-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IT0I22JsiCQBeqUkzIuHX+2BOrCVt9qg1uvVPcmtFc26PSIOsacLT/VOsFwoOxkk
 vxwSEjRtLw3kKv5Fj/AU2g==

<SEC-DOCUMENT>0001104659-08-027968.txt : 20080429
<SEC-HEADER>0001104659-08-027968.hdr.sgml : 20080429
<ACCEPTANCE-DATETIME>20080429170221
ACCESSION NUMBER:		0001104659-08-027968
CONFORMED SUBMISSION TYPE:	POS 8C
PUBLIC DOCUMENT COUNT:		24
FILED AS OF DATE:		20080429
DATE AS OF CHANGE:		20080429

FILER:

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

	FILING VALUES:
		FORM TYPE:		POS 8C
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-68239
		FILM NUMBER:		08786489

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

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

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

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		POS 8C
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		08786490

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS 8C
<SEQUENCE>1
<FILENAME>a08-11032_1pos8c.htm
<DESCRIPTION>POS 8C
<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;">As filed with the Securities and Exchange
Commission on April&nbsp;29, 2008</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;">Securities Act File No.&nbsp;333-68239</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;">Investment Company Act File No.&nbsp;811-05410</font></b></p>

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

<div style="border:none;border-top:double windowtext 6.0pt;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>

</div>

<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;">U.S. 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 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" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></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 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&nbsp;N-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;">&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;">(Check Appropriate box or boxes)</font></b></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="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Registration Statement Under
  The Securities Act Of 1933</font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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;">Pre-Effective Amendment No.&nbsp;</font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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;">Post-Effective Amendment No.&nbsp;19</font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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;">and/or </font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Registration Statement Under
  The Investment Company Act Of 1940</font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="694" valign="top" style="padding:0in 0in 0in 0in;width:520.65pt;">
  <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;">Amendment No.&nbsp;72<br>
  <br>
  </font></b><font size="2" style="font-size:10.0pt;">(Check
  appropriate box or boxes)</font></p>
  </td>
  <td width="26" valign="top" style="padding:0in 0in 0in 0in;width:19.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">x</font></b></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;"><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 Specified in Charter)</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="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7337 E. Doubletree Ranch Road</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Scottsdale, AZ 85258</font></b></p>

<p align="center" style="margin: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>

<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;">Registrant&#146;s Telephone Number, Including Area Code:&#160; <b>(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="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="288" valign="top" style="padding:0in 0in 0in 0in;width:3.0in;">
  <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;">Huey P. Falgout,&nbsp;Jr.</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 Investments, LLC</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;">7337 East Doubletree Ranch Road</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;">Scottsdale, AZ 85258</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>
  </td>
  <td width="252" valign="top" style="padding:0in 0in 0in 0in;width:189.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With copies to:</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;">Jeffrey S. Puretz,&nbsp;Esq.</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;">Dechert LLP</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;">1775 I Street, NW</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, DC&nbsp;
  20006</font></b></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>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></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;">Approximate Date of
Proposed Offering:</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As soon
as practical after the effective date of this Registration Statement</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;">If any securities
being registered on this form will be offered on a delayed or continuous basis
in reliance on Rule&nbsp;415 under the Securities Act of 1933, other than securities
offered in connection with a dividend reinvestment plan, check the following box.&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</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;">It is proposed
that this filing will become effective:</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="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;">&#160; When declared
effective pursuant to Section&nbsp;8(c)&nbsp;of the Securities Act of 1933.</font></p>

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

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

</div>

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

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105534\08-11032-1\task2901668\11032-1-ba.htm',USER='105534',CD='Apr 29 16:28 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-size:10.0pt;"><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">ING PRIME RATE TRUST</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(&#147;Registrant&#148;)</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">5,000,000 Common Shares</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:ce
nter;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">CONTENTS OF REGISTRATION STATEMENT</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">This Registration Statement consists of the following papers and documents:</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#
183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Times New Roman" style="color:windowtext;">Cover Sheet</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Times New Roman" style="color:windowtext;">Contents of Registration Statement</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#16
0;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Times New Roman" style="color:windowtext;">Supplement to Registrant dated June&nbsp;30, 2008.</font></p><p style="color:black;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Times New Roman" style="color:windowtext;">ING Prime 
Rate Trust 5,000,000 Common Shares Prospectus dated June&nbsp;30, 2008.</font></p><p style="color:black;margin:0in 0in .0001pt 45.0pt;text-indent:-45.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Times New Roman" style="color:windowtext;">ING Prime Rate Trust 5,000,000 and 25,000,000 Statement of Additional Information dated June&nbsp;30, 2008.</font>
</p><p style="color:black;margin:0in 0in .0001pt 45.0pt;text-indent:-45.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Times New Roman" style="color:windowtext;">Part&nbsp;C</font></p><p style="color:black;margin:0in 0in .0001pt 45.0pt;text-indent:-45.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&
nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Times New Roman" style="color:windowtext;">Signature Page</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></p></div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105534\08-11032-1\task2901668\11032-1-be.htm',USER='105534',CD='Apr 29 16:33 2008' -->



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

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

<p style="color:windowtext;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(&#147;Registrant&#148;)</font></b></p>

<p style="color:windowtext;font-weight:bold;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="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplement dated June&nbsp;30, 2008 to the Registrant&#146;s 5,000,000
Common Shares&#146; Prospectus dated June&nbsp;30, 2008</font></p>

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

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Prospectus for the Registrant is hereby supplemented with the following
information relating to &#147;Information Regarding Trading of ING&#146;s U.S. Mutual
Funds.&#148;</font></p>

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

<p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Information
Regarding Trading of ING&#146;s U.S. Mutual Funds</font></b></p>

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

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
discussed in earlier supplements, ING Investments, LLC (&#147;Investments&#148;), the
adviser to the ING Funds, has reported to the Boards of Directors/Trustees (the
&#147;Boards&#148;) of the ING Funds that, like many U.S. financial services companies,
Investments and certain of its U.S. affiliates have received informal and
formal requests for information since September&nbsp;2003 from various
governmental and self-regulatory agencies in connection with investigations
related to mutual funds and variable insurance products.&#160; Investments has advised the Boards that it
and its affiliates have cooperated fully with each request.</font></p>

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

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition to responding to regulatory and governmental requests, Investments
reported that management of U.S. affiliates of ING Groep N.V., including
Investments (collectively, &#147;ING&#148;), on their own initiative, have conducted,
through independent special counsel and a national accounting firm, an extensive
internal review of trading in ING insurance, retirement, and mutual fund
products. The goal of this review was to identify any instances of
inappropriate trading in those products by third parties or by ING investment
professionals and other ING personnel. ING&#146;s internal review related to mutual
fund trading is now substantially completed.&#160;
ING has reported that, of the millions of customer relationships that
ING maintains, the internal review identified several isolated arrangements
allowing third parties to engage in frequent trading of mutual funds within ING&#146;s
variable insurance and mutual fund products, and identified other circumstances
where frequent trading occurred, despite measures taken by ING intended to
combat market timing.&#160; ING further
reported that each of these arrangements has been terminated and fully
disclosed to regulators.&#160; The results of
the internal review were also reported to the independent members of the
Boards.</font></p>

