensation<br>
  from Trust</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Pension or<br>
  Retirement<br>
  Benefits Accrued<br>
  as Part of Trust<br>
  Expenses</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Estimated Annual<br>
  Benefits Upon<br>
  Retirement(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total<br>
  Compensation<br>
  from Trust and<br>
  Fund Complex<br>
  Paid to Trustees<br>
  (2), (3)</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Walter H. May(10)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas J. McInerney (6), (7)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jock Patton<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K. Pressler (4)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David W.C. Putnam<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. Turner(6)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B. Vincent (5)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard A. Wedemeyer (8)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="26%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun P. Matthews (9)<br>
  Trustee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trust has adopted a retirement policy under
which a Trustee who has served as an Independent Trustee for five years or more
will be paid by the ING Funds at the time of his or her retirement an amount
equal to twice the compensation normally paid to the Independent Trustee for
one year of service.&#160; A Trustee may elect
to receive payment of his or her retirement benefit in a lump sum or in three
substantially equal payments.&#160; If no such
election is made the retirement benefit will be paid in one lump sum. The
amount reflected is compensation from all funds in the Fund Complex.</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Represents compensation from
174 funds (total in complex as of February 28, 2007). </p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Trustee compensation includes compensation paid by
Funds that are not discussed in the Prospectus or SAI.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mses. Chadwick and Pressler each commenced services as a Trustee on
January 18, 2006.</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the fiscal year ended
February 28, 2007, Messers., Kenny and Vincent deferred $[&#160;&#160; ] and $[&#160;&#160;&#160;
], respectively, of their compensation from the Fund Complex. </p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>An &#147;Interested Persons,&#148; as defined by the
Investment Company Act of&#160; 1940 , because
of their affiliation with ING Groep N.V., the parent corporation of the
Adviser, ING Investments, LLC and the Distributor, ING Funds Distibutor, LLC.&#160; Officers and Trustees who are interested persons
do not receive any compensation from the Trust.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. McInerney resigned as a member of the
Board on April 28, 2006</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. Wedemeyer retired as Trustee on May 25,
2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mr. Matthews commenced service as a Trustee on
June 14, 2006.</p>



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font>Mr. May retired on January 11, 2007 </p>




 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">23</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of June
15, 2007, the Trustees and Officers of the Trust as a group owned beneficially
less than [&#160;&#160; ]% of the Trust&#146;s Common
Shares. </font></p>





<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of June
15 , 2007, the Trustees and Officers of the Trust as a group owned beneficially
less than [&#160;&#160; ]% of the Trust&#146;s Preferred
Shares. </font></p>





<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of June
15, 2007, no person to the knowledge of the Trust, owned beneficially or of
record more than [&#160;&#160; ]% of the
outstanding Common Shares or Preferred Shares of the Trust except as set forth
below: </font></p>





<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name of Trust </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name and Address</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Class and Type of<br>
  Ownership</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percentage<br>
  of Class</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percentage<br>
  of Trust</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="16%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust<br>
  Structured Equity Shelf Holding A/C<br>
  Attn: Dan Ryan<br>
  7337 E. Doubletree Ranch Road<br>
  Scottsdale, AZ 85258</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficial Owner</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cede &amp; Co<br>
  PO Box 20<br>
  Bowling Green Station<br>
  New York, NY 10274-0020</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficial Owner</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT
MANAGEMENT AND OTHER SERVICE PROVIDERS</font></b></h3>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adviser</font></b></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The investment adviser for
the Trust is ING Investments, LLC (&#147;Adviser&#148; or &#147;ING Investments&#148;), which is
registered with the SEC as an investment adviser and serves as an investment
adviser to registered investment companies (or series thereof), as well as
structured finance vehicles.&#160; ING
Investments, subject to the authority of the Board, has the overall
responsibility for the management of the Trust&#146;s portfolio subject to
delegation of certain responsibilities to ING Investment Management Co. (&#147;Sub-Adviser&#148;
or &#147;ING IM&#148;) ING Investments and ING IM are indirect, wholly owned subsidiaries
of ING Groep N.V. (&#147;ING Groep&#148;) (NYSE: ING).&#160;
ING Groep is one of the largest financial services organizations in the
world with approximately 120,000 employees.&#160;
Based in Amsterdam, ING Groep offers an array of banking, insurance and
asset management services to both individual and institutional investors. </font></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
February 26, 2001, the name of the Adviser changed from ING Pilgrim
Investments, Inc. to ING Pilgrim Investments, LLC.&#160; On March 1, 2002, the name of the Adviser was
changed from ING Pilgrim Investments, LLC to ING Investments, LLC.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
Investments serves pursuant to an investment management agreement (&#147;Investment
Advisory Agreement&#148;) between ING Investments and the Trust.&#160; The Investment Advisory Agreement requires
ING Investments to oversee the provisions of all investment advisory and
portfolio management services of the Trust.&#160;
Pursuant to a sub-advisory agreement (&#147;Sub-Advisory Agreement&#148;) ING
Investments has delegated certain management responsibilities to the
Sub-Adviser of the Trust.&#160; ING
Investments oversees the investment management of the Sub-Adviser.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">24</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Investment Advisory Agreement requires ING Investments to provide, subject to
the supervision of the Board, investment advice and investment services to the
Trust and to furnish advice and recommendations with respect to investment of
the Trust&#146;s assets and the purchase or sale of its portfolio securities.&#160; ING Investments also provides investment
research and analysis.&#160; The Investment
Advisory Agreement provides that ING Investments is not subject to liability to
the Trust for any act or omission in the course of, or connected with,
rendering services under the Agreement, except by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of its obligations
and duties under the Investment Advisory Agreement.</font></p>

<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August 1, 2003, </font><font size="2" style="font-size:10.0pt;">ING underwent an internal
reorganization plan that, among other things, integrated certain of its
portfolio management professionals across the U.S. under a common management structure
known as ING Investment Management Americas, which includes ING IM.&#160;
One of the primary purposes of the integration plan was to promote
consistently high levels of performance in terms of investment standards,
research, policies and procedures in the portfolio management functions related
to the Trust.&#160; As a result of this
integration plan, the operational and supervisory functions of the Trust&#146;s
Investment Advisory Agreement were separated from the portfolio management
functions related to the Trust, with the former continuing to be provided by
ING Investments and the latter provided by ING IM.&#160; The portfolio management personnel currently
employed by ING Investments became employees of ING IM, which assumed primary
responsibility for all portfolio management issues, including the purchase,
retention, or sale of portfolio securities.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After an initial term of two years, the Investment Advisory
Agreement and Sub-Advisory Agreement continue in effect from year to year so
long as such continuance is specifically approved at least annually by (a) the
Board or (b) the vote of a &#147;majority&#148; (as defined in the 1940 Act) of the Trust&#146;s
outstanding shares voting as a single class; provided that in either event the
continuance is also approved by at least a majority of the Board who are not &#147;interested
persons&#148; (as defined in the 1940 Act) of the Adviser or Sub-Adviser, as the
case may be, by vote cast in person at a meeting called for the purpose of
voting on such approval.</font></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In considering whether to
renew the Investment Advisory Agreement and Sub-Advisory Agreement, the Board
considered a number of factors they believed, in light of the legal advice
furnished to them by their independent legal counsel, and their own business
judgment, to be relevant.&#160; For information
regarding the basis for the Board&#146;s approval of the Investment Advisory
Agreement and Sub-Advisory Agreement for the Trust, please refer to the annual
shareholder report dated February 28, 2007. </font></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Investment Advisory Agreement is terminable without penalty with not less than
sixty (60) days&#146; notice by the Board or by a vote of the holders of a majority
of the Fund&#146;s outstanding shares voting as a single class, or upon not less
than sixty (60) day&#146;s notice by the Investment Manager.&#160; The Investment Advisory Agreement will
terminate automatically in the event of its assignment (as defined in the 1940
Act).</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Advisory Fee</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
Investments receives an annual fee, payable monthly, in an amount equal to
0.80% of the Managed Assets of the Trust.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total Advisory Fees Paid</font></b></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal years ended February
28, 2007, 2006 and 2005 ING Investments was paid $[&#160;&#160;&#160; ], $16,295,070 and $15,215,686
respectively, for services rendered to the Trust. </font></p>




 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">25</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sub-Adviser</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment Advisory Agreement for the Trust provides that ING
Investments, with the approval of the Trust&#146;s Board, may select and employ an
investment adviser to serve as a Sub-Adviser to the Trust, shall monitor the
Sub-Adviser&#146;s investment programs and results, and shall coordinate the
investment activities of the Sub-Adviser to ensure compliance with regulatory
restrictions.&#160; ING Investments pays all
of its expenses arising from the performance of its obligations under the
Investment Advisory Agreement, including all fees payable to the Sub-Adviser,
and executive salaries and expenses of the officers of the Trust who are
employees of ING Investments.&#160; The
Sub-Adviser pays all of its expenses arising from the performance of its
obligations under the Sub-Advisory Agreement.</font></p>

<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING IM serves as sub-adviser to the Trust pursuant to a
Sub-Advisory Agreement between ING Investments and ING IM.&#160; </font><font size="2" style="font-size:10.0pt;">The Sub-Advisory Agreement
requires ING IM to provide, subject to the supervision of the Board and ING Investments, a continuous investment
program for the Trust and to determine the composition of the assets of the
Trust, including determination of the purchase, retention or sale of the
securities, cash and other investments for the Trust, in accordance with the
Trust&#146;s investment objectives, policies and restrictions and applicable laws
and regulations.&#160; The Sub-Advisory
Agreement also requires ING IM to use reasonable compliance techniques as the
Sub-Adviser or the Board may reasonably adopt, including any written compliance
procedures.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Sub-Advisory
Agreement may be terminated at any time by the Trust by a vote of the majority
of the Board or by a vote of a majority of the outstanding securities.&#160; The Sub-Advisory Agreement also may be
terminated by: (i) ING Investments at
any time, upon sixty (60) days&#146; written notice to the Trust and the
Sub-Adviser; (ii) at any time, without payment of any penalty by the Trust, by
the Trust&#146;s Board or a majority of the outstanding voting securities of the
Trust upon sixty (60) days&#146; written notice to ING
Investments and the Sub-Adviser; or (iii) by the Sub-Adviser upon three
(3) months&#146; written notice unless the Trust or ING Investments requests additional time to find a replacement for
the Sub-Adviser, in which case, the Sub-Adviser shall allow the additional
time, requested by the Trust or ING Investments,
not to exceed three (3) additional months beyond the initial three (3) month
notice period; provided, however, that the Sub-Adviser may terminate the
Sub-Advisory Agreement at any time without penalty, effective upon written
notice to ING Investments and the Trust,
in the event either the Sub-Adviser (acting in good faith) or ING Investments ceases to be registered as an
investment adviser under the Investment Advisers Act of 1940, as amended or
otherwise becomes legally incapable of providing investment management services
pursuant to its respective contract with the Trust, or in the event ING Investments becomes bankrupt or otherwise
incapable of carrying out its obligations under the Sub-Advisory Agreement, or
in the event that the Sub-Adviser does not receive compensation for its
services from ING Investments or the
Trust as required by the terms of the Sub-Advisory Agreement.&#160; Otherwise,
the Sub-Advisory Agreement will remain in effect for two years and will,
thereafter, continue in effect from year to year, subject to the annual appoval
of the Board, on behalf of the Trust, or the vote of a majority of the
outstanding voting securities, and the vote, cast in person at a meetnig duly
called and held, of a majority of the Trustees, on behalf of the Trust, who are
not parties to the Sub-Advisory Agreement or interested persons (as defined in
the 1940 Act) of any such party.&#160; The
Sub-Advisory Agreement will terminate automatically in the event of an
assignment (as defined in the 1940 Act).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this capacity, ING IM, subject to the supervision and control of ING
Investments and the Trustees of the Trust, will manage the Trust&#146;s portfolio
investments, consistently with its investment objective, and execute any of the
Trust&#146;s investment policies that it deems appropriate to utilize from time to
time.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">26</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
<div>


<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total Sub-Advisory Fees Paid</font></b></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">For its services, ING IM is entitled
to receive a sub-advisory fee of 0.36%, expressed as an annual rate based on
the average daily Managed Assets of the Trust, and paid by ING
Investments.&#160; </font>For the fiscal year
ended February 28, 2007, 2006 and 2005, ING Investments paid ING IM, in its
capacity as Sub-Adviser, $[&#160;&#160;&#160; ],
$7,322,781 and $6,847,836, respectively, in sub-advisory fees. </font></p>



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PORTFOLIO
MANAGERS</font></b></h2>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Accounts Managed</font></i></h1>



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table shows the number of accounts and
total assets in the accounts managed by each Portfolio Manager as of February
28, 2007: </font></p>





<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Registered&nbsp;Investment<br>
  Companies</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Other&nbsp;Pooled<br>
  Investment&nbsp;Vehicles</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="19%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Other&nbsp;Accounts*</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">portfolio<br>
  manager</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of<br>
  Accounts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;Assets<br>
  (in&nbsp;billions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of<br>
  Accounts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;Assets<br>
  (in&nbsp;billions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of<br>
  Accounts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total&nbsp;Assets<br>
  (in&nbsp;billions)</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel A. Norman
  </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey A.
  Bakalar</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:35.22%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Curtis F. Lee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">* </font></i>Of these other accounts, none have an
advisory fee based on performance.</h1>

<p style="margin:0pt 0pt 12.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Potential
Material Conflicts of Interest</font></i></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A portfolio manager may be
subject to potential conflicts of interest because the portfolio manager is
responsible for other accounts in addition to the Trust.&#160; These other accounts may include, among
others, other mutual funds, separately managed advisory accounts, commingled
trust accounts, insurance separate accounts, wrap fee programs and hedge
funds.&#160; Potential conflicts may arise out
of the implementation of differing investment strategies for the portfolio
manager&#146;s various accounts, the allocation of investment opportunities among
those accounts or differences in the advisory fees paid by the portfolio
manager&#146;s accounts.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A potential conflict of
interest may arise as a result of the portfolio manager&#146;s responsibility for
multiple accounts with similar investment guidelines.&#160; Under these circumstances, a potential
investment may be suitable for more than one of the portfolio manager&#146;s
accounts, but the quantity of the investment available for purchase is less
than the aggregate amount the accounts would ideally devote to the
opportunity.&#160; Similar conflicts may arise
when multiple accounts seek to dispose of the same investment.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A portfolio manager may also
manage accounts whose objectives and policies differ from those of the
Trust.&#160; These differences may be such
that under certain circumstances, trading activity appropriate for one account
managed by the portfolio manager may have adverse consequences for another
account managed by the portfolio manager.&#160;
For example, if an account were to sell a significant position in a
security, which could cause the market price of that security to decrease,
while the Trust maintained its position in that security.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A potential conflict may
arise when a portfolio manager is responsible for accounts that have different
advisory fees &#150; the difference in the fees may create an incentive for the
portfolio manager to</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">27</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">favor one account over
another, for example, in terms of access to particularly appealing investment
opportunities.&#160; This conflict may be
heightened where an account is subject to a performance-based fee.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As part of its compliance
program, ING IM has adopted policies and procedures reasonably designed to
address the potential conflicts of interest described above.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, a
potential conflict of interest may arise because the investment mandates for
certain other accounts, such as hedge funds, may allow extensive use of short
sales, which, in theory, could allow them to enter into short positions in
securities where other accounts hold long positions. ING IM has policies and
procedures reasonably designed to limit and monitor short sales by the other
accounts to avoid harm to the Trust.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Compensation</font></i></p>



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation consists of: (a) fixed base salary; (b)
bonus which is based on ING IM&#146;s performance, one- and three-year pre-tax
performance of the accounts the portfolio managers are primarily and jointly
responsible for relative to account benchmarks and peer universe performance,
and revenue growth of the accounts they are responsible for; and (c) long-term
equity awards tied to the performance of our parent company, ING Groep. </font></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio
managers are also eligible to participate in an annual cash incentive
plan.&#160; The overall design of the ING IM
annual incentive plan was developed to closely tie pay to performance,
structured in such a way as to drive performance and promote retention of top
talent.&#160; As with base salary
compensation, individual target awards are determined and set based on external
market data and internal comparators.&#160;
Investment performance is measured on both relative and absolute
performance in all areas.&#160; ING IM has a
defined index, the S&amp;P&#146;s LSTA Leveraged Loan Index and, where applicable,
peer groups including but not limited to Russell, Morningstar, Inc. (&#147;Morningstar&#148;),
Lipper Analytical Services, Inc. (&#147;Lipper&#148;) and Lehman and set performance
goals to appropriately reflect requirements for each investment team.&#160; The measures for each team are outlined on a &#147;scorecard&#148;
that is reviewed on an annual basis.&#160; These
scorecards reflect a comprehensive approach to measuring investment performance
versus both benchmarks and peer groups over one- and three-year periods and
year-to-date net cash flow (changes in the accounts&#146; net assets not
attributable to changes in the value of the accounts&#146; investments) for all
accounts managed by the team.&#160; The
results for overall IIM scorecards are calculated on an asset weighted
performance basis of the individual team scorecards.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment
professionals&#146; performance measures for bonus determinations are weighted by
25% being attributable to the overall ING IM performance and 75% attributable
to their specific team results (60% investment performance and 15% net cash
revenue).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on job
function, internal comparators and external market data, portfolio managers
participate in the ING Long-Term Incentive Plan.&#160; Plan awards are based on the current year&#146;s
performance as defined by the ING IM component of the annual incentive
plan.&#160; The awards vest in three years and
are paid in a combination of ING restricted stock, stock options and restricted
performance units.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio managers
whose base salary compensation exceeds a particular threshold may participate
in ING&#146;s deferred compensation plan.&#160; The
plan provides an opportunity to invest deferred amounts of compensation in
mutual funds, ING stock or at an annual fixed interest rate.&#160; Deferral elections are done on an annual
basis and the amount of compensation deferred is irrevocable.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">28</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ownership
of Securities</font></i></h1>



<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table shows
the dollar range of shares of the Trust owned by portfolio manager member as of
February 28, 2007, including investments by their immediate family members and
amounts invested through retirement and deferred compensation plans. </font></p>





<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:64.84%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Portfolio Manager </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.78%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dollar Range of Trust Shares Owned</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="64%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:64.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel A. Norman</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="64%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:64.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey A. Bakalar</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="64%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:64.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Curtis F. Lee</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADMINISTRATOR</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Services, LLC (&#147;Administrator&#148; or &#147;ING Funds
Services&#148;), an affiliate of the Adviser, serves as Administrator for the Trust
pursuant to an administion agreement (&#147;Administration Agreement&#148;).&#160; In connection with its administration of the
corporate affairs of the Trust, the Administrator bears the following
expenses:&#160; the salaries and expenses of
all personnel of the Trust and the Administrator except for the fees and
expenses of Trustees not affiliated with the Administrator or ING Investments;
costs to prepare information; determination of daily NAV by the recordkeeping
and accounting agent; expenses to maintain certain of the Trust&#146;s books and
records that are not maintained by ING Investments, the custodian, or transfer
agent; costs incurred to assist in the preparation of financial information for
the Trust&#146;s income tax returns, proxy statements, quarterly, semi-annual, and
annual shareholder reports; costs of providing shareholder services in
connection with any tender offers or to shareholders proposing to transfer
their shares to a third party; providing shareholder services in connection
with the dividend reinvestment plan; and all expenses incurred by the
Administrator or by the Trust in connection with administering the ordinary
course of the Trust&#146;s business other than those assumed by the Trust, as
described below.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as indicated immediately above and under &#147;The
Adviser,&#148; the Trust is responsible for the payment of its expenses
including:&#160; the fees payable to ING
Investments; the fees payable to the Administrator; the fees and certain
expenses of the Trust&#146;s custodian and transfer agent, including the cost of
providing records to the Administrator in connection with its obligation of
maintaining required records of the Trust; the charges and expenses of the
Trust&#146;s legal counsel, legal counsel to the Trustees who are not &#147;interested
persons&#148; as defined in the 1940 Act and independent accountants; commissions
and any issue or transfer taxes chargeable to the Trust in connection with its
transactions; all taxes and corporate fees payable by the Trust to governmental
agencies; the fees of any trade association of which the Trust is a member; the
costs of share certificates representing Common Shares of the Trust;
organizational and offering expenses of the Trust and the fees and expenses
involved in registering and maintaining registration of the Trust and its
Common Shares with SEC, including the preparation and printing of the Trust&#146;s
registration statement and prospectuses for such purposes; allocable
communications expenses with respect to investor services, and all expenses of
shareholders&#146; and Trustees&#146; meetings and of preparing, printing and mailing
reports, proxy statements and prospectuses to shareholders; the cost of
insurance; and litigation and indemnification expenses and extraordinary
expenses not incurred in the ordinary course of the Trust&#146;s business.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
its services, the Administrator is entitled to receive from the Trust a fee at
an annual rate of 0.25% of the Trust&#146;s average daily net assets plus the
proceeds of any outstanding borrowings.</font></p>



<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Administrative fees paid by
the Trust</font><font size="2" style="font-size:10.0pt;"> for the fiscal years ended February 28, 2007, 2006,
and&#160; 2005 were $[&#160;&#160;&#160;&#160;&#160; ], $5,092,209 and $4,754,902,
respectively, for services rendered to the Trust. </font></p>




