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<SEC-DOCUMENT>0001104659-07-036525.txt : 20070507
<SEC-HEADER>0001104659-07-036525.hdr.sgml : 20070507
<ACCEPTANCE-DATETIME>20070507164250
ACCESSION NUMBER:		0001104659-07-036525
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20070228
FILED AS OF DATE:		20070507
DATE AS OF CHANGE:		20070507
EFFECTIVENESS DATE:		20070507

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:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		07824515

	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>N-CSR
<SEQUENCE>1
<FILENAME>a07-9077_3ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="right" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB
APPROVAL</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB
Number: 3235-0570</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expires:
September 30, 2007</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated
average burden hours per response: 19.3</font></p>

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE
COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C. 20549</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM N-CSR</font></b></p>

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

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CERTIFIED SHAREHOLDER
REPORT OF<br>
REGISTERED MANAGEMENT INVESTMENT COMPANIES</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number:&#160; <b>811-5410</b></font></p>

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

<p align="center" style="margin:0in 0in .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:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact
name of registrant as specified in charter)</font></p>

<p style="margin:0in 0in .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="70%" style="border-collapse:collapse;width:70.98%;">
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7337 E. Doubletree Ranch Rd., Scottsdale, AZ </font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.52%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">85258</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.68%;">
  <p align="center" style="margin:0in 0in .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="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip
  code)</font></p>
  </td>
 </tr>
</table>

</div>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CT Corporation System, 101 Federal
Street, Boston, MA 02110</font></b></p>

<p align="center" style="margin:0in 0in .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>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area
code: <b>1-800-992-0180</b></font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="48%" style="border-collapse:collapse;width:48.68%;">
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>
  </td>
  <td width="43%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 28</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in .7pt 0in .7pt;width:56.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>
  </td>
  <td width="43%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 28, 2007</font></p>
  </td>
 </tr>
</table>

<div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.
Reports to Stockholders.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a copy of the
report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR
270.30e-1):</font></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<!-- Document name: 07-9077-1.aa-->
<p><img src="j0790771_aa001.jpg"></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Funds</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Annual Report</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>February 28, 2007</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p><img src="j0790771_aa002.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">E-Delivery Sign-up &#150; details inside</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.</font></p>
<p><img src="j0790771_aa003.jpg"></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=1,FOLIO='',FILE='07-9077-1.aa',USER='rwaldoc',CD='Apr 27 18:39 2007' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 07-9077-1.ba-->
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ANNUAL REPORT</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">February 28, 2007</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Table of Contents</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Portfolio Managers' Report</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" 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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Report of Independent Registered Public Accounting Firm</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Statement of Assets and Liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Statement of Operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Statements of Changes in Net Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Statement of Cash Flows</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">11</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="292" 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>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Notes to Financial Statements</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">13</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Portfolio of Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">25</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Shareholder Meeting Information</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">59</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Additional Information</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">60</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Tax Information</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">62</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Trustee and Officer Information</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">63</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="292" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Advisory Contract Approval Discussion</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="28" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">68</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>
</table>