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

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Investments
has advised the Boards that most of the identified arrangements were initiated
prior to ING&#146;s acquisition of the businesses in question in the U.S.&#160; Investments further reported that the
companies in question did not receive special benefits in return for any of
these arrangements, which have all been terminated.</font></p>

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

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Based
on the internal review, Investments has advised the Boards that the identified
arrangements do not represent a systemic problem in any of the companies that
were involved.</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105534\08-11032-1\task2901668\11032-1-bg.htm',USER='105534',CD='Apr 29 16:34 2008' -->


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


<div style="font-family:Times New Roman;"><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Boards are the only instances of such trading respecting the ING Funds.</font></p><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Investments
reported to the Boards that ING is committed to conducting its business with
the highest standards of ethical conduct with zero tolerance for noncompliance.
Accordingly, Investments advised the Boards that ING management was
disappointed that its voluntary internal review identified these situations.
Viewed in the context of the breadth and magnitude of its U.S. business as a
whole, ING management does not believe that ING&#146;s acquired companies had
systemic ethical or compliance issues in these areas. Nonetheless, Investments
reported that given ING&#146;s refusal to tolerate any lapses, it has taken the
steps noted below, and will continue to seek opportunities to further
strengthen the internal controls of its affiliates.</font></p>

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

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">ING has agreed with
the ING Funds to indemnify and hold harmless the ING Funds from all damages
resulting from wrongful conduct by ING or its employees or from ING&#146;s internal
investigation, any investigations conducted by any governmental or
self-regulatory agencies, litigation or other formal proceedings, including any
proceedings by the SEC.&#160; Investments
reported to the Boards that ING management believes that the total amount of
any indemnification obligations will not be material to ING or its U.S.
business.</font></p>

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

<p style="color:windowtext;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">ING updated its Code of Conduct for employees reinforcing its employees&#146;
obligation to conduct personal trading activity consistent with the law,
disclosed limits, and other requirements.</font></p>

<p style="color:windowtext;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="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other
Regulatory Matters.</font></b></p>

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

<p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The New York Attorney
General (the &#147;NYAG&#148;) and other federal and state regulators are also conducting
broad inquiries and investigations involving the insurance industry. These
initiatives currently focus on, among other things, compensation and other
sales incentives; potential conflicts of interest; potential anti-competitive
activity; reinsurance; marketing practices (including suitability); specific
product types (including group annuities and indexed annuities); fund selection
for investment products and brokerage sales; and disclosure. It is likely that
the scope of these industry investigations will further broaden before they
conclude. ING has received formal and informal requests in connection with such
investigations, and is cooperating fully with each request.</font></p>

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

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other
federal and state regulators could initiate similar actions in this or other
areas of ING&#146;s businesses. 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. In light of
these and other developments, ING continuously reviews whether modifications to
its business practices are appropriate. 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 align="center" style="color:windowtext;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="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105534\08-11032-1\task2901668\11032-1-bg.htm',USER='105534',CD='Apr 29 16:34 2008' -->


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


<div>

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

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There can be no assurance
that these matters, or the adverse publicity associated with them, will not
result in increased fund redemptions, reduced sale of fund shares, or other
adverse consequences to ING Funds.</font></p>

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

<p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE</font></b></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p><p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></p></div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\105534\08-11032-1\task2901668\11032-1-bg.htm',USER='105534',CD='Apr 29 16:34 2008' -->



<br clear="all" style="page-break-before:always;">
<!-- Document name: 08-11032-3.aa-->
<p><img src="j08110323_aa001.jpg"></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Prospectus</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="4">Prospectus</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>June 30, 2008</b></font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">5,000,000 Common Shares</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING Prime Rate Trust</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">This Prospectus sets forth concisely the information about ING Prime Rate Trust ("Trust") that a prospective investor ought to know before investing. You should read it carefully before you invest, and keep it for future reference.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has filed with the Securities and Exchange Commission ("SEC") a Statement of Additional Information ("SAI") dated June 30, 2008 containing additional information about the Trust. The SAI is incorporated by reference in its entirety into this Prospectus. You may obtain a free copy of the SAI, annual shareholder report and semi-annual shareholder report by contacting the Trust at (800) 992-0180 or by writing to the Trust at 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258. The Trust's SAI and annual and semi-annual shareholder reports are available, free of charge, on the Trust's website at www.ingfunds.com. The Prospectus, SAI and other information about the Trust are also available on the SEC's website (http://www.sec.gov). The table of contents for the SAI appears on page [   ] of this Prospectus.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares of the Trust trade on the New York Stock Exchange ("NYSE") under the symbol PPR.</font></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="1">Market fluctuations and general economic conditions can adversely affect the Trust. There is no guarantee that the Trust will achieve its investment objective. Investment in the Trust involves certain risks and special considerations, including risks associated with the Trust's use of leverage. See "Risk Factors and Special Considerations" on pages [   ] and [   ] for a discussion of any factors that make investment in the Trust speculative or high risk.</font></p>

<p><font face="Times New Roman PS, Times New Roman, Times" size="1">Neither the SEC nor any state securities commission has approved or disapproved these securities, or determined that this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</font></p>
<p><img src="j08110323_aa002.jpg"></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=1,FOLIO='',FILE='08-11032-3.aa',USER='jferrel',CD='Apr 26 07:56 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 08-11032-3.ba-->
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">WHAT'S INSIDE</font></p>
<p align="left"><img src="j08110323_ba001.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;INVESTMENT OBJECTIVE</font></p>
<p align="left"><img src="j08110323_ba002.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;PRINCIPAL INVESTMENT STRATEGIES</font></p>
<p align="left"><img src="j08110323_ba003.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;RISKS</font></p>
<p align="left"><img src="j08110323_ba004.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="2">&nbsp;&nbsp;WHAT YOU PAY TO INVEST</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">This Prospectus contains a description of ING Prime Rate Trust ("Trust"), including the Trust's investment objective, principal investment strategies and risks.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">You'll also find:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>What you pay to invest.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> A list of the fees and expenses you pay &#151; both directly and indirectly &#151; when you invest in the Trust.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="352" align="left" valign="top">


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">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="352" align="left" valign="top">


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

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


&nbsp;

</td>
<td colspan="1" width="37" 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="352" align="left" valign="top">


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">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="352" align="left" valign="top">


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">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="352" align="left" valign="top">


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">17</font>

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">24</font>

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


&nbsp;

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">24</font>

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


&nbsp;

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">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="352" align="left" valign="top">


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">31</font>

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


&nbsp;