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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISTRIBUTOR</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of the Trust are distributed by ING Funds
Distributor, LLC (&#147;ING Funds Distributor&#148; or &#147;Distributor&#148;).&#160; Pursuant to an Amended and Restated
Distribution Agreement (&#147;Distribution Agreement&#148;), the Distributor ,an
affiliate of ING Investments and ING Funds Services, is the principal
underwriter and distributor for the shares of the Trust and acts as agent of
the Trust in the continuous offering of its shares.&#160; The Distributor bears all of its expenses of
providing services pursuant to the Distribution Agreement.&#160; The Trust pays the cost for the prospectus
and shareholder reports to be set in type and printed for existing shareholders,
and the Trust pays for the printing and distribution of copies thereof used in
connection with the offering of shares to prospective investors.&#160; The Trust also pays for supplementary sales
literature and advertising costs.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Distribution Agreement continues in effect from year to
year so long as such continuance is approved at least annually by a vote of the
Board, including the Trustees who are not interested persons of the Trust and
who have no direct or indirect financial interest in the Distribution
Agreement.&#160; The Distribution Agreement
automatically terminates in the event of its assignment and may be terminated
at any time without penalty by the Trust or by the Distributor upon sixty (60)
days written notice. Termination by the Trust may be by vote of a majority of
the Board, and a majority of the Trustees who are not interested persons of the
Trust and who have no direct or indirect financial interest in the Distribution
Agreement, or a majority of the outstanding voting securities of the Trust, as
defined under the 1940 Act.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Common Shares will only be sold on such days as shall be
agreed to by the Trust and ING Funds Distributor. The Common Shares will be
sold at market prices, which shall be determined with reference to trades on
the NYSE, subject to a minimum price to be established each day by the
Trust.&#160;&#160;&#160; The mininum price on any day
will not be less than the current NAV per Common Share. The Trust and ING Funds
Distributor will suspend the sale of Common Shares if the per share price of
the Common Shares is less than the minimum price.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Settlements of sales of Common Shares will occur on the
third business day following the date on which any such sales are made.&#160; Unless otherwise indicated in a further
prospectus supplement, ING Funds Distributor as underwriter will act as
underwriter on a reasonable efforts basis.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the sale of the Common Shares on behalf
of the Trust, ING Funds Distributor&#160; may
be deemed to be an underwriter within the meaning of the 1940 Act.&#160; As described below, ING Funds Distributor
also serves as distributor for the Trust in connection with the sale of Common
Shares of the Trust pursuant to privately negotiated transactions and pursuant
to optional cash investments. In addition, ING Funds Distributor provides
administrative services in connection with a separate at-the-market offering of
Common Shares of the Trust.&#160; The offering
of Common Shares pursuant to the Distribution Agreement will terminate upon the
earlier of (i) the sale of all Common Shares subject thereto or (ii)
termination of the Distribution Agreement.</font></p>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY VOTING PROCEDURES</font></b></h1>



<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board has adopted
proxy voting procedures and guidelines to govern the voting of proxies relating
to the Trust&#146;s portfolio securities.&#160; The
Trust&#146;s proxy voting procedures delegate to ING Investments the authority to
vote proxies relating to portfolio securities, and provide a method for
responding to potential conflicts of interest.&#160;
In delegating voting authority to ING Investments, the Board has also
approved ING Investments&#146; proxy voting procedures, which require ING
Investments to vote proxies in accordance with the Trust&#146;s proxy voting
procedures and guidelines.&#160; An independent proxy voting service has been
retained to assist in the voting of Trust proxies through the provision of vote
</font></p>




 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">30</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;line-height:normal;margin:4.5000pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">analysis,
implementation and recordkeeping and disclosure services.</font> In addition,
the Board established the Valuation, Proxy and Brokerage Committee to oversee
the implementation of the Trust&#146;s proxy voting procedures.&#160; A copy of the proxy voting procedures and
guidelines of the Trust, including the proxy voting procedures of ING
Investments, is attached hereto as Appendix A.&#160;
Information regarding how the Trust voted proxies relating to portfolio
securities for the one-year period ending June 30</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;is
available no later than August 31<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>&#160;of each year through the ING Funds&#146; website at
http://www.ingfunds.com or by accessing the SEC&#146;s EDGAR database at http://
www.sec.gov. </p>



<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font style="position:relative;z-index:1;"><font style="height:12px;left:-87px;position:absolute;top:-49px;width:11px;"><img width="11" height="12" src="g46146bg05i001.gif"></font></font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SHAREHOLDER INVESTMENT PROGRAM</font></b></h1>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust maintains a Shareholder Investment Program (&#147;Program&#148;),
which allows participating shareholders to reinvest all dividends and capital
gain distributions (&#147;Dividends&#148;) in additional Common Shares of the Trust.&#160; The Program also allows participants to
purchase additional Common Shares through optional cash investments in amounts
ranging from a minimum of $100 to a maximum of $100,000 per month.&#160;&#160;&#160; Common Shares may be issued by the Trust
under the Program only if the Trust&#146;s Common Shares are trading at a premium to
NAV.&#160; If the Trust&#146;s Common Shares are
trading at a discount to NAV, Common Shares purchased under the Program will be
purchased on the open market.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the market price (the volume-weighted average sales
price, per share, as reported on the New York Stock Exchange Composite
Transaction Tape as shown daily on Bloomberg&#146;s AQR screen) plus estimated
commissions for Common Shares of the Trust is less than the NAV on the
Valuation Date (defined below), DST will purchase Common Shares on the open
market through a bank or securities broker as provided herein.&#160; Open market purchases may be effected on any
securities exchange on which Common Shares of the Trust trade or in the
over-the-counter market.&#160; If the Market
Price, plus estimated commissions, exceeds the NAV before DST has completed its
purchases, DST will use reasonable efforts to cease purchasing Common Shares,
and the Trust shall issue the remaining Common Shares.&#160; If the Market Price, plus estimated
commissions, is equal to or exceeds the NAV on the Valuation Date, the Trust
will issue the Common Shares to be acquired by the Program.&#160; The Valuation Date is a date preceding the
DRIP Investment Date and OCI Investment Date, on which it is determined, based
on the Market Price and NAV of Common Shares of the Trust, whether DST will
purchase Common Shares on the open market or the Trust will issue the Common
Shares for the Program.&#160; The Trust may,
without prior notice to participants, determine that it will not issue new
Common Shares for purchase pursuant to the Program, even when the Market Price
plus estimated commissions equals or exceeds NAV, in which case DST will
purchase Common Shares on the open market.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares issued by the Trust under the Program will be
issued without incurring a fee.&#160; Common
Shares purchased for the Program directly from the Trust in connection with the
reinvestment of Dividends will be acquired on the DRIP Investment Date at the
greater of (i) NAV at the close of business on the Valuation Date or (ii) the
average of the daily Market Price of the shares during the DRIP Pricing Period,
minus a discount of 5%.&#160; The DRIP Pricing
Period for a dividend reinvestment is the Valuation Date and the prior Trading
Day.&#160; A &#147;Trading Day&#148; means any day on
which trades of the Common Shares of the Trust are reported on the NYSE.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares purchased directly from the Trust pursuant to
optional cash investments will be acquired on an OCI Investment Date at the
greater of (i) NAV at the close of business on the Valuation Date or (ii) the
average of the daily Market Price of the shares during the OCI Pricing Period
minus a discount, determined at the sole discretion of the Trust and announced
in advance, ranging from 0% to 5%.&#160; The
OCI Pricing Period for an OCI Investment Date means the period beginning four
Trading Days prior to the Valuation Date through and including the Valuation
Date.&#160; The discount for optional cash
investments is set by the Trust and may be changed or eliminated by the Trust
without prior notice to participants at any time.&#160; The discount for optional cash investments is
determined on the last business</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">day of each month.&#160;
In all instances, however, the discount on Common Shares issued directly
by the Trust shall not exceed 5% of the market price, and Common Shares may not
be issued at a price less than NAV without prior specific approval of
shareholders or of the Commission.&#160;
Optional cash investments received by DST no later than 4:00 p.m.
Eastern time on the OCI payment Due Date to be invested on the relevant OCI
Investment Date.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the availability of Common Shares registered for
issuance under the Program, there is no total maximum number of Common Shares
that can be issued pursuant to the Program.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Federal Taxation - Distributions&#148; for a discussion of
the federal income tax ramifications of obtaining Common Shares under the
Program.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Privately Negotiated Transactions</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Common Shares may also be offered pursuant to privately
negotiated transactions between the Trust and specific investors.&#160; The terms of such privately negotiated
transactions will be subject to the discretion of the management of the
Trust.&#160; In determining whether to sell
Common Shares pursuant to a privately negotiated transaction, the Trust will
consider relevant factors including, but not limited to, the attractiveness of
obtaining additional funds through the sale of Common Shares, the purchase
price to apply to any such sale of Common Shares and the person seeking to
purchase the Common Shares.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares issued by the Trust in connection with privately
negotiated transactions will be issued at the greater of (1) NAV per Common
Share of the Trust&#146;s Common Shares or (ii) at a discount ranging from 0.00% to
5.00% of the average of the daily market price of the Trust&#146;s Common Shares at
the close of business on the two business days preceding the date upon which
Common Shares are sold pursuant to the privately negotiated transaction.&#160; The discount to apply to such privately
negotiated transactions will be determined by the Trust with regard to each
specific transaction.&#160; The Trust will not
pay any commissions with regard to privately negotiated transactions, but an
investor may be subject to a front end sales load of up to 3.00% paid to or
retained by a third party broker-dealer through which such transaction may be
effected.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CODE OF ETHICS</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust&#146;s Distributor, </font><font size="2" style="font-size:10.0pt;">ING Investments </font><font size="2" style="font-size:10.0pt;">and the Trust
have each adopted a code of ethics (&#147;Code of Ethics&#148; or written supervisory
procedures) governing personal trading activities of all Trustees, officers of
the Trust and the Distributor and persons who, in connection with their regular
functions, play a role in the recommendation of any purchase or sale of a
security by the Trust or obtain information pertaining to such purchase or
sale.&#160; The Code of Ethics is intended to
prohibit fraud against the Trust that may arise from personal trading of
securities that may be purchased or held by the Trust or of Trust shares.&#160; The Code of Ethics also prohibits short-term
trading of the Trust by persons subject to the Code of Ethics.&#160; Personal trading is permitted by such persons
subject to certain restrictions; however such persons are generally required to
pre-clear all security transactions with the Trust&#146;s Compliance Department and
to report all transactions on a regular basis.&#160;
The Sub-Adviser has adopted its own Code of Ethics to govern the
personal trading activities of its personnel.</font></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Code
of Ethics can be reviewed and copied at the SEC&#146;s Public Reference Room located
at 100 F Street, NE, Washington, DC&#160;
20549.&#160; Information on the
operation of the Public Reference Room may be obtained by calling the SEC at
(202) 551-8090.&#160; The Code of Ethics is
available on the SEC&#146;s website (http://www.sec.gov) and copies may also be
obtained at prescribed rates by electronic request at publicinfo@sec.gov, or by
writing the SEC&#146;s Public Reference Section at the address listed above. </font></p>




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<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PORTFOLIO
TRANSACTIONS</font></b></h3>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust will generally have at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, invested in
Senior Loans.&#160; The remaining assets of
the Trust will generally consist of short-term debt instruments with remaining
maturities of 120 days or less, longer-term debt securities, certain other
instruments such as subordinated or unsecured loans up to a maximum of 5% of
the Trust&#146;s net assets, interest rate swaps, caps and floors, repurchase
agreements, reverse repurchase agreements and equity securities acquired in
connection with investments in loans.&#160;
The Trust will acquire Senior Loans from and sell Senior Loans to banks,
insurance companies, finance companies, and other investment companies and
private investment funds.&#160; The Trust may
also purchase Senior Loans from and sell Senior Loans to U.S. branches of
foreign banks which are regulated by the Federal Reserve System or appropriate
state regulatory authorities.&#160; The Trust&#146;s
interest in a particular Senior Loan will terminate when the Trust receives
full payment on the loan or sells a Senior Loan in the secondary market.&#160; Costs associated with purchasing or selling
investments in the secondary market include commissions paid to brokers and
processing fees paid to agents.&#160; These
costs are allocated between the purchaser and seller as agreed between the
parties.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases and sales of short-term debt and other financial
instruments for the Trust&#146;s portfolio usually are principal transactions, and
normally the Trust will deal directly with the underwriters or dealers who make
a market in the securities involved unless better prices and execution are
available elsewhere.&#160; Such market makers
usually act as principals for their own account.&#160; On occasion, securities may be purchased
directly from the issuer.&#160; Short-term
debt instruments are generally traded on a net basis and do not normally
involve either brokerage commissions or transfer taxes.&#160; The cost of portfolio securities transactions
of the Trust that are not transactions with principals will consist primarily
of brokerage commissions or dealer or underwriter spreads between the bid and
asked price, although purchases from underwriters may involve a commission or
concession paid by the issuer.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment Advisory Agreement or Sub-Advisory Agreement
authorizes ING Investments or Sub-Adviser to select the brokers or dealers that
will execute the purchase and sale of investment securities for the Trust.&#160; In all purchases and sales of securities for
the portfolio of the Trust, the primary consideration is to obtain the most
favorable execution available.&#160; Pursuant
to the Investment Advisory Agreement or Sub-Advisory Agreement, the Adviser or
Sub-Adviser determines, subject to the instructions of and review by the Trust&#146;s
Board, which securities are to be purchased and sold by the Trust and which
brokers are to be eligible to execute portfolio transactions of the Trust.
Purchases and sales of securities in the over-the-counter market will generally
be executed directly with a &#147;market-maker,&#148; unless in the opinion of the
Adviser or the Sub-Adviser, a better price and execution can otherwise be
obtained by using a broker for the transaction.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In placing portfolio transactions, the Adviser or
Sub-Adviser is required to&#160; use their
best efforts to choose a broker capable of providing the brokerage services
necessary to obtain the most favorable execution available. The full range and
quality of brokerage services available will be considered in making these
determinations, such as the size of the order, the difficulty of execution, the
operational facilities of the firm involved, capital commitment, the firm&#146;s
risk in positioning a block of securities and other factors.&#160; While the Adviser or Sub-Adviser seeks to
obtain the most favorable net results in effecting transactions in the Trust&#146;s
portfolio securities, brokers or dealers who provide research services may
receive orders for transactions by the Trust.&#160;
Such research services ordinarily consist of assessments and analyses of
the business or prospects of a company, industry, or economic sector.&#160; The Adviser is authorized to pay spreads or
commissions to brokers or dealers furnishing such services which are in excess
of spreads or commissions that other brokers or dealers not providing such
research may charge for the same transaction, even if the specific services
were not imputed to the Trust and were useful to the</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adviser in advising other clients.&#160; Information so received will be in addition
to, and not in lieu of, the services required to be performed by the Adviser
under the Investment Advisory Agreement between the Adviser and the Trust.&#160; The expenses of the Adviser or Sub-Adviser
will not necessarily be reduced as a result of the receipt of such supplemental
information.&#160; The Adviser or Sub-Adviser
may use any research services obtained in providing investment advice to its
other investment advisory accounts.&#160; Conversely,
such information obtained by the placement of business for the Adviser or
Sub-Adviser or other entities advised by the Adviser or Sub-Adviser will be
considered by and may be useful to the Adviser or Sub-Adviser in carrying out
its obligations to the Trust.&#160; As
permitted by Section 28(e) of the Securities Exchange Act of 1934, as amended (&#147;1934
Act&#148;) the Adviser may cause the Trust to pay a broker-dealer which provides
brokerage and research services (as defined in the 1934 Act) to the Adviser or
Sub-Adviser an amount of disclosed commissions for effecting a securities
transaction for the Trust in excess of the commission which another
broker-dealer would have charged for effecting the transaction.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust does not intend to effect any brokerage
transaction in its portfolio securities with any broker-dealer affiliated
directly or indirectly with the Adviser or Sub-Adviser, except for any sales of
portfolio securities pursuant to a tender offer, in which event the Adviser or
Sub-Adviser will offset against the management fee a part of any tender fees
which legally may be received by such affiliated broker-dealer.&#160; To the extent certain services which the
Trust is obligated to pay for under the Investment Advisory Agreement are
performed by the Adviser, the Trust will reimburse the Adviser for the costs of
personnel involved in placing orders for the execution of portfolio
transactions.</font></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
connection with its purchase or holding interests in Senior Loans, the Trust
may acquire (and subsequently sell) equity securities or warrants it
receives.&#160; Brokerage commissions paid by
the Trust during the fiscal years ended February 28, 2007, 2006 and 2005 were
$[&#160;&#160;&#160; ], $755 and $11,122, respectively. </font></p>





<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None of the total
commissions paid during the fiscal years ended February 28, 2007, 2006 and
2005, were paid by the Trust to firms which provided research, statistical or
other services to the Adviser. </font></p>



<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Turnover Rate</font></b></p>



<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The annual
rate of the Trust&#146;s total portfolio turnover for the years ended February 28, 2007,
2006 and 2005 was [&#160;&#160;&#160; ]%, 81% and 93%,
respectively.&#160; The annual turnover rate
of the Trust is generally expected to be between 50% and 100%, although as part
of its investment policies, the Trust places no restrictions on portfolio
turnover and the Trust may sell any portfolio security without regard to the
period of time it has been held.&#160; The
annual turnover rate of the Trust also includes Senior Loans on which the Trust
has received full or partial payment.&#160;
The Adviser believes that full and partial payments on loans generally
comprise approximately 25% to 75% of the Trust&#146;s total portfolio turnover each
year. </font></p>



<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NET ASSET VALUE</font></b></h3>



<p align="left" style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The NAV
per Common Share of the Trust is determined each business day as of the close
of regular trading on the NYSE (usually 4:00 p.m. Eastern time unless otherwise
designated by the NYSE). The Trust is open for business every day the NYSE is
open. </font><font size="2" style="font-size:10.0pt;">As of the date of this SAI, the NYSE is closed on the following
holidays: New Year&#146;s Day, Martin Luther King, Jr. Day, Presidents&#146; Day, Good
Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and
Christmas Day. </font><font size="2" style="font-size:10.0pt;">&#160;The NAV per Common Share is determined by
dividing the value of the Trust&#146;s loan assets plus all cash and other assets
(including interest accrued but not collected) less all liabilities (including
accrued expenses but excluding capital and surplus) by the number of Common
Shares outstanding.&#160; The NAV per Common
Share is made available for publication. </font></p>