<p>&nbsp;</p>
<p align="left"><img src="j0790771_ba004.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>&nbsp;&nbsp;Go Paperless with E-Delivery!&nbsp;&nbsp;</b><img src="j0790771_ba005.jpg">
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO MANAGERS' REPORT </font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Dear Shareholders:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Prime Rate Trust (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, 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.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="308" 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="2"><b>PORTFOLIO CHARACTERISTICS<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>AS OF FEBRUARY 28, 2007</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net 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="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$1,109,538,952 </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$1,878,156,056 </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Assets Invested in Senior Loans</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$1,829,047,888 </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans Represented</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">563</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Average Amount Outstanding per Loan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$3,248,753 </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Industries Represented</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">39</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Average Loan Amount per Industry</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$46,898,664 </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio Turnover Rate (YTD)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">60</font></td>
<td colspan="1" width="24" 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="196" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Weighted Average Days to Interest Rate Reset</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Average Loan Final Maturity</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">64 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">months</font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="196" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Leverage as a Percentage of Total Assets<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(including Preferred 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="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">38.92</font></td>
<td colspan="1" width="24" 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>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>PERFORMANCE SUMMARY</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust declared $0.14 of dividends during the fourth fiscal quarter and $0.55 for the year ended February 28, 2007. Based on the average month-end net asset value ("NAV") per share of $7.56, this resulted in an annualized distribution rate of 7.50%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(1)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> for the quarter and 7.39%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(1)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> for the year. The Trust's total net return for the fourth fiscal quarter, based on NAV, was 3.30%, versus a total gross return on the S&amp;P/LSTA Leveraged Loan Index ("LLI")</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(2)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size
="2"> of  &nbsp; 2.29% for the same quarter. For the year, the Trust's total net return, based on NAV was 8.85% versus 7.02% gross return for the LLI. The total market value return (based on full reinvestment of dividends) for the Trust's common shares during the fourth fiscal quarter was 4.92% and 13.84% for the year ended February 28, 2007.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>PORTFOLIO REVIEW</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's performance during the fiscal quarter and year ended February 28, 2007 was attributable to a combination of factors, including the avoidance of material downside credit volatility (the Trust was not impaired by those defaults that did occur in the LLI during the period), a continued emphasis on the better performing issuers and sectors, and generally buoyant conditions across the global leveraged loan market.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(1)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;The distribution rate is calculated by annualizing dividends declared during the period and dividing the resulting annualized dividend by the Trust's average net asset value (in the case of NAV) or the average month-end NYSE Composite closing price (in the case of Market). The distribution rate is based solely on the actual dividends and distributions, which are made at the discretion of management. 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><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(2)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;The </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>LLI</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> is an unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard &amp; Poor's and the Loan Syndications and Trading Association ("LSTA")conceived the LLI to establish a performance benchmark for the syndicated leveraged loan industry. An investor cannot invest directly in an index.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO MANAGERS' REPORT (continued)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Although risk levels have become elevated somewhat across the high yield markets (discussed below), the overall loan market environment remained healthy during the period. Indeed, loans exhibited remarkable resiliency in the face of the turmoil that roiled other capital markets late in the fiscal quarter. Importantly, the loan market also recently regained its relative balance as new institutional loan supply rose to a record $137 billion during the first quarter (a 79% increase over the year-earlier period). Due to a continually robust level of investor demand, a consistent supply of new loans is crucial to maintaining equilibrium and fostering a stable credit spread environment. A constructive fundamental credit backdrop also proved positive investor sentiment as the trailing twelve-month default rate (by number of issuers) declined to a new recorded low of 0.46% (2.09% at February 28, 2006).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Individual credit selection and sector positioning also added to returns during the period. The Trust held meaningful positions in the top five contributing loans to LLI returns during the fiscal year, and did not hold &#151; or took no losses on &#151; any of the five greatest detractors. A general underweight of the auto supplier and real estate/construction sectors also positively impacted results as these sectors continue to exhibit much higher volatility profiles than the LLI at large.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>USE OF LEVERAGE</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust utilizes financial leverage to seek to increase the yield to the holders of common shares. As of February 28, 2007, the Trust had $450 million of "Aaa/AAA<sup>(3)</sup>" rated cumulative auction rate preferred shares outstanding, and $281 million of borrowings outstanding under $625 million in available credit facilities. Total leverage, as a percentage of total assets (including preferred shares), was 38.92% at period end. The use of leverage for investment purposes increases both investment opportunity and investment risk.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="333" 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="2"><b>TOP TEN INDUSTRY SECTORS<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>AS OF FEBRUARY 28, 2007<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>AS A PERCENTAGE OF:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" 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>TOTAL<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ASSETS</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" 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>NET<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ASSETS</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Healthcare, Education and Childcare</font></td>
<td colspan="1" 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="1">8.3</font></td>
<td colspan="1" width="24" 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="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="1">14.0</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">North American Cable</font></td>
<td colspan="1">&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="1">7.6</font></td>
<td colspan="1" width="24" 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="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="1">12.9</font></td>
<td colspan="1" width="24" 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="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chemicals, Plastics &amp; Rubber</font></td>
<td colspan="1" 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="1">5.9</font></td>
<td colspan="1" width="24" 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="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="1">10.0</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Utilities</font></td>
<td colspan="1">&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="1">5.4</font></td>
<td colspan="1" width="24" 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="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="1">9.2</font></td>
<td colspan="1" width="24" 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="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Printing &amp; Publishing</font></td>
<td colspan="1" 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="1">5.4</font></td>
<td colspan="1" width="24" 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="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="1">9.1</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Leisure, Amusement, Entertainment</font></td>
<td colspan="1">&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="1">5.1</font></td>
<td colspan="1" width="24" 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="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="1">8.6</font></td>
<td colspan="1" width="24" 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="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Oil &amp; Gas</font></td>
<td colspan="1" 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="1">4.8</font></td>
<td colspan="1" width="24" 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="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="1">8.2</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Retail Stores</font></td>
<td colspan="1">&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="1">4.5</font></td>
<td colspan="1" width="24" 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="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="1">7.7</font></td>
<td colspan="1" width="24" 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="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Data and Internet Services</font></td>
<td colspan="1" 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="1">3.7</font></td>
<td colspan="1" width="24" 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="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="1">6.2</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Beverage, Food &amp; Tobacco</font></td>
<td colspan="1">&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="1">3.2</font></td>
<td colspan="1" width="24" 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="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="1">5.4</font></td>
<td colspan="1" width="24" 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>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Portfolio holdings are subject to change daily.</i></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="333" 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="2"><b>TOP TEN SENIOR LOAN ISSUERS<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>AS OF FEBRUARY 28, 2007<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>AS A PERCENTAGE OF:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" 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>TOTAL<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ASSETS</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" 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>NET<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ASSETS</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Charter Communications Operating, LLC</font></td>
<td colspan="1" 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="1">2.9</font></td>
<td colspan="1" width="24" 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="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="1">4.9</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Metro-Goldwyn-Mayer, Inc.</font></td>
<td colspan="1">&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="1">2.2</font></td>
<td colspan="1" width="24" 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="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="1">3.7</font></td>
<td colspan="1" width="24" 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="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Georgia Pacific Corporation</font></td>
<td colspan="1" 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="1">1.7</font></td>
<td colspan="1" width="24" 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="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="1">2.9</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sungard Data Systems, Inc.</font></td>
<td colspan="1">&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="1">1.5</font></td>
<td colspan="1" width="24" 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="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="1">2.6</font></td>
<td colspan="1" width="24" 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="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NRG Energy, Inc.</font></td>
<td colspan="1" 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="1">1.5</font></td>
<td colspan="1" width="24" 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="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="1">2.5</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">West Corp.</font></td>
<td colspan="1">&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="1">1.3</font></td>
<td colspan="1" width="24" 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="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="1">2.2</font></td>
<td colspan="1" width="24" 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="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CSC Holdings, Inc. (Cablevision)</font></td>
<td colspan="1" 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="1">1.2</font></td>
<td colspan="1" width="24" 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="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="1">2.1</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">ARAMARK</font></td>
<td colspan="1">&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="1">1.1</font></td>
<td colspan="1" width="24" 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="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="1">1.9</font></td>
<td colspan="1" width="24" 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="169" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Idearc, Inc.</font></td>
<td colspan="1" 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="1">1.1</font></td>
<td colspan="1" width="24" 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="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="1">1.9</font></td>
<td colspan="1" width="24" 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="169" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Advance Micro Devices</font></td>
<td colspan="1">&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="1">1.0</font></td>
<td colspan="1" width="24" 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="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="1">1.6</font></td>
<td colspan="1" width="24" 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>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Portfolio holdings are subject to change daily.</i></b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(3)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Obligations rated Aaa by Moody's Investors Service are judged to be of the highest quality, with minimal credit risk. An obligator rated 'AAA' has extremely strong capacity to meet its financial commitments. 'AAA' is the highest Issuer Credit Rating assigned by Standard &amp; Poor's. Credit quality refers to the Trust's underlying investments, not to the stability or safety of this Trust.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO MANAGERS' REPORT (continued)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>CURRENT STRATEGY AND OUTLOOK</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">As with all active capital markets, we believe that the leveraged loan markets are heading into a period of increased uncertainty as the U.S. economy looks to extend its ongoing expansion, albeit at what most agree to be a slower pace. While several headwinds are present (energy price volatility and the yet unknown final impact of the residential housing slowdown as the two headliners), we still believe issuing corporations will post respectable earnings growth during the coming quarters, and thus be in a position to comfortably leverage and de-leverage their balance sheets. Further, Mergers and Acquisition activity (a primary driver of new loan issuance) is expected to remain strong into the foreseeable future, as is overall liquidity. Combined, we believe these factors provide a good backdrop for favorable performance on the part of a well diversified loan portfolio.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We do remain concerned, however, with the ongoing trend toward structure erosion, specifically looser protective covenants, the proliferation of second lien loan tranches, and inferior collateral packages. Our strategy seeks to provide high risk adjusted returns over a full credit cycle by investing primarily in traditional secured, floating rate senior loans, and as stated previously, we are content to forgo excess returns during period of elevated risk in exchange for maintaining discipline in terms of credit selection.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="177" align="left" valign="top">
<img src="j0790771_ba006.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="177" align="left" valign="top">
<img src="j0790771_ba007.jpg">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="177" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Jeffrey A. Bakalar<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Senior Vice President<BR></i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Senior Portfolio Manager<BR></i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>ING Investment Management Co.</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="177" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Daniel A. Norman<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Senior Vice President<BR></i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Senior Portfolio Manager<BR></i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>ING Investment Management Co.</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="177" align="left" valign="top">
<img src="j0790771_ba008.jpg">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="177" align="left" valign="top">
<img src="j0790771_ba009.jpg">
</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Prime Rate Trust<BR>April 18, 2007</font></p>
<p><img src="j0790771_ba010.jpg"></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO MANAGERS' REPORT (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="347" 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>Average Annual Total Returns for the<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Years Ended February 28, 2007</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="184" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" 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>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" 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>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" 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>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" 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="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Based on Net Asset Value (NAV)</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">8.85</font></td>
<td colspan="1" width="27" 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="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.36</font></td>
<td colspan="1" width="27" 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="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.14</font></td>
<td colspan="1" width="27" 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="50" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.87</font></td>
<td colspan="1" width="27" 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>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Based on Market Value</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">13.84</font></td>
<td colspan="1" width="27" 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="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.83</font></td>
<td colspan="1" width="27" 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="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.75</font></td>
<td colspan="1" width="27" 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="50" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4.92</font></td>
<td colspan="1" width="27" 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>
</tr>
<tr>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">S&amp;P/LSTA Leveraged Loan Index</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">7.02</font></td>
<td colspan="1" width="27" 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="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.80</font></td>
<td colspan="1" width="27" 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="45" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6.03</font></td>
<td colspan="1" width="27" 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="50" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.44</font></td>
<td colspan="1" width="27" 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>
</tr>
<tr>
<td colspan="3" width="184" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Credit-Suisse Leveraged Loan Index</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">7.57</font></td>
<td colspan="1" width="27" 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="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6.29</font></td>
<td colspan="1" width="27" 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="45" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">6.40</font></td>
<td colspan="1" width="27" 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="50" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5.65</font></td>
<td colspan="1" width="27" 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>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">The table above illustrates the total return of the Trust against the Indices indicated. An Index has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">Total returns based on NAV reflect that ING Investments, LLC (the Trust's "Investment Adviser") may have waived or recouped fees and expenses otherwise payable by the Trust.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Performance data represents past performance and is no guarantee of future results. Investment return and principal value of an investment in the Trust will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Trust's future performance may be lower or higher than the performance data shown. Please log on to www.ingfunds.com or call (800) 992-0180 to get performance through the most recent month end.</i></b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Calculation of total return assumes a hypothetical initial investment at the net asset value (in the case of NAV) or the New York Stock Exchange ("NYSE") Composite closing price (in the case of Market Value) on the last business day before the first day of the stated period, with all dividends and distributions reinvested at the actual reinvestment price.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Senior loans are subject to credit risks and the potential for non-payment of scheduled principal or interest payments, which may result in a reduction of the Trust's NAV.</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>This report contains statements that may be "forward-looking" statements. Actual results could differ materially from those projected in the "forward-looking" statements.</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>The views expressed in this report reflect those of the portfolio managers only through the end of the period of the report as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.</i></b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">INDEX DESCRIPTIONS</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>LLI</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> is an unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard &amp; Poor's and the Loan Syndications &amp; Trading Association ("LSTA") conceived the LLI to establish a performance benchmark for the syndicated leveraged loan industry. An investor cannot invest directly in an index.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b> Credit-Suisse Leveraged Loan Index</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> is an unmanaged index of below investment grade loans designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. An investor cannot invest directly in an index.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO MANAGERS' REPORT (continued)</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>YIELDS AND DISTRIBUTIONS RATES</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="111" 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>Quarter Ended</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>Prime<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rate</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" 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>Net Asset<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Value ("NAV")<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>30-Day SEC<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Yield</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup><sub>(A)</sub></sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" 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>Market<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>30-Day SEC<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Yield</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup><sub>(A)</sub></sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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>Average<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Annualized<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Distribution<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rate at NAV</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup><sub>(B)</sub></sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" 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>Average<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Annualized<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Distribution<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rate at Market</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup><sub>(B)</sub></sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">February 28, 2007</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.25</font></td>
<td colspan="1" width="27" 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="72" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.69</font></td>
<td colspan="1" width="27" 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="60" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10.02</font></td>
<td colspan="1" width="27" 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="71" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.50</font></td>
<td colspan="1" width="27" 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="82" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.68</font></td>
<td colspan="1" width="27" 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>
</tr>
<tr>
<td colspan="3" width="111" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">November 30, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.25</font></td>
<td colspan="1" width="27" 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="72" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.76</font></td>
<td colspan="1" width="27" 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="60" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10.25</font></td>
<td colspan="1" width="27" 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="71" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.55</font></td>
<td colspan="1" width="27" 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="82" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.95</font></td>
<td colspan="1" width="27" 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>
</tr>
<tr>
<td colspan="3" width="111" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">August 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="38" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.25</font></td>
<td colspan="1" width="27" 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="72" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.42</font></td>
<td colspan="1" width="27" 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="60" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.95</font></td>
<td colspan="1" width="27" 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="71" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.47</font></td>
<td colspan="1" width="27" 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="82" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">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="2">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="111" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">May 31, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8.00</font></td>
<td colspan="1" width="27" 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="72" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">9.63</font></td>
<td colspan="1" width="27" 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="60" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">10.31</font></td>
<td colspan="1" width="27" 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="71" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.10</font></td>
<td colspan="1" width="27" 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="82" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.57</font></td>
<td colspan="1" width="27" 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>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(A)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;Yield is calculated by dividing the Trust's net investment income per share for the most recent thirty days by the net asset value (in the case of NAV) or the NYSE Composite closing price (in the case of market) at quarter-end. Yield calculations do not include any commissions or sales charges, and are compounded for six months and annualized for a twelve-month period to derive the Trust's yield consistent with the U.S. Securities and Exchange Commission ("SEC") standardized yield formula.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(B)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;The distribution rate is calculated by annualizing each monthly dividend, then averaging the annualized dividends declared for each month during the quarter and dividing the resulting average annualized dividend amount by the Trust's average net asset value (in the case of NAV) or the NYSE Composite closing price (in the case of Market) at the end of the period.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Risk is inherent in all investing. The following are the principal risks associated with investing in the Trust. This is not, and is not intended to be, a description of all risks of investing in the Trust. A more detailed description of the risks of investing in the Trust is contained in the Trust's current prospectus.</i></b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Credit Risk:</b></font><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 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 value of the Trust's NAV will decrease.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Interest Rate Risk:</b></font><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 experience a general decline, the yield on the Trust will fall and the value of the Trust's assets may decrease, which will cause the Trust's value 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><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Leverage Risk:</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The Trust borrows money for investment purposes. Borrowing increases both investment opportunity and investment risk. 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 borrowings.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">The Shareholders and Board of Trustees<BR>of ING Prime Rate Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We have audited the accompanying statement of assets and liabilities of ING Prime Rate Trust, including the portfolio of investments, as of February 28, 2007, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 28, 2007, by correspondence with the custodian and brokers, or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of ING Prime Rate Trust as of February 28, 2007, and the results of its operations, its cash flows, the changes in its net assets, and the financial highlights for the periods specified in the first paragraph above, in conformity with U.S generally accepted accounting principles.</font></p>
<p align="center"><img src="j0790771_ba011.jpg">
</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Boston, Massachusetts<BR>April 27, 2007</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">STATEMENT OF ASSETS AND LIABILITIES as of February 28, 2007</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="507" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>AS</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>SETS:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Investments in securities at value (Cost $1,820,026,454)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,854,050,204</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Cash</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5,421,648</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Foreign currencies at value (Cost $532,304)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">534,285</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="507" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Receivables:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment securities sold</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5,843,674</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Interest</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">12,146,845</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Other</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">46,057</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Unrealized appreciation on foreign currency contracts</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">15,357</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Prepaid expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">41,058</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Prepaid arrangement fees on notes payable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">56,928</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Total assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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="88" 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="2">1,878,156,056</font></td>
<td colspan="1" width="19" 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="7" width="507" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>LIABILITIES:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Notes payable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">281,000,000</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Payable for investments purchased</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">32,426,397</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Accrued interest payable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,611,635</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Deferred arrangement fees on senior loans</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">534,655</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Dividends payable &#151; preferred shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">236,411</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Payable to affilates</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,529,400</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Payable to custodian</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">178,545</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Accrued trustees fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">30,987</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Unrealized depreciation on foreign currency contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">489,652</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Other accrued expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">579,422</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Total liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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="88" 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="2">318,617,104</font></td>
<td colspan="1" width="19" 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="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Preferred shares, $25,000 stated value per share at liquidation <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">value (18,000 shares outstanding)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">450,000,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NET ASSETS</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="88" 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="2">1,109,538,952</font></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="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net asset value per common share outstanding (net assets less preferred<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">shares at liquidation value, divided by 145,033,235 shares of beneficial&nbsp;</font><BR><font face="Times New Roman PS, Times New Roman, Times" size="2">interest authorized and outstanding, no par value)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">7.65</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="507" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NET ASSETS WERE COMPRISED OF:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Paid-in capital</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,331,413,656</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Undistributed net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4,124,094</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Accumulated net realized loss on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(259,551,650</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net unrealized appreciation on investments and foreign currency<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">related transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">33,552,852</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NET ASSETS</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" 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="2">$</font></td>
<td colspan="1" width="88" 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="2">1,109,538,952</font></td>
<td colspan="1" width="19" 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>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='8',FILE='07-9077-1.ca',USER='jferrel',CD='Apr 29 05:18 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">STATEMENT OF OPERATIONS for the Year Ended February 28, 2007</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="507" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INVESTMENT INCOME:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Interest</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">150,681,482</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Arrangement fees earned</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,232,811</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Other</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,689,851</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Total investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" 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="88" bgcolor="#cceeff" 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="2">153,604,144</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="507" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>EXPENSES:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Management fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">16,030,822</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Administration fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5,009,632</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Transfer agent fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">120,905</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Interest expense</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">26,339,161</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Shareholder reporting expense</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">132,190</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Custody and accounting expense</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">819,400</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Professional fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">240,402</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Preferred Shares &#151; Dividend disbursing agent fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,230,973</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Pricing expense</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">54,725</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">ICI fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,243</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Postage expense</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">247,250</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Trustees fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">73,365</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Miscellaneous expense</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">218,858</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Total expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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="88" 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="2">50,520,926</font></td>
<td colspan="1" width="19" 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="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" 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="2">103,083,218</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>FOREIGN CURRENCY RELATED TRANSACTIONS:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="507" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net realized gain (loss) on:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">16,459,812</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Foreign currency related transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1,860,785</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net realized gain on investments and foreign currency related transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">14,599,027</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="507" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net change in unrealized appreciation or depreciation on:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(5,971,942</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Foreign currency related transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(470,898</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net change in unrealized appreciation or depreciation on investments and <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">foreign currency related transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(6,442,840</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net realized and unrealized gain on investments and foreign currency <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">related transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8,156,187</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="507" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">From net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(22,313,381</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net increase in net assets resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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="2">$</font></td>
<td colspan="1" width="88" 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="2">88,926,024</font></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="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='9',FILE='07-9077-1.ca',USER='jferrel',CD='Apr 29 05:18 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">STATEMENTS OF CHANGES IN NET ASSETS</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="271" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" 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>Year <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ended<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>February 28,<BR></b></font><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="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>Year<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ended<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>February 28,<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2006</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="531" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>FROM OPERATIONS:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">103,083,218</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">83,109,460</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net realized gain on investments and foreign<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">currency related transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">14,599,027</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="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">422,159</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net change in unrealized appreciation or <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">depreciation on investments and foreign currency &nbsp;</font><BR><font face="Times New Roman PS, Times New Roman, Times" size="2">related transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(6,442,840</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="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">16,658,806</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Distributions to preferred shareholders from net<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(22,313,381</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="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(15,839,470</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>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net increase in net assets resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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="85" 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="2">88,926,024</font></td>
<td colspan="1" width="19" 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="22" 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="85" 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="2">84,350,955</font></td>
<td colspan="1" width="19" 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="11" width="531" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>FROM DISTRIBUTIONS TO COMMON SHAREHOLDERS:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">From net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(80,058,346</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="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(66,428,156</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>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Decrease in net assets from distributions to common <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(80,058,346</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="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(66,428,156</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>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net increase in net assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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="85" 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="2">8,867,678</font></td>
<td colspan="1" width="19" 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="22" 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="85" 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="2">17,922,799</font></td>
<td colspan="1" width="19" 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="11" width="531" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NET ASSETS:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Beginning of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,100,671,274</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,082,748,475</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">End of year (including undistributed net investment<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">income of $4,124,094 and $5,062,694, respectively)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,109,538,952</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="22" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,100,671,274</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='10',FILE='07-9077-1.ca',USER='jferrel',CD='Apr 29 05:18 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">STATEMENT OF CASH FLOWS for the year ended February 28, 2007</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="507" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INCREASE (DECREASE) IN CASH<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Cash Flows From Operating Activities:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Interest received</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">153,443,673</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Facility fees paid</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(27,052</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Dividends paid to preferred shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(22,304,952</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Arrangement fees received</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">855,295</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Other income received</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,679,765</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Interest paid</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(26,714,578</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Other operating expenses paid</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(24,349,911</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Purchases of securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1,248,116,897</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Proceeds from sale of securities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,430,719,366</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net cash provided by operating activities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" 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="88" bgcolor="#cceeff" 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="2">265,184,709</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="507" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Cash Flows From Financing Activities:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Dividends paid to common shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(80,058,346</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net paydown of notes payable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(184,000,000</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net cash flows used in financing activities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" 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="88" bgcolor="#cceeff" 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="2">(264,058,346</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" 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="2">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net increase</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,126,363</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Cash at beginning of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">4,295,285</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Cash at end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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="2">$</font></td>
<td colspan="1" width="88" 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="2">5,421,648</font></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="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Reconciliation Of Net Increase In Net Assets Resulting From<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Operations To Net Cash Provided By Operating Activities:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net increase in net assets resulting from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">88,926,024</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Adjustments to reconcile net increase in net assets resulting<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">from operations to net cash provided by operating activities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Change in unrealized appreciation on investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">5,971,942</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Change in unrealized appreciation on foreign currencies</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1,981</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Change in unrealized depreciation on forward currency contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">474,295</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net accretion of discounts on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1,748,612</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net amortization of premiums on investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">678,625</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Realized gain on investments and foreign currency related transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(14,599,027</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Purchases of securities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1,248,116,897</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Proceeds on sale of securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">1,430,719,366</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Increase in other assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(11,502</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Decrease in interest receivable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">3,832,178</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Increase in prepaid arrangement fees on notes payable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(27,052</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Decrease in prepaid expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">20,086</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Decrease in deferred arrangement fees on senior loans</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(377,516</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>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Decrease in accrued interest payable</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(375,417</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Increase in dividends payable - preferred shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">8,429</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Decrease in payable to affiliates</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(136,963</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Increase in accrued trustees fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">14,756</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Decrease in other accrued expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(66,025</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>
</tr>
<tr>
<td colspan="3" width="378" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Total adjustments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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="88" 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="2">176,258,685</font></td>
<td colspan="1" width="19" 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="378" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net cash provided by operating activities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="2">265,184,709</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='11',FILE='07-9077-1.ca',USER='jferrel',CD='Apr 29 05:18 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING PRIME RATE TRUST</font><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;FINANCIAL HIGHLIGHTS </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">For a common share outstanding throughout the period</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="274" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="441" 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="274" valign="bottom">
&nbsp;</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>2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" 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="80" 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="80" 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="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>2003</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="715" 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="274" 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="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.59</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.47</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.34</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.73</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.20</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="715" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Income (loss) from investment operations:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.71</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">0.57</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">0.45</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">0.46</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.50</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net realized and unrealized gain (loss) on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.06</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" 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="274" 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="24" 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">$</font></td>
<td colspan="1" width="54" 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">0.77</font></td>
<td colspan="1" width="18" 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="8" 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="54" 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="18" 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="8" 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="54" 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="18" 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="8" 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="54" 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="18" 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="8" 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="47" 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="18" 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="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Distributions to Common Shareholders from net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.55</font></td>
<td colspan="1" width="18" 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="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">(0.46</font></td>
<td colspan="1" width="18" 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="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">(0.43</font></td>
<td colspan="1" width="18" 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="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">(0.42</font></td>
<td colspan="1" width="18" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" 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="18" 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="274" 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="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.16</font></td>
<td colspan="1" width="18" 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="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">(0.11</font></td>
<td colspan="1" width="18" 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="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">(0.05</font></td>
<td colspan="1" width="18" 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="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">(0.04</font></td>
<td colspan="1" width="18" 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.05</font></td>
<td colspan="1" width="18" 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="274" 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="24" 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="54" 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">7.65</font></td>
<td colspan="1" width="18" 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="8" 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="54" 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="18" 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="8" 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="54" 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="18" 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="8" 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="54" 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="18" 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="8" 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="47" 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="18" 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="274" 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="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7.40</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">7.02</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">7.56</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">7.84</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.46</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="715" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Investment Return</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(1)</sub></sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment return at closing market price</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(2)</sub></sup></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13.84</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">(0.82</font></td>
<td colspan="1" width="18" 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="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">2.04</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">28.77</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.53</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment return at net asset value</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(3)</sub></sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8.85</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="715" 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="274" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,109,539</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares-Aggregate amount outstanding (000's)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">450,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">450,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">450,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Liquidation and market value per share of Preferred Shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" 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="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">281,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">465,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">496,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">225,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">167,000</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Asset coverage per $1,000 of debt</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(4)</sub></sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,517</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" 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="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">459,982</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">509,178</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">414,889</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">143,194</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">190,671</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="715" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ratios to average net assets including Preferred Shares</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(5)</sub></sup></font>&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other fees related to revolving<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">credit facility)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub> </sub></sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.57</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">1.64</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">1.60</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">1.45</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.49</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense reimbursement</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.27</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense reimbursement</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.27</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">3.02</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">2.22</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">1.65</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.81</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="715" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ratios to average net assets plus borrowings</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other fees related to revolving <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">credit facility)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub> </sub></sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1.56</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense reimbursement</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.25</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">2.90</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">2.26</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">2.09</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.23</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense reimbursement</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3.25</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" 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="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.63</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">5.24</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">4.32</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">5.82</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6.10</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="715" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ratios to average net assets</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other fees related to revolving <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">credit facility)</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub> </sub></sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.21</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">2.33</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">2.29</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">2.11</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.19</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense reimbursement</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.62</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense reimbursement</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4.62</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">4.27</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">3.18</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">2.40</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2.68</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9.42</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" 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="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="54" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">60</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">81</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">93</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&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">87</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">48</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="274" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common shares outstanding at end of year (000's)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="24" 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">145,033</font></td>
<td colspan="1" width="18" 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="54" 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="18" 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="54" 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="18" 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="54" 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="18" 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="47" 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="18" 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"><sup><sub>(1)&nbsp;&nbsp;</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">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"><sup><sub>(2)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&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"><sup><sub>(3)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&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. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">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"><sup><sub>(4)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&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="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(5)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>12</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 1 &#151; ORGANIZATION</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Prime Rate Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, closed-end, management investment company. The Trust invests primarily in senior loans, which generally are not registered under the Securities Act of 1933, as amended (the "1933 Act"), and which contain certain restrictions on resale and cannot be sold publicly. These loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate ("LIBOR") and other short-term rates.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 2 &#151; SIGNIFICANT ACCOUNTING POLICIES</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following is a summary of the significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles for investment companies.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Senior Loan and Other Security Valuation.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> Senior loans held by the Trust are normally valued at the average of the means of one or more bid and ask quotations obtained from an independent pricing service or other sources determined by the Trust's Board of Trustees ("Board") to be independent and believed to be reliable. Loans for which reliable market value quotations are not readily available may be valued with reference to another loan or a group of loans for which reliable 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.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust has engaged an independent pricing service to provide market value quotations from dealers in loans and, when such quotations are not readily available, to calculate values under the proxy procedure described above. As of February 28, 2007, 99.57% of total loans were valued based on these procedures. It is expected that most of the loans held by the Trust will continue to be valued with reference to quotations from the independent pricing service or with reference to the proxy procedure described above.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Prices from a pricing source may not be available for all loans and ING Investments, LLC (the "Investment Adviser") or ING Investment Management Co. ("ING IM" or the "Sub-Adviser"), may believe that the price for a loan derived from market 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 Investment Adviser or the Sub-Adviser that the Investment Adviser or the Sub-Adviser believes may not be known to the pricing service or reflected in a price quote. In this event, the loan is valued at fair value as determined in good faith under procedures established by the Board and in accordance with the provisions of the 1940 Act. Under these procedures, fair value is determined by the Investment Adviser or Sub-Adviser and monitored by the Board through its Valuation, Brokerage and Proxy Committee.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In fair valuing a loan, consideration is given to several factors, which may include, among others, the following: (i) 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; (ii) the nature, adequacy and value of the collateral, including the Trust's rights, remedies and interests with respect to the collateral; (iii) 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; (iv) information relating to the market for the loan, </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 2 &#151; SIGNIFICANT ACCOUNTING POLICIES (</b><b>continued</b><b>)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">including price quotations for, and trading in, the loan and interests in similar loans; (v) the reputation and financial condition of the agent for the loan and any intermediate participants in the loan; (vi) the borrower's management; and (vii) the general economic and market conditions affecting the fair value of the loan. Securities for which the primary market is a national securities exchange are valued at the last reported sale price. Securities reported by NASDAQ will be valued at the NASDAQ Official Closing Price. Securities traded in the over-the-counter market and listed securities for which no sale was reported on a valuation date are valued at the mean between the last reported bid and ask price on such exchange. Securities, other than senior loans, for which reliable market value quotations are not readily available, and all other assets, will be valued at their respective fair values as determined in good faith by, and under p
rocedures established by, the Board. Investments in securities maturing in 60 days or less from the date of valuation are valued at amortized cost, which, when combined with accrued interest approximates market value.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">B.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Federal Income Taxes.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> It is the Trust's policy to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. No capital gain distributions will be made by the Trust until any capital loss carryforwards have been fully utilized or expire.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">C.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Security Transactions and Revenue Recognition.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> Revolver and delayed draw loans are booked on a settlement date basis. Security transactions and senior loans are accounted for on trade date (date the order to buy or sell is executed). Realized gains or losses are reported on the basis of identified cost of securities sold. Dividend income is recognized on the ex-dividend date. Interest income is recorded on an accrual basis at the then-current interest rate of the loan. The accrual of interest on loans is partially or fully discontinued when, in the opinion of management, there is an indication that the borrower may be unable to meet payments as they become due. If determined to be uncollectable, accrued interest is also written off. Cash collections on non-accrual senior loans ar
e generally applied as a reduction to the recorded investment of the loan. Senior loans are generally returned to accrual status only after all past due amounts have been received and the borrower has demonstrated sustained performance. For all loans, except revolving credit facilities, fees received are treated as discounts and are accreted whereas premiums are amortized. Fees associated with revolving credit facilities are deferred and recognized over the shorter of four years or the actual term of the loan.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">D.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Foreign Currency Translation.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The books and records of the Trust are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(1)&nbsp;&nbsp;Market value of investment securities, other assets and liabilities &#151; at the exchange rates prevailing at the end of the day.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">(2)&nbsp;&nbsp;Purchases and sales of investment securities, income and expenses &#151; at the rates of exchange prevailing on the respective dates of such transactions.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Trust does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 2 &#151; SIGNIFICANT ACCOUNTING POLICIES (</b><b>continued</b><b>)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Trust's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and the U.S. government. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less li
quid and prices more volatile than those of comparable U.S. companies and U.S. government securities.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">E.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Forward Foreign Currency Contracts.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The Trust may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a currency forward contract, the Trust agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Trust's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in th
e Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">F.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Distributions to Common Shareholders.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The Trust declares and pays dividends monthly from net investment income. Distributions from capital gains, if any, are declared and paid annually. The Trust may make additional distributions to comply with the distribution requirements of the Internal Revenue Code. The character and amounts of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. The Trust records distributions to its shareholders on the ex-dividend date.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">G.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Dividend Reinvestments. </i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Pursuant to the Trust's Shareholder Investment Program (the "Program"), DST Systems, Inc. ("DST"), the Program administrator, purchases, from time to time, shares of beneficial interest of the Trust on the open market to satisfy dividend reinvestments. Such shares are purchased on the open market only when the closing sale or bid price plus commission is less than the NAV per share of the Trust's common shares on the valuation date. If the market price plus commissions is equal to or exceeds NAV, new shares are issued by the Trust at the greater of (i) NAV or (ii) the market price of the shares during the pricing period, minus a discount of 5%.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">H.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Use of Estimates. </i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 2 &#151; SIGNIFICANT ACCOUNTING POLICIES (</b><b>continued</b><b>)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">I.&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Share Offerings.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The Trust issues shares under various shelf registration statements, whereby the net proceeds received by the Trust from share sales may not be less than the greater of (i) the NAV per share or (ii) 94% of the average daily market price over the relevant pricing period.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 3 &#151; INVESTMENTS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">For the year ended February 28, 2007, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term notes, totaled $1,211,750,596 and $1,429,252,901, respectively. At February 28, 2007, the Trust held senior loans valued at $1,829,047,888 representing 98.7% of its total investments. The market value of these assets is established as set forth in Note 2.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The senior loans acquired by the Trust typically take the form of a direct lending relationship with the borrower, and are typically acquired through an assignment of another lender's interest in a loan. The lead lender in a typical corporate loan syndicate administers the loan and monitors the collateral securing the loan.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Common and preferred shares, and stock purchase warrants held in the portfolio were acquired in conjunction with loans held by the Trust. Certain of these stocks and warrants are restricted and may not be publicly sold without registration under the 1933 Act, or without an exemption under the 1933 Act. In some cases, these restrictions expire after a designated period of time after issuance of the shares or warrants.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>16</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 3 &#151; INVESTMENTS (</b><b>continued</b><b>)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Dates of acquisition and cost of assigned basis of restricted securities are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="312" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" 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>Date of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Acquisition</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" 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>Cost or<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Assigned Basis</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Allied Digital Technologies Corporation (Residual Interest in <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">06</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/05/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">107,510</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="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">AM Cosmetics Corporation (Liquidation Interest)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/07/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Block Vision Holdings Corporation (571 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/17/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Boston Chicken, Inc. (Residual Interest in Boston Chicken Plan Trust)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/26/00</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,893</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cedar Chemical (Liquidation Interest)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/31/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Covenant Care, Inc. (Warrants for 19,000 Common Shares, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expires January 13, 2005)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/95</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Covenant Care, Inc. (Warrants for 26,901 Common Shares, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expires March 31, 2013)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">01</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/18/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Decision One Corporation (1,402,038 Common Shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">05</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/17/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,116,773</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electro Mechanical Solutions (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/02/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15</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="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Enterprise Profit Solutions (Liquidation Interest)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/21/02</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EquityCo, LLC (Warrants for 28,752 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">02</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/25/05</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Euro United Corporation (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">06</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/21/02</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">305,999</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gemini Leasing, Inc. (143,079 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">01</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/08/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Grand Union Company (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">07</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/01/02</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,576</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Humphrey's, Inc. (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">05</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/15/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">50</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="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Imperial Home D&eacute;cor Group, Inc. (Liquidation Interest)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">01</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/04</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insilco Technologies (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">05</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/02/03</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">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="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IT Group, Inc. (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">09</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">50</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Kevco Inc. (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">06</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/05/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</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="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lincoln Paper &amp; Tissue (Warrants for 291 Common Shares, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expires August 14, 2015)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">08</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/25/05</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lincoln Pulp and Easten Fine (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">06</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/08/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IAP Acquisition Corporation (17,348 Common Shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">08</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/29/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IAP Acquisition Corporation (1,084 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">08</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/29/03</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">428,603</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="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IAP Acquisition Corporation (1,814 Common Shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">08</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/29/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IAP Acquisition Corporation (3,524 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">08</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/29/03</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,524,300</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="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Piper Aircraft, Inc. (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">07</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/02/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Norwood Promotional Products, Inc. (104,148 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">08</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/23/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">32,939</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="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Safelite Glass Corporation (856,340 Common Shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/00</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">173,588</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Safelite Realty Corporation (57,804 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/00</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transtar Metals (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">01</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/09/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">40,230</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TSR Wireless, LLC (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/15/02</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">US Aggregates (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">04</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/07/03</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">US Office Products Company (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">02</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/11/04</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="74" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="312" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Restricted Securities excluding senior loans (market value<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">of $18,820,902 was 1.7% of net assets at February 28, 2007)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="74" 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">5,742,552</font></td>
<td colspan="1" width="8" 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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='17',FILE='07-9077-1.da',USER='rwaldoc',CD='Apr 27 18:39 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 4 &#151; MANAGEMENT AND ADMINISTRATION AGREEMENTS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust has entered into an investment management agreement ("Investment Advisory Agreement") with the Investment Adviser, an Arizona limited liability company, to provide advisory and management services. The Investment Advisory Agreement compensates the Investment Adviser with a fee, computed daily and payable monthly, at an annual rate of 0.80% of the Trust's Managed Assets. For purposes of the Investment Advisory Agreement, "Managed Assets" shall mean 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).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Investment Adviser entered into a sub-Advisory agreement with ING IM, a Connecticut corporation. Subject to such policies as the Board or the Investment Adviser may determine, ING IM manages the Trust's assets in accordance with the Trust's investment objectives, policies, and limitations.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust has also entered into an administration agreement with ING Funds Services, LLC (the "Administrator") to provide administrative services and also to furnish facilities. The Administrator is compensated with a fee, computed daily and payable monthly, at an annual rate of 0.25% plus the proceeds of any outstanding borrowings of the Trust's Managed Assets.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Investment Adviser, ING IM and the Administrator are indirect, wholly-owned subsidiaries of ING Groep N.V. ("ING Groep"). ING Groep is one of the largest financial services organizations in the world, and 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"><b>NOTE 5 &#151; TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">At February 28, 2007, the Trust had the following amounts recorded in payables to affiliates on the accompanying Statement of Assets and Liabilities:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="123" 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>Accrued Investment<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Management Fees</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" 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>Accrued<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Administrative Fees</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>Total</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,165,257</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">364,143</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="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,529,400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust has adopted a Retirement Policy ("Policy") covering all independent trustees of the Trust who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this Policy are based on an annual rate as defined in the Policy agreement.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 6 &#151; COMMITMENTS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust has entered into both a $90 million 364-day revolving credit agreement which matured on August 23, 2006 and has been extended to August 22, 2007 and a $535 million 364-day revolving securitization facility which matured on July 9, 2006, and has been extended to June 14, 2007, collateralized by assets of the Trust. Borrowing rates under these agreements are based on a fixed spread over LIBOR, the federal funds rate, or a commercial paper-based rate. Prepaid arrangement fees for these facilities are amortized over the term of the agreements. The amount of borrowings outstanding at February 28, 2007, was $281 million. Weighted average interest rate on outstanding borrowings was 5.69%, excluding fees related to the unused portion of the facilities, and other fees. The amount of borrowings represented 15.0% of total assets at February 28, 2007. Average borrowings for the year ended February 28, 2007 were $459,982,192 and the average ann
ualized interest rate was 5.73% excluding other fees related to the unused portion of the facilities, and other fees.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 6 &#151; COMMITMENTS </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">As of February 28, 2007, the Trust had unfunded loan commitments pursuant to the terms of the following loan agreements:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Builders Firstsource, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Coleto Creek Power</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Federal-Mogul Corp.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,120,000</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hearthstone Housing Partners II, LLC</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,108,824</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Herbst Gaming, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,000</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Infrastrux Group, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">350,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Kerasotes Theatres, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">900,000</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lucite International US Finco Limited</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,038,168</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">MEG Energy Corp.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,800,000</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Neoplan USA Corp.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">382,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Norwood Promotional Products <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Holdings, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,135,662</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Oglebay Norton Co.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">PLY Gem Industries, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">892,857</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Primedia, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,133,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sturm Foods, Inc.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Syniverse Holding, LLC</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trump Entertainment Resorts <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Holdings, L.P.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,723,750</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">United States Shipping, LLC</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">503,226</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Venetian Macau Ltd.</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600,000</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="175" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Wastequip, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="61" 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">31,363,237</font></td>