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="2">32</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>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=2,FOLIO='',FILE='08-11032-3.ba',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">(THIS PAGE INTENTIONALLY LEFT BLANK)</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=3,FOLIO='',FILE='08-11032-3.ba',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">INTRODUCTION TO ING PRIME RATE TRUST</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Risk is the potential that your investment will lose money or not earn as much as you hope. All mutual funds have varying degrees of risk, depending upon the securities in which they invest.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">This Trust involves certain risks and special considerations, including risks associated with investing in below investment grade assets and risks associated with the Trust's use of borrowing and other leverage strategies. See "Risk Factors and Special Considerations" beginning on pages [   ] and [   ].</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Please read this Prospectus carefully to be sure you understand the principal investment strategies and risks associated with the Trust. You should consult the SAI for a complete list of the principal investment strategies and risks.</font></p>
<p align="left"><img src="j08110323_ba005.jpg">
</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">If you have any questions about the Trust, please call your investment professional or us at 1-800-992-0180.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><i>This Prospectus is designed to help you make an informed decision about making an investment in the Trust. Please read it carefully and retain it for future reference.</i></b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Who should invest in the Trust?</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>THE TRUST MAY BE A SUITABLE INVESTMENT IF YOU:</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;are seeking a high level of current income; and</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;are willing to accept the risks associated with an investment in a leveraged portfolio consisting primarily of senior loans that are typically below investment grade credit quality.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DESCRIPTION OF THE TRUST</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is a diversified, closed-end management investment company that seeks to provide investors with as high a level of current income as is consistent with the preservation of capital. The Trust seeks to achieve this objective by investing in a professionally managed portfolio comprised primarily of senior loans, an investment typically not available directly to individual investors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Since the senior loans in the Trust's portfolio typically are below investment grade credit quality and the portfolio is leveraged, the Trust has speculative characteristics. The Trust cannot guarantee that it will achieve its investment objective.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares of the Trust trade on the New York Stock Exchange "NYSE" under the symbol PPR.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's investment adviser is ING Investments, LLC. The Trust's sub-adviser is ING Investment Management Co.</font></p>
<p><img src="j08110323_ba006.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call (800) 992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Introduction to ING Prime Rate Trust<br>1</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='1',FILE='08-11032-3.ba',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following synopsis is qualified in its entirety by reference to the more detailed information appearing elsewhere in this Prospectus.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DESCRIPTION OF <BR>THE TRUST</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). It was organized as a Massachusetts business trust on December 2, 1987. As of June 15, 2008, the Trust's net asset value ("NAV") per Common Share was $[      ].</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">As of June 15, 2008, the Trust had [                  ] Common Shares outstanding, which are traded on the NYSE under the symbol PPR. At that date, the last reported sales price of a Common Share of the Trust was $[      ].</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Adviser/Sub-Adviser</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's investment adviser is ING Investments, LLC ("ING Investments" or "Adviser"), an Arizona limited liability company. As of March 31, 2008, ING Investments managed approximately $[      ] billion in assets.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Adviser is an indirect, wholly-owned subsidiary of ING Groep N.V. ("ING Groep") (NYSE: ING). ING Groep is one of the largest financial services organizations in the world with approximately 120,000 employees. Based in Amsterdam, ING Groep offers an array of banking, insurance and asset management services to both individual and institutional investors.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Adviser receives an annual fee, payable monthly, in an amount equal to 0.80% of the Trust's average daily gross asset value, minus the sum of the Trust's accrued and unpaid dividends on any outstanding preferred shares and accrue
d liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Trust and the liquidation preference of any outstanding preferred shares) ("Managed Assets"). This definition includes the assets acquired through the Trust's use of leverage.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Investment Management Co. ("ING IM" or "Sub-Adviser") serves as sub-adviser to the Trust. See "Investment Management and Other Service Providers &#151; Sub-Adviser" on page [    ]. ING IM is an affiliate of the Adviser.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Income dividends on Common Shares accrue and are declared and paid monthly. Income dividends may be distributed in cash or reinvested in additional full and fractional shares of the Trust through the Trust's Shareholder Investment Program.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Principal Investment Strategies</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. dollar denominated floating rate secured senior loans ("Senior Loans"). The Trust will provide shareholders with at least 60 days' prior notice of any change in this investment policy. Under normal circumstances, the Trust invests at least 80% of its assets in Senior Loans made to corporations or other business entities organized under U.S. or Canadian law and that are domiciled in the United States and in U.S. territories and possessions or Canada.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Senior Loans in which the Trust invests either hold the most senior position in the capital structure of the borrower or hold an equal ranking with other senior debt or have characteristics that the Adviser or Sub-Adviser believes j
ustifies treatment as senior debt. These Senior Loans are typically below investment grade quality.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust typically makes its investments in Senior Loans by purchasing a portion of the overall loan, </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>i.e.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2">, the Trust becomes one of a number of lenders investing in the loan. The Trust may also make its investments in Senior Loans through the use of derivative instruments such as participations, credit-linked notes, credit default swaps, and total return swaps as long as the reference obligation for any such instrument is a Senior Loan. Investments through the use of such derivative instruments involve counterparty risk, i.e., the risk that the party from which such instrument is purchased will not perform as agreed. The Trust seeks to minimize such counterparty risk by purchasing such 
investments from large, well established and highly rated counterparties.</font>

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

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>2</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=5,FOLIO='2',FILE='08-11032-3.ba',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Assets not invested in Senior Loans may be invested in unsecured loans, subordinated loans, tranches of floating rate asset-backed securities, including structured notes, short-term debt securities, and equities acquired in connection with investments in loans. See "Investment Objective and Policies" on page [    ].<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Loans in which the Trust invests typically have interest rates which reset at least quarterly and may reset as frequently as daily. The maximum duration of an interest rate reset on any loan in which the Trust may invest is one year. In order to achieve overall reset balance, the Trust will ordinarily maintain a dollar-weighted average time until the next interest rate adjustment on its loans of 90 days or less.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Normally at least 80% of the Trust's portfolio will be invested in Senior 
Loans with maturities of one to ten years. The maximum maturity on any loan in which the Trust may invest is ten years.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">To seek to increase the yield on the Common Shares, the Trust may engage in lending its portfolio securities. Such lending will be fully secured by investment grade collateral held by an independent agent.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust may hold a portion of its assets in short-term interest bearing instruments. Moreover, in periods when, in the opinion of the Adviser or Sub-Adviser, a temporary defensive position is appropriate, up to 100% of the Trust's assets may be held in cash or short-term interest bearing instruments. The Trust may not achieve its investment objective when pursuing a temporary defensive position.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust may invest up to 20% of its total assets in loans, secured or
 unsecured, to borrowers that are organized or located in countries outside the United States and U.S. territories and possessions or Canada. The Trust may invest up to 15% of its total assets in investments denominated in the Organization for Economic Co-operation and Development ("OECD") currencies (including the Euro), other than the U.S. dollar. The Trust will engage in currency exchange transactions to seek to hedge, as closely as practicable, 100% of the economic impact to the Trust arising from foreign currency fluctuations. Investment in foreign borrowers involves special risks, including that foreign borrowers may be subject to:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; less rigorous regulatory, accounting and reporting requirements than U.S. borrowers;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; differing legal systems and laws relating to creditors' rights;<BR></font><font face="Times New Roman PS, Times New Roman, Times
" size="2">&#149; the potential inability to enforce legal judgments;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; economic adversity that would result if the value of the borrower's non-U.S. dollar denominated revenues and assets were to fall because of fluctuations in currency values; and<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; the potential for political, social and economic adversity in the foreign borrower's country.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust may engage in executing repurchase and reverse repurchase agreements.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">To seek to increase the yield on the Common Shares, the Trust employs financial leverage by borrowing money and issuing preferred shares. The timing and terms of leverage will be determined by the Trust's Board of Trustees ("Board") in consultation with the Adviser or Sub-Adviser. See "Risk Factors and Special Considerations &#151; Leverage" on page [    ].</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Under the 1940 Act, the Trust may borrow up to an amount equal to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="2">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="2">% of its total assets (including the proceeds of the borrowings) less all liabilities other than borrowings. The Trust's obligations to holders of its debt are senior to its ability to pay dividends on, or repurchase, Common Shares and preferred shares, or to pay holders of Common Shares and preferred shares in the event of liquidation.</font>