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<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FEDERAL TAXATION</font></b></h3>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is only a summary of certain U.S. federal
income tax considerations generally affecting the Trust and its
shareholders.&#160; No attempt is made to
present a detailed explanation of the tax treatment of the Trust or its
shareholders, and the following discussion is not intended as a substitute for
careful tax planning.&#160; Shareholders
should consult with their own tax advisers regarding the specific federal,
state, local, foreign and other tax consequences of investing in the Trust.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Qualification as a Regulated
Investment Company</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust will elect each year to be taxed as a regulated
investment company (&#147;RIC&#148;) under Subchapter M of the Internal Revenue Code (&#147;Code&#148;).&#160; As a RIC, the Trust generally will not be
subject to federal income tax on the portion of its investment company taxable
income (<i>i.e.</i>, taxable interest,
dividends and other taxable ordinary income, net of expenses, and net
short-term capital gains in excess of long-term capital losses) and net capital
gain (<i>i.e.</i>, the excess of net
long-term capital gains over the sum of net short-term capital losses and
capital loss carryovers from prior years) that it distributes to shareholders,
provided that it distributes at least 90% of its investment company taxable
income for the taxable year (&#147;Distribution Requirement&#148;), and satisfies certain
other requirements of the Code that are described below.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to satisfying the Distribution Requirement and
an asset diversification requirement discussed below, a RIC must derive at
least 90% of its gross income for each taxable year from dividends, interest,
certain payments with respect to securities loans, gains from the sale or other
disposition of stock or securities or foreign currencies, net income derived
from an interst in a qualified publicly traded partnership and other income
(including, but not limited to, gains from options, futures or forward
contracts) derived with respect to its business of investing in such stock,
securities or currencies.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to satisfying the requirements described above,
the Trust must satisfy an asset diversification test in order to qualify as a
RIC.&#160; Under this test, at the close of
each quarter of the Trust&#146;s taxable year, at least 50% of the value of the
Trust&#146;s assets must consist of cash and cash items (including receivables),
U.S. government securities, securities of other regulated investment companies,
and securities of other issuers (as to which the Trust has not invested more
than 5% of the value of the Trust&#146;s total assets in securities of any such
issuer and as to which the Trust does not hold more than 10% of the outstanding
voting securities of any such issuer), and no more than 25% of the value of its
total assets may be invested in the securities of any one issuer (other than
U.S.&#160; government securities and
securities of other regulated investment companies), in two or more issuers
which the Trust controls and which are engaged in the same or similar trades or
businesses, or of one or more qualified publicly traded partnerships.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, gain or loss recognized by the Trust on the
disposition of an asset will be a capital gain or loss.&#160; However, gain recognized on the disposition
of a debt obligation purchased by the Trust at a market discount (generally at
a price less than its principal amount) other than at the original issue will
be treated as ordinary income to the extent of the portion of the market
discount which accrued during the period of time the Trust held the debt
obligation.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, investments by the Trust in zero coupon or other
original issue discount securities will result in income to the Trust equal to
a portion of the excess of the face value of the securities over their issue
price (&#147;original issue discount&#148;) each year that the Trust holds the
securities, even though the Trust</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">receives no cash interest payments.&#160; This income is included in determining the
amount of income which the Trust must distribute to maintain its status as a
RIC and to avoid federal income and excise taxes.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If for any taxable year the Trust does not qualify as a RIC,
all of its taxable income (including its net capital gain) will be subject to
tax at regular corporate rates without any deduction for distributions to
shareholders, and such distributions will be taxable as ordinary dividends to
the extent of the Trust&#146;s current and accumulated earnings and profits.&#160; Such distributions generally would be
eligible for the dividends-received deduction in the case of corporate
shareholders.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Trust fails to qualify as a RIC in any year, it must pay out its
earnings and profits accumulated in that year in order to qualify again as a
RIC.&#160; Moreover, if the Trust failed to
qualify as a RIC for a period greater than one taxable year, the Trust may be
required to recognize any net built-in gains with respect to certain of its
assets (the excess of the aggregate gains, including items of income, over
aggregate losses that would have been realized if the Trust had been
liquidated) in order to qualify as a RIC in a subsequent year.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excise Tax On Regulated Investment
Companies</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A 4% non-deductible excise tax is imposed on a RIC that
fails to distribute in each calendar year an amount equal to the sum of (1) 98%
of its ordinary taxable income for the calendar year, (2) 98% of its capital
gain net income (<i>i.e.</i>, capital
gains in excess of capital losses) for the one-year period ended on October 31
of such calendar year, and (3) any ordinary taxable income and capital gain net
income for previous years that was not distributed or taxed to the RIC during
those years.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust intends to make sufficient distributions or deemed
distributions (discussed below) of its ordinary taxable income and capital gain
net income to avoid liability for the excise tax.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hedging Transactions</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust has the ability, pursuant to its investment
objectives and policies, to hedge its investments in a variety of transactions,
including interest rate swaps and the purchase or sale of interest rate caps
and floors. The treatment of these transactions for federal income tax purposes
may in some instances be unclear, and the RIC qualification requirements may
limit the extent to which the Trust can engage in hedging transactions.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under certain circumstances, the Trust may recognize gain
from a constructive sale of an appreciated financial position. If the Trust
enters into certain transactions in property while holding substantially
identical property, the Trust would be treated as if it had sold and
immediately repurchased the property and would be taxed on any gain (but not
loss) from the constructive sale. The character of gain from a constructive
sale would depend upon the Trust&#146;s holding period in the property. Loss from a
constructive sale would be recognized when the property was subsequently
disposed of, and its character would depend on the Trust&#146;s holding period and
the application of various loss deferral provisions in the Code. Constructive
sale treatment does not apply to transactions closed in the 90-day period
ending with the 30th day after the close of the taxable year, if certain
conditions are met.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust anticipates distributing all or substantially all
of its investment company taxable income for the taxable year.&#160; Such distributions will be taxable to
shareholders as ordinary income.&#160; If a
portion of the Trust&#146;s income consists of dividends paid by U.S. corporations,
a portion of the dividends paid by the Trust may be eligible for the corporate
dividends received deduction.</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may either retain or distribute to shareholders
its net capital gain for each taxable year.&#160;
The Trust currently intends to distribute any such amounts.&#160; If net capital gain is distributed and
designated as a capital gain dividend, it will generally be taxable to
shareholders at a maximum federal tax rate of 15%.&#160; Distributions are subject to these capital
gains rates regardless of the length of time the shareholder has held his
shares.&#160; Conversely, if the Trust elects
to retain its net capital gain, the Trust will be taxed thereon (except to the
extent of any available capital loss carryovers) at the applicable corporate
tax rate.&#160; In such event, it is expected
that the Trust also will elect to treat such gain as having been distributed to
shareholders.&#160; As a result, each
shareholder will be required to report his pro rata share of such gain on his
tax return as long-term capital gain, will be entitled to claim a tax credit
for his pro rata share of tax paid by the Trust on the gain, and will increase
the tax basis for his shares by an amount equal to the deemed distribution less
the tax credit.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recently enacted tax legislation generally provides for a
maximum tax rate for individual taxpayers of 15% on long-term capital gains
from sales on certain qualifying dividend income.&#160; The rate reductions do not apply to corporate
taxpayers.&#160; The Trust will be able to
separately designate distributions of any qualifying long-term capital gains or
qualifying dividends earned by the Trust that would be eligible for the lower
maximum rate, although it does not expect to distribute a material amount of
qualifying dividends.&#160; A shareholder
would also have to qualify a 60-day holding period with respect to any
distributions of qualifying dividend in order to obtain the benefit of the
lower rate.&#160; Distributions from funds,
such as the Trust, investing in debt instruments will not generally qualify for
the lower rate.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions by the Trust in excess of the Trust&#146;s earnings
and profits will be treated as a return of capital to the extent of (and in
reduction of) the shareholder&#146;s tax basis in his shares; any such return of
capital distributions in excess of the shareholder&#146;s tax basis will be treated
as gain from the sale of his shares, as discussed below.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions by the Trust will be treated in the manner
described above regardless of whether such distributions are paid in cash or
reinvested in additional shares of the Trust.&#160;
If the NAV at the time a shareholder purchases shares of the Trust
reflects undistributed income or gain, distributions of such amounts will be
taxable to the shareholder in the manner described above, even though such
distributions economically constitute a return of capital to the shareholder.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A distribution will be treated as paid on December 31 of the
current calendar year if it is declared by the Trust in October, November or
December with a record date in such a month and paid by the Trust during
January of the following calendar year.&#160;
Such distributions will be taxed to shareholders in the calendar year in
which the distributions are declared, rather than the calendar year in which
the distributions are received.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust will be required in certain cases to withhold and
remit to the U.S. Treasury at the current rate of 28% of all dividends and
redemption proceeds payable to any shareholder (1) who fails to provide the
Trust with a certified, correct identification number or other required
certifications, or (2) if the Internal Revenue Service notifies the Trust that
the shareholder is subject to backup withholding.&#160; Corporate shareholders and other shareholders
specified in the Code are exempt from such backup withholding.&#160; Backup withholding is not an additional
tax.&#160; Any amounts withheld may be
credited against the shareholder&#146;s U.S.&#160;
federal income tax liability if the appropriate information is provided
to the IRS.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale of Common Shares</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A shareholder will recognize gain or loss on the sale or
exchange of shares of the Trust in an amount generally equal to the difference
between the proceeds of the sale and the shareholder&#146;s adjusted</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">tax basis in the shares. In general, any such gain or
loss will be considered capital gain or loss if the shares are held as capital
assets, and gain or loss will be long-term or short-term, depending upon the
shareholder&#146;s holding period for the shares. However, any capital loss arising
from the sale of shares held for six months or less will be treated as a
long-term capital loss to the extent of any long-term capital gains distributed
(or deemed distributed) with respect to such shares. Also, any loss realized on
a sale or exchange of shares will be disallowed to the extent the shares
disposed of are replaced (including shares acquired through the Shareholder
Investment Program) within a period of 61 days beginning 30 days before and
ending 30 days after the shares are disposed of. In such case, the tax basis of
the acquired shares will be adjusted to reflect the disallowed loss.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font style="position:relative;z-index:2;"><font style="height:12px;left:-87px;position:absolute;top:-49px;width:11px;"><img width="11" height="12" src="g46146bg05i001.gif"></font></font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Repurchases
of Shares</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As noted above, the Fund may take action to repurchase its shares.&#160; If a shareholder tenders all shares of the
Fund that he or she owns or is considered to own, the shareholder will realize
a taxable sale or exchange (see &#147;Sale of Common Shares&#148; above).&#160; If a shareholder tenders less than all of the
shares of the Fund that he or she owns or is considered to own, the repurchase
may not qualify as an exchange, and the proceeds received may be treated as a
dividend, return of capital or capital gain, depending on the Fund&#146;s earnings
and profits and the shareholder&#146;s basis in the tendered shares.&#160; If that occurs, there is a risk that
non-tendering shareholders may be considered to have received a deemed
distribution as a result of the Fund&#146;s purchase of tendered shares, and all or
a portion of that deemed distribution may be taxable as a dividend.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign Shareholders</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. taxation of a shareholder who, as to the United States,
is a nonresident alien individual, foreign trust or estate, foreign
corporation, or foreign partnership (&#147;foreign shareholder&#148;) depends, in part,
on whether the shareholder&#146;s income from the Trust is effectively connected
with a U.S.&#160; trade or business carried on
by such shareholder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">If the income from the Trust is not effectively connected with a U.S. trade
or business carried on by a foreign shareholder, distributions of investment
company taxable income will be subject to U.S.&#160;
withholding tax at the rate of 30% (or lower treaty rate).&#160; Such a foreign shareholder would generally be
exempt from U.S. federal income tax on gains realized on the sale or exchange
of shares of the Trust, capital gain dividends, and amounts retained by the
Trust that are designated as undistributed capital gains.&#160; </font>However, subject to certain
limitations and the receipt of further guidance form the U.S. Treasury,
dividends paid to certain foreign shareholders may be exempt from U.S. tax
through 2007 to the extent such dividends are attributable to qualified
interest and/or net short-term capital gains, provided that the Trust elects to
follow certain procedures.&#160; The Trust may
choose to not follow such procedures and there can be no assurance as to the
amount, if any, of dividends that would not be subject to withholding.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the income from the Trust is effectively connected with a
U.S. trade or business carried on by a foreign shareholder, then distributions
of investment company taxable income, capital gain dividends, amounts retained
by the Trust that are designated as undistributed capital gains and any gains
realized upon the sale or exchange of shares of the Trust will be subject to
U.S. federal income tax at the rates applicable to U.S. citizens or domestic
corporations.&#160; Such shareholders that are
classified as corporations for U.S.&#160; tax
purposes also may be subject to a branch profits tax.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of foreign noncorporate shareholders, the Trust
may be required to withhold U.S.&#160; federal
income tax at a rate of 30% on distributions that are otherwise exempt from
withholding tax (or taxable at a reduced treaty rate) unless such shareholders
furnish the Trust with proper notification of their foreign status.&#160; See &#147;Distributions.&#148;</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The tax consequences to a foreign shareholder entitled to
claim the benefits of an applicable tax treaty may be different from those
described herein.&#160; Foreign shareholders
are urged to consult their own tax advisers with respect to the particular tax
consequences to them of an investment in the Trust, including the applicability
of foreign taxes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of Future Legislation; Other
Tax Considerations</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing general discussion of U.S. federal income tax
consequences is based on the Code and the Treasury Regulations issued
thereunder as in effect on the date of this SAI.&#160; Future legislative or administrative changes
or court decisions may significantly change the conclusions expressed herein,
and any such changes or decisions may have a retroactive effect with respect to
the transactions contemplated herein.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income received by the Trust from foreign sources may be
subject to withholding and other taxes imposed by such foreign jurisdictions,
absent treaty relief.&#160; Distributions to
shareholders also may be subject to state, local and foreign taxes, depending
upon each shareholder&#146;s particular situation.&#160;
Shareholders are urged to consult their tax advisers as to the
particular consequences to them of an investment in the Trust.</font></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ADVERTISING AND
PERFORMANCE DATA</font></b></h3>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From time to time, advertisements and other sales materials
for the Trust may include information concerning the historical performance of
the Trust.&#160; Any such information may
include trading volume of the Trust&#146;s Common Shares, the number of Senior Loan
investments, annual total return, aggregate total return, distribution rate,
average compounded distribution rates and yields of the Trust for specified
periods of time, and diversification statistics.&#160; Such information may also include rankings,
ratings and other information from independent organizations such as Lipper,
Morningstar, Value Line, Inc., CDA Technology, Inc., S&amp;P&#146;s, Portfolio
Management Data (a division of S&amp;P&#146;s), Moody&#146;s, Bloomberg or other industry
publications.&#160; These rankings will
typically compare the Trust to all closed-end Funds, to other Senior Loan
funds, and/or also to taxable closed-end fixed income funds.&#160; Any such use of rankings and ratings in
advertisements and sales literature will conform with the guidelines of the National
Association of Security Dealers (&#147;NASD&#148;) approved by the Commission.&#160; Ranking comparisons and ratings should not be
considered representative of the Trust&#146;s relative performance for any future
period.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports and promotional literature may also contain the
following information:&#160; (i) number of
shareholders; (ii) average account size; (iii) identification of street and
registered account holdings; (iv) lists or statistics of certain of the Trust&#146;s
holdings including, but not limited to, portfolio composition, sector
weightings, portfolio turnover rates, number of holdings, average market
capitalization and modern portfolio theory statistics alone or in comparison
with itself (over time) and with its peers and industry group; (v) public
information about the assets class; and (vi) discussions concerning coverage of
the Trust by analysts.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, reports and promotional literature may contain
information concerning the Adviser, the Sub-Adviser, ING Groep, the portfolio
managers, the Administrator or affiliates of the Trust including (i) performance
rankings of other funds managed by the Adviser or Sub-Adviser, or the
individuals employed by the Adviser or Sub-Adviser who exercise responsibility
for the day-to-day management of the Trust, including rankings and ratings of
investment companies published by Lipper, Morningstar, Value Line, Inc., CDA
Technologies, Inc., or other rating services, companies, publications or other
persons who rank or rate investment companies or other investment products on
overall performance or</font></p>


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<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other criteria; (ii) lists of clients, the number of
clients, or assets under management; (iii) information regarding the
acquisition of the ING Funds by ING Capital; (iv) the past performance of ING
Capital and ING Funds Services; (v) the past performance of other funds managed
by the Adviser or Sub-Adviser; (vi) quotes from a portfolio manager of the
Trust or industry specialists; and (vii) information regarding rights offerings
conducted by closed-end funds managed by the Adviser or Sub-Adviser.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may compare the frequency of its reset period to
the frequency which LIBOR changes.&#160;
Further, the Trust may compare its yield to (i) LIBOR, (ii) the federal
funds rate, (iii) the Prime Rate, quoted daily in the Wall Street Journal as
the base rate on corporate loans at large U.S. money center commercial banks,
(iv) the average yield reported by the Bank Rate Monitor National Index for
money market deposit accounts offered by the 100 leading banks and thrift
institutions in the ten largest standard metropolitan statistical areas, (v)
yield data published by Lipper, Bloomberg or other industry sources, or (vi)
the yield on an investment in 90-day Treasury bills on a rolling basis,
assuming quarterly compounding.&#160; Further,
the Trust may compare such other yield data described above to each other.&#160; The Trust may also compare its total return,
NAV stability and yield to fixed income investments.&#160; As with yield and total return calculations,
yield comparisons should not be considered representative of the Trust&#146;s yield
or relative performance for any future period.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may provide information designed to help
individuals understand their investment goals and explore various financial
strategies.&#160; Such information may include
information about current economic, market and political conditions; materials
that describe general principles of investing, such as asset allocation,
diversification, risk tolerance, and goal setting; worksheets used to project
savings needs based on assumed rates of inflation and hypothetical rates of
return; and action plans offering investment alternatives.&#160; Materials may also include discussion of
other investment companies in the ING Funds, products and services, and
descriptions of the benefits of working with investment professionals in
selecting investments.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance Data</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may quote annual total return and aggregate total
return performance data.&#160; Total return
quotations for the specified periods will be computed by finding the rate of
return (based on net investment income and any capital gains or losses on
portfolio investments over such periods) that would equate the initial amount
invested to the value of such investment at the end of the period.&#160; On occasion, the Trust may quote total return
calculations published by Lipper, a widely recognized independent publication
that monitors the performance of both open-end and closed-end investment
companies.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s distribution rate is calculated on a monthly
basis by annualizing the dividend declared in the month and dividing the resulting
annualized dividend amount by the Trust&#146;s corresponding month-end NAV (in the
case of NAV) or the last reported market price (in the case of Market).&#160; The distribution rate is based solely on the
actual dividends and distributions, which are made at the discretion of
management.&#160; The distribution rate may or
may not include all investment income, and ordinarily will not include capital
gains or losses, if any.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total return and distribution rate and compounded
distribution rate figures utilized by the Trust are based on historical
performance and are not intended to indicate future performance.&#160; Distribution rate, compounded distribution
rate and NAV per share can be expected to fluctuate over time.&#160; Total return will vary depending on market
conditions, the Senior Loans, and other securities comprising the Trust&#146;s
portfolio, the Trust&#146;s operating expenses and the amount of net realized and
unrealized capital gains or losses during the period.</font></p>


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<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GENERAL
INFORMATION</font></b></h3>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Custodian</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State Street Bank and Trust Company, 801 Pennsylvania
Avenue, Kansas City, Missouri 64105 has been retained to act as the custodian
for the Trust.&#160; State Street Bank and
Trust Company does not have any part in determining the investment policies of
the Trust or in determining which portfolio securities are to be purchased or
sold by the Trust or in the declaration of dividends and distributions.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Counsel</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal matters for the Trust are passed upon by Dechert LLP,
1775 I Street, NW, Washington, DC 20006.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent Registered Public
Accounting Firm</font></b></p>



<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">KPMG LLP, 99 High Street, Boston, Massachusetts 90071, serves as the
independent registered public accounting firm for the Trust.&#160; </font>KPMG LLP provides audit services, tax
return preparation and assistance and consultation in connection with review of
SEC filings. KPMG LLP is located at 99 High Street, Boston, Massachusetts
02110. </font></p>





<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FINANCIAL STATEMENTS </font></b></h3>



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Financial Statements and the independent registered public accounting
firms reports thereon, appearing in the Trust&#146;s annual shareholder report for
the period ended February 28, 2006 are incorporated by reference in this
SAI.&#160; The Trust&#146;s annual and semi-annual
(unaudited) shareholder reports are available at 7337 East Doubletree Ranch
Road, Scottsdale, Arizona 85258, upon&#160;
request and without charge by calling (800) 992-0180.</font></p>


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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX
A &#150; PROXY VOTING PROCEDURES AND GUIDELINES</font></b></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">42</font></p>
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<div>


<h6 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING FUNDS</font></b></h6>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY VOTING PROCEDURES AND GUIDELINES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Effective Date:&#160; July 10, 2003<br>
Revision Date:&#160; March 2, 2007</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I. </font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>INTRODUCTION</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following are the Proxy Voting Procedures and Guidelines (the &#147;Procedures and
Guidelines&#148;) of the ING Funds set forth on <b><i style="font-weight:bold;">Exhibit 1 </i></b>attached hereto and each portfolio
or series thereof (each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;).&#160; The purpose of these Procedures and
Guidelines is to set forth the process by which each Fund will vote proxies
related to the equity assets in its investment portfolio (the &#147;portfolio
securities&#148;).&#160; The Procedures and
Guidelines have been approved by the Funds&#146; Boards of Trustees/Directors(1)
(each a &#147;Board&#148; and collectively, the &#147;Boards&#148;), including a majority of the
independent Trustees/Directors(2) of the Board.&#160;
These Procedures and Guidelines may be amended only by the Board.&#160; The Board shall review these Procedures and
Guidelines at its discretion, and make any revisions thereto as deemed
appropriate by the Board.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>VALUATION,
PROXY AND BROKERAGE COMMITTEE</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Boards hereby delegate to the Valuation, Proxy and Brokerage Committee of each
Board (each a &#147;Committee&#148; and collectively, the &#147;Committees&#148;) the authority and
responsibility to oversee the implementation of these Procedures and
Guidelines, and where applicable, to make determinations on behalf of the Board
with respect to the voting of proxies on behalf of each Fund.&#160; Furthermore, the Boards hereby delegate to
each Committee the authority to review and approve material changes to proxy
voting procedures of any Fund&#146;s investment adviser (the &#147;Adviser&#148;).&#160; The Proxy Voting Procedures of the Adviser
(the &#147;Adviser Procedures&#148;) are attached hereto as <b><i style="font-weight:bold;">Exhibit&nbsp;2</i></b>.&#160; Any determination regarding the voting of
proxies of each Fund that is made by a Committee, or any member thereof, as
permitted herein, shall be deemed to be a good faith determination regarding
the voting of proxies by the full Board.&#160;
Each Committee</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">(1)</font><font size="1" style="font-size:3.0pt;letter-spacing:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Reference in these Procedures to one or more Funds
shall, as applicable, mean those Funds that are under the jurisdiction of the
particular Board or Valuation, Proxy and Brokerage Committee at issue.&#160; No provision in these Procedures is intended
to impose any duty upon the particular Board or Valuation, Proxy and Brokerage
Committee with respect to any other Fund.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The independent
Trustees/Directors are those Board members who are not &#147;interested persons&#148; of
the Funds within the meaning of Section 2(a)(19) of the Investment Company Act
of 1940.</p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may
rely on the Adviser through the Agent, Proxy Coordinator and/or Proxy Group (as
such terms are defined for purposes of the Adviser Procedures) to deal in the
first instance with the application of these Procedures and Guidelines.&#160; Each Committee shall conduct itself in
accordance with its charter.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">III.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>DELEGATION
OF VOTING AUTHORITY</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Board hereby delegates to the Adviser to each Fund the authority and
responsibility to vote all proxies with respect to all portfolio securities of
the Fund in accordance with then current proxy voting procedures and guidelines
that have been approved by the Board.&#160;
The Board may revoke such delegation with respect to any proxy or
proposal, and assume the responsibility of voting any Fund proxy or proxies as
it deems appropriate.&#160; Non-material
amendments to the Procedures and Guidelines may be approved for immediate
implementation by the President or Chief Financial Officer of a Fund, subject
to ratification at the next regularly scheduled meeting of the Valuation, Proxy
and Brokerage Committee.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When a Fund participates in the lending of its
securities and the securities are on loan at record date, proxies related to
such securities will not be forwarded to the Adviser by the <font style="letter-spacing:-.15pt;">Fund&#146;s custodian and therefore will not be voted.</font></font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Funds that are &#147;funds-of-funds&#148;
will &#147;echo&#148; vote their interests in underlying mutual funds, which may include
ING Funds (or portfolios or series thereof) other than those set forth on <b><i style="font-weight:bold;">Exhibit 1</i></b> attached
hereto.&#160; This means that, if the
fund-of-funds must vote on a proposal with respect to an underlying investment
company, the fund-of-funds will vote its interest in that underlying fund in
the same proportion all other shareholders in the investment company voted
their interests.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">A fund that is a &#147;feeder&#148; fund
in a master-feeder structure does not echo vote.&#160; Rather, it passes votes requested by the
underlying master fund to its shareholders.&#160;
This means that, if the feeder fund is solicited by the master fund, it
will request instructions from its own shareholders, either directly or, in the
case of an insurance-dedicated Fund, through an insurance product or retirement
plan, as to the manner in which to vote its interest in an underlying master
fund.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;">When a Fund is a feeder in a master-feeder structure,
proxies for the portfolio securities</font> owned by the master fund will be
voted pursuant to the master fund&#146;s proxy voting policies and procedures.&#160; As such, and except as otherwise noted herein
with respect to vote reporting requirements, feeder Funds shall not be subject
to these Procedures and Guidelines.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IV.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">APPROVAL AND REVIEW OF PROCEDURES</font></b></p>