<td colspan="1" width="8" 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="2"><b>NOTE 7 &#151; RIGHTS AND OTHER OFFERINGS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">As of February 28, 2007, outstanding share offerings pursuant to shelf registrations were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="79" 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>Registration<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" 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>Shares<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Registered</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" 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>Shares<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Remaining</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="63" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/15/98</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="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000,000</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="64" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,374,909</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="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="63" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/04/99</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="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000,000</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="64" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,241,645</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">On November 2, 2000, the Trust issued 3,600 shares each of Series M, Series W and Series F Auction Rate Cumulative Preferred Shares, $0.01 Par Value, $25,000 liquidation preference, for a total issuance of $270 million. Also, on November 16, 2000, the Trust issued 3,600 shares of Series T and Series Th Auction Rate Cumulative Preferred Shares, $0.01 Par Value, $25,000, liquidation preference, for a total issuance of $180 million. The Trust used the net proceeds of the offering to partially pay down the then existing indebtedness and to purchase additional senior loans. Preferred Shares pay dividends based on a rate set at auctions, normally held every 7 days. In most instances dividends are also payable every 7 days, on the first business day following the end of the rate period. Preferred shares have no stated conversion, redemption or liquidation date, but may be redeemed at the election of the Trust. Such shares may only be redeemed by th
e Preferred Shareholders if the Trust fails to meet certain credit quality thresholds within its portfolio.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 8 &#151; CUSTODIAL AGREEMENT</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">State Street Bank and Trust Company ("SSB") serves as the Trust's custodian and recordkeeper. Custody fees paid to SSB are reduced by earnings credits based on the cash balances held by SSB for the Trust. There were no earnings credits for the year ended February 28, 2007.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 9 &#151; SUBORDINATED LOANS AND UNSECURED LOANS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust may invest in subordinated loans and in unsecured loans. The primary risk arising from investing in subordinated loans or in unsecured loans is the potential loss in the event of default by the issuer of the loans. The Trust may acquire a subordinated loan only if, at the time of acquisition, it acquires or holds a senior loan from the same borrower. The Trust will acquire unsecured loans only where the Investment Adviser believes, at the time of acquisition, that the Trust would have the right to payment upon default that is not subordinate to any other creditor. 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. As of February 28, 2007, the Trust held 0.5% of its total assets in subordinated loans and unsecured loans.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>19</font></p>
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 10 &#151; FEDERAL INCOME TAXES</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as distributions of paid-in capital.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following permanent tax differences have been reclassified as of February 28, 2007:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="171" 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>Undistributed<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Net Investment Income</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="161" 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>Accumulated<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Net Realized<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Gains</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="132" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,650,091</font></td>
<td colspan="1" width="18" 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="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="132" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,650,091</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Dividends paid by the Trust from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The tax composition of dividends and distributions to shareholders was as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="171" 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>Year Ended February 28, 2007</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="161" 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>Year Ended February 28, 2006</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="171" 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>Ordinary Income</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="161" 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>Ordinary Income</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="132" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">102,371,727</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="132" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">82,267,626</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of February 28, 2007 were:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="109" 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>Undistributed<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ordinary Income</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>Unrealized<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Appreciation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" 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>Post-October<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Currency Losses<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Deferred</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" 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>Capital<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Loss<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Carryforwards</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" 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>Expiration<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dates</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,656,916</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">33,968,276</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="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1,770,705</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(33,536,215</font></td>
<td colspan="1" width="18" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2008</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="109" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="72" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(847,193</font></td>
<td colspan="1" width="18" 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2009</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="117" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(47,376,376</font></td>
<td colspan="1" width="18" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2010</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="109" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="72" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(97,064,717</font></td>
<td colspan="1" width="18" 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2011</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="117" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(57,686,392</font></td>
<td colspan="1" width="18" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2012</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="109" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="72" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(22,421,058</font></td>
<td colspan="1" width="18" 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="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2013</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="109" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="94" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="117" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(560,828</font></td>
<td colspan="1" width="18" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2014</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="109" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="72" 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">(259,492,779</font></td>
<td colspan="1" width="18" align="left" 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="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom">
<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>NOTE 11 &#151; OTHER ACCOUNTING PRONOUNCEMENTS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes." This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as "more-likely-than-not" to be sustained upon challenge by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 is effective for fiscal years beginning after December 15, 2006, with early application permitted if no interim financial statements have been issued. However, acknowledging the unique issues that FIN 48 presents for investment companies that calculate NAVs, the Securities and Exchange Commission (the "SEC") has indicated that they would not object if a fund implements FIN 48 in its NAV calculation as late as its last NAV 
calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. For the February year-end closed-end funds, this would be no later than their August 31, 2007 NAV and the </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 11 &#151; OTHER ACCOUNTING PRONOUNCEMENTS </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">effects of FIN 48 would be reflected in the funds' semi-annual financial statements contained in their Form N-CSR filing. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more likely-than-not to be sustained as of the adoption date. Management of the Trust has assessed the impact of adopting FIN 48 and currently does not believe that there will be a material impact to the Trust.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">On September 15, 2006, the FASB issued Statement of Financial Accounting Standards No. 157 ("SFAS No. 157"), "Fair Value Measurements." The new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157 also stipulates that, as a market-based measurement, fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability, and establishes a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (obse
rvable inputs) and (b) the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. As of February 28, 2007, management of the Trust is currently assessing the impact, if any, that will result from adopting SFAS No. 157.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 12 &#151; INFORMATION REGARDING TRADING OF ING'S US MUTUAL FUNDS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In 2004, ING Investments reported to the Boards of Directors/Trustees (the "Boards") of the ING Funds that, like many U.S. financial services companies, ING Investments and certain of its U.S. affiliates had 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. ING Investments has advised the Boards that it and its affiliates have cooperated fully with each request.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In addition to responding to regulatory and governmental requests, ING Investments reported that management of U.S. affiliates of ING Groep, including ING Investments (collectively, "ING"), 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's internal review related to mutual fund trading is now substantially completed. 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's variable insurance and mutual fund products, and identified other circums
tances where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Boards.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Investments has advised the Boards that most of the identified arrangements were initiated prior to ING's acquisition of the businesses in question in the U.S. ING 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><font face="Times New Roman PS, Times New Roman, Times" size="2">Based on the internal review, ING 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>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>21</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 12 &#151; INFORMATION REGARDING TRADING OF ING'S US MUTUAL FUNDS </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In September 2005, ING Funds Distributor, LLC ("IFD"), 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. Under the terms of the Letter of Acceptance, Waiver and Consent ("AWC") 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><font face="Times New Roman PS, Times New Roman, Times" size="2">In addition to the arrangements discussed above, in 2004 ING Investments reported to the Boards that, at that time, these instances include the following, in addition to the arrangements subject to the AWC discussed above:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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. 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><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;ReliaStar Life Insurance Company ("ReliaStar") 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. In 2001 ReliaStar also entered into a selling agreement with a broker-dealer that engaged in frequent trading. Employees of ING affiliates were terminated and/or disciplined in connection with these matters.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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. No employee responsible for this arrangement remains at the company.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">For additional information regarding these matters, you may consult the Form 8-K and Form 8-K/A for each of four life insurance companies, 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 SEC on October 29, 2004 and September 8, 2004. These Forms 8-K and Forms 8-K/A can be accessed through the SEC's Web site at http://www.sec.gov. 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><font face="Times New Roman PS, Times New Roman, Times" size="2">ING 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, ING Investments advised the Boards that ING management was disappointed 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's acquired companies had systemic ethical or compliance issues in these areas. Nonetheless, ING Investments reported that given ING'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><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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's internal investigation, any investigations conducted by any governmental or self-regulatory </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>22</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 12 &#151; INFORMATION REGARDING TRADING OF ING'S US MUTUAL FUNDS </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING 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><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;ING updated its Code of Conduct for employees reinforcing its employees' obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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. ING does not make exceptions to these policies.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;ING reorganized and expanded its U.S. Compliance Department, and created an Enterprise Compliance team to enhance controls and consistency in regulatory compliance.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Other Regulatory Matters</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The New York Attorney General (the "NYAG") 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. In connection with one such investigation, affiliates of ING Investments were named in a petition for relief and cease and desist order filed by the New Hampshire Bureau of 
Securities Regulation (the "NH Bureau") concerning their administration of the New Hampshire state employees deferred compensation plan.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">On October 10, 2006, an affiliate of ING Investments entered into an assurance of discontinuance with the NYAG (the "NYAG Agreement") regarding the endorsement of its products by the New York State United Teachers Union Member Benefits Trust ("NYSUT") and the sale of their products to NYSUT members. Under the terms of the NYAG Agreement, the affiliate of ING Investments, without admitting or denying the NYAG'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. The affiliate also agreed with the NYAG's office to develop a one-page disclosure that will further improve transparency and disclosure regarding retirement product fees (the "One-Page Disclosure"). 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-Pag
e Disclosure.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In addition, on the same date, these affiliates of ING Investments entered into a consent agreement with the NH Bureau (the "NH Agreement") to resolve this petition for relief and cease and desist order. Under the terms of the NH Agreement, these affiliates of ING Investments, without admitting or denying the NH Bureau'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 align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>23</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">NOTES TO FINANCIAL STATEMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 12 &#151; INFORMATION REGARDING TRADING OF ING'S US MUTUAL FUNDS </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Other federal and state regulators could initiate similar actions in this or other areas of ING's businesses.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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><font face="Times New Roman PS, Times New Roman, Times" size="2">In light of these and other developments, ING continuously reviews whether modifications to its business practices are appropriate.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">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><font face="Times New Roman PS, Times New Roman, Times" size="2">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>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTE 13 &#151; SUBSEQUENT EVENTS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Subsequent to February 28, 2007, the Trust paid to Common Shareholders the following dividends from net investment income:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="116" 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>Per Share Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" 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>Declaration Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="79" 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>Record Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" 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>Payable Date</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0450</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="81" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/28/07</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="63" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/07</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="68" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/07</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="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="87" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0475</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="81" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/30/07</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="63" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/10/07</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="68" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/23/07</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Subsequent to February 28, 2007, the Trust paid to Preferred Shareholders the following dividends from net investment income:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="55" 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>Preferred <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" 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>Total Per Share<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Amount</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>Auction <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dates</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>Record<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dates</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>Payable <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dates</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series M</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">173.87</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/05/07-04/16/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/07-04/23/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/13/07-04/24/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series T</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">173.30</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="91" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06/07-04/17/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/13/07-04/24/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/14/07-04/25/07</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series W</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">172.83</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/07/07-04/18/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/14/07-04/25/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/15/07-04/26/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series Th</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="76" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">197.98</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="91" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/01/07-04/19/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/08/07-04/26/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/09/07-04/27/07</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="55" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series F</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">196.59</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="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/02/07-04/20/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/09/07-04/27/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/07-04/30/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>24</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007</font></p>
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<td colspan="3" width="341" 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="2"><b><i>Senior Loans*: 164.9%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Aerospace &amp; Defense: 2.8%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Avio Group</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">708,333</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.032%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 13, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">951,516</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">590,346</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.725%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 13, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">598,279</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">708,333</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.407%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 13, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">955,721</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">590,346</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.100%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 13, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">601,230</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>DeCrane Aircraft Holdings, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 28, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">502,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Delta</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Debtor in Possession Term Loan, 10.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 16, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,017,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dyncorp International LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,435,449</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.656%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 11, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,457,774</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Forgings International Ltd.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">GBP</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">239,337</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.769%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 11, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">475,703</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,362,698</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.850%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 11, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,379,449</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">GBP</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">241,073</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.019%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 11, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">481,322</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,369,696</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.100%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 11, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,392,810</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hexcel Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,078,657</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.125%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 01, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,081,803</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>IAP Worldwide Services, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">990,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.688%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">995,260</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>K&amp;F Industries, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,979,167</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 18, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,005,282</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Onex Wind Finance LP <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Mid-Western Aircraft Systems, Inc).</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">982,953</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">989,402</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Transdigm, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.366%, maturing June 23, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,530,625</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>United Airlines, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 01, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,514,648</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>US Airways</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.864%, maturing March 31, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,024,108</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Wesco Aircraft Hardware Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.600%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 29, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,512,891</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=27,FOLIO='25',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Aerospace &amp; Defense: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Wyle Holdings Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,788,109</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 28, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,797,609</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>31,265,432</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Automobile: 4.9%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Federal-Mogul Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BBB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">880,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 1.641%, maturing July 01, 2007</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">880,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Debtor in Possession Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 01, 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,503,563</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ford Motor Company</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 15, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,531,770</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Goodyear Tire &amp; Rubber Co.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.572%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 30, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,549,110</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Goodyear Tire &amp; Rubber Co.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,400,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.140%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 30, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,521,420</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hertz</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,878,857</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.086%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 21, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,928,026</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,027,778</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.365%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 21, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,038,136</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Navistar International Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,800,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 7.168%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 19, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,833,975</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Oshkosh Truck Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,000,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.350%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 06, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,165,444</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>SAF-Holland Group GmbH</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">768,615</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing January 07, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">778,223</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">703,366</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 07, 2016</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">712,158</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Tower (R.J.) Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BBB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.938%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 02, 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,495,989</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Vanguard Car Rental USA Holdings Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,097,500</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.352%, maturing June 14, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,146,158</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>54,083,972</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Beverage, Food &amp; Tobacco: 5.4%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ARAMARK</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.445%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 26, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,618,301</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">19,000,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.470%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 26, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">19,217,322</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>B&amp;G Foods, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 23, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">760,313</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>26</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=28,FOLIO='26',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Beverage, Food &amp; Tobacco: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Bolthouse Farms, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,975,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.625%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 16, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,987,962</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Bumble Bee Foods, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, maturing May 02, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Commonwealth Brands, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,293,720</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.625%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 22, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,342,446</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Gate Gourmet Borrower LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">169,681</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 8.114%, maturing March 09, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">167,135</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">425,614</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.095%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 09, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">430,934</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Golden State Foods</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,890,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 28, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,899,725</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Iglo Birds Eye</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">51,247</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.982%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 30, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">68,817</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">948,754</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.085%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 30, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,274,048</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">51,247</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.357%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 30, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">69,110</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">380,330</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.460%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 30, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">510,731</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">568,424</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.460%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 30, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">766,563</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Michael Foods</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,227,084</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 21, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,243,891</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nutro Products, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,115,758</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.364%, maturing April 26, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,126,999</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Pierre Foods</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,535,786</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, maturing June 30, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,560,095</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Reynolds American</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Baa2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BBB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,975,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.265%, maturing May 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,020,865</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sturm Foods, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,015,939</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>United Biscuits</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">GBP</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,476,692</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.228%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,947,611</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>60,228,807</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Buildings &amp; Real Estate: 3.8%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Armstrong World Industries, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,745,625</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 02, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,753,262</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Atrium Companies, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">754,468</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.104%, maturing May 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">749,596</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>27</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=29,FOLIO='27',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Buildings &amp; Real Estate: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Capital Automotive L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,163,155</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 16, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,285,257</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CB Richard Ellis</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,400,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.847%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 20, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,406,875</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Champion Home Builders Co.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">875,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 5.264%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">871,719</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">710,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">708,225</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Contech Construction Products Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,733,472</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.330%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,749,183</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Custom Building Products, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,939,522</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 29, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,954,958</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Headwaters Incorporated</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,287,820</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, maturing April 30, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,299,259</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hearthstone Housing Partners II, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,626,471</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 5.953%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 01, 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,614,905</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>John Maneely Company</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,713,035</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.619%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 08, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,774,894</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nortek, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,754,207</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.350%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 27, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,780,017</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ply Gem Industries, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">357,143</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 3.377%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 12, 2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">342,857</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Shea Capital I, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">997,500</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 27, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">997,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Tishman Speyer</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 01, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,513,751</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>41,802,258</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Cargo Transport: 2.0%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Baker Tanks, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,975,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 22, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,991,047</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Gainey Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">796,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.156%, maturing April 20, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">798,488</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Greatwide Logistics Services, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 19, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,023,751</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Helm Holding Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">979,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.866%, maturing July 08, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">982,060</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=30,FOLIO='28',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Cargo Transport: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Horizon Lines, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,188,139</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.620%, maturing July 07, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,203,868</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Kenan Advantage Group, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">990,003</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 16, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">997,428</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Neoplan USA Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,867,500</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 7.213%, maturing June 30, 2006</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,867,500</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,306,058</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 11.008%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,457,089</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Pacer International, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">694,118</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.916%, maturing June 10, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">692,383</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>TNT Logistics</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,927,881</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 04, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,942,340</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">723,070</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 04, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">732,259</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>US Shipping Partners L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">335,274</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 4.584%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">340,093</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,990,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,018,606</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>22,046,912</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Cellular: 2.3%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Centennial Communications Corp</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,085,631</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.363%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 09, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,190,693</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cricket Communications, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,970,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.114%, maturing June 16, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,052,088</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NTELOS Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,410,157</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 24, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,442,131</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rogers Wireless</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Floating Rate Note, 8.485%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 15, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,550,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Telepak, Inc. / Cellular South</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,950,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.113%, maturing May 04, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,959,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>25,194,662</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Chemicals, Plastics &amp; Rubber: 10.0%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Basell</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.595%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 07, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,012,231</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.345%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 07, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,012,231</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Brenntag Holding GmbH &amp; Co. KG</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,800,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.887%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 17, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,853,252</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Celanese</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,625,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.320%, maturing April 06, 2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,696,483</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,303,498</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, maturing April 06, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,351,378</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>29</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=31,FOLIO='29',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Chemicals, Plastics &amp; Rubber: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Flint Group</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">936,821</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">945,101</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">353,279</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">356,402</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,290,100</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,307,263</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Georgia Gulf Co</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,620,938</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 03, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,638,594</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hawkeye Renewables, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,731,250</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.364%, maturing June 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,626,309</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hexion Specialty Chemicals, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,188,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.222%, maturing May 05, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,199,583</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,060,750</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.875%, maturing May 05, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,149,092</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Huntsman International LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,198,139</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 16, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,309,283</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ineos US Finance LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,520,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.611%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 16, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,538,270</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,970,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.611%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 16, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,011,146</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,970,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.111%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 23, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,011,146</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Innophos, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,015,909</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 13, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,022,893</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ISP Chemco Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,473,750</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 16, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,513,761</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>JohnsonDiversey, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">508,666</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 16, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">513,912</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,672,031</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 16, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,703,345</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Kraton Polymers LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,786,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.375%, maturing May 12, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,803,808</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Lucite International Us Finco Limited</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">708,273</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.070%, maturing July 07, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">716,684</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Lyondell Chemical Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,482,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 16, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,511,279</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nalco Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,626,135</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.106%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 04, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,731,538</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Northeast Biofuels, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,268,293</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,266,707</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>30</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=32,FOLIO='30',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Chemicals, Plastics &amp; Rubber: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Polypore Incorporated</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,953,993</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 12, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,988,763</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>PQ Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,456,250</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 10, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,473,648</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ripplewood Phosphorus LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,925,113</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.620%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 20, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,927,519</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rockwood Specialties Group, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,825,495</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 13, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,921,293</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Vertellus Specialties Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,363,125</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.611%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,383,802</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>111,496,316</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Containers, Packaging &amp; Glass: 4.1%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Bluegrass Container Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,197,769</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.601%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,214,862</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Boise Cascade, L.L.C.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,094,702</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.108%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 29, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,129,254</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Graham Packaging Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,244,522</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.625%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 07, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,407,708</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Graphic Packaging International, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,183,118</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.858%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 08, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,310,818</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Owens-Illinois</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,199,375</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 01, 2008</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,898,548</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Pro Mach, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,481,250</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.620%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 01, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,499,859</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Smurfit-Stone Container Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,334,672</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.625%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 01, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,425,119</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Xerium Technologies, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,296,167</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 18, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,300,287</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>45,186,455</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Data and Internet Services: 6.2%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Activant Solutions, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">930,897</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 02, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">933,225</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Acxiom Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,995,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.083%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 15, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,013,081</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>31</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=33,FOLIO='31',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Data and Internet Services: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Carlson Wagonlit Holdings B.V.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 03, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,759,023</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>IPayment, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,977,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.352%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 10, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,996,109</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Open Text Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,745,625</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 02, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,759,808</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Reynolds &amp; Reynolds Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,375,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 10.845%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 26, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,449,962</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Reynolds &amp; Reynolds Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,972,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.845%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 26, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,099,858</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sitel, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.909%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 29, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,030,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sungard Data Systems Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">28,535,227</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 11, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">28,856,248</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Transfirst Holdings, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">870,625</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.870%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 15, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">879,331</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Travelport, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,242,599</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 23, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,278,472</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Verifone, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,250,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,258,438</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Worldspan, L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,300,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 12.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 21, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,316,250</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Worldspan, L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.603%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 21, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,029,500</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>68,659,305</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Diversified / Conglomerate Manufacturing: 4.4%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aearo Technologies, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,588,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 24, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,603,218</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aearo Technologies, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 11.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 24, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,222,876</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Axia Incorporated</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,485,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.620%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 21, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,447,875</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Baldor Electric Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,200,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,222,275</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Brand Services, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.625%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 07, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,613,333</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>32</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=34,FOLIO='32',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Diversified / Conglomerate Manufacturing: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Brand Services, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 11.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 07, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,622,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Chart Industries, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,001</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.432%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 17, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,011,251</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cinram International, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,980,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 05, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,969,636</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dayco Products LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">497,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.865%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 21, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">502,061</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dresser, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,923,567</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.125%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,945,607</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dresser-Rand Group Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">82,436</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.345%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 29, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">83,106</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Generac Power Systems, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,455,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 09, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,474,491</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Generac Power Systems, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 11.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 09, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Gentek Holding Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,330,352</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.354%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 28, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,337,998</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Goodman Global Holdings, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,478,571</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.125%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 23, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,484,733</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Mueller Group, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,540,351</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 03, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,623,611</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Norcross Safety Products LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">984,799</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.414%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">988,801</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Prysmian S.R.L</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.785%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 13, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,594,997</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">300,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.285%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 31, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400,733</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rexnord Corporation / RBS Global, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">980,744</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 19, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">990,552</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,297,131</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 19, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,320,102</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sensata Technologies</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,179,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 27, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,190,756</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>33</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=35,FOLIO='33',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Diversified / Conglomerate Manufacturing: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sensus Metering Systems Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">210,217</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.353%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 17, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">211,400</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,582,609</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.363%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 17, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,591,511</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Springs Window Fashions</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">990,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.125%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">999,900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Textron Fastening Systems</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">498,750</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.921%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 11, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">502,491</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Walter Industries, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">981,124</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.103%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 03, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">987,379</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>49,442,693</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Diversified / Conglomerate Service: 3.9%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Affinion Group</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,511,628</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.857%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 17, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,549,378</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>AlixPartners LLP</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,675,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 12, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,699,244</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Brickman Group</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.399%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 23, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,011,250</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Brock Holdings, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</font></td>
<td colspan="1" width="26" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 23, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">505,703</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CCC Information Services Group, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">990,741</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.870%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 10, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">995,694</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Intergraph Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 28, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,008,438</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Iron Mountain Incorporated</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,518,672</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 02, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,531,853</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,348,801</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.125%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 02, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,354,139</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Mitchell International, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">640,695</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 15, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">643,898</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Valleycrest Companies, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,246,875</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.870%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 04, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,260,123</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Vertafore, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">875,230</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.822%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">880,974</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>West Corp</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.752%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 24, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,980,898</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>43,421,592</b></font></td>
<td colspan="1" width="8" 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>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>34</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=36,FOLIO='34',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Diversified Nat'l Rsrcs, Precious Metals &amp; Minerals: 2.9%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Georgia Pacific Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">32,076,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.355%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 20, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">32,408,468</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>32,408,468</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Ecological: 1.2%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Allied Waste North America, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,158,897</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 7.063%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 15, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,185,220</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,473,994</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.152%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 15, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,524,439</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>IESI Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,800,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 21, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,806,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Wastequip, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,564,834</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 05, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,580,482</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>13,096,891</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Electronics: 3.9%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Advance Micro Devices</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,951,503</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">18,141,214</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Decision One</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,592,598</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 12.000%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 15, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,592,598</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Eastman Kodak</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,152,965</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 18, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,165,445</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,101,804</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 18, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,108,700</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Freescale Semiconductor, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Baa3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.369%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 01, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,055,314</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NXP (Philips Semiconductor)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Floating Rate Note, 8.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 15, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,789,375</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Floating Rate Note, 6.507%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 15, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,024,349</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ON Semiconductor</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,844,117</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 15, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,851,032</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>PGS, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,100,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing December 14, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,115,125</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sanmina</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,759,406</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Serena Software Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,243,793</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 11, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,269,036</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>SI International, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">943,497</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.353%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 09, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">944,677</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>42,816,271</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>35</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=37,FOLIO='35',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Farming &amp; Agriculture: 0.0%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>The Mosaic Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.113%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 12, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">606,375</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>606,375</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Finance: 1.8%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>LPL Holdings, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,962,501</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 28, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,038,491</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nasdaq Stock Market, Inc., The</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,016,691</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.095%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 18, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,041,586</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,328,382</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.096%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 18, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,342,813</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rent-A-Center, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,618,421</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.116%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,628,240</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Riskmetrics</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,400,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.595%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 11, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,415,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>TD Ameritrade Holding Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,439,819</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,463,638</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>19,930,518</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Foreign Cable, Foreign TV, Radio and Equipment: 3.7%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Casema Bidco (Serpering Investments B.V.)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">548,444</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.173%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 14, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">735,549</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">284,889</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.173%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 14, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">380,447</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">583,333</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.232%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 14, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">782,341</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">833,333</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.673%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 14, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,117,673</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">583,333</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.732%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 14, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">785,370</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ENO France</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,015,451</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.026%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 30, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,663,686</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,984,549</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.106%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 30, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,622,845</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NTL Investment Holdings Limited</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">GBP</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.447%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 03, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,231,938</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>P7S1 Holding II S.A.R.L. <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(German Media Partners)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.593%, maturing July 17, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,628,599</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>36</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=38,FOLIO='36',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Foreign Cable, Foreign TV, Radio and Equipment: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>TDF SA</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.085%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,341,759</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.585%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2016</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,347,832</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>UPC Financing Partnership</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,943,333</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.103%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,587,126</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,200,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.103%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,928,982</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>41,154,147</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Gaming: 4.8%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CCM Merger, Inc. (a.k.a. Motorcity Casino)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,418,743</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.362%, maturing July 13, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,451,327</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Green Valley Ranch Gaming, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 08, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,519,062</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Green Valley Ranch Gaming, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 08, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">764,906</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Greenwood Racing, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 28, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,515,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Herbst Gaming, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.245%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 02, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,513,437</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Isle Of Capri Casinos, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">985,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 04, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">993,742</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,470,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.118%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 04, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,483,046</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Penn National Gaming, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,331,250</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 03, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">13,447,898</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ruffin Gaming, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,485,376</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.625%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 28, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,494,660</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Tropicana Entertainment - Landco</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,250,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 03, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,268,515</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Tropicana Entertainment - Opco</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 03, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,113,121</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trump Entertainment Resorts Holdings, L.P.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,723,750</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.870%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 20, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,740,988</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Venetian Casino Resort, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.120%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 15, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,097,834</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>37</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=39,FOLIO='37',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Gaming: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>VML US FINANCE LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,200,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.120%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 26, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,214,776</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Yonkers Racing Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 12, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,023,750</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>53,642,062</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Grocery: 0.6%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Roundys Supermarkets, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,950,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.091%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 03, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,978,025</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Supervalu</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,970,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.100%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 02, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,996,234</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>6,974,259</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Healthcare, Education and Childcare: 14.0%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Accellent, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,980,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 22, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,979,588</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>AGA Medical Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,832,209</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 28, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,837,935</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ameripath, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">496,250</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">497,180</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Amn Healthcare, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">730,978</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 02, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">733,262</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Capella Healthcare, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,970,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,999,700</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CCS Medical</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,455,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.620%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,429,544</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CHG Medical Staffing, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,600,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 05, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,619,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">400,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.845%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 05, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">404,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CHS/Community Health Systems, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14,554,078</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.120%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 19, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14,649,597</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Compsych Investments Corp.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,469,943</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.111%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 20, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,480,968</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Concentra Operating Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,428,313</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.377%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 30, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,449,072</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>38</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=40,FOLIO='38',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Healthcare, Education and Childcare: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CRC Health Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,488,769</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 06, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,505,983</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,468,032</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 06, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,485,007</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>DJ Orthopedics, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">629,524</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 07, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">630,508</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Education Management Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,970,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 03, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,027,461</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Emdeon Business Services LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,483,444</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.870%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 16, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,496,377</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>EMSC L.P.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,235,316</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.380%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 10, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,251,493</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Encore Medical Ihc, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,745,625</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.880%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 03, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,753,262</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fresenius Medical Care Holdings, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,069,250</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.739%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,072,699</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Gambro</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">SEK</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.833%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 15, 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">721,893</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">SEK</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.333%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 15, 2007</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">725,017</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 05, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">758,438</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 05, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">761,719</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Gentiva Health Services, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,756,757</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.602%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,767,957</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Golden Gate National Senior Care <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Holdings, LLC (fka Beverley Enterprises)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,191,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 14, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,199,685</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Harrington Holdings, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,133,333</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,152,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>HCA, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 17, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,222,411</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Health Management Associates, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,000,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing March 01, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,063,070</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Healthsouth Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,623,182</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 10, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,650,904</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>39</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=41,FOLIO='39',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Healthcare, Education and Childcare: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Iasis Healthcare LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,781,387</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 22, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,857,678</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Lifepoint Hospitals, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,869,781</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.985%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 15, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,879,345</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Multiplan, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,441,882</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 12, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,455,851</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>National Mentor, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">76,667</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 7.969%, maturing June 29, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">77,098</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250,383</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.867%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 29, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,257,417</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nycomed</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,444,238</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.195%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 10, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,238,198</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,555,762</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.695%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 10, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,385,950</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Orthofix International/Colgate Medical</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,910,152</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.120%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 22, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,923,284</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Quintiles Transnational Corp.