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

<p>&nbsp;</p>
<p><img src="j08110323_ba007.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call (800) 992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=6,FOLIO='3',FILE='08-11032-3.ba',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Under the 1940 Act, the Trust may issue preferred shares so long as immediately after any issuance of preferred shares the value of the Trust's total assets (less all Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust's senior indebtedness plus the involuntary liquidation preference of all outstanding shares.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust is authorized to issue an unlimited number of shares of a class of preferred stock in one or more series. In November 2000, the Trust issued 3,600 shares each of Series M, T, W, Th and F Auction Rate Cumulative Preferred Shares, $0.01 par value, $25,000 liquidation preference per share, for a total issuance of $450 million ("Preferred Shares"). The Trust's obligations to holders of the Preferred Shares are senior to its ability to pay dividends on, or repurchase, Common Shares, or to pay holders of
 Common Shares in the event of liquidation.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The 1940 Act also requires that the holders of the Preferred Shares, voting as a separate class, have the right to:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; elect at least two trustees at all times; and<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; elect a majority of the trustees at any time when dividends on any series of Preferred Shares are unpaid for two full years.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">In each case, the holders of Common Shares voting separately as a class will elect the remaining trustees.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Since early February 2008, the Trust has not received hold orders and purchase requests for its Preferred Shares during their weekly auctions that equaled the full amount of such shares. As a resu
lt, under the terms of the Preferred Shares, the amount sold by each selling shareholder was reduced pro rata or to zero. In addition, the dividend rate on such preferred shares, which is normally set by means of a Dutch auction procedure, automatically reset to the maximum rate permitted under the Preferred Shares program. That maximum rate is 150% of the applicable commercial paper base rate on the day of the auction. It is unclear whether the dividend rate for the Preferred Shares will be set by means of an auction again in the future. The Trust and its Board of Trustees are evaluating potential options to restore liquidity to and/or provide additional refinancing options for this market in the context of regulatory guidelines, as well as the economic and tax implications for both common and preferred shareholders.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust maintains a diversified investment portfolio, an investment strategy which seeks to limit exposure to any one issuer or industry.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">As a diversified investment company, the Trust may not make investments in any one issuer (other than the U.S. government) if, immediately after such purchase or acquisition, more than 5% of the value of the Trust's total assets would be invested in such issuer, or the Trust would own more than 25% of any outstanding issue. The Trust will consider a borrower on a loan, including a loan participation, to be the issuer of that loan. In addition, with respect to a loan under which the Trust does not have privity with the borrower or would not have a direct cause of action against the borrower in the event of the failure of the borrower to pay scheduled principal or interest, the Trust will also separately meet the foregoing requirements
 and consider each interpositioned bank (a lender from which the Trust acquires a loan) to be an issuer of the loan. This investment strategy is a fundamental policy that may not be changed without shareholder approval. With respect to no more than 25% of its total assets, the Trust may make investments that are not subject to the foregoing restrictions.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">In addition, a maximum of 25% of the Trust's total assets, measured at the time of investment, may be invested in any one industry. This investment strategy is also a fundamental policy that may not be changed without shareholder approval.</font>

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

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='4',FILE='08-11032-3.ba',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">The Common Shares are offered by the Trust through the Trust's Shareholder Investment Program. The Shareholder Investment Program allows participating shareholders to reinvest all dividends in additional shares of the Trust, and also allows participants to purchase additional Common Shares through optional cash investments in amounts ranging from a minimum of $100 to a maximum of $100,000 per month. The Trust and ING Funds Distributor, LLC ("ING Funds Distributor") reserve the right to reject any purchase order. Please note that cash, travelers checks, third-party checks, money orders and checks drawn on non-U.S. banks (even if payment may be effected through a U.S. bank) generally will not be accepted. Common Shares may be issued by the Trust under the Shareholder Investment Program only if the Trust's Common Shares are trading at a premium to NAV. If the Trust's Common Shares are trading at a discount to NAV, Common Shares purchased under the
 Shareholder Investment Program will be purchased on the open market. See "Plan of Distribution" on pages [    ] and [    ].<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Shareholders may elect to participate in the Shareholder Investment Program by telephoning the Trust or submitting a completed Participation Form to DST Systems, Inc. ("DST").<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Common Shares also may be offered pursuant to privately negotiated transactions between the Trust or ING Funds Distributor and individual investors. Common Shares of the Trust issued in connection with privately negotiated transactions will be issued at the greater of (i) NAV per Common Share of the Trust's Common Shares or (ii) at a discount ranging from 0% to 5% of the average daily market price of the Trust's Common Shares at the close of business on the two business days preceding the date upon which Common Shares are sold pursuant to the privately negotiated tr
ansaction. See "Plan of Distribution" on pages [    ] and [    ].</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's administrator is ING Funds Services, LLC ("Administrator"). The Administrator is an affiliate of the Adviser. The Administrator receives an annual fee, payable monthly, in a maximum amount equal to 0.25% of the Trust's Managed Assets.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="7" width="5753" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>RISK FACTORS<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>AND SPECIAL<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>CONSIDERATIONS</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Credit Risk on Senior Loans</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<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 Trust's NAV will decrease.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Interest Rate Risk</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Changes in short-term market interest rates will directly affect the yield on the Trust's Common Shares. If short-term market interest rates fall, the yield on the Trust's Common Shares will also fall. To the extent that the interest rate spreads on loans in the Trust's portfolio experience a general decline, the yield on the Trust's Common Shares will fall and the value of the Trust's assets may decrease. 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>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Discount from NAV</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">As with any security, the market value of the Common Shares may increase or decrease from the amount that you paid for the Common Shares.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's Common Shares may trade at a discount to NAV. This is a risk separate and distinct from the risk that the Trust's NAV per Common Share may decrease.</font>