<p style="font-family:Times New Roman;letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Each Fund&#146;s Adviser has adopted
proxy voting procedures in connection with the voting of portfolio securities
for the Funds as attached hereto in <b><i style="font-weight:bold;">Exhibit 2</i></b>.&#160;
The Board hereby approves such procedures.&#160; All material changes to the </font><font size="2" style="font-size:10.0pt;">Adviser Procedures </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">must be approved by
the Board or the Valuation, Proxy and Brokerage Committee prior to
implementation; however, the President or Chief Financial Officer of a Fund may
make such non-material changes as they deem appropriate, subject to
ratification by the Board or the Valuation, Proxy and </font><font size="2" style="font-size:10.0pt;">Brokerage</font></p>


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<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Committee at its next regularly
scheduled meeting.</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">V.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">VOTING PROCEDURES AND GUIDELINES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Guidelines that are set forth in <b><i style="font-weight:bold;">Exhibit 3</i></b> hereto
specify the manner in which the Funds generally will vote with respect to the
proposals discussed therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise noted,
the defined terms used hereafter shall have the same meaning as defined in the
Adviser Procedures</font></p>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Routine Matters</h5>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent shall be
instructed to submit a vote in accordance with the Guidelines where such
Guidelines provide a clear &#147;For,&#148; &#147;Against,&#148; &#147;Withhold&#148; or &#147;Abstain&#148; on a
proposal.&#160; However, the Agent shall be
directed to refer any proxy proposal to the Proxy Coordinator for instructions
as if it were a matter requiring case-by-case consideration under circumstances
where the application of the Guidelines is unclear, it appears to involve
unusual or controversial issues, or an Investment Professional (as such term is
defined for purposes of the Adviser Procedures) recommends a vote contrary to
the Guidelines.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Matters
Requiring Case-by-Case Consideration</p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent shall be
directed to refer proxy proposals accompanied by its written analysis and
voting recommendation to the Proxy Coordinator where the Guidelines have noted &#147;case-by-case&#148;
consideration.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon receipt of a referral from the Agent, the Proxy
Coordinator may solicit additional research from the Agent, Investment
Professional(s), as well as from any other source or service.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except in cases in which the Proxy Group has
previously provided the Proxy Coordinator with standing instructions to vote in
accordance with the Agent&#146;s recommendation, the Proxy Coordinator will forward
the Agent&#146;s analysis and recommendation and/or any research obtained from the
Investment Professional(s), the Agent or any other source to the Proxy
Group.&#160; The Proxy Group may consult with
the Agent and/or Investment Professional(s), as it deems necessary.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy Coordinator shall use best efforts to convene the Proxy Group with respect to all
matters requiring its consideration.&#160; In
the event quorum requirements cannot be timely met in connection with a voting
deadline, it shall be the policy of the Funds to vote in accordance with the
Agent&#146;s recommendation, unless the Agent&#146;s recommendation is deemed to be
conflicted as provided for under the Adviser Procedures, in which case no
action shall be taken on such matter (<i>i.e.</i>,
a &#147;Non-Vote&#148;).</font></p>


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<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Within-Guidelines Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes in Accordance with a Fund&#146;s Guidelines and/or, where applicable,
Agent Recommendation</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event the
Proxy Group, and where applicable, any Investment Professional participating in
the voting process, recommend a vote Within Guidelines, the Proxy Group will
instruct the Agent, through the Proxy Coordinator, to vote in this manner.&#160; Except as provided for herein, no Conflicts
Report (as such term is defined for purposes of the Adviser Procedures) is
required in connection with Within-Guidelines Votes.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Non-Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes in Which No Action is Taken</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy Group
may recommend that a Fund refrain from voting under the following
circumstances:&#160; (1) if the economic
effect on shareholders&#146; interests or the value of the portfolio holding is
indeterminable or insignificant, <i>e.g.</i>,
proxies in connection with securities no longer held in the portfolio of an ING
Fund or proxies being considered on behalf of a Fund that is no longer in
existence; or (2) if the cost of voting a proxy outweighs the benefits, <i>e.g.</i>, certain international proxies, particularly in cases
in which share blocking practices may impose trading restrictions on the
relevant portfolio security.&#160; In such
instances, the Proxy Group may instruct the Agent, through the Proxy
Coordinator, not to vote such proxy.&#160; The
Proxy Group may provide the Proxy Coordinator with standing instructions on
parameters that would dictate a Non-Vote without the Proxy Group&#146;s review of a
specific proxy.&#160; It is noted a Non-Vote
determination would generally not be made in connection with voting rights
received pursuant to class action participation; while a Fund may no longer
hold the security, a continuing economic effect on shareholders&#146; interests is
likely.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reasonable efforts
shall be made to secure and vote all other proxies for the Funds, but,
particularly in markets in which shareholders&#146; rights are limited, Non-Votes
may also occur in connection with a Fund&#146;s related inability to timely access
ballots or other proxy information in connection with its portfolio securities.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Votes may also
result in certain cases in which the Agent&#146;s recommendation has been deemed to
be conflicted, as described in V.B. above and V.B.4. below.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt 90.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Out-of-Guidelines Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes Contrary to Procedures and Guidelines, or Agent Recommendation,
where applicable, Where No Recommendation is Provided by Agent, or Where Agent&#146;s Recommendation is Conflicted</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Proxy Group
recommends that a Fund vote contrary to the Procedures and Guidelines, or the
recommendation of the Agent, where applicable, if the Agent has made no
recommendation on a matter requiring case-by-case consideration and the
Procedures and Guidelines are silent, or the
Agent&#146;s recommendation on a</font></p>


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<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">matter requiring
case-by-case consideration is deemed to be
conflicted as provided for under the Adviser Procedures, the Proxy Coordinator
will then request that all members of the Proxy Group, including any members
not in attendance at the meeting at which the relevant proxy is being
considered, and each Investment Professional participating in the voting
process complete a Conflicts Report (as such term is defined for purposes of
the Adviser Procedures).&#160; As provided for
in the Adviser Procedures, the Proxy Coordinator shall be responsible for
identifying to Counsel potential conflicts of interest with respect to the
Agent.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Counsel
determines that a conflict of interest appears to exist with respect to the
Agent, any member of the Proxy Group or the participating Investment
Professional(s), the Proxy Coordinator will then contact the Valuation, Proxy
and Brokerage Committee(s) and forward to such Committee(s) all information
relevant to their review, including the following materials or a summary
thereof:&#160; the applicable Procedures and
Guidelines, the recommendation of the Agent, where applicable, the
recommendation of the Investment Professional(s), where applicable, any
resources used by the Proxy Group in arriving at its recommendation, the
Conflicts Report and any other written materials establishing whether a
conflict of interest exists, and findings of Counsel (as such term is defined
for purposes of the Adviser Procedures).&#160;
Upon Counsel&#146;s finding that a conflict of interest exists with respect
to one or more members of the Proxy Group or the Advisers generally, the
remaining members of the Proxy Group shall not be required to complete a
Conflicts Report in connection with the proxy.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Counsel
determines that there does not appear to be a conflict of interest with respect
to the Agent, any member of the Proxy Group or the participating Investment
Professional(s), the Proxy Coordinator will instruct the Agent to vote the
proxy as recommended by the Proxy Group.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&nbsp;&nbsp;Referrals
to a Fund&#146;s Valuation, Proxy and Brokerage Committee</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A&nbsp;Fund&#146;s
Valuation, Proxy and Brokerage Committee may consider all recommendations,
analysis, research and Conflicts Reports provided to it by the Agent, Proxy
Group and/or Investment Professional(s), and any other written materials used
to establish whether a conflict of interest exists, in determining how to vote
the proxies referred to the Committee. &#160;The Committee will instruct the Agent through
the Proxy Coordinator how to vote such referred proposals.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy
Coordinator shall use best efforts to timely refer matters to a Fund&#146;s
Committee for its consideration.&#160; In the event any such matter cannot be timely
referred to or considered by the Committee, it shall be the policy of the Funds to vote in accordance with the
Agent&#146;s recommendation, unless the Agent&#146;s recommendation is conflicted
on a matter requiring case-by-case consideration, in which case no action shall be taken on such matter (<i>i.e.</i>, a &#147;Non-Vote&#148;).</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy
Coordinator will maintain a record of all proxy questions that have been
referred to a Fund&#146;s Committee, all applicable recommendations, analysis,
research and Conflicts Reports.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VI.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b>CONFLICTS OF INTEREST</b></p>

<p style="font-family:Times New Roman;letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">In all cases in which a vote has not been clearly
determined in advance by the Procedures and Guidelines or for which the Proxy
Group recommends an Out-of-Guidelines Vote, and </font><font size="2" style="font-size:10.0pt;">Counsel has determined that a conflict of interest
appears to exist with respect to the Agent, any member of the Proxy Group, or
any Investment Professional participating in the voting process, </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">the proposal shall be
referred to the Fund&#146;s Committee for determination so that the Adviser shall
have no opportunity to vote a Fund&#146;s proxy in a situation in which it or the
Agent may be deemed to have a conflict of interest.&#160; In the event a member of a Fund&#146;s Committee
believes he/she has a conflict of interest that would preclude him/her from
making a voting determination in the best interests of the beneficial owners of
the applicable Fund, such Committee member shall so advise the Proxy
Coordinator and recuse himself/herself with respect to determinations regarding
the relevant proxy.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VII.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>REPORTING
AND RECORD RETENTION</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annually in
August, each Fund that is not a feeder in a master/feeder structure will post
its proxy voting record or a link thereto, for the prior one-year period ending
on June&nbsp;30</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;on the ING Funds website.&#160; No proxy voting record will be posted on the
ING Funds website for any Fund that is a feeder in a master/feeder structure;
however, a cross-reference to that of the master fund&#146;s proxy voting record as
filed in the SEC&#146;s EDGAR database will be posted on the ING Funds website.&#160; The proxy voting record for each Fund will
also be available in the EDGAR database on the SEC&#146;s website.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 1</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to the</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING Funds</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy
Voting Procedures</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING ASIA PACIFIC HIGH
DIVIDEND EQUITY INCOME FUND</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING EQUITY TRUST</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING FUNDS TRUST</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING GLOBAL ADVANTAGE AND
PREMIUM OPPORTUNITY FUND</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING GLOBAL EQUITY
DIVIDEND AND PREMIUM OPPORTUNITY FUND</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING INVESTMENT FUNDS,
INC.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING INVESTORS TRUST</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING MAYFLOWER TRUST</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING MUTUAL FUNDS</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING PARTNERS, INC.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING PRIME RATE TRUST</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING RISK MANAGED NATURAL
RESOURCES FUND</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING SENIOR INCOME FUND</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING SEPARATE PORTFOLIOS
TRUST</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VARIABLE INSURANCE
TRUST</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VARIABLE PRODUCTS
TRUST</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP EMERGING MARKETS
FUND, INC.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP NATURAL RESOURCES
TRUST</font></p>

<h6 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">USLICO
SERIES FUND</font></h6>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h6 align="center" style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 2</font></b></h6>

<p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">to the</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Voting Procedures</font></b></p>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING
INVESTMENTS, LLC</font></b></h1>

<h2 align="center" style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND</font></b></h2>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DIRECTED
SERVICES, LLC</font></b></h1>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY VOTING PROCEDURES</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>INTRODUCTION</b></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investments, LLC and
Directed Services, LLC (each an &#147;Adviser&#148; and collectively, the &#147;Advisers&#148;) are
the investment advisers for the registered investment companies and each series
or portfolio thereof (each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) comprising
the ING family of funds.&#160; As such, the
Advisers have been delegated the authority to vote proxies with respect to
securities for the Funds over which they have day-to-day portfolio management responsibility.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisers will abide
by the proxy voting guidelines adopted by a Fund&#146;s respective Board of
Directors or Trustees (each a &#147;Board&#148; and collectively, the &#147;Boards&#148;) with
regard to the voting of proxies unless otherwise provided in the proxy voting
procedures adopted by a Fund&#146;s Board.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
voting proxies, the Advisers are guided by general fiduciary principles.&#160; Each must act prudently, solely in the
interest of the beneficial owners of the Funds it manages.&#160; The Advisers will not subordinate the
interest of beneficial owners to unrelated objectives.&#160; Each Adviser will vote proxies in the manner
that it believes will do the most to maximize shareholder value.</font></p>

<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following are the Proxy Voting Procedures of ING
Investments, LLC and Directed Services, LLC (the &#147;Adviser Procedures&#148;) with
respect to the voting of proxies on behalf of their client Funds as approved by
the respective Board of each Fund.</font></p>

<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise noted,
best efforts shall be used to vote proxies in all instances.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ROLES
AND RESPONSIBILITIES</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Proxy
Coordinator</p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy Coordinator identified in <i>Appendix 1</i> will assist in the coordination of the voting of
each Fund&#146;s proxies in accordance with the ING Funds Proxy Voting</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Procedures and Guidelines (the &#147;Procedures&#148; or &#147;Guidelines&#148;
and collectively the &#147;Procedures and Guidelines&#148;).&#160; The Proxy Coordinator is authorized to direct
the Agent to vote a Fund&#146;s proxy in accordance with the Procedures and
Guidelines unless the Proxy Coordinator receives a recommendation from an
Investment Professional (as described below) to vote contrary to the Procedures
and Guidelines.&#160; In such event, and in
connection with proxy proposals requiring case-by-case consideration (except in
cases in which the Proxy Group has previously provided the Proxy Coordinator
with standing instructions to vote in accordance with the Agent&#146;s
recommendation), the Proxy Coordinator will call a meeting of the Proxy Group
(as described below).</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsibilities assigned herein to the Proxy
Coordinator, or activities in support thereof, may be performed by such members
of the Proxy Group or employees of the Advisers&#146; affiliates as are deemed
appropriate by the Proxy Group.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless specified otherwise, information provided to
the Proxy Coordinator in connection with duties of the parties described herein
shall be deemed delivered to the Advisers.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Agent</p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An independent
proxy voting service (the &#147;Agent&#148;), as approved by the Board of each Fund,
shall be engaged to assist in the voting of Fund proxies for publicly traded
securities through the provision of vote analysis, implementation,
recordkeeping and disclosure services.&#160;
The Agent is Institutional Shareholder Services, Inc.&#160; The Agent is responsible for coordinating
with the Funds&#146; custodians to ensure that all proxy materials received by the
custodians relating to the portfolio securities are processed in a timely
fashion.&#160; To the extent applicable, the
Agent is required to vote and/or refer all proxies in accordance with these
Adviser Procedures.&#160; The Agent will
retain a record of all proxy votes handled by the Agent.&#160; Such record must reflect all the information
required to be disclosed in a Fund&#146;s Form N-PX pursuant to Rule&nbsp;30b1-4
under the Investment Company Act.&#160; In
addition, the Agent is responsible for maintaining copies of all proxy
statements received by issuers and to promptly provide such materials to the
Adviser upon request.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent shall be
instructed to vote all proxies in accordance with a Fund&#146;s Guidelines, except
as otherwise instructed through the Proxy Coordinator by the Adviser&#146;s Proxy
Group or a Fund&#146;s Valuation, Proxy and Brokerage Committee (&#147;Committee&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent shall be
instructed to obtain all proxies from the Funds&#146; custodians and to review each
proxy proposal against the Guidelines.&#160;
The Agent also shall be requested to call the Proxy Coordinator&#146;s
attention to specific proxy proposals that although governed by the Guidelines
appear to involve unusual or controversial issues.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the
oversight of the Advisers, the Agent shall establish and maintain adequate
internal controls and policies in connection with the provision of proxy voting
services</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">voting to the
Advisers, including methods to reasonably ensure that its analysis and
recommendations are not influenced by conflict of interest, and shall disclose
such controls and policies to the Advisers when and as provided for
herein.&#160; Unless otherwise specified,
references herein to recommendations of the Agent shall refer to those in which
no conflict of interest has been identified.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Proxy
Group</p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser shall establish a Proxy Group (the &#147;Group&#148;
or &#147;Proxy Group&#148;) which shall assist in the review of the Agent&#146;s
recommendations when a proxy voting issue is referred to the Group through the
Proxy Coordinator.&#160; The members of the
Proxy Group, which may include employees of the Advisers&#146; affiliates, are
identified in <i>Appendix 1</i>, as may be amended
from time at the Advisers&#146; discretion.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A minimum of four (4) members of the Proxy Group (or
three (3) if one member of the quorum is either the Fund&#146;s Chief Investment
Risk Officer or Chief Financial Officer) shall constitute a quorum for purposes
of taking action at any meeting of the Group.&#160;
The vote of a simple majority of the members present and voting shall determine
any matter submitted to a vote.&#160; Tie
votes shall be broken by securing the vote of members not present at the
meeting; provided, however, that the Proxy Coordinator shall ensure compliance
with all applicable voting and conflict of interest procedures and shall use
best efforts to secure votes from all or as many absent members as may
reasonably be accomplished.&#160; The Proxy
Group may meet in person or by telephone.&#160;
The Proxy Group also may take action via electronic mail in lieu of a
meeting, provided that each Group member has received a copy of any relevant
electronic mail transmissions circulated by each other participating Group
member prior to voting and provided that the Proxy Coordinator follows the
directions of a majority of a quorum (as defined above) responding via electronic
mail.&#160; For all votes taken in person or
by telephone or teleconference, the vote shall be taken outside the presence of
any person other than the members of the Proxy Group and such other persons
whose attendance may be deemed appropriate by the Proxy Group from time to time
in furtherance of its duties or the day-to-day administration of the
Funds.&#160; In its discretion, the Proxy
Group may provide the Proxy Coordinator with standing instructions to perform
responsibilities assigned herein to the Proxy Group, or activities in support
thereof, on its behalf, provided that such instructions do not contravene any
requirements of these Adviser Procedures
or a Fund&#146;s Procedures and
Guidelines.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A meeting of the Proxy Group will be held whenever
(1)&nbsp;the Proxy Coordinator receives a recommendation from an Investment
Professional to vote a Fund&#146;s proxy contrary to the Procedures and Guidelines,
or the recommendation of the Agent, where applicable, (2)&nbsp;the Agent has
made no recommendation with respect to a vote on a proposal, or (3)&nbsp;a matter requires case-by-case consideration,
including those in which the Agent&#146;s recommendation is deemed to be conflicted
as provided for under these Adviser Procedures, provided that, if the
Proxy Group has previously provided the Proxy</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Coordinator with standing instructions to vote in
accordance with the Agent&#146;s recommendation and no issue of conflict must be
considered, the Proxy Coordinator may implement the instructions without
calling a meeting of the Proxy Group.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For each proposal referred to the Proxy Group, it will
review (1)&nbsp;the relevant Procedures and Guidelines, (2)&nbsp;the
recommendation of the Agent, if any, (3)&nbsp;the recommendation of the
Investment Professional(s), if any, and (4)&nbsp;any other resources that any
member of the Proxy Group deems appropriate to aid in a determination of a
recommendation.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Proxy Group recommends that a Fund vote in
accordance with the Procedures and Guidelines, or the recommendation of the
Agent, where applicable, it shall instruct the Proxy Coordinator to so advise
the Agent.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Proxy Group recommends that a Fund vote
contrary to the Procedures and Guidelines, or the recommendation of the Agent,
where applicable, or if the Agent&#146;s
recommendation on a matter requiring case-by-case consideration is deemed to be
conflicted, it shall follow the procedures for such voting as
established by a Fund&#146;s Board.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy Coordinator shall use best efforts to convene the Proxy Group with respect to all
matters requiring its consideration.&#160; In
the event quorum requirements cannot be timely met in connection with to a
voting deadline, the Proxy Coordinator shall follow the procedures for
such voting as established by a Fund&#146;s Board.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investment
Professionals</p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Funds&#146; Advisers, sub-advisers and/or portfolio managers
(each referred to herein as an &#147;Investment Professional&#148; and collectively, &#147;Investment
Professionals&#148;) may submit, or be asked to submit, a recommendation to the
Proxy Group regarding the voting of proxies related to the portfolio securities
over which they have day-to-day portfolio management responsibility.&#160; The Investment Professionals may accompany
their recommendation with any other research materials that they deem
appropriate or with a request that lending activity with respect to the relevant
security be reviewed, such requests to be timely considered by the Proxy Group.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">III.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b>VOTING PROCEDURES</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In all cases, the Adviser shall follow the
voting procedures as set forth in the Procedures and Guidelines of the Fund on
whose behalf the Adviser is exercising delegated authority to vote.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Routine Matters</p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent shall be instructed to submit a vote in
accordance with the Guidelines where such Guidelines provide a clear &#147;For&#148;, &#147;Against,&#148;
&#147;Withhold&#148; or &#147;Abstain&#148; on a proposal.&#160;
However, the Agent shall be directed to refer any proxy proposal to the
Proxy Coordinator for instructions as if it were a matter requiring
case-by-case consideration under circumstances where the application of the
Guidelines is unclear, it appears to involve unusual or controversial issues,
or an Investment Professional recommends a vote contrary to the Guidelines.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Matters
Requiring Case-by-Case Consideration</p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent shall be directed to refer proxy proposals
accompanied by its written analysis and voting recommendation to the Proxy
Coordinator where the Guidelines have noted &#147;case-by-case&#148; consideration.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon receipt of a referral from the Agent, the Proxy
Coordinator may solicit additional research from the Agent, Investment
Professional(s), as well as from any other source or service.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except in cases in which the Proxy Group has
previously provided the Proxy Coordinator with standing instructions to vote in
accordance with the Agent&#146;s recommendation, the Proxy Coordinator will forward
the Agent&#146;s analysis and recommendation and/or any research obtained from the
Investment Professional(s), the Agent or any other source to the Proxy
Group.&#160; The Proxy Group may consult with
the Agent and/or Investment Professional(s), as it deems necessary.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt 90.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Within-Guidelines Votes:</font></b><font size="2" style="font-size:10.0pt;"> &#160;Votes in Accordance with a Fund&#146;s Guidelines
and/or, where applicable, Agent Recommendation</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event the
Proxy Group, and where applicable, any Investment Professional participating in
the voting process, recommend a vote Within Guidelines, the Proxy Group will
instruct the Agent, through the Proxy Coordinator, to vote in this manner.&#160; Except as provided for herein, no Conflicts
Report (as such term is defined herein) is required in connection with
Within-Guidelines Votes.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Non-Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes in Which No Action is Taken</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy Group
may recommend that a Fund refrain from voting under the following
circumstances:&#160; (1) if the economic
effect on shareholders&#146; interests or the value of the portfolio holding is
indeterminable or insignificant, <i>e.g.</i>,
proxies in connection with securities no longer held in the portfolio of an ING
Fund or proxies being considered on behalf of a Fund that is no longer in
existence; or (2) if the cost of voting a proxy outweighs the benefits, <i>e.g.</i>, certain international</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">proxies,
particularly in cases in which share blocking practices may impose trading
restrictions on the relevant portfolio security.&#160; In such instances, the Proxy Group may
instruct the Agent, through the Proxy Coordinator, not to vote such proxy.&#160; The Proxy Group may provide the Proxy
Coordinator with standing instructions on parameters that would dictate a
Non-Vote without the Proxy Group&#146;s review of a specific proxy.&#160; It is noted a Non-Vote determination would
generally not be made in connection with voting rights received pursuant to
class action participation; while a Fund may no longer hold the security, a
continuing economic effect on shareholders&#146; interests is likely.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reasonable efforts
shall be made to secure and vote all other proxies for the Funds, but,
particularly in markets in which shareholders&#146; rights are limited, Non-Votes
may also occur in connection with a Fund&#146;s related inability to timely access
ballots or other proxy information in connection with its portfolio securities.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Votes may also
result in certain cases in which the Agent&#146;s recommendation has been deemed to
be conflicted, as provided for in the Funds&#146; Procedures.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt 90.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Out-of-Guidelines Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes Contrary to Procedures and Guidelines, or Agent Recommendation,
where applicable, Where No Recommendation is Provided by Agent, or Where Agent&#146;s Recommendation is Conflicted</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Proxy Group
recommends that a Fund vote contrary to the Procedures and Guidelines, or the
recommendation of the Agent, where applicable, if the Agent has made no
recommendation on a matter requiring case-by-case consideration and the
Procedures and Guidelines are silent, or the
Agent&#146;s recommendation on a matter requiring case-by-case consideration is deemed to be conflicted as provided for under
these Adviser Procedures, the Proxy Coordinator will then implement the
procedures for handling such votes as adopted by the Fund&#146;s Board.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt 90.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Proxy Coordinator will maintain a
record of all proxy questions that have been referred to a Fund&#146;s Valuation,
Proxy and Brokerage Committee, all applicable recommendations, analysis,
research and Conflicts Reports.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IV.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">ASSESSMENT </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">OF THE AGENT AND CONFLICTS OF
INTEREST</font></b></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In furtherance of the Advisers&#146; fiduciary duty to the
Funds and their beneficial owners, the Advisers shall establish the following:</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">A.</font><font size="1" style="font-size:3.0pt;letter-spacing:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Assessment<b>  </b></font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">of the Agent</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">The
Advisers shall establish that the Agent (1)&nbsp;is independent from the
Advisers, (2)&nbsp;</font><font size="2" style="font-size:10.0pt;">has
resources that indicate it </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">can competently provide analysis of proxy issues and
(3)&nbsp;can make recommendations in an impartial manner and in the best
interests of the Funds and their beneficial owners.&#160; The Advisers shall utilize, and the Agent
shall comply with, such methods for establishing the foregoing as the Advisers
may deem reasonably appropriate and shall do not less than annually as well as
prior to engaging the services of any new proxy service.&#160; The Agent shall also notify the Advisers in
writing within fifteen (15) calendar days of any material change to information
previously provided to an Adviser in connection with establishing the Agent&#146;s
independence, competence or impartiality.</font></p>