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,630,125</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,638,754</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Radiation Therapy Services, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,921,001</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.115%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 16, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,921,602</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Radnet Management Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.850%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 15, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,010,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Renal Advantage Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,033,555</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 06, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,078,932</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rural/Metro Operating Company, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">519,127</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 5.170%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 04, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">523,345</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,176,469</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.778%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 04, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,186,028</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Select Medical Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,456,250</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.111%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 24, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,454,784</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sheridan Healthcare, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,496,250</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 09, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,512,148</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sterigenics International, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,995,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 21, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,001,859</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Stiefel Laboratories, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,191,814</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 28, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,205,967</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,558,186</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 28, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,576,690</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>40</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=42,FOLIO='40',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Healthcare, Education and Childcare: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Team Health, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,063,199</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 23, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,080,392</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Vanguard Health Holdings Company Ii, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,907,125</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 23, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,014,449</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>VWR International Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,260,959</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 07, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,287,455</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>154,893,706</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Home &amp; Office Furnishings: 1.2%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Buhrmann US Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,885,375</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.109%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 23, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,904,802</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>National Bedding Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,216,250</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.365%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 31, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,226,500</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Simmons Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,166,516</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.413%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 19, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,224,744</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>13,356,046</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Insurance: 1.2%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Applied Systems Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,995,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.175%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 26, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,006,846</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Concord RE</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">875,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 29, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">884,844</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Conseco, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,486,250</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 10, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,522,256</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Crawford &amp; Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,087,113</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 30, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,104,478</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Swett &amp; Crawford</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,488,750</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 16, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,511,081</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>13,029,505</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Leisure, Amusement, Entertainment: 8.6%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>24 Hour Fitness Worldwide, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,225,625</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.865%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 08, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,254,520</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>AMF Bowling Worldwide, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">875,794</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 27, 2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">881,815</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cedar Fair, L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,957,506</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,050,012</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>41</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=43,FOLIO='41',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Leisure, Amusement, Entertainment: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cinemark USA, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,740,625</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.385%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 05, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,778,031</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Easton-Bell Sports, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">492,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.071%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 16, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495,065</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hallmark Entertainment, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,763,125</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>HIT Entertainment, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,365,417</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.600%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 20, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,391,711</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Kerasotes Showplace Theater LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">225,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 1.935%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">223,875</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Lodgenet Entertainment Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,291,506</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 29, 2008</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,297,235</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>London Arena &amp; Waterfront Finance LLC <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(a.k.a. "The O2")</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">794,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.853%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 08, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">801,444</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Metro-Goldwyn-Mayer, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,892,857</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 08, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,944,240</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">33,248,750</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 08, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">33,581,238</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>National CineMedia, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,350,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 12, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,362,516</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NEP II, INC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.595%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 02, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,541,017</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Panavision, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">992,502</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.366%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 30, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,001,186</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Six Flags Theme Parks, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,366,321</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,397,194</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Universal City Development Partners</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,627,273</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 09, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,673,545</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Warner Music Group</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,113,198</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.362%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 28, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,213,905</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>95,651,674</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>42</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=44,FOLIO='42',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Lodging: 1.5%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hotel Del Coronado</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,400,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 09, 2008</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,400,000</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>16,400,000</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Machinery: 1.3%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Alliance Laundry Systems LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,919,149</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.600%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 27, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,946,516</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Enersys Capital Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,169,707</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.111%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 17, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,195,767</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Maxim Crane Works, L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,451,802</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.321%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 25, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,456,399</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>United Rentals, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,552,187</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 14, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,609,562</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>14,208,244</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Mining, Steel, Iron &amp; Nonprecious Metals: 1.5%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Alpha Natural Resources</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">660,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 26, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">663,300</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Excel Mining Systems, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 20, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,008,750</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Longyear Holdings, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,619,422</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 06, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,660,563</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">369,328</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 06, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">372,502</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Novelis</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,446,154</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 07, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,463,657</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Oglebay Norton Company</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,534,286</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 31, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,549,629</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Tube City IMS Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">162,162</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 25, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">163,716</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,337,838</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.500%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 25, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,350,658</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>16,232,775</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>North American Cable: 12.9%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Atlantic Broadband</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,985,004</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.100%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 10, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,012,298</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Bragg Communications, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,437,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 31, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,448,164</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>43</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=45,FOLIO='43',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>North American Cable: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Bresnan Communications, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.111%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 29, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,763,464</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cequel Communications II, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,850,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 10.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 30, 2007</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,854,813</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cequel Communications, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,150,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 05, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,341,600</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cequel Communications, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">525,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 05, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">539,930</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Charter Communications Operating, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">53,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.985%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 28, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">53,944,746</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CSC Holdings, Inc. (Cablevision)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,224,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 29, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,366,750</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Insight Midwest Holdings, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 06, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,603,911</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Knology Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,132,778</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.845%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 29, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,151,439</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Mediacom Broadband LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,890,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.116%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,918,074</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nextmedia Operating, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,456,942</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 15, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,457,250</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Patriot Media &amp; Communications, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 10.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 04, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,015,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Patriot Media &amp; Communications, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,539,683</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,558,202</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Quebecor Media Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,970,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 17, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,994,131</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>San Juan Cable LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,734,366</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.366%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,742,497</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Wideopenwest Finance, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.611%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 01, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,029,376</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>142,741,645</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Oil &amp; Gas: 8.2%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Alon USA</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,990,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 22, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,006,169</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>44</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=46,FOLIO='44',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Oil &amp; Gas: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Coffeyville Resources LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,067,105</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 28, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,083,111</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,019,703</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 28, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,049,999</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CR Gas Storage</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">287,857</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.103%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 12, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">288,846</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">410,247</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.098%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 13, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">411,658</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">429,621</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.140%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 12, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">430,829</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,303,729</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.151%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 12, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,310,210</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>El Paso Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,250,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 01, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,301,269</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Energy Transfer Company, L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.095%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 08, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,104,460</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>EPCO Holdings Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,516,821</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 18, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,670,041</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Helix Energy Solutions Group, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,173,844</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.333%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 01, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,208,488</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>IFM Holdco</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BBB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 28, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">506,250</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>J. Ray Mcdermott, S.A.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.764%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 06, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,030,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Key Energy</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,455,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.861%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,491,197</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Magellan Midstream Holdings LP</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,746,723</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.365%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,757,640</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>McJunkin Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.595%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,793,361</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>MEG Energy</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,779,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 03, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,803,099</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Opti Canada Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.355%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 17, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,021,249</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Semcrude, L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,184,577</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 16, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,236,423</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,601,001</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.593%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 16, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,630,259</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>45</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=47,FOLIO='45',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="829" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Oil &amp; Gas: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Targa Resources, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,677,016</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,747,791</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,009,219</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Venoco, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 30, 2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,025,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Volnay Acquisition Co. I</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,400,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 12, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,424,751</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Vulcan Energy Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,340,471</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 12, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,349,968</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>W&amp;T Offshore, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,900,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.620%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 26, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,924,772</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>90,616,059</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Other Broadcasting and Entertainment: 1.5%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Deluxe, Inc</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,766,215</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 28, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,780,198</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>DirecTV Holdings LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Baa3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,934,560</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 13, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,965,752</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>VNU</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,977,500</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 09, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,075,454</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>16,821,404</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Other Telecommunications: 4.0%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Asurion Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,561,678</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 13, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,624,247</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Asurion Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 11.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 13, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">512,500</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>BCM Ireland Holdings Ltd</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,083,333</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.933%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 30, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,762,655</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,083,333</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.308%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 30, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,790,179</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cavalier Telephone</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 10.120%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,554,688</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Choice One Communications, Inc. <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(A.K.A. Trilogy)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,043,125</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>46</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=48,FOLIO='46',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Other Telecommunications: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Consolidated Communications</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,452,170</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.113%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 14, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,465,963</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fairpoint Communications, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.125%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 08, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,010,312</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Iowa Telecommunications Services, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,250,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.115%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 23, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,285,415</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Kentucky Data Link, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,583,333</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 16, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,605,938</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>PAETEC Holdings</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">870,625</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 12, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">883,902</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Qwest Communications Intl Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Floating Rate Note, 8.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 15, 2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10,100,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time Warner Telecom Holdings, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,220,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 07, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,249,785</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>U.S. Telepacific Corp</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">997,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.895%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 04, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,013,086</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>44,901,795</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Personal &amp; Nondurable Consumer Products: 5.2%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Advantage Sales And Marketing</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,076,750</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.363%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 29, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,084,466</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Bushnell Performance Optics</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,728,659</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 19, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,740,903</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Chattem, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.107%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 02, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,007,188</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fender Musical Instruments Corp.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,467,907</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,489,925</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fender Musical Instruments Corp.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 11.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 30, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,562,500</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hunter Fan Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">823,333</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.900%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 24, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">810,983</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Jarden Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,280,765</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 24, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,328,636</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,196,428</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 24, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,202,909</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>47</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=49,FOLIO='47',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Personal &amp; Nondurable Consumer Products: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Mega Bloks Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">985,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.149%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 26, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">986,231</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Natural Products Group, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">922,078</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.310%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 19, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">928,994</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,896,104</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 19, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,910,325</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Norwood Promotional Products</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,564,338</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 3.850%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,572,160</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,126,296</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 11.625%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 17, 2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,291,348</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11,886,828</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(3</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.000%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 17, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8,915,121</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Norwood Promotional Products</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">948,750</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 12.766%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 15, 2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,081,575</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Rayovac Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,749,739</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.600%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 06, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,827,482</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Totes Isotoner Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">416,667</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">420,183</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Tupperware</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,253,786</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 05, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,267,386</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Yankee Candle Company, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 06, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,033,750</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>57,462,065</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Personal, Food &amp; Miscellaneous: 3.1%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Acosta, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,985,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 28, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,014,850</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>AFC Enterprises</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,025,007</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 11, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,032,695</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Allied Security Holdings LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495,455</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,409</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Arbys Restaurant Group, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,416,452</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.607%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 25, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,474,565</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Carrols Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,884,985</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,896,178</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CBRL (Cracker Barrel)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">590,647</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 27, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">593,084</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>48</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=50,FOLIO='48',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Personal, Food &amp; Miscellaneous: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Coinmach Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,976,292</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 19, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,035,123</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Coinstar, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,430,381</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 07, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,445,571</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Culligan International Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,989,582</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 30, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,995,799</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dennys, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.627%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 15, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">607,500</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,208,696</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.617%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,223,804</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Krispy Kreme Doughnut Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 15, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">506,094</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>MD Beauty, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,185,139</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 18, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,203,055</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>N.E.W. Customer Services Companies, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,756,098</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.104%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 18, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,772,561</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>QCE, LLC (Quiznos)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,056,333</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.625%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 05, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,068,186</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Reddy Ice Group, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 09, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,003,125</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sbarro, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">505,625</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>U.S. Security Holdings, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">620,313</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.890%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 08, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">626,516</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>34,504,740</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Printing &amp; Publishing: 9.1%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>American Achievement Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">610,085</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.928%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 25, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">614,533</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>American Media Operations, Inc</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,350,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,376,522</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>American Reprographics</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,053,377</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.109%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 18, 2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,055,303</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ascend Media Holdings, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,556,575</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.863%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 31, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,515,715</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Black Press, Ltd.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,995,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 02, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,014,950</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>49</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=51,FOLIO='49',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Printing &amp; Publishing: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Caribe Information Investments Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,868,871</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.611%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,878,215</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cenveo Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,492,500</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.365%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 21, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,496,231</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dex Media East, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,137,629</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.859%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 08, 2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,144,224</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dex Media West, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">884,688</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.606%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 09, 2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">882,969</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,722,507</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.857%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 09, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,752,889</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Gatehouse Media, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,202,632</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 06, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,209,057</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hanley Wood, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">291,214</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 01, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">292,063</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,438,121</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.613%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 01, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,445,233</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Idearc, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">20,400,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 17, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">20,595,085</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Intermedia Outdoor, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,650,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing January 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,666,500</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Jostens IH Corp</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,306,264</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.372%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 21, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,362,493</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Medianews Group</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">995,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 02, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">999,353</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Medimedia USA, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,246,875</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.846%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 05, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,253,889</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Merrill Communications, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,931,172</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.589%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 15, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,947,203</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>PagesJaunes Groupe SA</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">800,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 28, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,066,859</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>PagesJaunes Groupe SA</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 28, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">805,742</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">600,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 28, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">809,710</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Primedia Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,101,667</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 30, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,108,976</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Prism Business Media Holdings/ <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Penton Media, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,700,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 01, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,718,416</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>50</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=52,FOLIO='50',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Printing &amp; Publishing: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>R.H. Donnelley Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">268,383</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 31, 2009</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">267,928</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,583,550</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.864%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 30, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,600,858</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Source Media Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,017,140</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 08, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,044,485</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Thomas Nelson Publishers</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,321,667</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.594%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 12, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,330,373</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Wenner Media LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">897,750</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 02, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">903,922</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Yell Group PLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 10, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,015,626</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.732%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 27, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,677,885</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ziff Davis Media, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Floating Rate Note, 11.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 01, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,488,750</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>101,341,957</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Radio and TV Broadcasting: 3.3%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Block Communications, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">990,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 22, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">991,856</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CMP KC, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Caa1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,377,163</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 03, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,387,492</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>CMP Susquehanna Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,988,286</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.405%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 05, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,028,192</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cumulus Media Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,985,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.333%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 07, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,008,453</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Emmis Communication</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,250,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 01, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,261,111</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Entravision Communications Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,955,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 29, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,968,853</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Gray Television, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.850%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 15, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">495,442</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">990,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 22, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">990,884</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Montecito Broadcast Group, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,980,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.820%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 27, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,993,612</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>51</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=53,FOLIO='51',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Radio and TV Broadcasting: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nexstar Broadcasting Group</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,678,081</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 01, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,678,811</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Paxson Communications</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 15, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,609,688</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Raycom TV Broadcasting, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,335,766</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,339,936</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Regent Communications</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.620%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 21, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,509,845</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Spanish Broadcasting Systems</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,930,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.120%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 11, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,943,099</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>36,207,274</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Retail Stores: 7.7%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Amscan Holdings, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,488,750</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.385%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 23, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,504,568</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Burlington Coat Factory</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,403,750</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 28, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,417,632</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dollarama Group L.P</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,430,328</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 18, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,458,200</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Harbor Freight Tools USA, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,196,359</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 15, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,271,323</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Jean Coutu Group (The) Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,977,195</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 30, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,990,354</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Mapco Express, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,228,584</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.100%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 28, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,248,084</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Mattress Firm</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">500,000</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 09, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">506,250</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Michaels Stores, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,697,344</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.125%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,834,894</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nebraska Book Company, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,410,275</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.880%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 04, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,428,352</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Neiman Marcus Group, Inc</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,354,430</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.602%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing April 06, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">16,561,412</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Oriental Trading Company, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,487,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 31, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,503,825</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>52</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=54,FOLIO='52',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Retail Stores: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Pep Boys</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">496,253</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 27, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">502,146</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Petco Animal Supplies, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,125,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.103%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 26, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,189,596</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Phones 4U Group Limited</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">GBP</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.020%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 22, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,915,454</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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">GBP</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.520%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 22, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,936,046</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sally Holding LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,493,750</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 16, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,523,710</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Samsonite Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.620%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 01, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,772,148</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sports Authority</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">995,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 03, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">999,198</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>The Pantry, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,475,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 02, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,485,828</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Tire Rack, Inc. (The)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">851,604</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.118%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 24, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">851,604</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Toys "R" Us, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,375,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 14, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,418,915</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>85,319,539</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Satellite: 0.6%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Intelsat (Bermuda), Ltd.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,550,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 02, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,567,758</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Panamsat Corporation</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,237,500</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 03, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,285,464</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>6,853,222</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Telecommunications Equipment: 0.6%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Sorenson Communications, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,212,418</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.357%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 16, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,256,943</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Syniverse Technologies, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,223,786</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.120%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 15, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,229,140</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="715" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" 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="77" bgcolor="#cceeff" 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"><b>6,486,083</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Textiles &amp; Leather: 1.5%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hanesbrands Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,315,179</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.607%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing September 05, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,339,055</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>53</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=55,FOLIO='53',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Textiles &amp; Leather: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Hanesbrands Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.110%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 05, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,030,078</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Polymer Group, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,425,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.613%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 22, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7,489,969</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Propex Fabrics Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">146,296</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.360%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 31, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">146,845</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>St. John Knits International, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">722,091</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 21, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">725,701</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Targus Group, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,472,199</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.870%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 22, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,482,320</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Targus Group, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,375,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 13.870%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 22, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,290,208</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>William Carter</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,103,291</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 6.856%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing July 14, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,108,877</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>16,613,053</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Utilities: 9.2%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Astoria Generating Company <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Acquisitions, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,134,665</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 23, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,153,744</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Babcock &amp; Wilcox Company</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.264%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 22, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,531,250</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.320%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 22, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,025,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Boston Generating, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 5.241%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 20, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,011,071</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 20, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3,033,213</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Boston Generating, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 22, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">772,125</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Coleto Creek WLE, LP</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">764,331</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.014%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 28, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">767,834</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,333,865</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 28, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,358,311</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>HCP Acquisition Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 12, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">759,375</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>HCP Acquisition Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">CCC</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,750,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 12, 2015</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,793,750</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>54</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=56,FOLIO='54',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Utilities: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Infrastrux Group, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,137,125</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.231%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 03, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,182,075</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>KGEN LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">937,500</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.095%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 30, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">943,359</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,562,500</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.125%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 30, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,572,266</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>La Paloma Generating Company, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">218,579</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.070%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 16, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">219,126</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,418,173</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing August 16, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,421,718</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>LSP - Kendall Energy, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,517,850</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 07, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,505,952</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>LSP Gen Finance Co, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,268,421</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.114%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 04, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,291,099</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>MACH Gen, LLC.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B2</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">140,625</font></td>
<td colspan="1" width="26" 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="24" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 21, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">141,557</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,359,375</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(5</font></td>
<td colspan="1" width="18" 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="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, maturing February 21, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,367,871</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NE Energy, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,700,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.870%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing November 01, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,738,475</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NE Energy, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">425,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.875%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 01, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">432,260</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NRG Energy, Inc.</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,000,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 01, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,063,174</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21,641,274</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.364%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing February 01, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">21,875,086</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Plum Point Energy Associates</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,827,736</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing March 14, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,861,315</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,198,857</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.989%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing Marsch 14, 2014</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,213,094</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Riverside Energy Center, LLC</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">244,856</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 24, 2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">250,977</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,980,833</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 24, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,105,353</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Thermal North America, Inc.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,000,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 8.120%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing October 24, 2008</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,045,000</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>TPF Generation Holdings, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,500,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 9.620%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 15, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,535,625</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>55</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=57,FOLIO='55',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="93" 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="2"><b><i>Bank Loan<BR></i></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Ratings&#134;</i></b><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>(Unaudited)</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Market</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" 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="2"><b><i>Principal Amount</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="50" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" 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="2"><i>Borrower/Tranche Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" 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="2"><i>Moody's</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" 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="2"><i>S&amp;P</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Utilities: (continued)</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>TPF Generation Holdings, LLC</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B+</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,600,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.370%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing December 15, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6,660,693</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Wolf Hollow I, L.P.</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B1</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Revolver, 7.570%, maturing June 22, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">443,250</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,800,000</font></td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.570%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 22, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,773,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,133,718</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Term Loan, 7.614%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing June 22, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2,101,709</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="19" width="715" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>101,949,707</b></font></td>
<td colspan="1" width="8" 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="7" width="399" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Senior Loans <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Cost $1,807,780,578)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="37" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" 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>1,829,047,888</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Other Corporate Debt: 0.5%</i></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="480" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>Automobile: 0.5%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Avis Budget Car Rental</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ba3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">BB-</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">750,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Floating Rate Note, 7.860%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing May 15, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">772,500</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="1" width="33" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" valign="bottom">
&nbsp;</td>
<td colspan="1" width="26" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="50" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Navistar International Corporation</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">NR</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<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>
<tr>
<td colspan="1" width="33" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="282" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,950,000</font></td>
<td colspan="1" width="26" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="50" 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>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Unsecured Term Loan, 8.610%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">maturing January 19, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="56" 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>
<td colspan="3" width="37" 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>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5,043,431</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="7" width="399" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Other Corporate Debt <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Cost $5,700,000)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="56" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="37" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>5,815,931</b></font></td>
<td colspan="1" width="8" 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="341" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2"><b><i>Equities and Other Assets: 1.7%</i></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="19" width="480" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="78" 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="2"><i> </i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="272" 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="2"><i>Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" 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="2"><i>Market<BR></i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)<BR></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="3" width="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Allied Digital Technologies Corporation <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">107,510</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="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2), (@), (R)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">AM Cosmetics Corporation (Liquidation Interest)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</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="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Block Vision Holdings Corporation (571 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)<BR></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="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Boston Chicken, Inc. (Residual Interest in <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Boston Chicken Plan Trust)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2), (@), (R)</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="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Cedar Chemical (Liquidation Interest)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)<BR></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="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Covenant Care, Inc. (Warrants for 19,000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares, Expires January 13, 2005)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</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="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Covenant Care, Inc. (Warrants for 26,901 </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<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="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<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="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares, Expires March 31, 2013)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</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="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Decision One Corporation (1,402,038 Common Shares)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">145,812</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="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)<BR></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="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Electro Mechanical Solutions <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,112</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2), (@), (R)</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="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Enterprise Profit Solutions (Liquidation Interest)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">EquityCo, LLC (Warrants for 28,752 Common Shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)<BR></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="3" width="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Euro United Corporation <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">305,999</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="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Gemini Leasing, Inc. (143,079 Common Shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)<BR></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="3" width="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Grand Union Company <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">54,523</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="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<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="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hayes-Lemmerz International, Inc. (73,835 Common Shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">365,483</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</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="272" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Humphrey's, Inc. (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" 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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="272" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IAP Acquisition Corporation (3,524 Common Shares)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</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="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>56</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=58,FOLIO='56',FILE='07-9077-1.ea',USER='jferrel',CD='Apr 29 10:34 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="120" 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="2"><i> </i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" 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="2"><i>Description</i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" 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="2"><i> <BR></i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i> </i></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" 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="2"><i>Market <BR></i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Value</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IAP Acquisition Corporation (1,084 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="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="77" 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="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IAP Acquisition Corporation (1,814 Common Shares)</font></td>
<td colspan="1">&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="1"> </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IAP Acquisition Corporation (17,348 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="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" 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="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Imperial Home D&eacute;cor Group, Inc. (Liquidation Interest)</font></td>
<td colspan="1">&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="1"> </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Insilco Technologies (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" 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="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" 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="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">IT Group, Inc. (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&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="1"> </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">50</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Kevco Inc. (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" 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="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lincoln Paper &amp; Tissue (Warrants for 291 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares, Expires August 14, 2015)</font></td>
<td colspan="1">&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="1"> </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lincoln Pulp and Easten Fine <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" 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="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" 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="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">New Piper Aircraft, Inc. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&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="1"> </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Norwood Promotional Products, Inc. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(104,148 </font><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="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" 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="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Safelite Glass Corporation (856,340 Common Shares)</font></td>
<td colspan="1">&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="1"> </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">17,229,561</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(@), (R)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Safelite Realty Corporation (57,804 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="40" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">976,310</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Transtar Metals (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&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="1"> </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(1</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">TSR Wireless, LLC (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" 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="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" 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="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">US Aggregates (Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1">&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="1"> </font></td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" width="19" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="60" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">), (@), (R)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">US Office Products Company <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(Residual Interest in Bankruptcy Estate)</font></td>
<td colspan="1" 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="1"> </font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" 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="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total for Equities and Other Assets <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Cost $6,545,876)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="40" valign="bottom">
&nbsp;</td>
<td colspan="1" width="24" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" 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="77" 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"><b>19,186,385</b></font></td>
<td colspan="1" width="19" 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="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Investments <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Cost $1,820,026,454)**</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>167.1</b></font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>%</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>$</b></font></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" 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>1,854,050,204</b></font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Assets and Liabilities &#151; Net</b></font></td>
<td colspan="1">&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="1"><b>(67.1</b></font></td>
<td colspan="1" width="24" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>)</b></font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(744,511,252</b></font></td>
<td colspan="1" width="19" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>)</b></font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="273" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Net Assets</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" 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="40" 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"><b>100.0</b></font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" 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"><b>%</b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" 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"><b>$</b></font></td>
<td colspan="1" width="77" 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"><b>1,109,538,952</b></font></td>
<td colspan="1" width="19" 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>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;*&nbsp;&nbsp;Senior loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These senior loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate ("LIBOR") and other short-term rates.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;&#134;&nbsp;&nbsp;Bank Loans rated below Baa are considered to be below investment grade.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;NR&nbsp;&nbsp;Not Rated</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;(1)&nbsp;&nbsp;The borrower filed for protection under Chapter 7 of the U.S. Federal Bankruptcy Code.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;(2)&nbsp;&nbsp;The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy Code.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;(3)&nbsp;&nbsp;Loan is on non-accrual basis, and is non-income producing.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;(4)&nbsp;&nbsp;The borrower filed for protection under the Canadian Bankruptcy and Insolvency Act.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;(5)&nbsp;&nbsp;Trade pending settlement. Contract rates do not take effect until settlement date.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;(@)&nbsp;&nbsp;Non-income producing security.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;(R)&nbsp;&nbsp;Restricted security.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;GBP&nbsp;&nbsp;British Pound Sterling</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;EUR&nbsp;&nbsp;Euro</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;SEK&nbsp;&nbsp;Swedish Kronor</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;**&nbsp;&nbsp;For Federal Income Tax purposes cost of investments is $1,820,085,325.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation consists of the following:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Gross Unrealized Appreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">40,727,723</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Gross Unrealized Depreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(6,762,844</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>
</tr>
<tr>
<td colspan="3" width="164" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Net Unrealized Appreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" 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="2">$</font></td>
<td colspan="1" width="70" 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="2">33,964,879</font></td>
<td colspan="1" width="19" 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>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>57</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">PORTFOLIO OF INVESTMENTS as of February 28, 2007 (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>At February 28, 2007 the following forward foreign currency contracts were outstanding for ING Prime Rate Trust :</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="108" 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>Currency</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" 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>Buy/Sell</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" 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>In<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Settlement<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" 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>Exchange<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>For</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" 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>Unrealized<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Value</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" 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>Appreciation/<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Depreciation)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Euro<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 15,260,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sell</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="117" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">04</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/13/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">20,126,674</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">20,220,963</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="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(94,289</font></td>
<td colspan="1" width="18" 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="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Euro<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">EUR</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 11,445,000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sell</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">05</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/15/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14,877,748</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">15,185,367</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(307,619</font></td>
<td colspan="1" width="18" 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="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">British Pound Sterling<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">GBP</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 6,380,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sell</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="117" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">04</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/13/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,508,350</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="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12,525,999</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="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(17,649</font></td>
<td colspan="1" width="18" 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="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">British Pound Sterling<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">GBP</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 4,785,000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sell</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">05</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/15/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,323,238</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9,393,333</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(70,095</font></td>
<td colspan="1" width="18" 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="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sweden Kronor<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">SEK</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 4,004,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sell</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="117" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">04</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/13/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">587,097</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="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">573,068</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="21" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">14,029</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sweden Kronor<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">SEK</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> 3,003,000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sell</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">05</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/15/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">431,900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">430,572</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom">
&nbsp;</td>
<td colspan="1" width="91" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,328</font></td>
<td colspan="1" width="18" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="333" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" 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="91" 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">57,855,007</font></td>
<td colspan="1" width="8" 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="21" 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">$</font></td>
<td colspan="1" width="91" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">58,329,302</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="91" 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">(474,295</font></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" 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="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See Accompanying Notes to Financial Statements<br>58</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">JUNE 14, 2006 ANNUAL SHAREHOLDER MEETING (Unaudited)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING Prime Rate Trust, Common Shares</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;To elect ten members of the Board to represent the interests of the holders of Common Shares of the Trust until the election and qualification of their successors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING Prime Rate Trust, Preferred Shares</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;To elect two members of the Board to represent the interests of the holders of Auction Rate Cumulative Preferred Shares &#150; Series M, T, W, TH and F of the Trust &#150; until the election and qualification of their successors.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="108" 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> <BR></b></font><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> </b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" 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>Proposal</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" 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>Shares<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>voted for</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" 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>Shares voted<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>against or<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>withheld</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" 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>Shares<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>abstained</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" 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>Total<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Shares Voted</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trustees<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">John V. Boyer<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Patricia W. Chadwick<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">J. Michael Earley<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">R. Barbara Gitenstein<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Patrick W. Kenny<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shaun P. Mathews<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Walter H. May</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(1)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Sheryl K. Pressler<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">David W.C. Putnam<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">John G. Turner</font></td>