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

<p>&nbsp;</p>
<p><img src="j08110323_ba008.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call (800) 992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='5',FILE='08-11032-3.ba',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">PROSPECTUS SYNOPSIS</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="416" align="left" valign="top">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">The Trust's use of leverage through borrowings and the issuance of Preferred Shares can adversely affect the yield on the Trust's Common Shares. To the extent that the Trust is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Trust's Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in which the Trust invests, the effect of that decline will be magnified in the Trust because of the additional assets purchased with the proceeds of the leverage. As of June 15, 2008, the Trust had $[     ] million of total leverage, including $[     ] million of borrowings under two credit facilities and $[     ] million of Preferred Shares (issued and outstanding).</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Limited Secondary Market For Loans</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Because of the limited secondary market for loans, the Trust may be limited in its ability to sell loans in its portfolio in a timely fashion and/or at a favorable price. An increase in demand for loans may adversely affect the rate of interest payable on new loans acquired by the Trust, and it may also increase the price of loans in the secondary market. A decrease in the demand for loans may adversely affect the price of loans in the Trust's portfolio, which could cause the Trust's NAV to decline.</font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="416" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Impact of Shareholder Investment Program and Privately Negotiated Transactions</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="5337" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">The issuance of Common Shares through the Shareholder Investment Program and/or through privately negotiated transactions may have an adverse effect on prices in the secondary market for the Trust's Common Shares by increasing the number of Common Shares available for sale. In addition, the Common Shares may be issued at a discount to the market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Trust.</font>

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

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Prospectus Synopsis<br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='6',FILE='08-11032-3.ba',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 08-11032-3.ca-->
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">WHAT YOU PAY TO INVEST &#151; TRUST EXPENSES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The cost you pay to invest in the Trust includes the expenses incurred by the Trust. In accordance with SEC requirements, the table below shows the expenses of the Trust, including interest expense on borrowings, as a percentage of the average net assets of the Trust, and not as a percentage of gross assets or Managed Assets. By showing expenses as a percentage of net assets, expenses are not expressed as a percentage of all of the assets that are invested for the Trust. The Table below assumes that the Trust has issued $450 million of Preferred Shares and has borrowed an amount equal to 25% of its Managed Assets. For information about the Trust's expense ratios if the Trust had not borrowed or issued Preferred Shares, see "Risk Factors and Special Considerations &#151; Annual Expenses Without Borrowings or Preferred Shares."</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="370" bgcolor="#cceeff" align="left" valign="bottom">


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

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" align="left" valign="bottom">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="left" valign="bottom">


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

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="370" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Privately Negotiated Transactions</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Commission (as a percentage of offering price)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="left" valign="bottom">


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

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="370" bgcolor="#cceeff" align="left" valign="bottom">


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

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" align="left" valign="bottom">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="left" valign="bottom">


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

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" bgcolor="#cceeff" align="left" valign="bottom">


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

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="98" bgcolor="#cceeff" align="left" valign="bottom">


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

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" align="left" valign="bottom">


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

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="left" valign="bottom">


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

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" bgcolor="#cceeff" align="left" valign="bottom">


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

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="98" bgcolor="#cceeff" align="left" valign="bottom">


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

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

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


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup>&nbsp;&nbsp;Other Operating Expenses are based on estimated amounts for the current fiscal year, which, in turn, are based on other operating expenses for the fiscal year ended February 29, 2008, and do not include the expenses of borrowing.</font></p>



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

<p><img src="j08110323_ca009.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">What You Pay to Invest &#151; Trust Expenses<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='7',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">WHAT YOU PAY TO INVEST &#151; TRUST EXPENSES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Examples</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following hypothetical Examples show the amount of the expenses that an investor in the Trust would bear on a $1,000 investment that is held for the different time periods in the table. The examples assume that all dividends and other distributions are reinvested at NAV and that the percentage amounts listed under Total Annual Expenses remain the same in the years shown. The tables and the assumption in the hypothetical examples of a 5% annual return are required by regulations of the SEC applicable to all investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Trust's Common Shares. For more complete descriptions of certain of the Trust's costs and expenses, see "Investment Management and Other Service Providers."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Example #1</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following Example applies to shares issued in connection with the Trust's Shareholder Investment Program. This example does not take into account whether such shares are purchased at a discount or a premium to the Trust's NAV.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="235" valign="bottom">


&nbsp;

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


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

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


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

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


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

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


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

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="235" align="left" valign="bottom">


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

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Example #2</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following Example applies to shares issued in connection with privately negotiated transactions, which have the maximum front-end sales load of 3%.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="235" valign="bottom">


&nbsp;

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


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

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


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

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


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

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


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

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="235" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="235" align="left" valign="bottom">


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

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The purpose of each table is to assist you in understanding the various costs and expenses that an investor in the Trust will bear directly or indirectly.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>The foregoing Examples should not be considered a representation of future expenses, and actual expenses may be greater or less than those shown.</b></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">What You Pay to Invest &#151; Trust Expenses<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='8',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">(THIS PAGE INTENTIONALLY LEFT BLANK)</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">FINANCIAL HIGHLIGHTS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Financial Highlights Table</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The table below sets forth selected financial information. The financial information for the most recent 5 fiscal years has been derived from the financial statements in the Trust's annual shareholder report dated as of February 28, 2007. The information in the table below has been audited by KPMG LLP, an independent registered public accounting firm. A report of the Trust's independent registered public accounting firm along with the Trust's financial statements for the most recent 5 fiscal years is included in the Trust's annual shareholder report dated as of February 28, 2007. A free copy of the annual shareholder report may be obtained by calling (800) 992-0180.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="169" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="23" width="522" align="center" valign="bottom" 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="169" valign="bottom">


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2008</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


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

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


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

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


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

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


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

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


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

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="691" 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="169" align="left" valign="bottom">


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

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" align="right" valign="bottom">


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="691" 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="169" align="left" valign="bottom">


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

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.71 </font>

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net realized and unrealized gain (loss) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">on investments</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


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

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom" style="border:none; border-top: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="25" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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


&nbsp;

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


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

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


&nbsp;

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

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Increase on net asset value from share<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">offerings</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Reduction in net asset value from <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares offerings</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.40 </font>

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="691" bgcolor="#cceeff" align="left" valign="bottom">


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

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">13.84</font>

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Total investment return at net asset <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">value</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="691" 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="169" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" align="right" valign="bottom">


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Liquidation and market value <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">per share of Preferred Shares</font>

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom">


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">281,000 </font>

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Asset coverage per $1,000 of debt</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font>&nbsp;

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


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

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">459,982 </font>

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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"><b>Ratios to average net assets including <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Preferred Shares</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup>(5)<BR></sup></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit facility)</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom">