<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information provided in
connection with assessment of the Agent shall be forwarded to a member of the
mutual funds practice group of ING US Legal Services (&#147;Counsel&#148;) for
review.&#160; Counsel shall review such
information and advise the Proxy Coordinator as to whether a material concern
exists and if so, determine the most appropriate course of action to eliminate
such concern.</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">B.</font><font size="1" style="font-size:3.0pt;letter-spacing:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">Conflicts of Interest</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">The
Advisers shall establish and maintain procedures to identify and address
conflicts that may arise from time to time concerning the Agent.&#160; Upon the Advisers&#146; request, which shall be
not less than annually, and within fifteen (15) calendar days of any material
change to such information previously provided to an Adviser, the Agent shall
provide the Advisers with such information as the Advisers deem reasonable and
appropriate for use in determining material relationships of the Agent that may
pose a conflict of interest with respect to the Agent&#146;s proxy analysis or
recommendations.&#160; </font><font size="2" style="font-size:10.0pt;">The Proxy Coordinator shall forward all
such information to Counsel for review.&#160;
Counsel shall review such information and provide the Proxy Coordinator
with a brief statement regarding whether or not a material conflict of interest
is present.&#160; Matters as to which a
material conflict of interest is deemed to be present shall be handled as
provided in the Fund&#146;s Procedures and Guidelines.</font></p>

<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">In
connection with their participation in the voting process for portfolio securities,
each member of the Proxy Group, and each Investment Professional participating
in the voting process, must act solely in the best interests of the beneficial
owners of the applicable Fund.&#160; The
members of the Proxy Group may not subordinate</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">14</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">the
interests of the Fund&#146;s beneficial owners to unrelated objectives, including
taking steps to reasonably insulate the voting process from any conflict of
interest that may exist in connection with the Agent&#146;s services or utilization
thereof.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For all matters
for which the Proxy Group recommends an Out-of-Guidelines Vote, or for which a
recommendation contrary to that of the Agent or the Guidelines has been
received from an Investment Professional and is to be utilized, the Proxy
Coordinator will implement the procedures for handling such votes as adopted by
the Fund&#146;s Board, including completion of such Conflicts Reports as may be
required under the Fund&#146;s Procedures.&#160;
Completed Conflicts Reports shall be provided to the Proxy Coordinator
within two (2) business days.&#160; Such
Conflicts Report should describe any known conflicts of either a business or
personal nature, and set forth any contacts with respect to the referral item
with non-investment personnel in its organization or with outside parties
(except for routine communications from proxy solicitors).&#160; The Conflicts Report should also include
written confirmation that any recommendation from an Investment Professional
provided in connection with an Out-of-Guidelines Vote or under circumstances
where a conflict of interest exists was made solely on the investment merits
and without regard to any other consideration.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy
Coordinator shall forward all Conflicts Reports to Counsel for review.&#160; Counsel shall review each report and provide
the Proxy Coordinator with a brief statement regarding whether or not a
material conflict of interest is present.&#160;
Matters as to which a material conflict of interest is deemed to be
present shall be handled as provided in the Fund&#146;s Procedures and Guidelines.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">V.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>REPORTING
AND RECORD RETENTION</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser shall
maintain the records required by Rule 204-2(c)(2), as may be amended from time
to time, including the following: (1) A copy of each proxy statement received
regarding a Fund&#146;s portfolio securities.&#160;
Such proxy statements received from issuers are available either in the
SEC&#146;s EDGAR database or are kept by the Agent and are available upon request.
(2) A record of each vote cast on behalf of a Fund. (3) A copy of any document
created by the Adviser that was material to making a decision how to vote a
proxy, or that memorializes the basis for that decision. (4) A copy of written
requests for Fund proxy voting information and any written response thereto or
to any oral request for information on how the Adviser voted proxies on behalf
of a Fund.&#160; All proxy voting materials
and supporting documentation will be retained for a minimum of six (6) years.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">15</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h2 align="center" style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX 1</font></b></h2>

<h2 align="center" style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to the</font></b></h2>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Advisers&#146;
Proxy Voting Procedures</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy
Group for registered investment company clients of ING Investments, LLC and
Directed Services, LLC:</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="78%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title or Affiliation</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stanley D. Vyner</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Investment Risk
  Officer and Executive Vice President, ING Investments, LLC</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd Modic</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President,
  ING Funds Services, LLC and ING Investments, LLC; and Chief Financial Officer
  of the ING Funds</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maria Anderson</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President of Fund
  Compliance, ING Funds Services, LLC</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Karla J. Bos</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Coordinator for
  the ING Funds and Manager &#151; Special Projects, ING Funds Services, LLC</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julius Drelick</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President,
  Advisory and Product Management, ING Funds Services, LLC</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Theresa K. Kelety, Esq.</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counsel, ING Americas
  US Legal Services</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="19%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.6%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steve Wastek, Esq.</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.02%;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counsel, ING Americas
  US Legal Services</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective as of December 31, 2006</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">16</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT
3</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">to
the</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds<br>
Proxy Voting Procedures</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY VOTING GUIDELINES OF THE ING FUNDS</font></b></p>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; INTRODUCTION</font></b></h4>

<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a
statement of the Proxy Voting Guidelines (&#147;Guidelines&#148;) that have been adopted
by the respective Boards of Directors or Trustees of each Fund.&#160; Unless otherwise provided for herein, any
defined term used herein shall have the meaning assigned to it in the Funds&#146;
and Advisers&#146; Proxy Voting Procedures (the &#147;Procedures&#148;).</font></p>

<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxies must be voted in
the best interest of the Fund(s).&#160; The Guidelines
summarize the Funds&#146; positions on various issues of concern to investors, and
give a general indication of how Fund portfolio securities will be voted on
proposals dealing with particular issues.&#160;
The Guidelines are not exhaustive and do not include all potential
voting issues.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisers, in exercising their delegated authority,
will abide by the Guidelines as outlined below with regard to the voting of
proxies except as otherwise provided in the Procedures.&#160; In voting proxies, the Advisers are guided by
general fiduciary principles.&#160; Each must
act prudently, solely in the interest of the beneficial owners of the Funds it
manages.&#160; The Advisers will not
subordinate the interest of beneficial owners to unrelated objectives.&#160; Each Adviser will vote proxies in the manner
that it believes will do the most to maximize shareholder value.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 50.75pt;page-break-after:avoid;text-indent:-50.75pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>GUIDELINES</b></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following Guidelines are grouped according to the types of proposals generally
presented to shareholders of U.S. issuers:&#160;
Board of Directors, Proxy Contests, Auditors, Proxy Contest Defenses,
Tender Offer Defenses, Miscellaneous, Capital Structure, Executive and Director
Compensation, State of Incorporation, Mergers and Corporate Restructurings,
Mutual Fund Proxies and Social and Environmental Issues.&#160; A</font><font size="2" style="font-size:10.0pt;">n additional section
addresses proposals most frequently found in global proxies.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General Policies</font></u></b></h2>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These
Guidelines apply to securities of publicly traded companies and to those of
privately held companies if publicly available disclosure permits such
application.&#160; All matters for which such
disclosure is not available shall be considered CASE-BY-CASE.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">17</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It shall generally be the
policy of the Funds to take no action on a proxy for which no Fund holds a
position or otherwise maintains an economic interest in the relevant security
at the time the vote is to be cast.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
all cases receiving CASE-BY-CASE consideration, including cases not
specifically provided for under these Guidelines, unless otherwise provided for
under these Guidelines, it shall generally be the policy of the Funds to vote
in accordance with the recommendation provided by the Funds&#146; Agent,
Institutional Shareholder Services, Inc.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise provided for herein, it shall generally be the policy of the Funds to
vote in accordance with the Agent&#146;s recommendation in cases in which such
recommendation aligns with </font><font size="2" style="font-size:10.0pt;">the recommendation of the relevant issuer&#146;s management.&#160; However, this policy shall not apply to
CASE-BY-CASE proposals for which a contrary recommendation from the Investment Professional for the relevant
Fund has been received and is to be utilized, provided that incorporation of
any such recommendation shall be subject to the conflict of interest review
process required under the Procedures.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recommendations
from the Investment Professionals, while not required under the Procedures, are
likely to be considered with respect to proxies for private equity securities
and/or proposals related to merger transactions/corporate restructurings, proxy
contests related to takeover bids/contested business combinations, or unusual
or controversial issues.&#160; Such input
shall be given primary consideration with respect to </font><font size="2" style="font-size:10.0pt;">CASE-BY-CASE proposals being considered on behalf of the relevant Fund.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise
provided for herein, it shall generally be
the policy of the Funds not to support proposals that would impose a
negative impact on existing rights of the Funds to the extent that any positive
impact would not be deemed sufficient to outweigh removal or diminution of such
rights.</font></p>

<p style="font-family:Times New Roman;line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
foregoing policies may be overridden in any case as provided for in the
Procedures.&#160; Similarly, the Procedures
provide that p</font><font size="2" style="font-size:10.0pt;">roposals
whose Guidelines prescribe a firm voting position may instead be considered on
a CASE-BY-CASE basis in cases in which unusual or controversial circumstances so dictate.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interpretation and
application of these Guidelines is not intended to supersede any law,
regulation, binding agreement or other legal requirement to which an issuer may
be or become subject.&#160; No proposal shall
be supported whose implementation would contravene such requirements.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>The
Board of Directors</u></font></b></h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Voting on Director Nominees in Uncontested
Elections</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise provided
for herein, the Agent&#146;s standards with respect to determining director
independence shall apply.&#160; These
standards generally provide that, to be considered completely independent, a
director shall have no material connection to the company other than the board
seat.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement with the
Agent&#146;s independence standards shall not dictate that a Fund&#146;s vote shall be
cast according to the Agent&#146;s corresponding recommendation.&#160; Votes on director nominees not subject to
specific policies described herein should be made on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where applicable and
except as otherwise provided for herein, it shall be the policy of the Funds to
lodge disagreement with an issuer&#146;s policies or practices by withholding
support from a proposal for the relevant policy or practice rather than the
director nominee(s) to which the Agent assigns a correlation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If application of the
policies described herein would result in withholding votes from the majority
of independent outside directors sitting on a board, or removal of such
directors is likely to negatively impact majority board independence, primary
consideration shall be given to retention of such independent outside director
nominees unless the concerns identified are of such grave nature as to merit
removal of the independent directors.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where applicable and
except as otherwise provided for herein, generally DO NOT WITHHOLD votes (or DO
NOT VOTE AGAINST, pursuant to the applicable election standard) in connection
with issues raised by the Agent if the nominee </font>did not serve on the board or relevant committee
during the majority of the time period relevant to the concerns cited by the
Agent.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLD votes from a
nominee who, during both of the most recent two years, attended less than 75
percent of the board and committee meetings without a valid reason for the
absences.&#160; DO NOT WITHHOLD votes in
connection with attendance issues for nominees who have served on the board for
less than the two most recent years.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLD votes from a
nominee in connection with poison pill or anti-takeover considerations (<i>e.g.</i>,
furtherance of measures serving to disenfranchise shareholders or failure to
remove restrictive pill features or ensure pill expiration or submission to
shareholders for vote) in cases for which culpability for implementation or
renewal of the pill in such form can be specifically attributed to the nominee.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provided that a nominee
served on the board during the relevant time period, WITHHOLD votes from a
nominee who has failed to implement a shareholder proposal that was approved by
(1) a majority of the issuer&#146;s shares outstanding (most recent annual meeting)
or (2) a majority of the votes cast for two consecutive years.&#160; However, in the case of shareholder proposals
seeking shareholder ratification of a poison pill, generally DO NOT WITHHOLD
votes from a nominee</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in such cases if the
company has already implemented a policy that should reasonably prevent abusive
use of the pill.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a nominee has not acted upon WITHHOLD votes representing a majority of
the votes cast at the previous annual meeting, consider such nominee on a
CASE-BY-CASE basis.&#160; Generally, vote FOR
nominees when (1) the </font>issue
relevant to the majority WITHHOLD
has been adequately addressed or cured or (2) the Funds&#146; Guidelines or voting record do not support the
relevant issue.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLD votes from
inside directors or affiliated outside directors who sit on the audit
committee.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DO NOT WITHHOLD votes
from inside directors or affiliated outside directors who sit on the nominating
or compensation committee, provided that such committee meets the applicable
independence requirements of the relevant listing exchange.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DO NOT WITHHOLD votes
from inside directors or affiliated outside directors if the full board serves
as the compensation or nominating committee OR has not created one or both
committees, provided that the issuer is in compliance with all provisions of
the listing exchange in connection with performance of relevant functions (<i>e.g.</i>, performance of relevant functions by
a majority of independent directors in lieu of the formation of a separate
committee).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In cases in which the Agent has identified a </font>&#147;pay
for performance&#148; disconnect, as defined by the Agent, generally DO NOT WITHHOLD
support from director nominees.</font>&#160; If the Agent has
raised other considerations regarding &#147;poor compensation practices,&#148;
consider nominees on a CASE-BY-CASE basis. &#160;However, where
applicable and except as otherwise provided for herein, generally DO NOT WITHHOLD votes from nominees who did not serve
on the compensation committee,
or board, as applicable, during the majority of the time period relevant to the
concerns cited by the Agent.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally,
vote FOR </font>independent
outside director nominees serving on the audit committee, but if total
non-audit fees exceed the total of audit fees, audit-related fees and tax
compliance and preparation fees, do vote AGAINST auditor ratification if
concerns exist regarding such fees, <i>e.g.</i>, that
remuneration for the non-audit work is so lucrative as to taint the auditor&#146;s
independence or is excessive in connection with the level and type of services
provided.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It shall generally be the
policy of the Funds that a board should be majority independent and therefore
to consider inside director or affiliated outside director nominees in cases in
which the full board is </font>not majority independent on a CASE-BY-CASE basis.&#160; Generally:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>WITHHOLD votes from the
fewest directors whose removal would achieve majority independence across the
remaining board.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>WITHHOLD votes from all
non-independent nominees, including the founder, chairman or CEO, if the number
required to achieve majority independence is equal to or greater than the
number of non-independent nominees.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as provided above,
vote FOR non-independent nominees in the role of CEO, and when appropriate,
founder or chairman, and determine support for other non-independent nominees based
on the qualifications and contributions of the nominee as well as the Funds&#146;
voting precedent for assessing relative independence to management, <i>e.g.</i>, insiders holding senior executive
positions are deemed less independent than affiliated outsiders with a
transactional or advisory relationship to the company, and affiliated outsiders
with a material transactional or advisory relationship are deemed less
independent than those with lesser relationships.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Non-voting directors (<i>e.g.</i>, director emeritus or advisory
director) shall be excluded from calculations with respect to majority board
independence.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>When conditions contributing
to a lack of majority independence remain substantially similar to those in the
previous year, it shall generally be the policy of the Funds to vote on
nominees in a manner consistent with votes cast by the Fund(s) in the previous
year.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally vote FOR
nominees without regard to &#147;over-boarding&#148; issues raised by the Agent unless
other concerns requiring CASE-BY-CASE consideration have been raised.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, WITHHOLD
support from nominees when the Agent so recommends due to assessment that they
acted in bad faith or against shareholder interests in connection with a major
transaction, such as a merger or acquisition.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Performance
Test for Directors</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider nominees
failing the Agent&#146;s performance test, which includes market-based and operating
performance measures, on a CASE-BY-CASE basis.&#160;
Input from the Investment Professional(s) for a given Fund shall be given
primary consideration with respect to such proposals.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proposals
Regarding Board Composition or Board Service</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals to impose new board structures or policies, including
those requiring that the positions of chairman and CEO be held separately,
except consider such proposals on a CASE-BY-CASE basis if the board is not
majority independent or pervasive corporate governance concerns have been
identified.&#160; Generally, except as otherwise provided for herein, vote FOR management
proposals to adopt or amend board structures or policies, except consider such
proposals on a CASE-BY-CASE basis if the board is not majority independent,
pervasive corporate governance concerns have been identified, or the proposal
may result in a material reduction in shareholders&#146; rights.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals asking that more than a simple majority of directors be
independent.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals asking that board compensation and/or nominating
committees be composed exclusively of independent directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals to limit the number of public company boards on which a
director may serve.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals that seek to redefine director independence or directors&#146;
specific roles (<i>e.g.</i>,
responsibilities of the lead director).</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">21</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals requesting creation of additional board committees or
offices, except as otherwise provided for herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR shareholder
proposals that seek creation of an audit, compensation or nominating committee
of the board, unless the committee in question is already in existence or the
issuer has availed itself of an applicable exemption of the listing exchange (<i>e.g.</i>, performance of relevant functions by
a majority of independent directors in lieu of the formation of a separate
committee).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally,
vote AGAINST shareholder proposals to limit the tenure of outside directors.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals to impose a mandatory retirement age for outside
directors unless the proposal seeks to
relax existing standards, but generally DO NOT VOTE AGAINST management
proposals seeking to establish a retirement age for directors.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stock Ownership Requirements</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals requiring directors to own a minimum amount of company
stock in order to qualify as a director or to remain on the board.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Director and Officer Indemnification and
Liability Protection</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposals on director and
officer indemnification and liability protection should be evaluated on a
CASE-BY-CASE basis, using Delaware law as the standard.&#160; Vote AGAINST proposals to limit or eliminate
entirely directors&#146; and officers&#146; liability for monetary damages for violating
the duty of care.&#160; Vote AGAINST
indemnification proposals that would expand coverage beyond just legal expenses
to acts, such as negligence, that are more serious violations of fiduciary
obligation than mere carelessness.&#160; Vote
FOR only those proposals providing such expanded coverage in cases when a
director&#146;s or officer&#146;s legal defense was unsuccessful if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
director was found to have acted in good faith and in a manner that he
reasonably believed was in the best interests of the company, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Only
if the director&#146;s legal expenses would be covered.</p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Proxy Contests</u></font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These proposals should generally be analyzed on a
CASE-BY-CASE basis.&#160; Input from the Investment Professional(s) for
a given Fund shall be given primary consideration with respect to proposals in
connection with proxy contests related to takeover bids or other contested
business combinations being considered on behalf of that Fund.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Voting
for Director Nominees in Contested Elections</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes in a contested
election of directors must be evaluated on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reimburse Proxy Solicitation Expenses</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting to reimburse proxy
solicitation expenses should be analyzed on a CASE-BY-CASE basis.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Auditors</u></font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ratifying Auditors</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, except in
cases of high non-audit fees, vote FOR management proposals to ratify
auditors.&#160; If total non-audit fees exceed
the total of audit fees, audit-related fees and tax compliance and preparation
fees, consider on a CASE-BY-CASE basis, voting AGAINST management proposals to
ratify auditors in cases in which concerns exist that remuneration for the
non-audit work is so lucrative as to taint the auditor&#146;s independence.&#160; If such concerns exist or an issuer has a
history of questionable accounting practices, also vote FOR shareholder
proposals asking the issuer to present its auditor annually for ratification,
but in other cases generally vote AGAINST.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Auditor Independence</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt 12.0pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Generally,
vote AGAINST shareholder proposals asking companies to prohibit their auditors
from engaging in non-audit services (or capping the level of non-audit
services).</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Audit Firm Rotation:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
shareholder proposals asking for mandatory audit firm rotation.</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Proxy
Contest Defenses</u></font></b></h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Board Structure: Staggered vs. Annual
Elections</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST proposals to classify the
board.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
proposals to repeal classified boards and to elect all directors annually.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Ability to Remove Directors</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST proposals that provide that
directors may be removed only for cause.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR proposals to restore shareholder
ability to remove directors with or without cause.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST proposals that provide that
only continuing directors may elect replacements to fill board vacancies.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
proposals that permit shareholders to elect directors to fill board vacancies.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cumulative Voting</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the company maintains a classified board of
directors, generally, vote FOR management proposals to eliminate cumulative
voting.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In cases in which the
company maintains a classified board of directors, generally vote FOR
shareholder proposals to restore or permit cumulative voting.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Time-Phased
Voting</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
proposals to implement, and FOR proposals to eliminate, time-phased or other
forms of voting that do not promote a one share, one vote standard.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">23</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Ability to Call Special Meetings</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
proposals to restrict or prohibit shareholder ability to call special meetings.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
proposals that remove restrictions on the right of shareholders to act
independently of management.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Ability to Act by
Written Consent</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
proposals to restrict or prohibit shareholder ability to take action by written
consent.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
proposals to allow or make easier shareholder action by written consent.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Ability to Alter the Size of the
Board</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis proposals that seek to fix the size of the board.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis proposals that give management the ability to alter the size of the board
without shareholder approval.</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Tender
Offer Defenses</u></font></b></h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Poison Pills</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
shareholder proposals that ask a company to submit its poison pill for
shareholder ratification, or to redeem its pill in lieu thereof, unless
(1)&nbsp;shareholders have approved adoption of the plan, (2)&nbsp;a policy has
already been implemented by the company that should reasonably prevent abusive
use of the pill, or (3)&nbsp;the board had determined that it was in the best
interest of shareholders to adopt a pill without delay, provided that such plan
would be put to shareholder vote within twelve months of adoption or expire,
and if not approved by a majority of the votes cast, would immediately
terminate.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis shareholder proposals to redeem a company&#146;s poison pill.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis management proposals to approve or ratify a poison pill or any plan that
can reasonably be construed as an anti-takeover
measure, with voting decisions generally based on the Agent&#146;s approach
to evaluating such proposals, considering factors such as rationale, trigger
level and sunset provisions.&#160; Votes will
generally be cast in a manner that
seeks to preserve shareholder value and the right to consider a valid offer,
voting AGAINST management proposals in connection with poison pills or
anti-takeover activities that do not meet the Agent&#146;s standards.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fair Price Provisions</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote proposals to adopt
fair price provisions on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
fair price provisions with shareholder vote requirements greater than a
majority of disinterested shares.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Greenmail</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
proposals to adopt antigreenmail charter or bylaw amendments or otherwise
restrict a company&#146;s ability to make greenmail payments.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">24</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis antigreenmail proposals when they are bundled with other charter or bylaw
amendments.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pale Greenmail</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis restructuring plans that involve the payment of pale greenmail.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Unequal Voting Rights</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST dual-class exchange offers.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally,
vote AGAINST dual-class recapitalizations.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Supermajority Shareholder Vote Requirement to
Amend the Charter or Bylaws</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST management proposals to
require a supermajority shareholder vote to approve charter and bylaw
amendments or other key proposals.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
shareholder proposals to lower supermajority shareholder vote requirements for
charter and bylaw amendments, unless the proposal also asks the issuer to mount
a solicitation campaign or similar form of comprehensive commitment to obtain
passage of the proposal.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Supermajority Shareholder Vote
Requirement to Approve Mergers</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST management proposals to
require a supermajority shareholder vote to approve mergers and other
significant business combinations.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
shareholder proposals to lower supermajority shareholder vote requirements for
mergers and other significant business combinations.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">White Squire Placements</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR shareholder
proposals to require approval of blank check preferred stock issues for other
than general corporate purposes.</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments to Corporate Documents</font></b></h1>