<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="117" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">118,004,490.617<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">117,993,956.934<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">118,051,382.617<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">118,004,758.423<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">118,048,201.617<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">117,987,794.617<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">117,990,924.450<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">117,826,278.785<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">118,010,279.255<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">118,038,404.617</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1,680,411.292<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,690,944.975<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,633,519.292<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,680,143.486<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,636,700.292<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,697,107.292<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,693,977.459<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,858,623.124<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,674,622.654<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1,646,497.292</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="130" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">119,684,901.909</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Trustees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Jock Patton<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Roger B. Vincent</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">16,781.000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">16,783.000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">55.000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">53.000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">16,836.000<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">16,836.000</font></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Effective Janaury 11, 2007, Mr. Walter H. May retired from the Board.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>59</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ADDITIONAL INFORMATION</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>SHAREHOLDER INVESTMENT PROGRAM</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust offers a Shareholder Investment Program (the "Program") which allows holders of the Trust's common shares a simple way to reinvest dividends and capital gains distributions, if any, in additional common shares of the Trust. The Program also offers holders of the Trust's common shares the ability to make optional cash investments in any amount from $100 to $100,000 on a monthly basis.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">For dividend and capital gains distribution reinvestment purposes, DST will purchase shares of the Trust on the open market when the market price plus estimated fees is less than the NAV on the valuation date. The Trust will issue new shares for dividend and capital gains distribution reinvestment purchases when the market price plus estimated fees is equal to or exceeds the net asset value on the valuation date. New shares may be issued at the greater of (i) NAV or (ii) the market price of the shares during the pricing period, minus a discount of 5%.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">For optional cash investments, shares will be purchased on the open market by the DST when the market price plus estimated fees is less than the NAV on the valuation date. New shares will be issued by the Trust for optional cash investments when the market price plus estimated fees is equal to or exceeds the net asset value on the valuation date. Such shares will be issued at a discount to market, determined by the Trust, between 0% and 5%.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">There is no charge to participate in the Program. Participants may elect to discontinue participation in the Program at any time. Participants will share, on a </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>pro rata</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> basis, in the fees or expenses of any shares acquired in the open market.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Participation in the Program is not automatic. If you would like to receive more information about the Program or if you desire to participate, please contact your broker or the Trust's Shareholder Services Department at 1-(800) 992-0180.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>KEY FINANCIAL DATES &#151; CALENDAR 2007 DIVIDENDS:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="116" 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="2">DECLARATION DATE</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" 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="2">EX-DIVIDEND DATE</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" 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="2">PAYABLE DATE</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">January 31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">February 8</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">February 23</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">February 28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">March 8</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">March 22</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">March 30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">April 5</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">April 23</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">April 30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">May 8</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">May 22</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">May 31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">June 7</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">June 22</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">June 29</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">July 6</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">July 23</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">July 31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">August 8</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">August 22</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">August 31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">September 6</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">September 24</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">September 28</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">October 5</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">October 22</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">October 31</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">November 8</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">November 23</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">November 30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 6</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 24</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 20</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">December 27</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">January 10</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Record date will be two business days after each Ex-Dividend Date. These dates are subject to change.</i></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>60</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ADDITIONAL INFORMATION (continued)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>STOCK DATA</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's common shares are traded on the New York Stock Exchange (Symbol: PPR). Effective March 1, 2002, the Trust's name changed to ING Prime Rate Trust and its CUSIP number changed to 44977W106. The Trust's NAV and market price are published daily under the "Closed-End Funds" feature in Barron's, The New York Times, The Wall Street Journal and many other regional and national publications.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>REPURCHASE OF SECURITIES BY CLOSED-END COMPANIES</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In accordance with Section 23(c) of the 1940 Act, and Rule 23c-1 under the 1940 Act the Trust may from time to time purchase shares of beneficial interest of the Trust in the open market, in privately negotiated transactions and/or purchase shares to correct erroneous transactions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NUMBER OF SHAREHOLDERS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The approximate number of record holders of Common Stock as of February 28, 2007 was 5,415 which does not include approximately 48,894 beneficial owners of shares held in the name of brokers of other nominees.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>PROXY VOTING INFORMATION</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A description of the policies and procedures that the Trust uses to determine how to vote proxies related to portfolio securities is available (1) without charge, upon request, by calling Shareholder Services toll-free at 1-800-992-0180; (2) on the Trust's website at www.ingfunds.com and (3) on the SEC's website at www.sec.gov. Information regarding how the Trust voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Trust's website at www.ingfunds.com and on the SEC's website at www.sec.gov.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>QUARTERLY PORTFOLIO HOLDINGS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are available on the SEC's website at www.sec.gov. The Trust's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330; and is available upon request from the Trust by calling Shareholder Services toll-free at 1-800-992-0180.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>CERTIFICATIONS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Trust submitted the Annual CEO Certification on June 19, 2006 certifying that he was not aware, as of that date, of any violation by the Trust of the NYSE's Corporate governance listing standards. In addition, as required by Section 203 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the Trust's principal executive and financial officers have made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q, relating to, among other things, the Trust's disclosure controls and procedures and internal controls over financial reporting.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>61</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">TAX INFORMATION (Unaudited)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust is required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise within 60 days of the Trust's fiscal year end (February 28, 2007) as to the federal tax status of distributions received by the Trust's shareholders. Accordingly, the Trust is hereby advising you that the following dividends were paid to Common Shareholders during the fiscal year ended February 28, 2007:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="87" 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>Type of Dividend</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="116" 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>Per Share Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" 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>Ex-Dividend Date</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" 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>Payable Date</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ordinary Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0400</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/8/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">3</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0440</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="83" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/6/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/24/06</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0445</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/8/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0460</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="83" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/8/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">6</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/06</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0460</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/6/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">7</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/24/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0475</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="83" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/8/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">8</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/06</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0475</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/7/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">9</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0470</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="83" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/5/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">10</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/23/06</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0475</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/8/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">11</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0470</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="83" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/7/06</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/22/06</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0475</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">12</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/27/06</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="87" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0.0475</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="83" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/8/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/23/07</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="87" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Total</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" 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="87" 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">0.5520</font></td>
<td colspan="1" width="8" 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="3" width="83" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust is hereby advising you that the following dividends were paid to Preferred Shareholders during the fiscal year ended February 28, 2007:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="108" 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>Preferred<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Shares</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" 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>Type of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dividend</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" 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>Total Per <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Share Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" 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>Auction <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dates</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" 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>Record <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dates</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" 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>Payable <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dates</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series M</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ordinary Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">173.87</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/05/07-04/16/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/07-04/23/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="130" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/13/07-04/24/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series T</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ordinary Income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">173.30</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="120" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/06/07-04/17/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/13/07-04/24/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/14/07-04/25/07</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series W</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ordinary Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">172.83</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/07/07-04/18/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/14/07-04/25/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="130" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/15/07-04/26/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series Th</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ordinary Income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="88" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">197.98</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="120" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/01/07-04/19/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/08/07-04/26/07</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/09/07-04/27/07</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Series F</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ordinary Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">196.59</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="120" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/02/07-04/20/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/09/07-04/27/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="130" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">03</font><font face="Times New Roman PS, Times New Roman, Times" size="1">/12/07-04/30/07</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Pursuant to Internal Revenue Code Section 871(k), the Trust designates 97.37% of net investment income distributions as interest-related dividends.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Trust. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>62</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">TRUSTEE AND OFFICER INFORMATION (Unaudited)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The business and affairs of the Trust are managed under the direction of the Trust's Board. A Trustee who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee ("Independent Trustee"). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about Trustees of the Registrant and is available, without charge, upon request at 1-800-992-0180.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="208" 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>Name, Address<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" 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>Position(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trust</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" 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>Term of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><sup>(1)</sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" 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>Principal<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Occupation(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>During the<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" 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 of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Funds in<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund Complex<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>by Trustee</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1501" 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>Other<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Directorships<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held by<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trustee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="3073" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Independent Trustees:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">John V. Boyer</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(2)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 53</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">January<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2005 - </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President and Chief Executive Officer, Franklin and Eleanor</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">Roosevelt Institute (March 2006 - Present). Formerly, Executive Director, The Mark Twain House &amp; Museum</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(3)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> (September 1989 - November 2005).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Patricia W. Chadwick</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(2)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 58</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">January 2006 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Consultant and President of self-owned company, Ravengate Partners LLC (January 2000 - Present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Wisconsin Energy<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(June 2006 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">J. Michael Earley</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(4)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 61</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">February 2002 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President, Chief Executive Officer and Director, Bankers Trust Company, N.A., Des</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">Moines (June 1992 - Present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Midamerica Financial Corporation (December 2002 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">R. Barbara Gitenstein</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(2)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 59</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">February 2002 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President, College of New Jersey (January 1999 - Present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Patrick W. Kenny</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(4)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 64</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">January 2005 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President and Chief Executive Officer, International Insurance Society (June 2001 - Present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Assured Guaranty Ltd. (April 2004 - Present): and Odyssey Reinsurance Holdings (November 2006 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jock Patton</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(2)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 61</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman and Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">August 1995 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Private Investor (June 1997 - Present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">JDA Software Group, Inc. (January 1999 - Present); and Swift Transportation Co. (March 2004 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Sheryl K. Pressler</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(4)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 56</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">January 2006 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Consultant (May 2001 - Present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Stillwater Mining Company (May 2002 - Present); California HealthCare Foundation (June 1999 - Present); and Romanian-American Enterprise Fund (February 2004 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">David W.C. Putnam</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(4)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 67</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 1999 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chair, Board of Directors and President, F.L. Putnam Securities Company, Inc. (June 1978 - Present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Principled Equity Market Trust (December 1996 - Present); and Asian American Bank and Trust Company (June 1993 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Roger B. Vincent</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(4)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 61</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">February 2002 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President, Springwell Corporation (March 1989 - Present).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">UGI Corporation (February 2006 - Present); and UGI Utilities, Inc. (February 2006 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>63</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=65,FOLIO='63',FILE='07-9077-1.fa',USER='rwaldoc',CD='Apr 27 18:39 2007' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="208" 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>Name, Address<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" 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>Position(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>held with<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trust</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" 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>Term of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><sup>(1)</sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" 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>Principal<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Occupation(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>during the<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" 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 of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Funds in<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund Complex<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>by Trustee</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1501" 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>Other<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Directorships<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>held by<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trustee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="3073" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trustees who are "Interested Persons":</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shaun P. Mathews</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(5)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age : 51</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">June 2006 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President and Chief Executive Officer, ING Investments, LLC and ING Funds Services, LLC (December 2006 - Present); and Head of ING USFS Mutual Funds and Investment Products (October 2004 - Present). Formerly, CMO, ING USFS (April 2002 - October 2004); and Head of Rollover/Payout (October 2001 - December 2003).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Mark Twain House</font><font size="1"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">&amp; Museum</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(3)</sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> (September 2002 - Present); Connecticut Forum (May 2002 - Present); Capital Community College Foundation (February 2002 - Present); ING Services Holding Company, Inc. (May 2000 - Present); Southland Life Insurance Company (June 2002 - Present); and ING Capital Corporation, LLC, ING Funds Distributor, LLC, ING Funds Services, LLC, ING Investments, LLC and ING Pilgrim Funding, Inc. (March 2006 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">John G. Turner</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup><sub>(5)<BR></sub></sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 67</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Trustee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="102" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">September 2000 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1093" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Retired.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="1501" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Hormel Foods Corporation (March 2000 - Present); and Conseco, Inc. (September 2003 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Trustees serve until their successors are duly elected and qualified, subject to the Board's retirement policy.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;Valuation, Proxy and Brokerage Committee member.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(3)&nbsp;&nbsp;Shaun Mathews, President and Chief Executive Officer, ING Investments, LLC and ING Funds Services, LLC and Head of 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. ING Groep makes non-material, charitable contributions to The Mark Twain House &amp; Museum.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(4)&nbsp;&nbsp;Audit Committee member.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(5)&nbsp;&nbsp;Mr. Mathews and Mr. Turner are "interested persons," as defined under the 1940 Act, because of their affiliation with ING Groep, the parent corporation of the Investment Adviser, ING Investments, LLC and the Distributor, ING Funds Distributor, LLC.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>64</font></p>
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="208" 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>Name, Address<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" 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>Position(s) Held <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>with the Trust</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" 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>Term of Office <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and Length of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time Served</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><sup>(1)</sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" 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>Principal <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Occupation(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>during the<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="2260" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Officers:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Shaun P. Mathews<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 51</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President and Chief Executive Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 2006 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President and Chief Executive Officer, ING Investments, LLC and ING Funds Services, LLC (December 2006 - Present); and Head of ING USFS Mutual Funds and Investment Products (October 2004 - Present).  Formerly, CMO, ING USFS (April 2002 - October 2004); and Head of Rollover/Payout (October 2001 - December 2003).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Michael J. Roland<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 48</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Executive Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">February 2002 - Present </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Head of Mutual Fund Platform (February 2007 - Present); and Executive Vice President, ING Investments, LLC and ING Funds Services, LLC (December 2001 - Present). Formerly, Head of Product Management (January 2005 - January 2007); Chief Compliance Officer, ING Investments, LLC and Directed Services, LLC (October 2004 - December 2005); and Chief Financial Officer and Treasurer, ING Investments, LLC (December 2001 - March 2005).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Stanley D. Vyner<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">230 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Park Avenue<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, New York 10169<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 56</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Executive Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">August 2003 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Executive Vice President, ING Investments, LLC (July 2000 - Present) and Chief Investment Risk Officer (January 2003 - Present). Formerly, Chief Investment Officer of the International Investments, (August 2000 - January 2003).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Joseph M. O'Donnell<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 52</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Executive Vice President<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Chief Compliance Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">March 2006 - Present<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">November 2004 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chief Compliance Officer of the ING Funds (November 2004 - Present); ING Investments, LLC and Directed Services, LLC (March 2006 - Present); and Executive Vice President of the ING Funds (March 2006 - Present). Formerly, Chief Compliance Officer of ING Life Insurance and Annuity Company (March 2006 - December 2006); Vice President, Chief Legal Counsel, Chief Compliance Officer and Secretary of Atlas Securities, Inc., Atlas Advisers, Inc. and Atlas Funds (October 2001 - October 2004).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Robert S. Naka<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 43</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Executive Vice President and Chief Operating Officer<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Assistant Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">March 2006 -  Present<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">July 1996 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Executive Vice President and Chief Operating Officer, ING Funds Services, LLC and ING Investments, LLC (March 2006 - Present); and Assistant Secretary, ING Funds Services, LLC (October 2001 - Present). Formerly, Senior Vice President, ING Investments, LLC (August 1999 - March 2006).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Todd Modic<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 39</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">March 2005 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President, ING Funds Services, LLC (April 2005 - Present).  Formerly, Vice President, ING Funds Services, LLC (September 2002 - March 2005); and Director, Financial Reporting, ING Investments, LLC (March 2001 - September 2002).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Daniel A. Norman<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 49</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Treasurer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">April 1995 - Present<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">June 1997 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President and Group Head, ING Senior Debt Group, ING Investment Management Co. (January 2000 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jeffrey A. Bakalar<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 47</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 1999 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President and Group Head, ING Senior Debt Group, ING Investment Management Co. (January 2000 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>65</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="208" 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>Name, Address<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" 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>Position(s) Held <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>with the Trust</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" 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>Term of Office <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and Length of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time Served</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><sup>(1)</sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" 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>Principal <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Occupation(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>during the<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Elliot Rosen<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 53</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">May 2002 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President in the Senior Floating Rate Loan Group, ING Investment Management Co. (February 1999 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">William H. Rivoir III<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 56</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President and Assistant Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">February 2001 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President, ING Investment Management Co. (January 2004 - Present). Formerly, Counsel, ING USFS Law Department (January 2003 - December 2003); and Senior Vice President, ING Investments, LLC (June 1998 - December 2002).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Curtis F. Lee<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 52</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President and Chief Credit Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">February 2001 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President and Chief Credit Officer in the Senior Floating Rate Loan Group, ING Investment Management Co. (January 2001 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Kimberly A. Anderson<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 42</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 2003 - Present </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President, ING Investments, LLC (October 2003 - Present). Formerly, Vice President and Assistant Secretary, ING Investments, LLC (January 2001 - October 2003).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ernest J. C'DeBaca<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 37</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">May 2006 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President, ING Investments, LLC (December 2006 - Present); and ING Funds Services, LLC (April 2006 - Present). Formerly, Counsel, ING Americas, U.S. Legal Services (January 2004 - March 2006); and Attorney-Adviser, U.S. Securities and Exchange Commission (May 2001 - December 2003).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Robert Terris<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 36</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">May 2006 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Vice President, Head of Division Operations, ING Funds (May 2006 - Present); and Vice President, Head of Division Operations, ING Funds Services, LLC (March 2006 - Present). Formerly, Vice President of Administration, ING Funds Services, LLC (October 2001 - March 2006).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Robyn L. Ichilov<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 39</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President and Treasurer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">November 1997 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President and Treasurer, ING Funds Services, LLC (October 2001 - Present) and ING Investments, LLC (August 1997 - Present).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lauren D. Bensinger<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 53</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">August 2003 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President and Chief Compliance Officer, ING Funds Distributor, LLC (July 1995 - Present); Vice President, ING Investments, LLC (February 1996 - Present) and Director of Compliance, ING Investments, LLC (October 2004 - Present). Formerly, Chief Compliance Officer, ING Investments, LLC (October 2001 - October 2004).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Maria M. Anderson<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 48</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">September 2004 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President, ING Funds Services, LLC (September 2004 - Present). Formerly, Assistant Vice President, ING Funds Services, LLC (October 2001 - September 2004); and Manager of Fund Accounting and Fund Compliance, ING Investments, LLC (September 1999 - October 2001).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>66</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="208" 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>Name, Address<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" 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>Position(s) Held <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>with the Trust</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" 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>Term of Office <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and Length of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time Served</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b><sup>(1)</sup></b></font>&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" 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>Principal <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Occupation(s) <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>during the<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Denise Lewis<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 43</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">January 2007 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President, ING Funds Services, LLC (December 2006 - Present).  Formerly, Senior Vice President, UMB Investment Services Group, LLC (November 2003 - December 2006); and Vice President, Wells Fargo Funds Management, LLC (December 2000 - August 2003).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Kimberly K. Palmer<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 49</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">March 2006 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President, ING Funds Services, LLC (March 2006 - present). Formerly, Assistant Vice President, ING Funds Services, LLC (August 2004 - Present); Manager, Registration Statements, ING Funds Services, LLC (May 2003 - August 2004); Associate Partner, AMVESCAP PLC (October 2000 - May 2003); and Director of Federal Filings and Blue Sky Filings, INVESCO Funds Group, Inc. (March 1994 - May 2003).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Susan P. Kinens<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 30</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Assistant Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">February 2003 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Assistant Vice President, ING Funds Services, LLC (December 2002 - Present); and has held various other positions with ING Funds Services, LLC for more than the last five years.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Huey P. Falgout, Jr.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd. <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 43</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">August 2003 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chief Counsel, ING Americas,  U.S. Legal Services (September 2003 - Present). Formerly, Counsel, ING Americas, U.S. Legal Services (November 2002 - September 2003); and Associate General Counsel of AIG American General (January 1999 - November 2002).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="208" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Theresa K. Kelety<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 E. Doubletree Ranch Rd.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Age: 44</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="278" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Assistant Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="103" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">August 2003 - Present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1671" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Counsel, ING Americas,  U.S. Legal Services (April 2003 - Present). Formerly, Senior Associate with Shearman &amp; Sterling <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">(February 2000 - April 2003).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;The officers hold office until the next annual meeting of the Trustees and until their successors have been elected and qualified.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>67</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Contracts</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Section 15(c) of the 1940 Act provides that, after an initial period, the existing investment advisory and sub-advisory contracts of the Trust remain in effect only if the Board of the Trust, including a majority of the Trustees who have no direct or indirect interest in the advisory and sub-advisory contracts, and who are not "interested persons" of the Trust, as such term is defined under the 1940 Act (the "Independent Trustees"), annually review and renew them. In this regard, at a meeting held on November 9, 2006 the Board, including a majority of the Independent Trustees, considered whether to renew the investment advisory contract (the "Advisory Contract") between ING Investments, LLC (the "Adviser") and the Trust and the sub-advisory contract ("Sub-Advisory Contract") with ING Investment Management Co. ("ING IM" or the "Sub-Adviser").</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Independent Trustees also held separate meetings on October 12, 2006 and November 7, 2006 to consider renewals of the Advisory Contract and Sub-Advisory Contract. Thus, references herein to factors considered and determinations made by the Independent Trustees include, as applicable, factors considered and determinations made on those earlier dates.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">At the November 9, 2006 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Trust. In reaching this decision, the Board took into account information furnished throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual review process. The Board's determination took into account a number of factors that its members believed, in light of the legal advice furnished to them by Kirkpatrick &amp; Lockhart Nicholson Graham LLP ("K&amp;LNG"), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Advisory Contract and Sub-Advisory Contract for the Trust were considered at the same Board meeting, the Trustees considered the Trust's advisory and sub-advisory relationships separately.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Provided below is an overview of the Board's contract approval process in general, as well as a discussion of certain of the specific factors the Board considered at the November 9, 2006 meeting. While the Board gave its attention to the information furnished, at its request, that was most relevant to its consideration, discussed below are a number of the primary factors relevant to the Board's consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending November 30, 2007. Each Trustee may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Trust's advisory and sub-advisory arrangements.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Overview of the Contract Renewal and Approval Process</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In 2003, the Independent Trustees determined to undertake steps to further enhance the process under which the Board determines whether to renew existing advisory and sub-advisory arrangements for the Funds in the ING Funds complex, including the Trust's existing Advisory and Sub-Advisory Contracts, and to approve new advisory and sub-advisory arrangements. Among these measures, the Board: retained the services of an independent consultant with experience in the mutual fund industry to assist the Independent Trustees in working with the personnel employed by the Adviser or its affiliates who administer the Trust ("Management") to identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships; established the format in which the information requested by the Board is provided to the Board; and determined the process for reviewing such information in connection with t
he Advisory and Sub-Advisory Contract renewal process. The end result was the implementation of the current process relied upon by the Board to review and analyze information in connection with the annual renewal of the Trust's Advisory and Sub-Advisory Contracts, as well as its review and approval of new advisory relationships.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>68</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Contracts</b><b> </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Since the foregoing approval and renewal process was implemented, the Board regularly has reviewed and refined the process. In addition, the Board established a Contracts Committee and two Investment Review Committees, including the International/Balanced/Fixed Income Funds Investment Review Committee (the "I/B/F IRC"). The type and format of the information provided to the Board or its counsel to inform its approval and annual review and renewal process has been codified in the "15(c) Methodology Guide" (the "Methodology Guide") for the Funds in the ING Funds complex. The Methodology Guide was developed under the direction of the Independent Trustees, and sets out a written blueprint under which the Independent Trustees request certain information necessary to facilitate a thorough and informed review in connection with the annual Advisory and Sub-Advisory Contract renewal process. Management provides Fund-specific information to the Indepe
ndent Trustees based on the Methodology Guide through "Fund Analysis and Comparison Tables" or "FACT" sheets prior to the Independent Trustees' review of Advisory and Sub-Advisory Contracts. In 2005, the Independent Trustees retained an independent firm to verify and test the accuracy of certain of this information for a representative sample of Funds in the ING Funds complex, including the Trust. The Independent Trustees have determined to conduct such testing periodically.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">As part of a regular on-going process, the Board's Contracts Committee recommends or considers recommendations from Management for refinements and other changes to the Methodology Guide and other aspects of the review process, and the I/B/F IRC reviews benchmarks used to assess the performance of the Trust. The I/B/F IRC also meets regularly with the Adviser and periodically with ING IM.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board employed its process for reviewing contracts when considering the renewals of the Advisory and Sub-Advisory Contracts that would be effective through November 30, 2007. A number of the Board's primary considerations and conclusions resulting from this process are discussed below.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Nature, Extent and Quality of Service</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In determining whether to approve the Advisory Contract and Sub-Advisory Contract for the Trust for the year ending November 30, 2007, the Independent Trustees received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Trust by the Adviser and ING IM. This included information regarding the Adviser and ING IM provided throughout the year at regular Board meetings, as well as information furnished for the November 9, 2006 Board meeting, which was held specifically to consider contracts renewals for the period ending November 30, 2007. In addition, the Board's Independent Trustees also held meetings on October 12 and November 7, prior to the November 9, 2006 meeting of the full Board, to consider the annual renewal of the Advisory and Sub-Advisory Contracts.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The materials requested by and provided to the Board and/or to K&amp;LNG prior to the November 2006 Board meeting included the following items: (1) FACT sheets for the Trust that provided information about the performance and expenses of the Trust and other similarly managed funds in a selected peer group ("Selected Peer Group"), as well as information about the Trust's investment portfolio, objectives and strategies; (2) the Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which benchmarks and Selected Peer Groups were selected and how profitability was determined; (3) responses from the Adviser and ING IM to a detailed series of questions posed by K&amp;LNG; (4) copies of the forms of Advisory Contract and Sub-Advisory Contract; (5) copies of the Forms ADV for the Adviser and the Sub-Adviser; (6) financial statements for the Adviser and the Sub-Adviser; (7) drafts of a narrative summary addressi
ng key factors the Board customarily considers in evaluating the renewals of Advisory Contract and Sub-Advisory Contract, including a written analysis of how the Trust's performance and fees compare to its Selected Peer Group and/or designated benchmarks; and (8) other information relevant to the Board's evaluations.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>69</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Contracts</b><b> </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's common shares were used for purposes of certain comparisons to the funds in its Selected Peer Group. While the Trust has a preferred class of shares, common shares were selected for comparison purposes because they are publicly traded and are the largest class. The common shares were compared to the analogous class of shares for each fund in the Selected Peer Group. The mutual funds chosen for inclusion in the Trust's Selected Peer Group were selected based upon criteria designed to mirror the class being compared to the Selected Peer Group.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In arriving at its conclusions with respect to the Advisory Contract, the Board was mindful of the "manager-of-managers" platform of the ING Funds. The Board also considered the techniques that the Adviser developed, at the Board's direction, to screen and perform due diligence on sub-advisers that are recommended to the Board to manage the Funds in the ING Funds complex. The Board noted the resources that the Adviser has committed to the Board and its Investment Review Committees, including the I/B/F IRC, to assist the Board and members of the Committees with their assessment of the investment performance of the Trust on an ongoing basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the I/B/F IRC to analyze the key factors underlying investment performance for the Trust. The Board also
 noted the techniques used by the Adviser to monitor the performance of ING IM.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In considering the Advisory Contract, the Board also considered the extent of benefits provided to the Trust's shareholders, beyond advisory services, from being part of the ING family of Funds.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board also took into account the Adviser's extensive efforts in recent years to reduce the expenses of the ING Funds through re-negotiated arrangements with the ING Funds' service providers.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Further, the Board received periodic reports showing that the Trust's investment policies and restrictions were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Trust's Chief Compliance Officer ("CCO") evaluating the regulatory compliance systems of the Adviser and the Sub-Adviser and procedures reasonably designed by them to assure compliance with the federal securities laws, including those related to late trading and market timing, best execution, fair value pricing, proxy voting procedures, and trade allocation, among others. The Board considered the implementation by the Adviser and ING IM of enhanced compliance policies and procedures in response to SEC rule changes and other regulatory initiatives. The Board also took into account the CCO's annual and periodic reports with respect to service provide
r compliance and his recommendations regarding service providers' compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board's Compliance Committee that guide the CCO's compliance oversight function.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board reviewed the level of staffing, quality and experience of the Trust's portfolio management team. The Board took into account the respective resources and reputations of the Adviser and ING IM, and evaluated the ability of the Adviser and ING IM to attract and retain qualified investment advisory personnel. The Board also considered the adequacy of the resources committed to the Trust (and other relevant funds in the ING Funds complex) by the Adviser and ING IM, and whether those resources are commensurate with the needs of the Funds and are appropriate to attempt to sustain expected levels of performance, compliance, and other needs.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>70</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Contracts</b><b> </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and Sub-Adviser are appropriate in light of the Trust's operations, the competitive landscape of the investment company business, and investor needs, and that the nature and quality of the overall services provided by the Adviser and ING IM were appropriate.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Performance</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In assessing advisory and sub-advisory relationships, the Board placed emphasis on the investment performance of the Trust, taking into account the importance of such performance to the Trust's shareholders. While the Board considered the performance reports and discussions with portfolio managers at Board and Committee meetings during the year, particular attention in assessing performance was given to the Fund FACT sheets furnished in advance of the November meeting of the Independent Trustees. The FACT sheet prepared for the Trust included its investment performance compared to the Morningstar category median, Selected Peer Group and Trust's primary benchmark. The Board's findings specific to the Trust's performance are discussed under "Specific Factors Considered," below.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Economies of Scale</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In considering the reasonableness of advisory fees, the Board also considered whether economies of scale will be realized by the Adviser as the Trust grows larger and the extent to which this is reflected in the level of management fee rates charged. In this regard, the Board considered the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints, taking into account that the Trust is a closed-end Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In evaluating economies of scale, the Independent Trustees also considered a management report presented to them and considered an evaluation and analysis presented to them on November 8, 2006 by an independent consultant.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Information about Services to Other Clients</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board requested, and if received considered, information about the nature of services and fee rates offered by the Adviser and ING IM to other clients, including other registered investment companies and institutional accounts. The Board also noted that the fee rates charged to the Trust and similar institutional clients may differ materially due to the different services and additional regulatory overlay associated with registered investment companies, such as the Trust.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Fee Rates and Profitability</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board reviewed and considered the contractual investment advisory fee rate, combined with the administrative fee rate, payable by the Trust to the Adviser. The Board also considered the contractual sub-advisory fee rates payable by the Adviser to the Sub-Adviser for sub-advisory services.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board considered the Trust's fee structure as it relates to the services provided under the Contracts, and the potential fall-out benefits to the Adviser and ING IM, and their respective affiliates, from their association with the Trust. For the Trust, the Board determined that the fees payable to the Adviser and ING IM reasonable for the services that each performs, which were considered in light of the nature and quality of the services that each has performed and is expected to perform through the year ending November 30, 2007.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board considered information on revenues, costs and profits realized by the Adviser, which was prepared by Management in accordance with the allocation methodology (including assumptions)</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>71</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Contracts</b><b> </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">specified in the Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to the Trust, the Board took into account the sub-advisory fee rate payable by the Adviser to ING IM with respect to the Trust. The Board also considered information that it requested </font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">and was provided by Management with respect to the profitability of service providers affiliated with the Adviser, as well as information provided by ING IM with respect to its profitability.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board determined that it had requested and received sufficient information to gain a reasonable understanding regarding the Adviser's and ING IM's profitability. The Board also recognized that profitability analysis is not an exact science and there is no uniform methodology for determining profitability for this purpose. In this context, the Board realized that Management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Trust's operations may not be fully reflected in the expenses allocated to the Trust in determining profitability, and that the information presented may not portray all of the costs borne by Management nor capture Management's entrepreneurial risk associated with offering and managing a mutual fund complex in today's regulatory environment.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Based on the information on revenues, costs, and profitability considered by the Board, after considering the factors described in this section, the Board concluded that the profits, if any, realized by the Adviser and ING IM were not excessive.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Specific Factors Considered</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its November 2006 meeting in relation to renewing the Trust's Advisory Contract and its Sub-Advisory Contract for the year ending November 30, 2007. These specific factors are in addition to those considerations discussed above. The Trust's performance was compared to its Morningstar category median and its primary benchmark, a broad-based securities market index that appears in the Trust's prospectus. The Trust's management fee and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Prime Rate Trust, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Trust outperformed its Morningstar category median for all periods presented, except it underperformed for the most recent calendar quarter; (2) the Trust outperformed its benchmark for all periods presented, except it underperformed for the most recent calendar quarter; and (3) the Trust is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, in the second quintile of its Morningstar category for the year-to-date, one- and three-year periods, in the third quintile of its Morningstar category for the five-year period, and in the fifth (lowest) quintile of its Morningstar category for the most recent calendar quarter.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In analyzing this performance data, the Board took into account: (1) in March 2006, the Trust's strategy was changed to allow for an increase in investments in foreign securities; and (2) Management's analysis regarding the Sub-Adviser's rationale for underperformance during the most recent calendar quarter, including its discussion of the negative effect of a transitional period in the US leveraged loan market on the Trust's more recent performance.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Prime Rate Trust, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING Prime Rate Trust, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>72</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Contracts</b><b> </b><b>(continued)</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">the advisory fee and a 0.25% administration fee) for the Trust is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Trust is above the median and the average expense ratios of the funds in its Selected Peer Group.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">After its deliberation, the Board reached the following conclusions: (1) the Trust's management fee rate is reasonable in the context of all factors considered by the Board; (2) the Trust's expense ratio is reasonable in the context of all factors considered by the Board; (3) the Trust's performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Trust for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>73</font></p>
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<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Adviser</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investments, LLC</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Road</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 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="1">ING Investment Management Co.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">230 Park Avenue</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10169</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="1">Call ING Prime Rate Trust</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">1-800-336-3436, Extension 2217</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="1">KPMG LLP</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">99 High Street</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Boston, Massachusetts 02110</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="1">ING Funds Services, LLC</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Road</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">1-800-992-0180</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Written Requests</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Please mail all account inquiries and other comments to:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Prime Rate Trust Account</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">c/o ING Fund Services, LLC</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Road</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258</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="1">ING Funds Distributor, LLC</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">7337 East Doubletree Ranch Road</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Scottsdale, Arizona 85258</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">1-800-334-3444</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="1">DST Systems, Inc.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">P.O. Box 219368</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Kansas City, Missouri 64141</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">State Street Bank and Trust Company</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">801 Pennsylvania Avenue</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Kansas City, Missouri 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="1">Dechert LLP</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">1775 I Street, N.W.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Washington, D.C. 20006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Toll-Free Shareholder Information</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information, at (800)-992-0180</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>For more complete information, or to obtain a prospectus on any ING fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the Trust's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the Trust.</b></font></p>
<p><img src="j0790771_za012.jpg"></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">PRAR-UPRT &nbsp;&nbsp;&nbsp;&nbsp;(0207-042707)</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2. Code of Ethics.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the end of the
period covered by this report, Registrant had adopted a code of ethics, as
defined in Item 2 of Form N-CSR, that applies to the Registrant&#146;s principal
executive officer and principal financial officer.&#160; There were no amendments to the Code during
the period covered by the report.&#160; The
Registrant did not grant any waivers, including implicit waivers, from any
provisions of the Code during the period covered by this report.&#160; The code of ethics is filed herewith pursuant
to Item 10(a)(1), Exhibit 99.CODE ETH.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3. Audit Committee Financial
Expert.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Trustees has
determined that Patrick W. Kenny is an audit committee financial expert, as
defined in Item 3 of&nbsp;Form&nbsp;N-CSR.&nbsp;&nbsp;Mr. Kenny is &#147;independent&#148;
for purposes of Item 3 of Form N-CSR.</font></p>