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.27</font>

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.22</font>

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


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

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


&nbsp;

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


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

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


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

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


&nbsp;

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


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

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


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

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.68</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">5.44</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.21</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.57</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.97</font>

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


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

</td>
<td colspan="1" width="8">&nbsp;</td>
</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"><b>Ratios to average net assets plus borrowings<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit facility)</font>

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.58</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.63</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.84</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.82</font>

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


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

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


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

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

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


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font>&nbsp;

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


&nbsp;

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


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" align="left" valign="bottom">


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.90</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.26</font>

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


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

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


&nbsp;

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


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.09</font>

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


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

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


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.23</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font>&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.25</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">% </font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.90</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.27</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.09</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.23</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.63</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">% </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">5.24</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.32</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">5.82</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.10</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ratios to average net assets<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit facility)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.21</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">% </font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.33</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.29</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.11</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.19</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">% </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.27</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.17</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.40</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.68</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.62</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">% </font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.27</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.18</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.40</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.68</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="51" 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="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">% </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.71</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.04</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.68</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.33</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio turnover rate</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="51" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">60</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">% </font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">81</font>

</td>
<td colspan="1" width="25" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">93</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">87</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">48</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Common shares outstanding at <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">end of year (000's)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="30" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="51" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">145,033 </font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">145,033</font>

</td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">145,033</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">137,638</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">136,973</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Total investment return calculations are attributable to common shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;Total investment return at closing market price measures the change in the market value of your investment assuming reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the Trust's dividend reinvestment plan.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(3)&nbsp;&nbsp;Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends and capital gain distributions in accordance with the provisions of the dividend reinvestment plan. This calculation differs from total investment return because it excludes the effects of changes in the market values of the Trust's shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(4)&nbsp;&nbsp;Asset coverage represents the total assets available for settlement of Preferred Stockholder's interest and notes payables in relation to the Preferred Shareholder interest and notes payable balance outstanding. The Preferred Shares were first offered November 2, 2000.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(5)&nbsp;&nbsp;Ratios do not reflect the effect of dividend payments to Preferred Shareholders; income ratios reflect income earned on assets attributable to the Preferred Shares; ratios do not reflect any add-back for the borrowings.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(6)&nbsp;&nbsp;The Adviser agreed to reduce its fee for a period of three years from the Expiration Date of the November 12, 1996 Rights Offering to 0.60% of the average daily net assets, plus the proceeds of any outstanding borrowings, over $1.15 billion.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(7)&nbsp;&nbsp;Calculated on total expenses before impact of earnings credits.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(A)&nbsp;&nbsp;Had the Trust not amortized premiums and accreted discounts, the ratio of net investment income to average net assets including Preferred Shares would have been 6.43% for the year ended February 28, 2002.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(B)&nbsp;&nbsp;Had the Trust not amortized premiums and accreted discounts, the ratio of net investment income to average net assets plus borrowings applicable to common shares would have been 6.82% for the year ended February 28, 2002.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(C)&nbsp;&nbsp;Had the Trust not amortized premiums and accreted discounts, the ratio of net investment income to average net assets applicable to common shares would have been 9.22% for the year ended February 28, 2002.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Financial Highlights<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='10',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">FINANCIAL HIGHLIGHTS</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="169" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="15" width="399" align="center" valign="bottom" 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="169" valign="bottom">


&nbsp;

</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>2002</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2001</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2000</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1999</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup>(6)</sup></b></font>&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="568" 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="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net asset value, beginning of year</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.09</font>

</td>
<td colspan="1" width="28" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.95</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.24</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.34</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="568" 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="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.74</font>

</td>
<td colspan="1" width="28" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.88</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.79</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.79</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net realized and unrealized gain (loss) <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">on investments</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.89</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.78</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.30</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.10</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total from investment operations</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.15</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.10</font>

</td>
<td colspan="1" width="23" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.49</font>

</td>
<td colspan="1" width="27" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom" style="border:none; border-top: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="27" valign="bottom" style="border:none; border-top:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</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">Distributions to Common Shareholders <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">from net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.63</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.86</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.78</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.82</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Distribution to Preferred Shareholders</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.11</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.06</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</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">Increase on net asset value from share<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">offerings</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.03</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</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">Reduction in net asset value from <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares offerings</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="28" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(0.04</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net asset value, end of year</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.20</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.09</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.95</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.24</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Closing market price at end of year</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.77</font>

</td>
<td colspan="1" width="28" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.12</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.25</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.56</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="568" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Investment Return</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup>(1)</sup></b></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total investment return at closing <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">market price</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(2)</sup></font>&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(9.20</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.10</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(5.88</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.11</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Total investment return at net asset <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">value</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(3)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">(3.02</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">)%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0.19</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">5.67</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.86</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="568" 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="169" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net assets end of year (000's)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">985,982</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,107,432</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,217,339</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1,202,565</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares-Aggregate <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">amount outstanding (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font>

</td>
<td colspan="1" width="28" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,000</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Liquidation and market value <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">per share of Preferred Shares</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">25,000</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Borrowings at end of year (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">282,000</font>

</td>
<td colspan="1" width="28" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</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">Asset coverage per $1,000 of debt</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(4)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2,350</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2,150</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</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">Average borrowings (000's)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">365,126</font>

</td>
<td colspan="1" width="28" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">450,197</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">524,019</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font>

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">490,978</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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"><b>Ratios to average net assets including <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Preferred Shares</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup>(5)<BR></sup></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit facility)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.57</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.62</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.54</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.97</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.54</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.97</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Net investment income</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.83</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(A)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.28</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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"><b>Ratios to average net assets plus borrowings<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit facility)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.66</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.31</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.00</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.05</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="28" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.21</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.79</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.86</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font>&nbsp;

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.70</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(6)</sup></font>&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.70</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="23" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">&#151;</font>

</td>
<td colspan="1" width="27" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.24</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(B)</sup></font>&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">7.50</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.12</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">6.00</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</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"><b>Ratios to average net assets<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Expenses (before interest and other <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">fees related to revolving credit facility)</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">2.25</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.81</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.43</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">1.50</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net expenses after expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.64</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.45</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.00</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.10</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Gross expenses prior to expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">reimbursement</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3.64</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.45</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.00</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">4.10</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(7)</sup></font>&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Net investment income</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">9.79</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>(C)</sup></font>&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">10.39</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.77</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">8.60</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="169" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Portfolio turnover rate</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">53</font>

</td>
<td colspan="1" width="28" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">46</font>

</td>
<td colspan="1" width="23" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">71</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">68</font>

</td>
<td colspan="1" width="27" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
</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">Common shares outstanding at <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">end of year (000's)</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">136,973</font>

</td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">136,847</font>

</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">136,036</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">130,206</font>