<p style="letter-spacing:-.15pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless support is recommended by the Agent or
Investment Professional (including, for example, as a condition to a major
transaction such as a merger), generally, vote AGAINST proposals seeking to
remove shareholder approval requirements or otherwise remove or diminish
shareholder rights, <i>e.g.</i>, by
(1)&nbsp;adding restrictive provisions, (2) removing provisions or moving them
to portions of the charter not requiring shareholder approval or (3)&nbsp;in
corporate structures such as holding companies, removing provisions in an
active subsidiary&#146;s charter that provide voting rights to parent company
shareholders.&#160; This policy would also
generally apply to proposals seeking approval of corporate agreements or
amendments to such agreements that the Agent recommends AGAINST because a
similar reduction in shareholder rights is requested.</font></p>

<p style="letter-spacing:-.15pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
proposals for charter amendments that may support board entrenchment or may be
used as an anti-takeover device, particularly if the proposal is bundled or the
board is classified.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
proposals seeking charter or bylaw amendments to remove anti-takeover
provisions.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">25</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Miscellaneous</u></font></b></h1>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential Voting</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR shareholder proposals that request
companies to adopt confidential voting, use independent tabulators, and use
independent inspectors of election as long as the proposals include clauses for
proxy contests as follows:</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In
the case of a contested election, management should be permitted to request
that the dissident group honor its confidential voting policy.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
the dissidents agree, the policy remains in place.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
the dissidents do not agree, the confidential voting policy is waived.</p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
management proposals to adopt confidential voting.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Open Access</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider on a
CASE-BY-CASE basis shareholder proposals seeking open access to management&#146;s
proxy material in order to nominate their own candidates to the board.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Majority
Voting Standard</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
management proposals but AGAINST shareholder proposals, unless also supported
by management, seeking election of directors by the affirmative vote of the
majority of votes cast in connection with a meeting of shareholders, including
amendments to corporate documents or other actions in furtherance of such
standard, and provided such standard when supported does not conflict with
state law in which the company is incorporated.&#160;
For issuers with a history of board malfeasance or pervasive corporate
governance concerns, consider such proposals on a CASE-BY-CASE basis.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bundled Proposals</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided for herein, review on a
CASE-BY-CASE basis bundled or &#147;conditioned&#148; proxy proposals, generally voting
AGAINST bundled proposals containing one or more items not supported under
these Guidelines if the Agent or an Investment Professional deems the negative
impact, on balance, to outweigh any positive impact.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Advisory Committees</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis proposals to establish a shareholder advisory committee.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reimburse Shareholder for
Expenses Incurred</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting to reimburse
expenses incurred in connection with shareholder proposals should be analyzed on
a CASE-BY-CASE basis, with voting decisions determined based on the Agent&#146;s
criteria, considering whether the related proposal received the requisite
support for approval and was adopted for the benefit of the company and its
shareholders.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">26</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other
Business</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with
proxies of U.S. issuers, generally vote FOR management proposals for Other
Business, except in connection with a proxy contest in which a Fund is not
voting in support of management.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Quorum
Requirements</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis proposals to lower quorum requirements for shareholder meetings below a
majority of the shares outstanding.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Advance Notice for Shareholder
Proposals</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Generally,
vote FOR management proposals related to advance notice period requirements,
provided that the period requested is in accordance with applicable law and </font>no
material governance concerns have been identified in connection with the
issuer.</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Capital Structure</u></font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Analyze on a CASE-BY-CASE
basis.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Common Stock Authorization</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review proposals to increase the number of shares of
common stock authorized for issue on a CASE-BY-CASE basis.&#160; Except where otherwise indicated, the Agent&#146;s
proprietary approach, utilizing quantitative criteria (<i>e.g.</i>, dilution, peer group comparison,
company performance and history) to determine appropriate thresholds and, for
requests marginally above such allowable threshold, a qualitative review (<i>e.g.</i>, rationale and prudent historical usage), will
generally be utilized in evaluating such proposals.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally
vote FOR proposals to authorize capital increases within the Agent&#146;s allowable
thresholds or those in excess but meeting Agent&#146;s qualitative standards, but
consider on a CASE-BY-CASE basis those requests failing the Agent&#146;s review for
proposals in connection with which a contrary recommendation from the
Investment Professional(s) has been received and is to be utilized (<i>e.g., </i>in support of a merger or acquisition proposal).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally
vote FOR proposals to authorize capital increases within the Agent&#146;s allowable
thresholds or those in excess but meeting Agent&#146;s qualitative standards, unless
the company states that the stock may be used as a takeover defense.&#160; In those cases, consider on a CASE-BY-CASE
basis if a contrary recommendation from the Investment Professional(s) has been
received and is to be utilized.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally
vote FOR proposals to authorize capital increases exceeding the Agent&#146;s
thresholds when a company&#146;s shares are in danger of being delisted or if a
company&#146;s ability to continue to operate as a going concern is uncertain.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally, vote
AGAINST proposals to increase the number of authorized shares of a class of
stock if the issuance which the increase is intended to service is not
supported under these Guidelines.</p>


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<p style="margin:0pt 0pt 12.0pt 18.0pt;text-autospace:none;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dual Class Capital Structures</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST proposals to increase the
number of authorized shares of the class of stock that has superior voting
rights in companies that have dual class capital structures, but consider CASE-BY-CASE if bundled with
favorable proposal(s) or if approval of such proposal(s) is a condition of such
favorable proposal(s).</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST management proposals to create
or perpetuate dual class capital structures with unequal voting rights, and
vote FOR shareholder proposals to eliminate them, in cases in which the
relevant Fund owns the class with inferior voting rights, but generally vote
FOR management proposals and AGAINST shareholder proposals in cases in which
the relevant Fund owns the class with superior voting rights.&#160; Consider
CASE-BY-CASE if bundled with favorable proposal(s) or if approval of such
proposal(s) is a condition of such favorable proposal(s).</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider management
proposals to eliminate dual class capital structures CASE-BY-CASE, generally
voting with the Agent&#146;s recommendation unless a contrary recommendation has
been received from the Investment Professional for the relevant Fund and is to
be utilized.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stock Distributions: Splits and Dividends</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
management proposals to increase common share authorization for a stock split,
provided that the increase in authorized shares falls within the Agent&#146;s
allowable thresholds, but consider on a CASE-BY-CASE basis those proposals
exceeding the Agent&#146;s threshold for proposals in connection with which a
contrary recommendation from the Investment Professional(s) has been received
and is to be utilized.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reverse Stock Splits</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider on a
CASE-BY-CASE basis management proposals to implement a reverse stock
split.&#160; In the event the split
constitutes a capital increase effectively exceeding the Agent&#146;s allowable
threshold because the request does not proportionately reduce the number of
shares authorized, vote FOR the split if the Agent otherwise supports
management&#146;s rationale.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Preferred Stock</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST proposals authorizing the
issuance of preferred stock or creation of new classes of preferred stock with
unspecified voting, conversion, dividend distribution, and other rights (&#147;blank
check&#148; preferred stock), but vote FOR if the Agent or an Investment
Professional so recommends because the issuance is required to effect a merger
or acquisition proposal.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR proposals to issue or create blank
check preferred stock in cases when the company expressly states that the stock
will not be used as a takeover defense.&#160;
Generally vote AGAINST in cases where the company expressly states that,
or fails to disclose whether, the stock may be used as a takeover defense, but
vote FOR if the Agent or an Investment Professional so recommends because the
issuance is required to effect a merger or acquisition proposal.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
proposals to authorize or issue preferred stock in cases where the company
specifies the voting, dividend, conversion, and other rights of such stock and
the terms of the preferred stock appear reasonable.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote CASE-BY-CASE on
proposals to increase the number of blank check preferred shares after
analyzing the number of preferred shares available for issue given a company&#146;s
industry and performance in terms of shareholder returns.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Proposals Regarding Blank Check
Preferred Stock</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
shareholder proposals to have blank check preferred stock placements, other
than those shares issued for the purpose of raising capital or making
acquisitions in the normal course of business, submitted for shareholder
ratification.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjustments to Par Value of Common Stock</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
management proposals to reduce the par value of common stock.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Preemptive Rights</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis shareholder proposals that seek preemptive rights or management proposals
that seek to eliminate them.&#160; In
evaluating proposals on preemptive rights, consider the size of a company and
the characteristics of its shareholder base.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Debt Restructurings</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE
basis proposals to increase common and/or preferred shares and to issue shares
as part of a debt restructuring plan.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Share Repurchase Programs</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR management proposals to institute
open-market share repurchase plans in which all shareholders may participate on
equal terms, but vote AGAINST plans with terms favoring selected, non-Fund
parties.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR management proposals to cancel
repurchased shares.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
proposals for share repurchase methods lacking adequate risk mitigation as assessed
by the Agent.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tracking Stock</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on the creation of
tracking stock are determined on a CASE-BY-CASE basis.</font></p>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Executive and Director
Compensation</u></font></b><u>  </u></h1>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise provided for herein, votes with
respect to compensation and employee benefit plans should be determined on a
CASE-BY-CASE basis, with voting decisions generally based on the Agent&#146;s
quantitative approach to evaluating such plans, which includes determination of
costs and comparison to an allowable cap.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally,
vote in accordance with the Agent&#146;s recommendations FOR equity-based plans with
costs within such cap and AGAINST those with costs in excess of it, except that
plans above the cap may be supported if so recommended by the Agent or
Investment Professional as a condition to a major transaction such as a merger.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally,
vote AGAINST plans if the Agent suggests cost or dilution assessment may not be
possible due to the method of disclosing shares allocated to the plan(s),
except that</p>


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<p style="margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such concerns arising in
connection with evergreen provisions shall be considered CASE-BY-CASE.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally,
vote FOR plans with costs within the cap if the considerations raised by the
Agent pertain solely to equity compensation burn rate or pay for performance as
defined by Agent.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally,
vote AGAINST plans administered by potential grant recipients.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consider plans
CASE-BY-CASE if the Agent raises other considerations not otherwise provided
for herein.</p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Restricted
Stock or Stock Option Plans</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider proposals for
restricted stock or stock option plans, or the issuance of shares in connection
with such plans, on a CASE-BY-CASE basis, considering factors such as level of
disclosure and adequacy of vesting or performance requirements.&#160; Plans that do not meet the Agent&#146;s criteria
in this regard may be supported, but vote AGAINST if no disclosure is provided
regarding either vesting or performance requirements.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management Proposals Seeking Approval to
Reprice Options</font></b></h2>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE basis management proposals
seeking approval to reprice, replace or exchange options, considering factors
such as rationale, historic trading patterns, value-for-value exchange, vesting
periods and replacement option terms.&#160;
Generally, vote FOR proposals that meet the Agent&#146;s criteria for
acceptable repricing, replacement or exchange transactions, except that
considerations raised by the Agent regarding burn rate or executive
participation shall not be grounds for withholding support.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote AGAINST compensation
plans that (1)&nbsp;permit or may permit (<i>e.g.</i>,
history of repricing and no express prohibition against future repricing)
repricing of stock options, or any form or alternative to repricing, without
shareholder approval, (2)&nbsp;include provisions that permit repricing,
replacement or exchange transactions that do not meet the Agent&#146;s criteria
(except regarding burn rate or executive participation as noted above), or
(3)&nbsp;give the board sole discretion to approve option repricing,
replacement or exchange programs.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Director Compensation</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on stock-based
plans for directors are made on a CASE-BY-CASE basis, with voting decisions
generally based on the Agent&#146;s quantitative approach described above as well as
a review of qualitative features of the plan in cases in which costs exceed the
Agent&#146;s threshold.&#160; DO NOT VOTE AGAINST
plans for which burn rate is the sole consideration raised by the Agent.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Employee Stock Purchase Plans</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on employee stock
purchase plans, and capital issuances in support of such plans, should be made
on a CASE-BY-CASE basis, with voting decisions generally based on the Agent&#146;s
approach to evaluating such plans, except that negative recommendations by the
Agent due to evergreen provisions will be reviewed CASE-BY-CASE.</font></p>