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

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
4.&#160; Principal Accountant Fees and
Services.</font></b></h1>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Audit
Fees</u>:&#160; The aggregate fees billed for
each of the last two fiscal years for professional services rendered by KPMG
LLP (&#147;KPMG&#148;), the principal accountant for the audit of the registrant&#146;s annual
financial statements, for services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those
fiscal years were $68,750 for year ended February 28, 2007 and $65,500 for year
ended February 28, 2006.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Audit-Related
Fees</u>:&#160; The aggregate fees billed in
each of the last two fiscal years for assurance and related services by KPMG
that are reasonably related to the performance of the audit of the registrant&#146;s
financial statements and are not reported under paragraph (a) of this Item were
$33,125 for the year ended February 28, 2007 and $24,200 for the year ended February
28, 2006.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Tax
Fees</u>:&#160; The aggregate fees billed in
each of the last two fiscal years for professional services rendered by KPMG
for tax compliance, tax advice, and tax planning were $8,838 in the year ended February
28, 2007 and $3,200 in the year ended February 28, 2006.&#160; Such services included review of excise
distribution calculations (if applicable), preparation of the Funds&#146; federal,
state and excise tax returns, tax services related to mergers and routine
consulting.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>All
Other Fees</u>:&#160; The aggregate fees
billed for products and services provided by KPMG, other than the services
reported in paragraphs (a) through (c) of this Item was $3,150 in the year
ended February 28, 2006. There were no other fees for the year ended February
28, 2007.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)
(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u>Audit Committee
Pre-Approval Policies and Procedures</u></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUDIT AND
NON-AUDIT SERVICES<br>
PRE-APPROVAL POLICY</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><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;&#160;&#160;&#160; Statement of Principles</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Under
the Sarbanes-Oxley Act of 2002 (the &#147;Act&#148;), the Audit Committee of the Board of
Directors or Trustees (the &#147;Committee&#148;) of the</font> ING Funds (each a &#147;Fund,&#148;
collectively, the &#147;Funds&#148;) set out on <u>Exhibit A</u> to this Audit and
Non-Audit Services Pre-Approval Policy (&#147;Policy&#148;) is responsible for the oversight of the work of the Funds&#146; independent
auditors. As part of its responsibilities, the Committee must pre-approve the
audit and non-audit services performed by the auditors in order to assure that
the provision of these services does not impair the auditors&#146; independence from
the Funds. The Committee has adopted, and the Board has ratified, this Policy,
which sets out the procedures and conditions under which the services of the
independent auditors may be pre-approved.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under
Securities and Exchange Commission (&#147;SEC&#148;) rules promulgated in accordance with
the Act, the Funds may establish two different approaches to pre-approving
audit and non-audit services. The Committee may approve services without
consideration of specific case-by-case services (&#147;general pre-approval&#148;) or it
may pre-approve specific services (&#147;specific pre-approval&#148;). The Committee
believes that the combination of these approaches contemplated in this Policy
results in an effective and efficient method for pre-approving audit and
non-audit services to be performed by the Funds&#146; independent auditors. Under
this Policy, services that are not of a type that may receive general
pre-approval require specific pre-approval by the Committee. Any proposed
services that exceed pre-approved cost levels or budgeted amounts will also
require the Committee&#146;s specific pre-approval.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
both types of approval, the Committee considers whether the subject services
are consistent with the SEC&#146;s rules on auditor independence and that such
services are compatible with maintaining the auditors independence. The
Committee also considers whether a particular audit firm is in the best
position to provide effective and efficient services to the Funds. Reasons that
the auditors are in the best position include the auditors&#146; familiarity with
the Funds&#146; business, personnel, culture, accounting systems, risk profile, and
other factors, and whether the services will enhance the Funds&#146; ability to
manage and control risk or improve audit quality. Such factors will be
considered as a whole, with no one factor being determinative.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
appendices attached to this Policy describe the audit, audit-related,
tax-related, and other services that have the Committee&#146;s general pre-approval.
For any service that has been approved through general pre-approval, the general
pre-approval will remain in place for a period 12 months from the date of
pre-approval, unless the Committee determines that a different period is
appropriate. The Committee will annually review and pre-approve the services
that may be provided by the independent auditors without specific pre-approval.
The Committee will revise the list of services subject to general pre-approval
as appropriate. This Policy does not serve as a delegation to Fund management
of the Committee&#146;s duty to pre-approve services performed by the Funds&#146;
independent auditors.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Audit Services</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The
annual audit services engagement terms and fees are subject to the Committee&#146;s
specific pre-approval. </font>Audit services are those services that are
normally provided by auditors in connection with statutory and regulatory
filings or engagements or those that generally only independent auditors can
reasonably provide. They include the Funds&#146; annual financial statement audit
and procedures that the independent auditors must perform in order to form an
opinion on the Funds&#146; financial statements (<i>e.g.</i>,
information systems and procedural reviews and testing). The Committee will
monitor the audit services engagement and approve any changes in terms,
conditions or fees deemed by the Committee to be necessary or appropriate.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee may grant
general pre-approval to other audit services, such as statutory audits and
services associated with SEC registration statements, periodic reports and
other documents filed with the SEC or issued in connection with securities
offerings.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee has
pre-approved the audit services listed on Appendix A. The Committee must
specifically approve all audit services not listed on Appendix A.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">III.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Audit-related Services</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-related
services are assurance and related services that are reasonably related to the
performance of the audit or the review of the Funds&#146; financial statements or
are traditionally performed by the independent auditors. The Committee believes
that the provision of audit-related services will not impair the independent
auditors&#146; independence, and therefore may grant pre-approval to audit-related
services. Audit-related services include accounting consultations related to
accounting, financial reporting or disclosure matters not classified as &#147;audit
services;&#148; assistance with understanding and implementing new accounting and
financial reporting guidance from rulemaking authorities; agreed-upon or
expanded audit procedures relating to accounting and/or billing records
required to respond to or comply with financial, accounting or regulatory
reporting matters; and assistance with internal control reporting requirements
under Form N-SAR or Form N-CSR.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee has
pre-approved the audit-related services listed on Appendix B. The Committee
must specifically approve all audit-related services not listed on Appendix B.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IV.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Tax Services</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee believes
the independent auditors can provide tax services to the Funds, including tax
compliance, tax planning, and tax advice, without compromising the auditors&#146;
independence. Therefore, the Committee may grant general pre-approval with
respect to tax services historically provided by the Funds&#146; independent
auditors that do not, in the Committee&#146;s view, impair auditor independence and that
are consistent with the SEC&#146;s rules on auditor independence.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee will not
grant pre-approval if the independent auditors initially recommends a
transaction the sole business purpose of which is tax avoidance and the tax
treatment of which may not be supported in the Internal Revenue Code and
related regulations. The Committee may consult </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">outside counsel to
determine that tax planning and reporting positions are consistent with this
Policy.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee has
pre-approved the tax-related services listed on Appendix C. The Committee must
specifically approve all tax-related services not listed on Appendix&nbsp;C.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">V.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Other Services</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee believes it
may grant approval of non-audit services that are permissible services for
independent auditors to a Fund. The Committee has determined to grant general
pre-approval to other services that it believes are routine and recurring, do
not impair auditor independence, and are consistent with SEC rules on auditor
independence.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee has
pre-approved the non-audit services listed on Appendix D. The Committee must
specifically approve all non-audit services not listed on Appendix D.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A list of the SEC&#146;s
prohibited non-audit services is attached to this Policy as Appendix E. The
SEC&#146;s rules and relevant guidance should be consulted to determine the precise
definitions of these impermissible services and the applicability of exceptions
to certain of the SEC&#146;s prohibitions.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VI.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-approval of Fee levels and
Budgeted Amounts</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee will
annually establish pre-approval fee levels or budgeted amounts for audit,
audit-related, tax and non-audit services to be provided to the Funds by the
independent auditors. Any proposed services exceeding these levels or amounts
require the Committee&#146;s specific pre-approval. The Committee considers fees for audit and non-audit services when
deciding whether to pre-approve services. The Committee may determine, for a
pre-approval period of 12 months, the appropriate ratio between the total
amount of fees for the Fund&#146;s audit, audit-related, and tax services (including
fees for services provided to Fund affiliates that are subject to
pre-approval), and the total amount of fees for certain permissible non-audit
services for the Fund classified as other services (including any such services
provided to Fund affiliates that are subject to pre-approval).</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VII.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Procedures</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Requests or applications for services to be
provided by the independent auditors will be submitted to management. If
management determines that the services do not fall within those services
generally pre-approved by the Committee and set out in the appendices to these
procedures, management will submit the services to the Committee or its delagee.
Any such submission will include a detailed description of the services to be
rendered. Notwithstanding this paragraph, the Committee will, on a quarterly
basis, receive from the independent auditors a list of services provided for
the previous calendar quarter on a cumulative basis by the auditors during the
Pre-Approval Period.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIII.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Delegation</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee may
delegate pre-approval authority to one or more of the Committee&#146;s members. Any
member or members to whom such pre-approval authority is delegated must report
any pre-approval decisions, including any pre-approved services, to the
Committee at its next scheduled meeting. The Committee will identify any member
to whom pre-approval authority is delegated in writing. The member will retain
such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate.
The period of delegated authority may be terminated by the Committee or at the
option of the member.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IX.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional Requirements</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee will take any measures the Committee
deems necessary or appropriate to oversee the work of the independent auditors
and to assure the auditors&#146; independence from the Funds. This may include
reviewing a formal written statement from the independent auditors delineating
all relationships between the auditors and the Funds, consistent with
Independence Standards Board No. 1, and discussing with the auditors their
methods and procedures for ensuring independence.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended: February 23, 2007</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Approved Audit Services for the Pre-Approval
Period January 1, 2007 through December 31, 2007</font></p>

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

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

<p style="margin:0in 0in .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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">The Fund(s)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fee Range</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statutory audits or financial audits
  (including tax services associated with audit services)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:28.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As presented to Audit Committee (1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Services associated with SEC registration
  statements, periodic reports and other documents filed with the SEC or other
  documents issued in connection with securities offerings (</font><i>e.g.</i>, consents), and
  assistance in responding to SEC comment letters.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $9,750 per filing</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultations by Fund management with
  respect to accounting or disclosure treatment of transactions or events
  and/or the actual or potential effect of final or proposed rules, standards
  or interpretations by the SEC, Financial Accounting Standards Board, or other
  regulatory or standard setting bodies.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $8,000 during the Pre-Approval
  Period</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seed capital audit and related review and
  issuance of consent on the N-2 registration statement</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $12,600 per audit</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For
new Funds launched during the Pre-Approval Period, the fee ranges pre-approved
will be the same as those for existing Funds, pro-rated in accordance with
inception dates as provided in the auditors&#146; Proposal or any Engagement Letter
covering the period at issue.&#160; Fees in
the Engagement Letter will be controlling.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Approved Audit-Related Services for the
Pre-Approval Period January 1, 2007 through December 31, 2007</font></p>

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

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

<p style="margin:0in 0in .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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">The Fund(s)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fund Affiliates</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fee Range</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services related to Fund mergers (Excludes
  tax services &#151; See Appendix C for tax services associated with Fund mergers)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $10,000 per merger</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Consultations by Fund management with
  respect to accounting or disclosure treatment of transactions or events
  and/or the actual or potential effect of final or proposed rules, standards
  or interpretations by the SEC, Financial Accounting Standards Board, or other
  regulatory or standard setting bodies. [</font><b>Note: </b>Under SEC rules some consultations may be &#147;audit&#148; services and others
  may be &#147;audit-related&#148; services.]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $5,000 per occurrence during
  the Pre-Approval Period</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review of the Funds&#146; semi-annual financial
  statements</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $2,200 per set of financial
  statements per fund</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports to regulatory or government agencies
  related to the annual engagement</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Up to $5,000 per occurrence during the
  Pre-Approval Period</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regulatory compliance assistance</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $5,000 per quarter</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Training courses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $2,000 per course</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For Prime Rate Trust, agreed upon procedures
  for quarterly reports to rating agencies</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $9,450 per quarter</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For Prime Rate Trust and Senior Income Fund,
  agreed upon procedures for the Revolving Credit and Security Agreement with
  Citigroup</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.56%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $21,000 per fund per year</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Approved Tax Services for the Pre-Approval
Period January 1, 2007 through December 31, 2007</font></p>

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

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

<p style="margin:0in 0in .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="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.08%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">The Fund(s)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fund <br>
  Affiliates</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fee Range</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preparation of federal
  and state income tax returns and federal excise tax returns for the Funds
  including assistance and review with excise tax distributions</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:10.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:22.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As presented to Audit Committee (2)</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review of IRC Sections
  851(b) and 817(h) diversification testing on a real-time basis</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As presented to Audit Committee(2)</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistance and advice
  regarding year-end reporting for 1099&#146;s</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As presented to Audit Committee(2)</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax assistance and
  advice regarding statutory, regulatory or administrative developments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $5,000 for the Funds or for
  the Funds&#146; investment adviser during the Pre-Approval Period</font></p>
  </td>
 </tr>
</table>

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

<div style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For
new Funds launched during the Pre-Approval Period, the fee ranges pre-approved
will be the same as those for existing Funds, pro-rated in accordance with
inception dates as provided in the auditors&#146; Proposal or any Engagement Letter
covering the period at issue.&#160; Fees in
the Engagement Letter will be controlling.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

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

<p style="margin:0in 0in .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="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">The Fund(s)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fund <br>
  Affiliates</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fee Range</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax training courses</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:17.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:22.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $2,000 per course during the
  Pre-Approval Period</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax
  services associated with Fund mergers</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $4,000 per fund per merger
  during the Pre-Approval Period</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other tax-related
  assistance and consultation, including, without limitation, assistance in
  evaluating derivative financial instruments and international tax issues,
  qualification and distribution issues, and similar routine tax consultations.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $120,000 during the
  Pre-Approval Period</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Approved Other Services for the Pre-Approval
Period January 1, 2007 through December 31, 2007</font></p>