</td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><img src="j08110323_ca010.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Financial Highlights<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='11',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">TRADING AND NAV INFORMATION</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following table shows for the Trust's Common Shares for the periods indicated: (1) the high and low closing prices as shown on the NYSE Composite Transaction Tape; (2) the NAV per Common Share represented by each of the high and low closing prices as shown on the NYSE Composite Transaction Tape; and (3) the discount from or premium to NAV per Share (expressed as a percentage) represented by these closing prices. The table also sets forth the aggregate number of shares traded as shown on the NYSE Composite Transaction Tape during the respective quarter.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="121" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="126" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Price</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="114" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NAV</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="148" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Premium/(Discount)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>To NAV</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Reported</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Calendar Quarter Ended</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>High</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Low</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>High</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Low</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>High</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="73" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Low</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NYSE Volume</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2006</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.120</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6.720</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.62</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.42</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(6.19</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(9.43</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">21,188,110</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">June 30, 2006</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">7.110</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">6.830</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.63</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.48</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(4.95</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(10.13</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">20,530,200</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">September 30, 2006</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.140</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.000</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="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.52</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.45</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(4.67</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(6.54</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">22,496,800</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2006</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">7.250</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.090</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.57</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.39</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(3.38</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(5.47</font>

</td>
<td colspan="1" width="19" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">24,088,200</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 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="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.440</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.200</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" 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="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">7.54</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(2.38</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(4.51</font>

</td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">24,173,486</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">June 30, 2007</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">September 30, 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="43" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">December 31, 2007</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="19" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">March 31, 2008</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" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="43" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="37" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="40" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="46" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="75" bgcolor="#cceeff" valign="bottom">


&nbsp;