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<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OBRA-Related
Compensation Proposals:</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments that Place a Cap on
Annual Grants or Amend Administrative Features</font></b></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR plans
that simply amend shareholder-approved plans to include administrative features
or place a cap on the annual grants any one participant may receive to comply
with the provisions of Section 162(m) of OBRA.</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments to Add
Performance-Based Goals</font></b></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
amendments to add performance goals to existing compensation plans to comply
with the provisions of Section 162(m) of OBRA.</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments to Increase Shares and
Retain Tax Deductions Under OBRA</font></b></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on amendments to
existing plans to increase shares reserved and to qualify the plan for
favorable tax treatment under the provisions of Section 162(m) should be
evaluated on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approval of Cash or
Cash-and-Stock Bonus Plans</font></b></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR cash
or cash-and-stock bonus plans to exempt the compensation from taxes under the
provisions of Section 162(m) of OBRA, with primary consideration given to
management&#146;s assessment that such plan meets the requirements for exemption of
performance-based compensation.</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Proposals Regarding Executive and
Director Pay</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding the remuneration of individuals other than
senior executives and directors, generally, vote AGAINST shareholder proposals
that seek to expand or restrict disclosure or require shareholder approval
beyond regulatory requirements and market practice.&#160; Vote AGAINST shareholder proposals that seek
disclosure of executive or director compensation if providing it would be out
of step with market practice and potentially disruptive to the business.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless evidence exists of abuse in historical
compensation practices, and except as otherwise provided for herein, generally
vote AGAINST shareholder proposals that seek to impose new compensation
structures or policies, such as &#147;claw back&#148; recoupments<b>  </b>or
advisory votes.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Golden and Tin Parachutes</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR shareholder proposals to have
golden and tin parachutes submitted for shareholder ratification, provided that
such &#147;parachutes&#148; specify change-in-control events and that the proposal does
not include unduly restrictive or arbitrary provisions such as advance approval
requirements.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally vote AGAINST shareholder proposals to submit
executive severance agreements that do not specify change-in-control events,
Supplemental Executive Retirement Plans or deferred executive compensation
plans for shareholder ratification, unless such ratification is required by the
listing exchange.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE basis all proposals to ratify
or cancel golden or tin parachutes.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">31</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Employee Stock Ownership Plans (ESOPs)</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR proposals that request shareholder
approval in order to implement an ESOP or to increase authorized shares for
existing ESOPs, except in cases when the number of shares allocated to the ESOP
is &#147;excessive&#148; (<i>i.e.</i>, generally
greater than five percent of outstanding shares).</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">401(k) Employee Benefit Plans</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR proposals to implement a 401(k)
savings plan for employees.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Expensing of Stock Options</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST shareholder proposals to
expense stock options before such treatment is required by the Federal
Accounting Standards Board.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Holding Periods</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST proposals requiring mandatory
periods for officers and directors to hold company stock.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>State
of Incorporation</u></b></h1>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Voting on State Takeover Statutes</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE basis proposals to opt in or
out of state takeover statutes (including control share acquisition statutes,
control share cash-out statutes, freezeout provisions, fair price provisions,
stakeholder laws, poison pill endorsements, severance pay and labor contract
provisions, antigreenmail provisions, and disgorgement provisions).</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Voting on Reincorporation Proposals</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposals to change a company&#146;s state of incorporation
should be examined on a CASE-BY-CASE basis, generally supporting management
proposals not assessed by the Agent as a potential takeover defense.&#160; Generally, vote FOR management
reincorporation proposals upon which another key proposal, such as a merger
transaction, is contingent if the other key proposal is also supported.&#160; Generally, vote AGAINST shareholder
reincorporation proposals not also supported by the company.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Mergers
and Corporate Restructurings</u></b></h1>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Input from the Investment
Professional(s) for a given Fund shall be given primary consideration with
respect to proposals regarding business combinations, particularly those
between otherwise unaffiliated parties, or other corporate restructurings being
considered on behalf of that Fund.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR a proposal not typically supported
under these Guidelines if a key proposal, such as a merger transaction, is
contingent upon its support and a vote FOR is accordingly recommended by the
Agent or an Investment Professional.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">32</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mergers and Acquisitions</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on mergers and acquisitions should be considered
on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Corporate Restructuring</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on corporate restructuring proposals, including
demergers, minority squeezeouts, leveraged buyouts, spinoffs, liquidations,
dispositions, divestitures and asset sales, should be considered on a
CASE-BY-CASE basis, with voting decisions generally based on the Agent&#146;s
approach to evaluating such proposals.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjournment</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR proposals to adjourn a meeting to
provide additional time for vote solicitation when the primary proposal is also
voted FOR.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appraisal Rights</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR proposals to restore, or provide
shareholders with, rights of appraisal.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changing Corporate Name</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR changing the corporate name.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">11.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Mutual
Fund Proxies</u></b></h1>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Election of Directors</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote the election of directors on a CASE-BY-CASE
basis.&#160; </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Converting Closed-end Fund to Open-end Fund</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote conversion proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Contests</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote proxy contests on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Advisory Agreements</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote the investment advisory agreements on a
CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approving New Classes or Series of Shares</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR the establishment of new classes
or series of shares.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Preferred Stock Proposals</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote the authorization for or increase in preferred
shares on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1940 Act Policies</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote these proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changing a Fundamental Restriction to a
Nonfundamental Restriction</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote these proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">33</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change Fundamental Investment Objective to
Nonfundamental</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST proposals to change a fund&#146;s
fundamental investment objective to nonfundamental.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name Rule Proposals</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote these proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Disposition of Assets/Termination/Liquidation</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote these proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changes to the Charter Document</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote changes to the charter document on a CASE-BY-CASE
basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changing the Domicile of a Fund</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote
reincorporations on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change in Fund&#146;s Subclassification</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote these proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Authorizing the Board to Hire and Terminate
Subadvisors Without Shareholder Approval</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR these proposals.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Distribution Agreements</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote these proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Master-Feeder Structure</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR the establishment of a
master-feeder structure.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mergers</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote merger proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Establish Director Ownership Requirement</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST shareholder proposals<b>  </b>for the establishment of a director ownership requirement.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reimburse Shareholder for Expenses Incurred</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting to reimburse proxy solicitation expenses should
be analyzed on a CASE-BY-CASE basis. </font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Terminate the Investment Advisor</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote to terminate the investment advisor on a
CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">34</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">12.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Social
and Environmental Issues</u></b></h1>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These issues cover a wide
range of topics.&#160; In general, unless
otherwise specified herein, vote CASE-BY-CASE.&#160;
While a wide variety of factors may go into each analysis, the overall
principle guiding all vote recommendations focuses on how or whether the
proposal will enhance the economic value of the company.&#160; Because a company&#146;s board is likely to have
access to relevant, non-public information regarding a company&#146;s business, such
proposals will generally be voted in a manner intended to give the board
(rather than shareholders) latitude to set corporate policy and oversee
management.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Absent concurring support
from the issuer, compelling evidence of abuse, significant public controversy
or litigation, the issuer&#146;s significant history of relevant violations; or
activities not in step with market practice or regulatory requirements, or
unless provided for otherwise herein, generally vote AGAINST shareholder
proposals seeking to dictate corporate conduct, apply existing law, duplicate
policies already substantially in place and/or addressed by the issuer, or
release information that would not help a shareholder evaluate an investment in
the corporation as an economic matter.&#160;
Such proposals would generally include those seeking preparation of
reports and/or implementation or additional disclosure of corporate policies
related to issues such as consumer and public safety, environment and energy,
labor standards and human rights, military business and political concerns,
workplace diversity and non-discrimination, sustainability, social issues,
vendor activities, economic risk or matters of science and engineering.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt .0001pt 36.0pt;page-break-after:avoid;text-indent:-36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u style="font-weight:bold;">Global Proxies</u></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">The foregoing
Guidelines </font>provided in connection with proxies of <font color="black" style="color:black;">U.S. issuers</font> shall also be
applied to <font color="black" style="color:black;">global proxies</font>
where applicable and not provided for otherwise herein.<font color="black" style="color:black;">&#160; The following
provide for differing regulatory and legal requirements, market practices and
political and economic systems existing in various global markets.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise provided
for herein, it shall generally be the policy of the Funds to vote AGAINST
global proxy proposals in cases in which the Agent recommends voting AGAINST
such proposal because relevant disclosure by the issuer, or the time provided
for consideration of such disclosure, is inadequate.&#160; For purposes of these global Guidelines,
&#147;AGAINST&#148; shall mean withholding of support for a proposal, resulting in
submission of a vote of AGAINST or ABSTAIN, as appropriate for the given market
and level of concern raised by the Agent regarding the issue or lack of
disclosure or time provided.&#160; </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with
practices described herein that are associated with a firm AGAINST vote, it
shall generally be the policy of the Funds to consider them on a CASE-BY-CASE
basis if the Agent recommends their support (1)&nbsp;as the issuer or market
transitions to better practices (<i>e.g.</i>,
having committed to new regulations or governance codes) or (2)&nbsp;as the
more favorable choice in cases in which shareholders must choose between
alternate proposals.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">35</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Routine Management Proposals </font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Generally, vote FOR the following and
other similar routine management proposals:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
opening of the shareholder meeting</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that
the meeting has been convened under local regulatory requirements</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
presence of quorum</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
agenda for the shareholder meeting</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
election of the chair of the meeting</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
appointment of shareholders to co-sign the minutes of the meeting</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>regulatory
filings (<i>e.g.</i>, to effect approved
share issuances)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
designation of inspector or shareholder representative(s) of minutes of meeting</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
designation of two shareholders to approve and sign minutes of meeting</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
allowance of questions</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
publication of minutes</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
closing of the shareholder meeting</p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Discharge of Management/Supervisory Board Members</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Generally,
vote FOR management proposals seeking the discharge of management and
supervisory board members, unless the Agent recommends AGAINST due to concern
about the past actions of the company&#146;s auditors or directors or legal action
is being taken against the board by other shareholders, including when the
proposal is bundled.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">Director Elections</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise provided for herein, the Agent&#146;s
standards with respect to determining director independence shall apply.&#160; These standards generally provide that, to be
considered completely independent, a director shall have no material connection
to the company other than the board seat.&#160;
</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement with the Agent&#146;s independence standards
shall not dictate that a Fund&#146;s vote shall be cast according to the Agent&#146;s
corresponding recommendation.&#160; Further,
the application of Guidelines in connection with such standards shall apply
only in cases in which the nominee&#146;s level of independence can be ascertained
based on available disclosure.&#160; These
policies generally apply to director nominees in uncontested elections; votes
in contested elections, and votes on director nominees not subject to policies
described herein, should be made on a CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
issuers domiciled in Canada, Finland, France, Ireland, the Netherlands, Sweden
or tax haven markets, generally vote AGAINST non-independent directors in cases
in which the full board serves as the audit committee, or the company does not
have an audit committee.&#160; </font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
issuers in all markets, including those in tax haven markets and those in Japan
that have adopted the U.S.-style board-with-committees structure, vote AGAINST
non-independent directors who sit on the audit committee, or, if the slate of
nominees is bundled, vote AGAINST the slate.&#160;
If the slate is bundled and audit committee membership is unclear, vote
FOR if the Agent otherwise recommends support.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">36</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In tax haven markets, DO NOT VOTE AGAINST non-independent directors in
cases in which the full board serves as the compensation committee, or the
company does not have a compensation committee.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DO NOT VOTE AGAINST non-independent directors who sit on the
compensation or nominating committees, provided that such committees meet the
applicable independence requirements of the relevant listing exchange.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In cases in which committee membership is unclear, consider
non-independent director nominees on a CASE-BY-CASE basis if no other issues
have been raised in connection with his/her nomination.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally follow Agent&#146;s recommendations to vote AGAINST individuals
nominated as outside/non-executive directors who do not meet the Agent&#146;s
standard for independence, unless the slate of nominees is bundled, in which
case the proposal(s) to elect board members shall be considered on a
CASE-BY-CASE basis.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For issuers in Canada and tax haven markets, generally withhold support
(AGAINST or ABSTAIN, as appropriate) from bundled slates of nominees if the
board is non-majority independent.&#160; For
issuers in other global markets, generally follow Agent&#146;s standards for
withholding support from bundled slates or non-independent directors excluding
the CEO, as applicable, if the board is non-majority independent or the board&#146;s
independence cannot be ascertained due to inadequate disclosure.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, withhold support (AGAINST or ABSTAIN, as appropriate) from
nominees or slates of nominees presented in a manner not aligned with market
practice and/or legislation, including:</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>bundled slates
of nominees (<i>e.g.</i>, Hong Kong or France);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>simultaneous
reappointment of retiring directors (<i>e.g.</i>, South
Africa);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in markets
with term lengths capped by legislation or market practice, nominees whose
terms exceed the caps or are not disclosed (except that bundled slates with
such lack of disclosure shall be considered on a CASE-BY-CASE basis); or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>nominees whose
names are not disclosed in advance of the meeting (<i>e.g.</i>,
Austria, Philippines, Hong Kong or South Africa).&#160; </p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such criteria will not generally provide grounds for withholding
support in countries in which they may be identified as best practice but such
legislation or market practice is not yet applicable, unless specific
governance shortfalls identified by the Agent dictate that less latitude should
be extended to the issuer.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In cases in which cumulative or net voting applies, generally vote with
Agent&#146;s recommendation to support nominees asserted by the issuer to be
independent, even if independence disclosure or criteria fall short of Agent&#146;s
standards.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">37</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider nominees for whom the Agent has raised
concerns regarding scandals or internal controls on a CASE-BY-CASE basis.&#160; Generally, withhold support (AGAINST or
ABSTAIN, as appropriate) from nominees or slates of nominees when:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the scandal or shortfall in controls
took place at the company, or an affiliate, for which the nominee is being
considered;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>culpability can be attributed to the
nominee (<i>e.g.</i>, nominee manages or audits relevant
function), and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the nominee has been directly
implicated, with resulting arrest and criminal charge or regulatory sanction.</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For markets such as the
tax havens, Canada, Australia, South Africa and Malaysia (and for outside
directors in South Korea) in which nominees&#146; attendance records are adequately
disclosed, the Funds&#146; U.S. Guidelines with respect to director attendance shall
apply.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider self-nominated
director candidates on a CASE-BY-CASE basis, with voting decisions generally
based on the Agent&#146;s approach to evaluating such candidates.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally vote FOR
nominees without regard to &#147;over-boarding&#148; issues raised by the Agent unless
other concerns requiring CASE-BY-CASE consideration have been raised.&#160; </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For companies
incorporated in tax haven markets but which trade exclusively in the U.S., the
Funds&#146; U.S. Guidelines with respect to director elections shall apply.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Board Structure</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR
proposals to fix board size, but also support proposals seeking a board range
if the range is reasonable in the context of market practice and anti-takeover
considerations.&#160; Proposed article
amendments in this regard shall be considered on a CASE-BY-CASE basis, with
voting decisions generally based on the Agent&#146;s approach to evaluating such
proposals. </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Director and Officer
Indemnification and Liability Protection</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote in
accordance with the Agent&#146;s standards for indemnification and liability
protection for officers and directors, voting AGAINST overly broad provisions.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Independent Statutory Auditors</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to Japanese
companies that have not adopted the U.S.-style board-with-committees structure,
vote AGAINST any nominee to the position of &#147;independent statutory auditor&#148;
whom the Agent considers affiliated, <i>e.g.</i>, if the
nominee has worked a significant portion of his career for the company, its
main bank or one of its top shareholders.&#160;
Where shareholders are forced to vote on multiple nominees in a single
resolution, vote AGAINST all nominees. </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
incumbent nominees at companies implicated in scandals or exhibiting poor
internal controls.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">38</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">Key Committees</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
proposals that permit non-board members to serve on the audit, compensation or
nominating committee, provided that bundled slates may be supported if no slate
nominee serves on the relevant committee(s).&#160;
</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Director Remuneration</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider director compensation plans on a
CASE-BY-CASE basis, with voting decisions generally based on the Agent&#146;s
approach to evaluating such proposals, while also factoring in the merits of
the rationale and disclosure provided.&#160;
Generally, vote FOR proposals to approve the remuneration of directors
as long as the amount is not excessive and there is no evidence of abuse.</font></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Retirement Bonuses</font></b></h1>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to Japanese
companies, generally vote FOR such proposals if all payments are for directors
and auditors who have served as executives of the company.&#160; Generally vote AGAINST such proposals if one
or more payments are for non-executive, affiliated directors or statutory
auditors; when one or more of the individuals to whom the grants are being
proposed (1) has not served in an executive capacity for the company for at
least three years or (2) has been designated by the company as an independent
statutory auditor, regardless of the length of time he/she has served.&#160; If the Agent raises scandal or internal
control considerations, generally vote AGAINST bonus proposals only for
nominees whom a Fund is also voting AGAINST for that reason, unless bundled
with bonuses for a majority of retirees a Fund is voting FOR.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stock
Option Plans for Independent Internal Statutory Auditors</font></b></h1>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to Japanese
companies, follow the Agent&#146;s guidelines with respect to proposals regarding
option grants to independent internal statutory auditors, generally voting
AGAINST such plans.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation Plans</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise provided
for herein, votes with respect to compensation plans, and awards thereunder or
capital issuances in support thereof, should be determined on a CASE-BY-CASE
basis, with voting decisions generally based on the Agent&#146;s approach to
evaluating such plans, considering quantitative or qualitative factors as
appropriate for the market.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendment
Procedures for Equity Compensation Plans and ESPPs</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For Toronto (Canada)
Stock Exchange issuers, votes with respect to amendment procedures for
security-based compensation arrangements and employee share purchase plans
shall generally be cast in a manner designed to preserve shareholder approval
rights, with voting decisions generally based on the Agent&#146;s recommendation.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shares Reserved for Equity Compensation Plans</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise provided
for herein, voting decisions shall generally be based on the Agent&#146;s
methodology, including classification of a company&#146;s stage of development as
growth or mature and the corresponding determination as to reasonability of the
share requests.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">39</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
equity compensation plans (<i>e.g.</i>, option,
warrant, restricted stock or employee share purchase plans or participation in
company offerings such as IPOs or private placements), the issuance of shares
in connection with such plans, or related management proposals that:</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>exceed Agent&#146;s
recommended dilution limits, including cases in which the Agent suggests
dilution assessment is precluded by inadequate disclosure;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>provide deep or
near-term discounts to executives or directors, unless discounts to executives are deemed by the Agent to be adequately
mitigated by other requirements such as long-term vesting (<i>e.g.</i>, Japan);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>are administered
by potential grant recipients;</p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">permit
financial assistance in the form of non-recourse (or essentially non-recourse)
loans in connection with executive&#146;s participation;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">for
matching share plans, do not meet the Agent&#146;s standards, considering holding
period, discounts, dilution, purchase price and performance criteria; </font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">vesting
upon change in control if deemed by the Agent to evidence a conflict of
interest or anti-takeover device;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">provide
no disclosure regarding vesting or performance criteria (provided that
proposals providing disclosure in one or both areas, without regard to Agent&#146;s
criteria for such disclosure, shall be supported provided they otherwise
satisfy these Guidelines);</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">allow
plan administrators to make material amendments without shareholder approval
unless adequate prior disclosure has been provided, with such voting decisions
generally based on the Agent&#146;s approach to evaluating such plans; or</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">provide
for retesting in connection with achievement of performance hurdles unless the
Agent&#146;s analysis indicates that (1)&nbsp;performance targets are adequately
increased in proportion to the additional time available, (2)&nbsp;the
retesting is <i>de minimis</i> as a
percentage of overall compensation or is acceptable relative to market
practice, or (3)&nbsp;the issuer has committed to cease retesting within a
reasonable period of time.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR such
plans/awards or the related issuance of shares that (1) do not suffer from the
defects noted above or (2) otherwise meet the Agent&#146;s tests if the
considerations raised by the Agent pertain primarily to performance hurdles,
contract or notice periods, discretionary bonuses or vesting upon change in
control (other than addressed above), provided the company has provided a
reasonable rationale in support of the relevant plan/award, practice or
participation.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider proposals in
connection with such plans or the related issuance of shares in other instances
on a CASE-BY-CASE basis.&#160; </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Remuneration Reports</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, withhold
support (AGAINST or ABSTAIN as appropriate for specific market and level of
concerns identified by the Agent) from remuneration reports that include
compensation plans permitting:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>practices
or features not supported under these Guidelines, including financial
assistance under the conditions described above;</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">40</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>retesting
deemed by the Agent to be excessive relative to market practice (irrespective
of the Agent&#146;s support for the report as a whole);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>equity
award valuation triggering a negative recommendation from the Agent; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>provisions
for retirement benefits or equity incentive awards to outside directors if not
in line with market practice, except that reports will generally be voted FOR
if contractual components are reasonably aligned with market practices on a
going-forward basis (<i>e.g.</i>,
existing obligations related to retirement benefits or terms contrary to
evolving standards would not preclude support for the report).</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports receiving the
Agent&#146;s support and not triggering the concerns cited above will generally be
voted FOR.&#160; Unless otherwise provided for
herein, reports not receiving the Agent&#146;s support due to concerns regarding
severance/termination payments, &#147;leaver&#148; status, incentive structures and
vesting or performance criteria not otherwise supported by these Guidelines
shall be considered on a CASE-BY-CASE basis, factoring in the merits of the
rationale and disclosure provided.&#160;
Reports with unsupported features may be voted FOR in cases in which the
Agent recommends their initial support as the issuer or market transitions to
better practices (<i>e.g.</i>, having
committed to new regulations or governance codes).</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Proposals Regarding Executive and Director Pay</font></b></h1>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Funds&#146; U.S.
Guidelines with respect to such shareholder proposals shall apply.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General
Share Issuances</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise provided
for herein, voting decisions shall generally be based on the Agent&#146;s practice
to vote FOR general issuance requests with preemptive rights to a maximum of
100 percent over currently issued capital, general issuance requests without
preemptive rights to a maximum of 20 percent of currently issued capital, and
requests to reissue repurchased shares if the related general issuance request
is also supported.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider specific
issuance requests on a <font style="text-transform:uppercase;">Case-by-Case </font>basis
based on the proposed use and the company&#146;s rationale.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
proposals to issue shares (with or without preemptive rights), or to grant
rights to acquire shares, in cases in which concerns have been identified by
the Agent with respect to inadequate disclosure, inadequate restrictions on
discounts, or authority to refresh share issuance amounts without prior
shareholder approval.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Increases in Authorized Capital</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise provided for herein, voting decisions should generally be based on
the Agent&#146;s approach, as follows:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally,
vote FOR nonspecific proposals, including bundled proposals, to increase
authorized capital up to 100 percent over the current authorization unless the
increase would leave the company with less than 30 percent of its new
authorization outstanding.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote
FOR specific proposals to increase authorized capital, unless:</font></p>

<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
specific purpose of the increase (such as a share-based acquisition or merger)
does not meet these Guidelines for the purpose being proposed; or</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">41</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
increase would leave the company with less than 30 percent of its new
authorization outstanding after adjusting for all proposed issuances.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote
AGAINST proposals to adopt unlimited capital authorizations.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Agent&#146;s market-specific exceptions to the above parameters (<i>e.g.</i>, The Netherlands, due to hybrid
market controls) shall be applied.</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Preferred Stock</font></b></h1>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise provided for herein, voting decisions should generally be based on
the Agent&#146;s approach, including:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote
FOR the creation of a new class of preferred stock or issuances of preferred
stock up to 50 percent of issued capital unless the terms of the preferred
stock would adversely affect the rights of existing shareholders.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote
FOR the creation/issuance of convertible preferred stock as long as the maximum
number of common shares that could be issued upon conversion meets the Agent&#146;s
guidelines on equity issuance requests.</font></p>

<p style="margin:0pt 0pt .0001pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote
AGAINST the creation of (1) a new class of preference shares that would carry
superior voting rights to the common shares or (2) blank check preferred stock
unless the board states that the authorization will not be used to thwart a
takeover bid.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Poison
Pills/Protective Preference Shares</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST management proposals in connection with poison
pills or anti-takeover activities (<i>e.g.</i>,
issuances, transfers or repurchases) that do not meet the Agent&#146;s
standards.&#160; Generally vote in accordance
with Agent&#146;s recommendation to withhold support from a nominee in connection
with poison pill or anti-takeover considerations when culpability for the
actions can be specifically attributed to the nominee.&#160; Generally DO NOT VOTE AGAINST director
remuneration in connection with poison pill considerations raised by the Agent.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approval of Financial Statements and Director and Auditor
Reports</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Generally,
vote FOR<b>  </b>management
proposals seeking approval of financial accounts and reports, unless there is
concern about the company&#146;s financial accounts and reporting, which, in the
case of related party transactions, would include concerns raised by the Agent
regarding consulting agreements with non-executive directors.&#160; However, generally do not withhold support
from such proposals in connection with remuneration practices otherwise
supported under these Guidelines or as a means of expressing disapproval of
broader practices of the issuer or its board.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Remuneration of Auditors</font></b></h2>