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

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

<p style="margin:0in 0in .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="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">The Fund(s)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fund Affiliates</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Fee Range</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreed-upon procedures for Class B share
  12b-1 programs</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:20.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:20.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $50,000 during the
  Pre-Approval Period</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Security counts performed pursuant to Rule
  17f-2 of the 1940 Act (</font><i>i.e.</i>, counts for
  Funds holding securities with affiliated sub-custodians)  <br> Cost to be
  borne 50% by the Funds and 50% by ING Investments, LLC.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $5,000 per Fund during the
  Pre-Approval Period</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreed upon procedures for 15 (c) FACT Books</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not to exceed $35,000 during the
  Pre-Approval Period</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

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

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appendix E</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prohibited Non-Audit Services<br>
Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; January 1, 2007</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Bookkeeping or other services related to the
accounting records or financial statements of the Funds</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Financial information systems design and
implementation</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Appraisal or valuation services, fairness
opinions, or contribution-in-kind reports</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Actuarial services</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Internal audit outsourcing services</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Management functions</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Human resources</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Broker-dealer, investment adviser, or
investment banking services</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Legal services</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Expert services unrelated to the audit</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#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; </font>Any other service that the Public Company
Accounting Oversight Board determines, by regulation, is impermissible</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></u></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="center" style="margin:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP NATURAL RESOURCES TRUST</font></p>

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

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e) (2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u>Percentage
of services referred to in 4(b) &#151; (4)(d) that were approved by the audit
committee&#160; </u></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>100% of the services were approved by
the audit committee.</p>

<p style="margin:0in 0in .0001pt 39.0pt;text-indent:-39.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Percentage
of hours expended attributable to work performed by other than full time
employees of KPMG if greater than 50%. </u></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Non-Audit
Fees:</u>&#160; The non-audit fees billed by
the registrant&#146;s accountant for services rendered to the registrant, and
rendered to the registrant&#146;s investment adviser, and any entity controlling,
controlled by, or under common control with the adviser that provides ongoing
services to the registrant for each of the last two fiscal years of the
registrant were $898,238 for year ended February 28, 2007 and $234,850 for
fiscal year ended February 28, 2006.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Principal
Accountants Independence:</u>&#160; The
Registrant&#146;s Audit committee has considered whether the provision of non-audit
services that were rendered to the registrant&#146;s investment adviser and any
entity controlling, controlled by, or under common control with the investment
adviser that provides ongoing services to the registrant that were not
pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible
with maintaining KPMG&#146;s independence.</p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.&#160; Audit Committee of Listed Registrants.</font></b></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
registrant has a separately-designated standing audit committee.&#160; The members are J. Michael Earley, Patrick W.
Kenny, David W.C. Putnam, Roger B. Vincent and Sheryl K. Pressler.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not
applicable.</p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.&#160; Schedule of Investments</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule is included as part of the report to shareholders filed under
Item 1 of this Form.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.&#160; Disclosure of Proxy Voting Policies and
Procedures for Closed-End Management Investment companies.</font></b></p>

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

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<h6 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:none;">ING FUNDS</font></b></h6>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

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

<p align="center" style="margin:0in 0in .0001pt;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</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Revision Date:&#160; March 2, 2007</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><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;&#160;&#160;&#160; INTRODUCTION</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><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;). 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;). The Procedures and
Guidelines have been approved by the Funds&#146; Boards of Trustees/Directors&nbsp;(1)
(each a &#147;Board&#148; and collectively, the &#147;Boards&#148;), including a majority of the
independent Trustees/Directors&nbsp;(2) of the Board. These Procedures and
Guidelines may be amended only by the Board. 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; VALUATION, PROXY AND BROKERAGE
COMMITTEE</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><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. 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;). 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>. 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. Each Committee</font></p>

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

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><a name="TableHead"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></a></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" 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. 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>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">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.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective Date:&#160; 07/10/03</font></p>

<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revision Date:&#160; 03/02/07</font></p>

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

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

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<p style="margin:0in 0in .0001pt;"><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. Each Committee shall conduct itself in accordance with its charter.</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">III.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DELEGATION OF VOTING AUTHORITY</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;"><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 Fund&#146;s custodian and therefore will not
be voted.</font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A fund that is a &#147;feeder&#148; fund in a master-feeder structure does not
echo vote. Rather, it passes votes requested by the underlying master fund to
its shareholders. 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:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When a Fund is a feeder in a master-feeder structure, proxies for the
portfolio securities owned by the master fund will be voted pursuant to the
master fund&#146;s proxy voting policies and procedures. 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IV.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; APPROVAL AND REVIEW OF PROCEDURES</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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>. The Board
hereby approves such procedures. All material changes to the Adviser Procedures
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 Brokerage </font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Committee at its next regularly scheduled meeting.</font></p>

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

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">V.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; VOTING PROCEDURES AND
GUIDELINES</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">The Guidelines that are set forth in </font></b><i><font size="2" style="font-size:10.0pt;font-style:italic;">Exhibit
3</font></i><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:normal;">  </font></i><font size="2" style="font-size:10.0pt;font-weight:normal;">hereto specify the
manner in which the Funds generally will vote with respect to the proposals
discussed therein.</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><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>

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

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:auto;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Routine
Matters</font></h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:auto;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<p style="margin:0in 0in .0001pt .5in;"><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. 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="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Matters Requiring
Case-by-Case Consideration</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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. The Proxy
Group may consult with the Agent and/or Investment Professional(s), as it deems
necessary.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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. 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>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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

<p style="margin:0in 0in .0001pt 1.2in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160; <b>Within-Guidelines
Votes:</b>&#160; Votes in Accordance
with a Fund&#146;s Guidelines and/or, where applicable, Agent Recommendation</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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. 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="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160; <b>Non-Votes:</b>&#160;
Votes in Which No Action is Taken</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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. In such instances, the Proxy
Group may instruct the Agent, through the Proxy Coordinator, not to vote such
proxy. 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. 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="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160; <b>Out-of-Guidelines
Votes:</b>&#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="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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

<p style="margin:0in 0in .0001pt 1.0in;"><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). 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="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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). 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="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160; Referrals
to a Fund&#146;s Valuation, Proxy and Brokerage Committee</font></p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A 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. The Committee
will instruct the Agent through the Proxy Coordinator how to vote such referred
proposals.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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. 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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

<p style="margin:0in 0in .0001pt 1.0in;"><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="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">VI.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CONFLICTS OF INTEREST</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

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

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">VII.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPORTING AND RECORD RETENTION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><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<sup>th</sup> on the ING Funds website.
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. The proxy voting record for
each Fund will also be available in the EDGAR database on the SEC&#146;s website.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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

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

<p align="center" style="margin:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP NATURAL RESOURCES TRUST</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">USLICO SERIES FUND</font></h6>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 2</font></b></p>

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

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING INVESTMENTS, LLC</font></b></h1>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AND</font></b></h2>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIRECTED SERVICES, LLC</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

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

<p style="margin:0in 0in .0001pt;"><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;&#160;&#160;&#160; INTRODUCTION</font></b></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In voting proxies, the Advisers are guided by general fiduciary
principles. Each must act prudently, solely in the interest of the beneficial
owners of the Funds it manages. The Advisers will not subordinate the interest
of beneficial owners to unrelated objectives. Each Adviser will vote proxies in
the manner that it believes will do the most to maximize shareholder value.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ROLES
AND RESPONSIBILITIES</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Proxy Coordinator</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt .5in;"><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;). 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. 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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Agent</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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. The Agent is Institutional
Shareholder Services, Inc. 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. To the
extent applicable, the Agent is required to vote and/or refer all proxies in
accordance with these Adviser Procedures. The Agent will retain a record of all
proxy votes handled by the Agent. 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. 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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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. 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:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

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

<p style="margin:0in 0in .0001pt .5in;"><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. 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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Proxy
Group</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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. 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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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. The vote of a simple majority of the
members present and voting shall determine any matter submitted to a vote. 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. The Proxy Group may meet in person or by telephone.
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. 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. 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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in 0in .0001pt .5in;"><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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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. 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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investment
Professionals</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><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.
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="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">III.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; VOTING PROCEDURES</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></b></p>

<p align="center" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;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="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

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<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:auto;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Routine
Matters</font></h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:auto;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><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. 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="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Matters Requiring
Case-by-Case Consideration</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><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:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><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:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;"><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. 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:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; <b>Within-Guidelines Votes:</b>&#160; Votes in Accordance with a Fund&#146;s Guidelines
and/or, where applicable, Agent Recommendation</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><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. 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="line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Non-Votes:</b>&#160; Votes in Which No Action is Taken</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><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 align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><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.
In such instances, the Proxy Group may instruct the Agent, through the Proxy
Coordinator, not to vote such proxy. 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. 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:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><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:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><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="line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160; <b>Out-of-Guidelines Votes:</b>&#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:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><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="line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160; 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 align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">III.&#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:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Assessment<b>  </b>of the Agent</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><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;has resources that indicate it 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. 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. 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 align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing: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. 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 align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Conflicts of Interest</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><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. 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. The
Proxy Coordinator shall forward all such information to Counsel for review.
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. 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 align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><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. The members of the Proxy Group
may not subordinate</font></p>

<p align="center" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="center" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">14</font></p>

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<p align="center" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><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 align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><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 </font><font size="2" style="font-size:10.0pt;">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</font><font size="2" style="font-size:10.0pt;"> 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. Completed
Conflicts Reports shall be provided to the Proxy Coordinator within two (2)
business days. 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). 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:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Proxy Coordinator shall forward all Conflicts
Reports to Counsel for review. 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. 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="line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">V.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPORTING
AND RECORD RETENTION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><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. 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.
All proxy voting materials and supporting documentation will be retained for a
minimum of six (6) years.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">APPENDIX
1</font></b></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">to
the</font></b></h2>

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

<p style="margin:0in 0in .0001pt;"><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>

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

<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;width:90.16%;">
 <tr>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="77%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:77.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title or
  Affiliation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stanley D. Vyner</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><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>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd Modic</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><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>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maria Anderson</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><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>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Karla J. Bos</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Coordinator for the ING Funds and Manager &#150; Special Projects,
  ING Funds Services, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julius Drelick</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><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>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Theresa K. Kelety, Esq.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counsel, ING Americas US Legal Services</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steve Wastek, Esq.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.06%;">
  <p style="margin:0in 0in .0001pt;"><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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective as of December 31, 2006</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .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:0in 0in .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:0in 0in .0001pt;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:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Voting Procedures</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;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>

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

<h4 style="font-weight:bold;margin:0in 0in .0001pt 1.15pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; INTRODUCTION</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt 1.15pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h4>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing: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. 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 align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Proxies must be voted in the best interest of the
Fund(s). 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. The
Guidelines are not exhaustive and do not include all potential voting issues.</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><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. In voting proxies, the Advisers are
guided by general fiduciary principles. Each must act prudently, solely in the
interest of the beneficial owners of the Funds it manages. The Advisers will
not subordinate the interest of beneficial owners to unrelated objectives. Each
Adviser will vote proxies in the manner that it believes will do the most to
maximize shareholder value.</font></p>

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

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt 50.75pt;page-break-after:auto;text-indent:-50.75pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">II.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; GUIDELINES</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt 50.75pt;page-break-after:auto;text-indent:-50.75pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font 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. A</font>n additional section addresses proposals most frequently found
in global proxies.</font></p>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Policies</font></u></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;"><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. All matters for which such disclosure is not available shall be
considered CASE-BY-CASE.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font 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>the recommendation of the relevant issuer&#146;s
management. 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font 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. Such input shall be given primary consideration with
respect to </font>CASE-BY-CASE proposals
being considered on behalf of the relevant Fund.</font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The
foregoing policies may be overridden in any case as provided for in the
Procedures. Similarly, the Procedures provide that p</font>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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><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. No proposal shall be supported whose implementation would
contravene such requirements.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

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

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>The Board of Directors</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting on Director Nominees in Uncontested Elections</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLD
votes from a nominee who, d</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">uring
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. DO NOT </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLD
votes from a nominee in connection with poison pill or </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">anti-takeover </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><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 </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">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. However, in the case of shareholder
proposals seeking shareholder ratification of a poison pill, </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">generally
DO NOT WITHHOLD votes from a nominee</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in such cases if the company has already </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">implemented
a policy that should reasonably prevent abusive use of the pill.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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. 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="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DO
NOT WITHHOLD votes from inside directors or affiliated outside directors if </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the full board serves as the compensation
or nominating committee OR has not created one or both committees</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">,
provided that </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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>If the Agent
has raised other considerations regarding &#147;poor compensation practices,&#148;
consider nominees on a CASE-BY-CASE basis. 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-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;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. Generally:</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160; WITHHOLD votes from the
fewest directors whose removal would achieve majority independence across the
remaining board.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160; Non-voting directors (<i>e.g.</i>, director emeritus or advisory
director) shall be excluded from calculations with respect to majority board
independence.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;">&nbsp;</p>

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

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

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

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

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Ownership Requirements</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Officer Indemnification and Liability
Protection</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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. Vote
AGAINST proposals to limit or eliminate entirely directors&#146; and officers&#146;
liability for monetary damages for violating the duty of care. 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. 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="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160; 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</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160; Only if the director&#146;s
legal expenses would be covered.</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Proxy Contests</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;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. 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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting for Director Nominees in Contested Elections</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Auditors</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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. 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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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 style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;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 align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Proxy Contest Defenses</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Structure: Staggered vs. Annual Elections</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Ability to Remove Directors</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative Voting</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Ability to Call Special Meetings</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Ability to Alter the Size of the Board</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 give management the ability to alter the size
of the board without shareholder approval.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Tender Offer Defenses</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Poison Pills</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greenmail</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pale Greenmail</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unequal Voting Rights</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST dual-class recapitalizations.</font></p>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supermajority Shareholder Vote Requirement to Amend
the Charter or Bylaws</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Squire Placements</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendments
to Corporate Documents</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing: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. 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 align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Miscellaneous</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; In the case of a contested election,
management should be permitted to request that the dissident group honor its
confidential voting policy.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; If the dissidents agree, the policy
remains in place.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; If the dissidents do not agree, the
confidential voting policy is waived.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;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>

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Open Access</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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. For issuers with a history of
board malfeasance or pervasive corporate governance concerns, consider such
proposals on a CASE-BY-CASE basis.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bundled Proposals</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Advisory Committees</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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 establish a shareholder advisory committee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Business</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 lower quorum requirements for shareholder
meetings below a majority of the shares outstanding.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Capital Structure</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Analyze on a
CASE-BY-CASE basis.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock Authorization</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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. 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.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dual Class Capital Structures</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Distributions: Splits and Dividends</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reverse Stock Splits</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Proposals Regarding Blank Check Preferred
Stock</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments to Par Value of Common Stock</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preemptive Rights</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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 that seek preemptive rights or
management proposals that seek to eliminate them. In evaluating proposals on
preemptive rights, consider the size of a company and the characteristics of
its shareholder base.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt Restructurings</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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 increase common and/or preferred shares and to
issue shares as part of a debt restructuring plan.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tracking Stock</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Executive and Director
Compensation </u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;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="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; Generally, vote AGAINST plans
administered by potential grant recipients.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; Consider plans CASE-BY-CASE if the Agent
raises other considerations not otherwise provided for herein.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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.
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>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management Proposals Seeking Approval to Reprice
Options</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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. DO NOT VOTE AGAINST plans for which burn rate is
the sole consideration raised by the Agent.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee Stock Purchase Plans</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><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>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OBRA-Related Compensation Proposals:</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt .25in;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:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;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:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;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:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;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:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;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:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;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:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;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:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;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:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>State of Incorporation</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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. 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. Generally, vote AGAINST
shareholder reincorporation proposals not also supported by the company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Mergers and Corporate
Restructurings</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Mutual Fund Proxies</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Social and Environmental Issues</u></font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These issues
cover a wide range of topics. In general, unless otherwise specified herein,
vote CASE-BY-CASE. 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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Global Proxies</u></font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing Guidelines provided in connection with proxies of U.S.
issuers shall also be applied to global proxies where applicable and not
provided for otherwise herein. 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:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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. 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.</font></p>

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Routine Management Proposals</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR the following and other similar routine management
proposals:</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the opening of the shareholder meeting</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; that the meeting has been convened under
local regulatory requirements</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the presence of quorum</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the agenda for the shareholder meeting</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the election of the chair of the meeting</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the appointment of shareholders to
co-sign the minutes of the meeting</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; regulatory filings (<i>e.g.</i>, to effect approved share issuances)</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the designation of inspector or
shareholder representative(s) of minutes of meeting</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the designation of two shareholders to
approve and sign minutes of meeting</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the allowance of questions</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the publication of minutes</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the closing of the shareholder meeting</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discharge of Management/Supervisory Board Members</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Director Elections</font></b></p>

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

<p style="margin:0in 0in .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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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. 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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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 </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
full board serves as the audit committee, or the company does not have an audit
committee</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font></p>

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

<p style="margin:0in 0in .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 </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
U.S.-style board-with-committees structure</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">,
vote AGAINST non-independent directors who sit on the audit committee, or, if
the slate of nominees is bundled, vote AGAINST the slate. If the slate is
bundled and audit committee membership is unclear, vote FOR if the Agent
otherwise recommends support.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>

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<div>

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

<p style="margin:0in 0in .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 </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the full board
serves as the compensation committee, or the company does not have a
compensation committee</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font></p>

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

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

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

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

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

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; bundled
slates of nominees (<i>e.g.</i>, Hong Kong
or France);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; simultaneous
reappointment of retiring directors (<i>e.g.</i>, South
Africa);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; nominees
whose names are not disclosed in advance of the meeting (<i>e.g.</i>,
Austria, Philippines, Hong Kong or South Africa).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>

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<div>

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

<p style="margin:0in 0in .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. Generally, withhold support (AGAINST or ABSTAIN, as
appropriate) from nominees or slates of nominees when:</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; the
scandal or shortfall in controls took place at the company, or an affiliate,
for which the nominee is being considered;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; culpability
can be attributed to the nominee (<i>e.g.</i>,
nominee manages or audits relevant function), and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the nominee has been
directly implicated, with resulting arrest and criminal charge or regulatory
sanction.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

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

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

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Officer Indemnification and Liability
Protection</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent
Statutory Auditors</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .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. Where shareholders are forced to vote on multiple nominees in
a single resolution, vote AGAINST all nominees.</font></p>

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>

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<div>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Key Committees</font></b></p>

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

<p style="margin:0in 0in .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).</font></p>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director Remuneration</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">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. 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></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retirement
Bonuses</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .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. 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. 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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Option Plans for
Independent Internal Statutory Auditors</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation Plans</font></b></p>

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

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

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares Reserved for Equity Compensation Plans</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; exceed Agent&#146;s recommended dilution
limits, including cases in which the Agent suggests dilution assessment is
precluded by inadequate disclosure;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; are administered by potential grant
recipients;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Remuneration Reports</font></b></p>

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

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; practices
or features not supported under these Guidelines, including financial
assistance under the conditions described above;</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>

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<div>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><a name="Table"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; 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);</font></a></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; equity award valuation triggering a negative
recommendation from the Agent; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; 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).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder
Proposals Regarding Executive and Director Pay</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Share Issuances</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider
specific issuance requests on a CASE-BY-CASE basis based on the proposed use
and the company&#146;s rationale.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .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:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; Vote
FOR specific proposals to increase authorized capital, unless:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; Vote
AGAINST proposals to adopt unlimited capital authorizations.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred
Stock</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p style="margin:0in 0in .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. 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. Generally DO NOT VOTE AGAINST director
remuneration in connection with poison pill considerations raised by the Agent.</font></p>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Approval of Financial Statements and Director and
Auditor Reports</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remuneration of Auditors</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .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 align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification of Auditors</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .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="font-weight:bold;line-height:normal;margin:0in 0in .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 style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">42</font></b></p>

<div align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></div>

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<p style="font-weight:bold;line-height:normal;margin:0in 0in .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 style="margin:0in 0in .0001pt;"><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:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allocation of Income and Dividends</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR management proposals concerning allocation of
income and the distribution of dividends.</font></p>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock (Scrip) Dividend Alternatives</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt Instruments</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt Issuance Requests</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .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. The main factor for analysis is the company&#146;s
current debt-to-equity ratio, or gearing level. 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. A gearing level up to 100
percent is considered acceptable.</font></p>

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

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financing Plans</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Related Party Transactions</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider related party transactions on a
CASE-BY-CASE basis. 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>

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

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

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalization of Reserves</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article Amendments</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

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

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; it is editorial in nature;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; shareholder rights are protected;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; there is negligible or positive impact on
shareholder value;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; management provides adequate reasons for
the amendments or the Agent otherwise supports management&#146;s position;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; the company is required to do so by law
(if applicable).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; it removes or lowers quorum requirements
for board or shareholder meetings below levels recommended by the Agent;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; it reduces relevant disclosure to
shareholders;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; it seeks to align the articles with
provisions of another proposal not supported by these Guidelines;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160; Generally vote FOR management proposals to
amend a company&#146;s articles to expand its business lines.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160; 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="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160; 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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;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="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#149;</font>&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Business</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8. &#160;Portfolio Managers of Closed-End Management
Investment Companies.</font></b></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) (1) <b>Portfolio
Management. </b></font>The
following individuals comprise the investment committee of the Trust and share
responsibility for the day-to-day management of the Trust&#146;s portfolio:</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Daniel A. Norman. &#160;</font></b>Mr. Norman is Senior Vice President and Senior Portfolio Manager in the
Senior Debt Group, and has served in that capacity since November 1999. Prior
to that,Mr. Norman was Senior Vice President and Portfolio Manager in the
Senior Debt Group (since April 1995). 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.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Jeffrey A. Bakalar. &#160;</font></b>Mr. Bakalar is Senior Vice President and Senior Portfolio Manager in
the Senior Debt Group, and has served in that capacity since November 1999.
Prior to that, Mr. Bakalar was Senior Vice President and Portfolio Manager in
the Senior Debt Group (since January 1998). Mr. Bakalar has managed the Trust
since January 1998 and is responsible for overseeing the portfolio management
of the Trust. Before joining ING Groep N.V., Mr. Bakalar was Vice President of
The First National Bank of Chicago (from 1994 to 1998). 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.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Curtis F. Lee. &#160;</font></b>Mr. Lee is Senior Vice President and Chief
Credit Officer in the Senior Debt Group and has served in that capacity since
August 1999. Mr. Lee has managed the Trust since August 1999. Prior to joining
the Investment Manager, Mr. Lee held a series of positions with Standard
Chartered Bank in the credit approval and problem loan management functions
(1992 - 1999). Mr. Lee also serves as Senior Vice President and Chief Credit
Officer of the Trust (since January 2001), and he serves as Senior Vice
President and Chief Credit Officer of ING Senior Income Fund, another closed-end
fund sub-advised by ING IM that invests primarily in Senior Loans.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(a)
(2) (i-iii)</font></b> Other Accounts Managed</h1>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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
the Portfolio Managers as of February 28, 2006.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:25.06%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:22.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Registered Investment Companies</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other Pooled Investment Vehicles</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:22.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other Accts*</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:25.06%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Portfolio Manager</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  Accounts</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:1.86%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total Assets<br>
  (in billions)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  Accounts</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:1.86%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:11.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total Assets<br>
  (in billions)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  Accounts</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:10.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total Assets<br>
  (in billions)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:25.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel A.
  Norman</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5b</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:11.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.0</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey A.
  Bakalar</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5b</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:11.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.0</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:10.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:25.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Curtis F.
  Lee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5b</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.0</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:10.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">* Of
these other accounts, none have an advisory fee based on performance</font></b></h1>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a) (2) (iv)</font>  <b>Conflicts of Interest</b></font></p>

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

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

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

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

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a) (3) </font><b>Compensation</b></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><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, three- and five-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="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

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

<h1 style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(a) (4)</font></b><i>  </i>Ownership of Securities</h1>

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

<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><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 each team member as of February 28, 2006,
including investments by their immediate family members and amounts invested
through retirement and deferred compensation plans.</font></p>

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="50%" style="border-collapse:collapse;width:50.0%;">
 <tr>
  <td width="44%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:44.18%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:49.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Dollar Range of</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.18%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Portfolio Manager</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:49.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Trust Shares Owned</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:44.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel A. Norman</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:49.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$101,000 - $500,000</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey A. Bakalar</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:49.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$10,001 - $100,000</font></p>
  </td>
 </tr>
 <tr>
  <td width="44%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:44.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Curtis F. Lee</font></p>
  </td>
  <td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:5.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:49.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$0</font></p>
  </td>
 </tr>
</table>

</div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)
Not applicable.</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.&#160; Purchases of Equity Securities by
Closed-End Management Investment Company and Affiliated Purchasers</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 10.&#160; Submission of Matters to a Vote of Security
Holders.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board has a Nominating
Committee for the purpose of considering and presenting to the Board candidates
it proposes for nomination to fill Independent Trustee vacancies on the Board.&#160; The Committee currently consists of all
Independent Trustees of the Board (6 individuals). The Nominating Committee
operates pursuant to a Charter approved by the Board.&#160; The primary purpose of the Nominating
Committee is to consider and present to the Board the candidates it proposes
for nomination to fill vacancies on the Board.&#160;
In evaluating candidates, the Nominating Committee may consider a
variety of factors, but it has not at this time set any specific minimum
qualifications that must be met. Specific qualifications of candidates for
Board membership will be based on the needs of the Board at the time of
nomination.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Nominating 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 director should be
submitted in writing to the Fund&#146;s Secretary.&#160;
Any such shareholder nomination should include at a minimum the
following information as to each individual proposed for nomination 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><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 Committee.&#160; To be timely, any such submission must be
delivered to the Fund&#146;s Secretary not earlier than the 90<sup>th</sup> day prior
to such meeting and not later than the close of business on the later of the 60<sup>th</sup>
day prior to such meeting or the 10<sup>th</sup> day following the day on which
public announcement of the date of the meeting is first made, by either
disclosure in a press release or in a document publicly filed by the Fund with
the Securities and Exchange Commission. </font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11.&#160; Controls and Procedures.</font></b></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><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; </font>Based
on our evaluation conducted within 90 days of the filing date, hereof, the
design and operation of the registrant&#146;s disclosure controls and procedures are
effective to ensure that material information relating to the registrant is
made known to the certifying officers by others within the appropriate
entities, particularly during the period in which Forms N-CSR are being
prepared, and the registrant&#146;s disclosure controls and procedures allow timely
preparation and review of the information for the registrant&#146;s Form N-CSR and
the officer certifications of such Form N-CSR.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><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; </font>There
were no significant changes in the registrant&#146;s internal controls that occurred
during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting.</p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 12.
Exhibits.</font></b></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(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; </font>Code
of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE
ETH.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(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; </font>A
separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act (17
CFR 270.30a-2) is attached hereto as EX-99.CERT.</p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><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; </font>The
officer certifications required by Section 906 of the Sarbanes-Oxley Act of
2002 are attached hereto as EX-99.906CERT.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160; (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>Not applicable.</p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

</div>
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<br clear="all" style="page-break-before:always;">
<div>

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

<h3 style="margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></h3>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant):
<u>ING Prime Rate Trust</u></font></p>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="53%" style="border-collapse:collapse;width:53.94%;">
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Shaun P. Mathews</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun
  P. Mathews</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President
  and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
<u>May 7, 2007</u></font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="53%" style="border-collapse:collapse;width:53.94%;">
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Shaun P. Mathews</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun
  P. Mathews</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President
  and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
<u>May 7, 2007</u></font></p>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="53%" style="border-collapse:collapse;width:53.94%;">
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Todd Modic</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd
  Modic</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior
  Vice President and Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
<u>May 7, 2007</u></font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

</div>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 99.CODE ETH</font></b></p>

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SARBANES-OXLEY ACT</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Adoption</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Boards of Directors/Trustees (collectively,
the &#147;Board&#148;) of the ING Funds (each a &#147;Fund,&#148; and collectively, the &#147;Funds&#148;)
set forth on <u>Exhibit A</u> hereto, as such exhibit may be amended from time
to time, have adopted this code of ethics (the &#147;Code&#148;) in connection with the
requirements of Section 406 of the Sarbanes-Oxley Act of 2002 (the &#147;Act&#148;)
concerning disclosure of a code of ethics for the principal executive officer,
the principal financial officer, the principal accounting officer or
controller, and persons performing similar functions (regardless of whether
they are employed by a Fund or a third party) of the Funds (the &#147;Covered
Officers&#148;).&nbsp; For the purposes of this Code, the chief executive officer
and the chief financial officer of the Funds are the Covered Officers for the
Funds.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Policy and Purpose;&nbsp; Conflicts
with Law and Policy</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Policy and Purpose</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is the policy of the Funds to conduct their
affairs in an honest and ethical manner, and to comply with all applicable
laws, rules and regulations.&nbsp; The purpose of this Code is to assist in the
accomplishment of the foregoing policy, to deter wrongdoing and to promote:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Honest
and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Full,
fair, accurate, timely and understandable disclosure in reports and documents
that a Fund files with, or submits to, the Securities and Exchange Commission
(the &#147;SEC&#148;) and in other public communications made by a Fund.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Compliance with applicable laws and
governmental rules and regulations.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">The
prompt internal reporting of violations of this Code to an appropriate person
or persons identified in this Code.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Accountability for adherence to this
Code.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Conflicts with Law and Policy</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any part of this Code, or if compliance with
any part of this Code, violates or is in conflict with any applicable law, the
provisions of such applicable law shall control.&nbsp; If any part of this
Code, or if compliance with any part of this Code, violates or is in conflict
with any policy or practice of the Funds or of any service provider to the
Funds, the provisions of this Code shall control.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Covered Officer Duties</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Covered Officer shall adhere to a high
standard of business ethics in his or her dealings with and on behalf of a
Fund.&nbsp; Specifically, each Covered Officer shall:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Conduct himself or herself in an honest
and ethical manner when dealing with or on behalf of a Fund.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Refrain from engaging in any activity
that would compromise his or her professional ethics or otherwise prejudice his
or her ability faithfully to carry out his or her duties to the Funds.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Refrain from using or appearing to use
material non-public information acquired in the course of his or her work for
the Funds for unethical or illegal advantage, either directly or indirectly
through others.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Place the interests of the Funds and
their shareholders before his or her personal interests, and handle actual or
apparent conflicts of interest between his or her personal interests and the
interests of a Fund in an ethical manner.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Be familiar with the disclosure
requirements generally applicable to the Funds and take all reasonable actions,
consistent with his or her position(s) with a Fund and/or a Fund&#146;s service
provider(s) to ensure full, fair, accurate, timely and understandable
disclosure in reports and documents that a Fund files with, or submits to, the
SEC or other governmental authorities, and in other public communications made
by a Fund.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Comply with applicable laws and
governmental rules and regulations in his or her dealings with or on behalf of
a Fund, and take all reasonable actions, consistent with his or her position(s)
with a Fund and/or a Fund&#146;s service provider(s), to ensure compliance by the
Fund with applicable laws and governmental rules and regulations.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Take all reasonable actions, consistent
with his or her position(s) with a Fund and/or a Fund&#146;s service provider(s), to
ensure prompt internal reporting of violations of this Code to an appropriate
person or persons identified in this Code.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Not knowingly misrepresent, or knowingly
cause or permit others to misrepresent, facts about a Fund to a Fund&#146;s
shareholders, directors, counsel or auditors, to governmental regulators or
self-regulatory organizations, or to the public.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Consult with other officers and employees
of a Fund, and its adviser(s), administrator and principal underwriter, with
the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Fund files with, or submits to, the
SEC and in other public communications made by the Funds.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Promote
compliance by the Funds with the standards and restrictions imposed by
applicable laws, rules and regulations.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Not
influence investment decisions or financial or other reporting by the Fund
whereby the Covered Officer would benefit personally.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Not
cause a Fund to take an action, or fail to take an action, whereby the Covered
Officer would benefit personally.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Not
retaliate or take any adverse action against, or cause or permit any
retaliation or adverse action to be taken against, any other Covered Officer or
any employee of the Funds or their affiliated persons for reports of potential
violations of this Code or of applicable laws and governmental rules and
regulations that are made in good faith.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Definitions</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Conflicts of Interest</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;For the
purposes of this Code (i) an &#147;actual conflict of interest&#148; is a situation in
which a Covered Officer, a member of a Covered Officer&#146;s immediate family, or
an entity other than a Fund on whose behalf a Covered Officer is acting or from
which a Covered Officer may receive compensation or other personal benefit, has
an interest in a transaction or the results of a transaction in which a Fund is
involved that is different from the interests of the Fund with regard to that
same transaction, and (ii) an &#147;apparent conflict of interest&#148; is a situation in
which a Covered Officer, a member of a Covered Officer&#146;s immediate family, or
an entity other than a Fund on whose behalf a Covered Officer is acting or from
which a Covered Officer may receive compensation or other personal benefit,
appears to have an actual conflict of interest, without regard to whether an
actual conflict of interest in fact exists.(1)</font></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) Certain actual conflicts of interest are
inherent in the relationship between a Fund and a Covered Officer who is
employed by the Fund&#146;s investment adviser, administrator or principal
underwriter.&nbsp; As a result, this Code recognizes that Covered Officers
will, in the normal course of their duties (whether acting on behalf of a Fund
or on behalf of the adviser, administrator or principal underwriter, or for a
combination thereof), be involved in recommending actions that may have
different effects on the respective parties or may redound to the benefit of
the adviser, the administrator or the principal underwriter at the expense of
the Fund.&nbsp; For example, the negotiation of the underlying advisory,
administrative and underwriting agreements necessarily places such Covered
Officers in an actual conflict of interest position as to a Fund.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These inherent conflicts of interest are known
to and understood by the Funds and the Board, and the Board has determined that
the existence of these conflicts of interest is consistent with the performance
by the Covered Officers of their duties as officers of the Fund.&nbsp;
Therefore, the fact that a Covered Officer acts primarily or exclusively on
behalf of a party other than a Fund with regard to a transaction that is
covered by such inherent conflicts of interest shall not <i>ipso facto</i> cause such conduct to be in
violation of the requirements of this Code.&nbsp; Absent specific dishonest or
unethical conduct in such a transaction, the actions by a Covered Officer in
such regard shall be deemed to be honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and
professional relationships.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, an actual
conflict of interest shall not include situations that are covered by law or by
the Funds&#146; and an investment adviser&#146;s code of ethics required under Rule 17j-1
of the Investment Company Act of 1940.(2)</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Waiver and Implicit Waiver</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;waiver&#148; means the approval by a Fund
of a material departure from a provision of this Code.&nbsp; The term &#147;implicit
waiver&#148; means a failure by a Fund to take action within a reasonable period of
time regarding a material departure from a provision of this Code that has been
made known to an executive officer(3) of the Fund.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Benefit Personally; Immediate Family</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard to a Covered Officer, the term &#147;benefit
personally&#148; means the direct or indirect receipt by the Covered Officer, by a
member of the Covered Officer&#146;s immediate family, or by any entity (other than
a Fund&#146;s investment adviser or any affiliate thereof) of which the Covered
Officer or any member of the Covered Officer&#146;s immediate family owns 5% or more
of the beneficial ownership interest or by which the Covered Officer or any
member of the Covered Officer&#146;s immediate family is employed, or from which the
Covered Officer or any member of the Covered Officer&#146;s immediate family
receives any compensation or other benefit, of any compensation or other
personal benefit.&nbsp; For the purposes of this Code, the term &#147;member of the
immediate family&#148; means a Covered Officer&#146;s parent, spouse of a parent, child,
spouse of a child, spouse, brother, or sister, and includes step and adoptive
relationships.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Activities Requiring Prior Approval</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Covered Officer and his or her immediate
family shall not engage in any of the following activities without the prior
written approval of the Funds&#146; Chief Legal Officer (the &#147;Chief Legal Officer&#148;)
and the Funds&#146; Chief Executive Officer, except that in the case of the Chief
Executive Officer or a member of the Chief Executive Officer&#146;s immediate
family, such approval shall be from</font></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2) These inherent conflicts of interest are
already subject to prohibitions in the Investment Company Act of 1940 (the &#147;Investment
Company Act&#148;) and the Investment Advisers Act of 1940 (the &#147;Investment Advisers
Act&#148;).&nbsp; For example, a Covered Officer may not individually engage in
certain transactions (such as the purchase of sale or securities or other
property) with a Fund because of his or her status as an &#147;affiliated person&#148; of
the Fund.&nbsp; The Funds&#146; and the investment adviser&#146;s compliance programs and
procedures are designed to prevent, or identify and correct, violations of
these provisions.&nbsp; This Code does not, and is not intended to, repeat and
replace those programs and procedures, and such actual and apparent conflicts
of interest fall outside of the coverage of this Code.&nbsp; All other actual
and apparent conflicts of interest, even if such actual and apparent conflicts
of interest are not subject to provisions in the Investment Company Act or the
Investment Advisers Act, are covered by this Code.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3) The term &#147;executive officer,&#148; when used with
reference to a registrant, means its president, any vice president of the
registrant in charge of a principal business unit, division or function (such
as sales, administration or finance), any other officer who performs a policy
making function or any other person who performs similar policy making
functions for the registrant.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Chief Legal Officer and the Coordination and
Compliance Committee of the Board.&nbsp; To obtain such approval, the Covered
Officer shall submit a written statement to the Chief Legal Officer describing
in detail the proposed activity and the reasons for it.</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Service as a director, partner, officer,
manager or managing member on the board of any public or private company(4)
other than a Fund&#146;s investment adviser, administrator, principal underwriter,
or an affiliate of any of the foregoing, if such company has current or
prospective business dealings with a Fund or if any Fund may invest in
securities issued by such company.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Receipt of any entertainment(5) or meals
from any company with which the Fund has current or prospective business
dealings unless such entertainment or meals are business-related, reasonable in
cost, appropriate as to time and place, and not so frequent as to raise any
question of impropriety.&nbsp; For the purposes of this Code, entertainment and
meals that are incidental to a business conference, seminar or meeting shall be
deemed business-related, reasonable in cost, and appropriate as to time and
place.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Having any ownership interest in, or any
consulting, employment or compensation relationship with, any of a Fund&#146;s
service providers, other than its investment adviser(s), administrator,
principal underwriter, or any affiliated person thereof.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Exploit for his or her own personal gain
any opportunity which a Fund may exploit.&nbsp; This prohibition shall not
apply to securities trading undertaken in conformance with the Funds&#146; and an
investment adviser&#146;s code of ethics adopted pursuant to Rule 17j-1 of the
Investment Company Act.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prohibited Activities</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;A Covered
Officer and his or her immediate family shall not engage in any of the
following activities:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Have a direct or indirect financial
interest, such as compensation or equity ownership, in commissions, transaction
charges or spreads paid by the Fund for effecting portfolio transactions or for
selling or redeeming shares other than an interest arising from the Covered
Officer&#146;s employment with the Fund&#146;s investment adviser, administrator,
principal underwriter, or any affiliated person thereof.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Receive any gifts in excess of $500 in
any calendar year from any entity or person that directly or indirectly
currently or prospectively does or will do business with or receives
compensation or other benefits from a Fund.&nbsp; For the purposes of this
restriction, gifts from different persons employed by the same entity shall be
aggregated, along with any gifts from the entity itself, in order to determine
whether the $500 limit has been exceeded.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Accept employment from any company, other
than a Fund&#146;s investment adviser(s), administrator or principal underwriter (or
any affiliate thereof), with which the Fund has current or prospective business
dealings within one year after the latest to occur of such Covered Officer&#146;s
termination of employment at the Fund or at the Fund&#146;s investment adviser(s),
administrator or principal underwriter (or any affiliate thereof).</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Borrow money from any Fund, or borrow
money from or have any other financial transactions with any company, other
than a Fund&#146;s investment adviser(s), administrator or principal underwriter (or
any affiliate thereof), with which the Fund has current or prospective business
dealings, other than routine retail transactions that are effected on the same
terms and conditions as are available to the general public.</font></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4) For the purposes of this Code, &#147;company&#148;
includes any legal or business entity such as a corporation, limited liability
company, partnership, limited partnership, trust, association, sole
proprietorship, <i>etc</i>.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5) For the purposes of this Code, &#147;entertainment&#148;
means activities or events, such as golfing, theater, sporting events, <i>etc</i>., at which a representative of the
entertaining company is present along with the Covered Officer or his or her
immediate family member.&nbsp; If a representative of the entertaining company
is not present, such activities or events shall be treated as gifts hereunder.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Engage in a transaction directly as a
principal with a Fund, except that this prohibition shall not apply to the
purchase or redemption of the shares of any Fund on the same terms and
conditions as all other shareholders.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Any other activity that would cause them
to benefit personally at the expense of a Fund.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Reporting and Accountability</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Reporting</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Covered Officer must:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Upon adoption of this Code (or
thereafter, as applicable, upon becoming a Covered Officer), affirm in writing
to the Chief Legal Officer and the Board that he or she has received, read and
understands this Code.&nbsp; Such affirmation shall be substantially in the
form attached hereto as <u>Exhibit B</u>.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Annually
thereafter affirm to the Chief Legal Officer and the Board that he or she has
complied with the requirements of this Code.&nbsp; Such affirmation shall be
substantially in the form attached hereto as <u>Exhibit C</u>.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">Report at least annually all employment,
ownership, affiliations or other relationships related to conflicts of interest
that the Fund&#146;s Directors and Officers Questionnaire covers.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Notify
the Chief Legal Officer promptly if he or she knows of any violation of this
Code or of any applicable laws and governmental rules and regulations.&nbsp;
Failure to do so is itself a violation of this Code.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Interpretations</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Chief Legal Officer has the authority and
shall be responsible for applying this Code to specific situations and for
making interpretations of this Code in any particular situation.&nbsp; In
making interpretations of this Code, the Chief Legal Officer may consult with
the Funds&#146; outside counsel.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Investigations</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Funds will follow these procedures in
investigating and enforcing this Code:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">The Chief Legal Officer will take all
appropriate action to investigate any potential violations reported to him or
her.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">If,
after such investigation, the Chief Legal Officer believes that no violation
has occurred, the Chief Legal Officer is not required to take any further
action.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">
</font><font face="Times New Roman">If, after such investigation, the Chief
Legal Officer believes that a violation has occurred, the Chief Legal Officer
shall report such potential violation to the Coordination and Compliance
Committee.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">If
the Coordination and Compliance Committee concurs that a violation has
occurred, it will inform and make a recommendation to the Board, which will
consider appropriate action, which may include review of, and appropriate
modifications to, applicable policies and procedures; notification to
appropriate personnel of the investment adviser or its board; and a
recommendation to discipline or dismiss the Covered Officer or to require
reimbursement or disgorgement by the Covered Officer of any personal benefits
received.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;&#160;&#160;&#160; Waivers</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Coordination and Compliance Committee and
the Chief Legal Officer, as applicable, may grant a waiver to compliance with
this Code by a Covered Officer or his or her immediate family if the
Coordination and Compliance Committee or the Chief Legal Officer determines
that the proposed activity will not have an adverse impact on any Fund or on
the ability of a Covered Officer faithfully to perform his or her duties to the
Funds.&nbsp; To obtain a waiver, a Covered Officer shall submit a written
statement to the Chief Legal Officer describing in detail the proposed
activity, and the reasons for it, and the provision(s) of this Code as to which
a waiver is requested.&nbsp; Any waivers of the provisions of this Code shall
be disclosed to the extent required by law and SEC rules.</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">H.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Relationship to Other Policies and
Procedures</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Code shall be the sole code of ethics
adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and
the rules and forms applicable to registered investment companies
thereunder.&nbsp; Insofar as other policies or procedures of the Funds, the
Funds&#146; adviser(s), administrator, principal underwriter, or other service providers
govern or purport to govern the behavior or activities of the Covered Officers
who are subject to this Code, they are superseded by this Code to the extent
that they overlap or conflict with the provisions of this Code.&nbsp; The Funds&#146;
and their investment advisers&#146; and principal underwriter&#146;s codes of ethics
under Rule 17j-1 under the Investment Company Act are separate requirements
applying to the Covered Officers and others, and are not part of this Code.</font></p>

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

<p style="margin:0in 0in .0001pt;"><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;&#160;&#160;&#160; Confidentiality</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All reports and records prepared or maintained
pursuant to this Code will be considered confidential and shall be maintained
and protected accordingly.&nbsp; Except as otherwise required by law or this
Code, such matters shall not be disclosed to anyone other than the appropriate
Board or committee thereof or the Funds&#146; outside counsel.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">J.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Internal Use</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Code is intended solely for the internal use
by the Funds and does not constitute an admission, by or on behalf of any Fund
or any Covered Officer or his or her immediate family, as to any fact,
circumstance, or legal conclusion.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">K.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amendments</font></b></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any amendments to this Code must be approved or
ratified by a majority vote of the Board, including a majority of the
independent directors.&nbsp; Any amendments to this Code shall be disclosed to
the extent required by law and SEC rules.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit A</font></u></b></p>

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

<p align="center" style="margin:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .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:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP NATURAL RESOURCES TRUST</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit B</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INITIAL ACKNOWLEDGEMENT</font></b></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covered Officer Name and<br>
  Title:</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:53.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(please print)</font></i></p>
  </td>
 </tr>
</table>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I acknowledge that I have received and read a
copy of the ING Funds Sarbanes-Oxley Act Code of Ethics (the &#147;Code&#148;) and that I
understand it.&nbsp; I further acknowledge that I am responsible for
understanding and complying with the policies set forth in the Code during my
tenure as a Covered Officer, as defined in the Code.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I also acknowledge my responsibility to report
any violation of the Code to the Chief Legal Officer of the Funds.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I further acknowledge
that the policies contained in the Code are not intended to create any
contractual rights or obligations, express or implied.&nbsp; I also understand
that, consistent with applicable law, the Funds have the right to amend,
interpret, modify or withdraw any of the provisions of the Code at any time in
their sole discretion, with or without notice.</font></p>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.42%;">
  <p style="margin:0in 0in .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;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:20.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit C</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNUAL ACKNOWLEDGEMENT</font></b></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covered Officer Name and<br>
  Title:</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.3%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:53.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(please print)</font></i></p>
  </td>
 </tr>
</table>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I acknowledge that I
have received and read a copy of the ING Funds Sarbanes-Oxley Act Code of Ethics
(the &#147;Code&#148;) and that I understand it.&nbsp; I further acknowledge that I am
responsible for understanding and complying with the policies set forth in the
Code during my tenure as a Covered Officer, as defined in the Code.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I also acknowledge
that I have fully complied with the terms and provisions of the Code during the
period of time since the most recent Initial or Annual Acknowledgement provided
by me.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I further acknowledge
that the policies contained in the Code are not intended to create any contractual
rights or obligations, express or implied.&nbsp; I also understand that,
consistent with applicable law, the Funds have the right to amend, interpret,
modify or withdraw any of the provisions of the Code at any time in their sole
discretion, with or without notice.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.42%;">
  <p style="margin:0in 0in .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;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:20.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>a07-9077_3ex99dcert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
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<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 99.CERT</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATION</font></u></b></h2>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I,
Shaun P Mathews, certify that:</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I have reviewed
this report on Form N-CSR of <u>ING Prime Rate Trust</u>;</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. </font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s
other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

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

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this
report is being prepared;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles;</font></p>

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

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font face="Times New Roman">Disclosed in this report any change in
the registrant&#146;s internal control over financial reporting that occurred during
the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
registrant&#146;s internal control over financial reporting; and</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s
other certifying officer(s) and I have disclosed to the registrant&#146;s auditors
and the audit committee of the registrant&#146;s board of directors (or persons
performing the equivalent functions):</font></p>

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

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All significant deficiencies
and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial
information; and</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the registrant&#146;s internal controls over financial reporting.</font></p>

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

<p style="margin:0in 0in .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="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:12.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May
  7, 2007</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:38.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Shaun P Mathews</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:38.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun
  P Mathews</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President
  and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

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

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATION</font></u></b></h2>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I,
Todd Modic, certify that:</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I have reviewed
this report on Form N-CSR of <u>ING Prime Rate Trust</u>;</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. </font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s
other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

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

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report
is being prepared;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles;</font></p>

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

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and</font></p>

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

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Disclosed in this report any change in the
registrant&#146;s internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting; and</font></p>

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

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5. </font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s
other certifying officer(s) and I have disclosed to the registrant&#146;s auditors
and the audit committee of the registrant&#146;s board of directors (or persons
performing the equivalent functions):</font></p>

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

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All significant deficiencies
and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial
information; and</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the registrant&#146;s internal controls over financial reporting.</font></p>

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

<p style="margin:0in 0in .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="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:12.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May
  7, 2007</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:50.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Todd Modic</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:49.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd
  Modic</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:49.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior
  Vice President and</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:49.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

</div>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>a07-9077_3ex99d906cert.htm
<DESCRIPTION>EX-99.906CERT
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
99.906CERT</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certification</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to Section 906</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sarbanes-Oxley
Act of 2002</font></p>

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

<p style="margin:0in 0in .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="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Registrant:</font></p>
  </td>
  <td width="77%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Form N-CSR:</font></p>
  </td>
  <td width="77%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 28, 2007</font></u></p>
  </td>
 </tr>
</table>

</div>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned, the
principal executive officer of the above named registrant (the &#147;Fund&#148;), hereby
certifies that, with respect to the Form N-CSR referred to above, to the best
of his knowledge and belief, after reasonable inquiry:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such Form N-CSR fully complies with the requirements of
section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the information contained in such Form N-CSR fairly
presents, in all material respects, the financial condition and results of
operations of the Fund.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement
required by Section 906 has been provided to <u>ING Prime Rate Trust</u> and
will be retained by <u>ING Prime Rate Trust</u> and furnished to the Securities
and Exchange Commission or its staff upon request.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the
undersigned has executed this Certification below, as of this <u>7</u></font><u><font size="2" style="font-size:10.0pt;">th</font></u><font size="2" style="font-size:10.0pt;"> day of <u>May</u>, 2007.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Shaun P. Mathews</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun P. Mathews</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Officer</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="2" width="100%" noshade color="gray" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certification</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to Section 906</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sarbanes-Oxley
Act of 2002</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Registrant:</font></p>
  </td>
  <td width="77%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in .7pt 0in .7pt;width:22.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Form N-CSR:</font></p>
  </td>
  <td width="77%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:77.54%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 28, 2007</font></u></p>
  </td>
 </tr>
</table>

</div>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned, the
principal financial officer of the above named registrant (the &#147;Fund&#148;), hereby
certifies that, with respect to the Form N-CSR referred to above, to the best
of his knowledge and belief, after reasonable inquiry:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such Form N-CSR fully complies with the requirements of
section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the information contained in such Form N-CSR fairly
presents, in all material respects, the financial condition and results of
operations of the Fund.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement
required by Section 906 has been provided to <u>ING Prime Rate Trust</u> and
will be retained by <u>ING Prime Rate Trust</u> and furnished to the Securities
and Exchange Commission or its staff upon request.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the
undersigned has executed this Certification below, as of this <u>7</u></font><u><font size="2" style="font-size:10.0pt;">th</font></u><font size="2" style="font-size:10.0pt;"> day of <u>May</u>, 2007.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Todd Modic</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd Modic</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President and</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