<p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Generally,
vote FOR proposals to authorize the board to determine the remuneration of
auditors, unless there is evidence of excessive compensation relative to the
size and nature of the company.</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Indemnification of Auditors</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Generally,
vote AGAINST proposals to indemnify auditors.</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">42</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ratification of
Auditors and Approval of Auditors&#146; Fees </font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally,
follow the Agent&#146;s standards for proposals seeking auditor ratification or
approval of auditors&#146; fees, which indicate a vote FOR such proposals for
companies in the MSCI EAFE index, provided the level of audit fee disclosure
meets the Agent&#146;s standards.&#160; In other
cases, generally vote FOR such proposals unless there are material concerns
raised by the Agent about the auditor&#146;s practices or independence.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Allocation of Income and Dividends</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Generally,
vote FOR management proposals concerning allocation of income and the
distribution of dividends.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stock (Scrip) Dividend Alternatives</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR most
stock (scrip) dividend proposals, but vote AGAINST proposals that do not allow
for a cash option unless management demonstrates that the cash option is
harmful to shareholder value. </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Debt Instruments</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST
proposals authorizing excessive discretion, as assessed by the Agent, to a
board to issue or set terms for debt instruments (<i>e.g.</i>, commercial paper).</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Debt Issuance Requests</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When evaluating a debt
issuance request, the issuing company&#146;s present financial situation is
examined.&#160; The main factor for analysis
is the company&#146;s current debt-to-equity ratio, or gearing level.&#160; A high gearing level may incline markets and
financial analysts to downgrade the company&#146;s bond rating, increasing its
investment risk factor in the process.&#160; A
gearing level up to 100 percent is considered acceptable.&#160; </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR debt
issuances for companies when the gearing level is between zero and 100
percent.&#160; Review on a CASE-BY-CASE basis
proposals where the issuance of debt will result in the gearing level being
greater than 100 percent, or for which inadequate disclosure precludes
calculation of the gearing level, comparing any such proposed debt issuance to
industry and market standards, and with voting decisions generally based on the
Agent&#146;s approach to evaluating such requests.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Financing Plans</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR<b>  </b>the
adoption of financing plans if they are in the best economic interests of
shareholders.</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Related Party Transactions</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider
related party transactions on a CASE-BY-CASE basis.&#160; Generally, vote FOR approval of such
transactions unless the agreement requests a strategic move outside the
company&#146;s charter or contains unfavorable terms.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">43</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approval
of Donations</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote
AGAINST such proposals unless adequate, prior disclosure of amounts is
provided.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Capitalization of Reserves</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote
FOR proposals to capitalize the company&#146;s reserves for bonus issues of shares
or to increase the par value of shares.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article Amendments</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review on a CASE-BY-CASE basis all proposals seeking amendments to the
articles of association.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR an article amendment if:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it
is editorial in nature;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>shareholder
rights are protected;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>there
is negligible or positive impact on shareholder value;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>management
provides adequate reasons for the amendments or the Agent otherwise supports
management&#146;s position;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it
seeks to discontinue and/or delist a form of the issuer&#146;s securities in cases
in which the relevant Fund does not hold the affected security type; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
company is required to do so by law (if applicable).</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST an article amendment if:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it
removes or lowers quorum requirements for board or shareholder meetings below
levels recommended by the Agent;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it
reduces relevant disclosure to shareholders;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it
seeks to align the articles with provisions of another proposal not supported
by these Guidelines;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it
is not supported under these Guidelines, is presented within a bundled
proposal, and the Agent deems the negative impact, on balance, to outweigh any
positive impact; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it
imposes a negative impact on existing shareholder rights, including rights of
the Funds, to the extent that any positive impact would not be deemed by the
Agent to be sufficient to outweigh removal or diminution of such rights.</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to article
amendments for Japanese companies:</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally
vote FOR management proposals to amend a company&#146;s articles to expand its
business lines.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally
vote FOR management proposals to amend a company&#146;s articles to provide for an
expansion or reduction in the size of the board, unless the expansion/reduction
is clearly disproportionate to the growth/decrease in the scale of the business<b>  </b>or raises anti-takeover concerns.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
anti-takeover concerns exist, generally vote AGAINST management proposals,
including bundled proposals, to amend a company&#146;s articles to authorize the
Board to</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">44</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">vary the annual meeting
record date or to otherwise align them with provisions of a takeover defense.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally
follow the Agent&#146;s guidelines with respect to management proposals regarding
amendments to authorize share repurchases at the board&#146;s discretion, voting
AGAINST proposals unless there is little to no likelihood of a &#147;creeping
takeover&#148; (major shareholder owns nearly enough shares to reach a critical
control threshold) or constraints on liquidity (free float of shares is low),
and where the company is trading at below book value or is facing a real
likelihood of substantial share sales; or where this amendment is bundled with
other amendments which are clearly in shareholders&#146; interest.</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other
Business</font></b></h2>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with global
proxies, vote in accordance with the Agent&#146;s market-specific recommendations on
management proposals for Other Business, generally AGAINST.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font><font face="Times New Roman">45</font></p>
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<div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font style="position:relative;z-index:1;"><font style="height:12px;left:-87px;position:absolute;top:-1px;width:11px;"><img width="11" height="12" src="g46142bgi001.gif"></font></font><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART C</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OTHER INFORMATION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING Prime
Rate Trust</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(25,000,000
Common Shares)</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-72.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 24.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial
Statements and Exhibits</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial
Statements</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contained in Part A:</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
Highlights for the years ended February 28, 2006 and 2005, February 29, 2004,
February 28, 2003, 2002 and 2001; February 29, 2000.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
Statements are incorporated in Part B by reference to Registrant&#146;s February 28,
2006 annual shareholder report (audited).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Agreement and Declaration of Trust.(1)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
to the Agreement and Declaration of Trust dated March 26, 1996 and effective
April 12, 1996.(1)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment to the Agreement and Declaration of
Trust dated October 23, 1998 and effective November 16, 1998.(7)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
to the Agreement and Declaration of Trust dated October 20, 2000 and effective
October 20, 2000.(9)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
to the Agreement and Declaration of Trust dated February 20, 2002 and effective
March 1, 2002.(10)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>By-Laws.(2)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
to By-Laws.(2)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
to By-Laws.(8)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
to By-Laws.(9)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Certificate of
Designation for Preferred Shares.(9)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form of
Share Certificate.(9)</p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholder
Investment Program. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investment Management
Agreement between ING Investment <font size="1" style="font-size:9.0pt;"> </font>Management,
LLC and ING Prime Rate Trust.(9)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amended
Schedule of Approvals with respect to the Investment Management Agreement
between ING Investments, LLC and ING Prime Rate Trust. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>First
Amendment dated September 2, 2004 to the Investment Management Agreement
between ING Investment Management, LLC and ING Prime Rate Trust. (13)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Sub-Advisory
Agreement between ING Investments, LLC and Aeltus Investment Management, Inc.(11)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>First
Amendment to Sub-Advisory Agreement, effective as of September 1, 2003, between
ING Investments, LLC and Aeltus Investment Management, Inc. with regards to ING
Prime Rate Trust. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended and Restated
Distribution Agreement, dated June 15, 2004, between ING Prime Rate Trust and
ING Funds Distributor, LLC (25 Million). (13)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Underwriting
Agreement for the Preferred Shares, dated November 13, 2000. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Underwriting
Agreement for the Preferred Shares, dated October 30, 2000. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Custodian and
Investment Accounting Agreement between Registrant and State Street Bank and
Trust Company, effective November 1, 2001. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>First
Amendment to the Custodian and Investment Accounting Agreement dated March 1,
2002. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amended
and Restated Exhibit A with respect to the Custodian and Investment Accounting
Agreement. (12)</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-</font><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fee
Allocation Agreement, dated August 21, 2003. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amended
Schedule A to the Fee Allocation Agreement. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Proxy Agent Fee Allocation Agreement, dated
August 21, 2003. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amended
Schedule A to the Proxy Agent Fee Allocation Agreement. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Allocation
Agreement Fidelity Bond, made May 24, 2002. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amended
Schedule A to the Allocation Agreement. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Allocation
Agreement Directors &amp; Officers, made May 24, 2002. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amended
Schedule A to the Allocation Agreement Directors &amp; Officers. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Agency
Agreement, made November 30, 2000 by and between Registrant and DST Systems,
Inc. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amended and
Restated Exhibit A dated&#160; April 28, 2006
with respect to the Agency Agreement between The Registrant and DST Systems,
Inc.(14)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended and Restated
Administration Agreement, amended and restated on April 27, 2000. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
to the Amended and Restated Administration Agreement.(10)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Revolving Credit and Security Agreement<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">  </font>between ING Prime Rate Trust
and Citibank, dated as of July 16, 2003. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amendment No. 1 to the
Revolving Credit and Security Agreement, dated February 3, 2004. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amendment No. 2 dated July
13, 2004 to the Revolving Credit and Security Agreement. (13)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Amendment No. 3 dated October
15, 2004 to the Revolving Credit and Security Agreement. (13)</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-</font><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Second
Amended and Restated Credit Agreement with Bank of America. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Auction
Agency Agreement, dated as of November 16, 2000. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 180.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Auction
Agency Agreement, dated as of November 2, 2000. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Broker-Dealer
Agreement, dated as of November 16, 2000 (UBS).(12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November 16, 2000 (Salomon Smith Barney). (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November 16, 2000 (Lehman Brothers). (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November 16, 2000 (Gruntal &amp; Co.). (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November 2, 2000 (PaineWebber). (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement, dated
as of November 2, 2000 (Gruntal &amp; Co.). (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November 2, 2000 (Salomon Smith Barney). (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 162.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of October 31, 2000 (Lehman Brothers). (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>DTC Letter of Representations as to Preferred
Shares, dated November 15, 2000. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 166.5pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>DTC Letter of Representation
as to Preferred Shares, dated November 1, 2000. (12)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Opinion
of Dechert Price &amp; Rhoads.(7)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent of Dechert LLP
&#150; to be filed by subsequent Post-Effective Amendment.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent
of KPMG LLP &#150; to be filed by subsequent Post-Effective Amendment.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-</font><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Certificate
of Initial Capital.(4)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ING Funds Code of
Ethics, effective June 1, 2004 as amended on October 1, 2004, February 1, 2005
and January 3, 2006.(14)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Aeltus
Investment Management, Inc. Code of Ethics.(11)</p>

<div style="margin:0pt 0pt .0001pt;page-break-after:auto;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 20 to Registrant&#146;s Registration Statement
under the Investment Company Act of 1940 (the &#147;1940 Act&#148;) on Form N-2 (File No.
811-5410), filed on September 16, 1996.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 24 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on November 7, 1997.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 22 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on June 23, 1997.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Pre-Effective Amendment No. 1 to Registrant&#146;s initial
registration statement on form N-2 (File No. 33-18886), filed on January 22,
1988.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 27 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on May 15, 1998.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 28 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on August 19, 1998.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 29 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on December 2, 1998.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 33 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on May 9, 2000.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 38 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on October 23, 2000.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 45 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on April 30, 2002.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-</font><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 53 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on June 26, 2003.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 58 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on June 28, 2004.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 61 to Registrant&#146;s Registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on June 30, 2005.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No. 65 to Registrant&#146;s registration Statement
under the 1940 Act on Form N-2 (File No. 811-5410), filed on June 30, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 25.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Marketing
Agreements</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 26.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Other
Expenses of Issuance and Distribution</b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets
forth expenses incurred or estimated to be incurred in connection with the
offering described in the Registration Statement.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration
  Fees</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee Fees</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating Agency
  Fees</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Printing
  Expenses</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Fees</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Fees
  and Expenses</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous
  Expenses</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.04%;">
  <p style="margin:0pt 0pt .0001pt 46.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 27.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Persons
Controlled by or Under Common Control</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 28.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Number
of Holders of Securities</b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1) Title of
  Class</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:48.26%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2) Number of Record Holders<br> &nbsp;as of June 16, 2007</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Auction Rate
  Cumulative Preferred Shares of beneficial interest, par value $0.01 per share</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:48.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series M</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series T</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series W</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series Th</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series F</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares of
  beneficial interest, par value $0.01 per share</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-</font><font face="Times New Roman">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 29.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indemnification</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s Agreement and Declaration of Trust
generally provides that the Trust shall indemnify each of its Trustees and
officers (including persons who serve at the Trust&#146;s request as directors,
officers or trustees of another organization in which the Trust has any
interest as a shareholder, creditor or otherwise) (&#147;Covered Persons&#148;) against
all liabilities and expenses, including amounts paid in satisfaction of
judgments, in compromise or as fines and penalties, and counsel fees reasonably
incurred in connection with the defense or disposition of any action, suit or
other proceeding, whether civil or criminal, by reason of being or having been
such a Covered Person except with respect to any matter as to which such
Covered Person shall have been finally adjudicated (a) not to have acted in
good faith in the reasonable belief that such Covered Person&#146;s action was in
the best interest of the Trust or (b) to be liable to the Trust or its
shareholders by reason of willful misfeasance, bad faith, gross negligence or
reckless disregard of duties involved in the conduct of such Covered Person&#146;s
office.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to Trustees, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Commission, such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable.&#160; In the
event that a claim for indemnification against such liabilities (other than the
payment of the Registrant of expenses incurred or paid by a Trustee, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such Trustee, officer or controlling person
in connection with the securities being registered, the Registrant will submit,
unless in the opinion of its counsel the matter has been settled by controlling
precedent, to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 30.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Business
and Other Connections of Investment Adviser</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information as to the Trustees and officers of the
Adviser, together with information as to any other business, profession,
vocation or employment of a substantial nature engaged in by the directors and
officers of the Adviser in the last two years, is included in its application
for registration as an investment adviser on Form ADV (File No. 801-48282)
filed under the Investment Advisers Act of 1940, as amended (&#147;Advisers Act&#148;),
and is incorporated herein by reference thereto.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information as to the directors and officers of the
sub-adviser, together with information as to any other business, profession,
vocation or employment of a substantial nature engaged in </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-</font><font face="Times New Roman">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by the
directors and officers of the sub-adviser in the last two years, is included in
its application for registration as an investment adviser on Form ADV for ING
Investment Management Co. (File No. 801-9046) filed under the Investment
Adviser Act of 1940, as amended, and is incorporated by reference thereto.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 31.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Location
of Accounts and Records</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amounts and records of the Registrant will be
maintained at its office at 7337 E. Doubletree Ranch Road, Scottsdale, Arizona
85258, at the office of its sub-adviser, ING Investment Management Co., 230
Park Avenue, New York, NY 10169 and at the office of its custodian, State
Street Bank &amp; Trust - Kansas City, 801 Pennsylvania, Kansas City, Missouri
64105.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 32.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Management
Services</b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 33.</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Undertakings</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Registrant undertakes to suspend the Offer until the prospectus is amended if
(1) subsequent to the effective date of this registration statement, the net
asset value declines more than ten percent from its net asset value as of the
effective date of this registration statement or (2) the net asset value
increases to an amount greater than the <font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160; </font>net
proceeds as stated in the prospectus included in this registration statement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
Applicable.</p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Registrant undertakes that for the purpose of determining any liability under
the 1933 Act, the information omitted from the form of prospectus filed as part
of this Registration Statement in reliance upon Rule 430A and contained in a
form of prospectus filed by the Registrant under Rule 497(h) under the 1933 Act
[17 CFR 230.497(h)] shall be deemed to be part of this Registration Statement
as of the time it was declared effective; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that
for the purpose of determining any liability under the 1933 Act, each
post-effective amendment that contains a form of prospectus shall be deemed to
be a new registration statement relating to the securities offered </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-</font><font face="Times New Roman">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">therein, and the
offering of the securities at that time shall be deemed to be the initial bona
fide offering thereof.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Registrant undertakes to send by first class mail or other means designed to
ensure equally prompt delivery, within two business days of receipt of a
written or oral request, any Statement of Additional Information.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-</font><font face="Times New Roman">9</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), and
the Investment Company Act of 1940, as amended, the Registrant has duly caused
this Registration Statement to be signed on its behalf by the undersigned,
thereto duly authorized, in the City of Scottsdale in the State of Arizona this
26</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day of April, 2007.</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="61%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:61.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING PRIME RATE TRUST</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="61%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:61.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Huey P. Falgout, Jr.</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Huey P. Falgout, Jr.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Signature</p>
  </td>
  <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. Turner*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief <br>
  Executive Officer</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun P.
  Matthews *</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President, <br>
  Chief/Principal Financial <br>
  Officer</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd Modic*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W.
  Chadwick*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael
  Earley*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Barbara
  Gitenstein*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W.
  Kenny*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jock Patton*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K.
  Pressler*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David W.C.
  Putnam*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 26, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B.
  Vincent*</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:20.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.36%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->* By:</p>
  </td>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Huey P. Falgout, Jr.</font></p>
  </td>
  <td width="76%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:76.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Huey P. Falgout, Jr.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Attorney-in-Fact**</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Powers of Attorney for Todd
Modic, Shaun P. Matthews and each Trustee &#150; filed herein.</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\vkanna\07-4614-2\task2047868\4614-2-jc.htm',USER='105385',CD='Apr 26 10:56 2007' -->



<br clear="all" style="page-break-before:always;">
<div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Officer and Trustee/Director, on behalf of the following Registered Investment
Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S.
Puretz,&nbsp;David J. Harris, Theresa K. Kelety and Todd Modic, each of them individually,
the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each
of them to sign for me, and in my name and in the capacity indicated below, as
the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A,
Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities
Act of 1933 and under the Investment Company Act of 1940, and to file with the
Securities and Exchange Commission and any other regulatory authority having
jurisdiction over the offer and sale of shares, any and all such Registration
Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act
of 1940 and any amendments and supplements thereto and applications thereunder,
and any and all exhibits and other documents required in connection therewith,
granting unto said attorneys-in-fact,&nbsp;each of them individually, full
power and authority to do and perform each and every
act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities
Act of 1933 and the Investment Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING&nbsp;Investors&nbsp;Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.72%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Shaun P. Mathews</p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun P. Mathews</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and
  Chief Executive Officer and</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Officer, on behalf of the following Registered Investment Companies, constitute
and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris,
Theresa K. Kelety and Shaun P. Mathews, each of them individually, the true and
lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to
sign for me, and in my name and in the capacity indicated below, as the case
may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2
and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of
1933 and under the Investment Company Act of 1940, and to file with the
Securities and Exchange Commission and any other regulatory authority having
jurisdiction over the offer and sale of shares, any and all such Registration
Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act
of 1940 and any amendments and supplements thereto and applications thereunder,
and any and all exhibits and other documents required in connection therewith,
granting unto said attorneys-in-fact,&nbsp;each of them individually, full
power and authority to do and perform each and every
act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities
Act of 1933 and the Investment Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Todd Modic</p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd Modic</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice
  President, Chief/Principal Financial</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer and
  Assistant Secretary</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 13, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ John V. Boyer</p>
  </td>
  <td width="63%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:63.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents required
in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of
them individually, full power and authority to do and perform each and every
act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities
Act of 1933 and the Investment Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 14, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.76%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Patricia W. Chadwick</p>
  </td>
  <td width="72%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:72.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W.
  Chadwick</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and
  Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.76%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ J. Michael Earley</p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael
  Earley</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and
  Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto,
under the Securities Act of 1933 and under the Investment Company Act of 1940,
and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each
of them individually, full power and authority to do and perform each and every
act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities
Act of 1933 and the Investment Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="60%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.32%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:31.72%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ R. Barbara Gitenstein</p>
  </td>
  <td width="68%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:68.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Barbara
  Gitenstein</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and
  Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.36%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.2%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.74%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Patrick W. Kenny</p>
  </td>
  <td width="69%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:69.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Kenny</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and
  Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.9%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.38%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.22%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.68%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Jock Patton</p>
  </td>
  <td width="64%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:64.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jock Patton</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and
  Director/Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements
on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under
the Securities Act of 1933 and under the Investment Company Act of 1940, and to
file with the Securities and Exchange Commission and any other regulatory
authority having jurisdiction over the offer and sale of shares, any and all
such Registration Statements&nbsp;under the Securities Act of 1933 and the
Investment Company Act of 1940 and any amendments and supplements thereto and
applications thereunder, and any and all exhibits and other documents required
in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of
them individually, full power and authority to do and perform each and every
act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities
Act of 1933 and the Investment Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239(5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831(25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.74%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Sheryl K. Pressler</p>
  </td>
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K.
  Pressler</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and
  Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239(5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831(25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.78%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ David W.C. Putnam</p>
  </td>
  <td width="69%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:69.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David W. C.
  Putnam</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and
  Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239(5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831(25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.88%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.88%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.72%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.74%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ John G. Turner</p>
  </td>
  <td width="69%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:69.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. Turner</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and
  Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to
comply with the Securities Act of 1933 and the Investment Company Act of 1940.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">REGISTRANT</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239(5mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831(25mil)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="66%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:66.92%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.86%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of
Attorney, which shall not be affected by the disability of the undersigned, is
executed and effective as of February 15, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.74%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Roger B. Vincent</p>
  </td>
  <td width="69%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:69.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B. Vincent</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and
  Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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