</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="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">On June 15, 2008, the last reported sale price of a Common Share of the Trust's Common Shares on the NYSE was $[    ]. The Trust's NAV on June 15, 2008 was $[    ]. See "Transaction Policies &#151; Net Asset Value." On June 15, 2008 the last reported sale price of a share of the Trust's Common Shares on the NYSE ($[    ]) represented a [    ]% premium above NAV ($[    ]) as of that date.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">[The Trust's Common Shares have traded in the market above, at, and below NAV since March 9, 1992, when the Trust's Common Shares were listed on the NYSE. The Trust cannot predict whether its Common Shares will trade in the future at a premium or discount to NAV, and if so, the level of such premium or discount. Shares of closed-end investment companies frequently trade at a discount from NAV.]</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Trading and NAV Information<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='12',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">INVESTMENT OBJECTIVE AND POLICIES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Objective</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital. The Trust seeks to achieve this investment objective by investing in the types of assets described below:</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Senior Loans.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Under normal circumstances, at least 80% of the Trust's net assets, plus the amount of any borrowings for investment purposes, will be invested in Senior Loans. This investment policy may be changed without shareholder approval so long as the Trust provides its shareholders with at least 60 days' prior notice of any changes in this investment policy. Under normal circumstances, the Trust invests at least 80% of its assets in Senior Loans made to corporations or other business entities organized under U.S. or Canadian law and that are domiciled in the United States and in U.S. territories and possessions or Canada.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Senior Loans in which the Trust invests either hold the most senior position in the capital structure of the borrower or hold an equal ranking with other senior debt or have characteristics (such as a senior position secured by liens on a borrower's assets) that the Adviser or Sub-Adviser believes justify treatment as senior debt. These Senior Loans are typically below investment grade credit quality. </font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust typically makes its investments in Senior Loans by purchasing a portion of the overall loan, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> the Trust becomes one of a number of lenders investing in the loan. The Trust may also make its investments in Senior Loans through the use of derivative instruments such as participations, credit-linked notes, credit default swaps and total return swaps as long as the reference obligation for any such instrument is a Senior Loan. Investments through the use of such derivative instruments involve counterparty risk, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e., </i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">the risk that the party from which such instrument is purchased will not perform as agreed. The Trust seek
s to minimize such counterparty risk by purchasing such investments only from large, well established and highly rated counter-parties.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Investments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Under normal circumstances, the Trust may invest up to 20% of its total assets, measured at the time of investment, in a combination of one or more of the following types of investments ("Other Investments"):</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;loans to borrowers organized outside the United States and U.S. territories and possessions or Canada;</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;unsecured floating rate loans, notes and other debt instruments;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;floating rate subordinated loans;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;tranches of floating rate asset-backed securities, including structured notes;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;short-term debt securities; and</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;equity securities incidental to investments in loans.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>3.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Cash and Short-Term Instruments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Under normal circumstances, the Trust may invest in cash and/or short-term instruments. During periods when, in the opinion of the Adviser or Sub-Adviser, a temporary defensive posture in the market is appropriate, the Trust may hold up to 100% of its assets in cash and/or short-term instruments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>4.&nbsp;&nbsp;Other Investment Strategies.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may lend its portfolio securities, on a short-term or long-term basis, in an amount equal to up to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="1">% of its total assets.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Fundamental Diversification Policies</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Industry Diversification.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may invest in any industry. The Trust may not invest more than 25% of its total assets in any single industry.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Borrower Diversification.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> As a diversified investment company, the Trust may not make investments in any one issuer (other than the U.S. government) if, immediately after such purchase or acquisition, more than 5% of the value of the Trust's total assets would be invested in such issuer, or the Trust would own more than 25% of any outstanding issue. The Trust will consider the borrower on a loan, including a loan participation, to be the issuer of such loan. With respect to no more than 25% of its total assets, the Trust may make investments that are not subject to the foregoing restrictions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">These fundamental diversification policies may only be changed with approval by a majority of all shareholders, including the vote of a majority of the holders of Preferred Shares, and holders of any other preferred shares, voting separately as a class.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment Policies</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Adviser and Sub-Adviser follow certain investment policies set by the Trust's Board. Some of those policies are set forth below. Please refer to the SAI for additional information on these and other investment policies.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>1.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Limitations on currencies.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust's investments must be denominated in U.S. dollars, provided that the Trust may invest up to 15% of its total assets in investments denominated in the OECD currencies (including the Euro), other than the U.S. dollar. The Trust will engage in currency exchange transactions to seek to hedge, as closely as practicable, 100% of the economic impact to the Trust arising from foreign currency fluctuations.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>2.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Maturity.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Although the Trust has no restrictions on portfolio maturity, under normal circumstances, at least 80% of the Trust's </font></p>
<p><img src="j08110323_ca011.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Investment Objective and Policies<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='13',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">INVESTMENT OBJECTIVE AND POLICIES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">total assets will be invested in assets with remaining maturities of one to ten years. The maximum maturity on any loan in which the Trust can invest is ten years.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>3.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Interest Rate Resets.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Under normal circumstances, at least 80% of the Trust's total assets will be invested in assets with rates of interest which reset either daily, monthly, or quarterly. The maximum duration of an interest rate reset on any loan investment in which the Trust may invest is one year. In addition, under normal circumstances, the Trust will maintain a dollar-weighted average time until the next interest rate adjustment on its loan investments of 90 days or less.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>4.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Limitations on Other Investments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may also invest up to 20% of its total assets, measured at the time of investment, in Other Investments. The following additional limitations apply to Other Investments:</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>a.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Unsecured Debt Instruments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may not invest in unsecured floating rate loans, notes and other debt instruments, in an aggregate amount that exceeds 20% of the Trust's total assets, measured at the time of investment.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>b.&nbsp;&nbsp;Equities.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may acquire equity securities only as an incident to the purchase or ownership of a loan or in connection with a reorganization of a borrower or its debt.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>c.&nbsp;&nbsp;Subordinated Loans.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may not invest in floating rate subordinated loans, whether or not secured, in an aggregated amount that exceeds 5% of its total assets, measured at the time of investment.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>5.&nbsp;&nbsp;Investment Quality; Credit Analysis.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Loans in which the Trust invests generally are rated below investment grade credit quality or are unrated. In acquiring a loan, the Adviser or Sub-Adviser will consider some or all of the following factors concerning the borrower: ability to service debt from internally generated funds; adequacy of liquidity and working capital; appropriateness of capital structure; leverage consistent with industry norms; historical experience of achieving business and financial projections; the quality and experience of management; and adequacy of collateral coverage. The Adviser or Sub-Adviser performs its own independent credit analysis of each borrower. In so doing, the Adviser or Sub-Adviser may utilize information and credit analyses from agents that originate or administer loans, other lenders investing in a l
oan, and other sources. The Adviser or Sub-Adviser also may communicate directly with management of the borrowers. These analyses continue on a periodic basis for any Senior Loan held by the Trust. See "Risk Factors and Special Considerations &#151; Credit Risk on Senior Loans."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>6.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Use of Leverage.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The Trust may borrow money and issue preferred shares to the fullest extent permitted by the 1940 Act. See "Policy on Borrowing" and "Policy on Issuance of Preferred Shares" below.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>7.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Short-term Instruments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Short-term instruments in which the Trust invests may include (i) commercial paper rated A-1 by Standard and Poor's Rating Corporation ("S&amp;P") or P-1 by Moody's Investors Service, Inc. ("Moody's"), or of comparable quality as determined by the Adviser or Sub-Adviser (ii) certificates of deposit, banker's acceptances, and other bank deposits and obligations, and (iii) securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Policy on Borrowing</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has a policy of borrowing for investment purposes. The Trust seeks to use proceeds from borrowing to acquire loans and other investments which pay interest at a rate higher than the rate the Trust pays on borrowings. Accordingly, borrowing has the potential to increase the Trust's total income available to holders of its Common Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust may issue notes, commercial paper, or other evidences of indebtedness and may be required to secure repayment by mortgaging, pledging, or otherwise granting a security interest in the Trust's assets. The terms of any such borrowings are subject to the provisions of the 1940 Act, and also subject to the more restrictive terms of the credit agreements relating to borrowings and additional guidelines imposed by rating agencies which are more restrictive than the provisions of the 1940 Act. The Trust is permitted to borrow an amount equal to up to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="1">%, or such other percentage permitted by law, of its total assets (
including the amount borrowed) less all liabilities other than borrowings. See "Risk Factors and Special Considerations &#151; Leverage" and "Risk Factors and Special Considerations &#151; Restrictive Covenants and 1940 Act Restrictions."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Policy on Issuance of Preferred Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has a policy of issuing preferred shares for investment purposes. The Trust seeks to use the proceeds from preferred shares to acquire loans and other investments which pay interest at a rate higher than the dividends payable on preferred shares. The terms of the issuance of preferred shares are subject to the 1940 Act and to additional guidelines imposed by rating agencies, which are more restrictive than the provisions of the 1940 Act. Under the 1940 Act, the Trust may issue preferred shares so long as immediately after any issuance of preferred shares the value of the Trust's total assets (less all Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust's senior indebtedness plus the involuntary liquidation preference of all outstanding shares. In November 2000, the Trust issued 18,000 Preferred Shares for a total of $450 million. See "Risk Factors and Special Co
nsiderations &#151; Leverage."</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Investment Objective and Policies<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=17,FOLIO='14',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">THE TRUST'S INVESTMENTS</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As stated above under "Investment Objective and Policies," the Trust will invest primarily in Senior Loans. This section contains a discussion of the characteristics of Senior Loans and the manner in which those investments are made.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Senior Loan Characteristics</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans are loans that are typically made to business borrowers to finance leveraged buy-outs, recapitalizations, mergers, stock repurchases and internal growth. Senior Loans generally hold the most senior position in the capital structure of a borrower and are usually secured by liens on the assets of the borrowers, including tangible assets such as cash, accounts receivable, inventory, property, plant and equipment, common and/or preferred stock of subsidiaries, and intangible assets including trademarks, copyrights, patent rights and franchise value. The Trust may also receive guarantees as a form of collateral.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior loans are typically structured to include two or more types of loans within a single credit agreement. The most common structure is to have a revolving loan and a term loan. A revolving loan is a loan that can be drawn upon, repaid fully or partially, and then the repaid portions can be drawn upon again. A term loan is a loan that is fully drawn upon immediately and once repaid it cannot be drawn upon again. Sometimes there may be two or more term loans, and they may be secured by different collateral and have different repayment schedules and maturity dates. In addition to revolving loans and term loans, senior loan structures can also contain facilities for the issuance of letters of credit, and may contain mechanisms for lenders to pre-fund letters of credit through credit-linked deposits.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust typically invests only in the term loan portions of Senior Loan structures, although it does sometimes invest in the revolving loan portions and the pre-funded letters of credit portions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">By virtue of their senior position and collateral, Senior Loans typically provide lenders with the first right to cash flows or proceeds from the sale of a borrower's collateral if the borrower becomes insolvent (subject to the limitations of bankruptcy law, which may provide higher priority to certain claims such as, for example, employee salaries, employee pensions and taxes). This means Senior Loans are generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors, and preferred or common stockholders.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans typically pay interest at least quarterly at rates which equal a fixed percentage spread over a base rate such as the London Inter-Bank Offered Rate ("LIBOR"). For example, if LIBOR were 3% and the borrower were paying a fixed spread of 2.50%, the total interest rate paid by the borrower would be 5.50%. Base rates and, therefore, the total rates paid on Senior Loans float, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> they change as market rates of interest change.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Although a base rate such as LIBOR can change every day, loan agreements for Senior Loans typically allow the borrower the ability to choose how often the base rate for its loan will change. A single loan may have multiple reset periods at the same time, with each reset period applicable to a designated portion of the loan. Such periods can range from one day to one year, with most borrowers choosing monthly or quarterly reset periods. During periods of rising interest rates, borrowers will tend to choose longer reset periods, and during periods of declining interest rates, borrowers will tend to choose shorter reset periods. The fixed spread over the base rate on a Senior Loan typically does not change.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans generally are arranged through private negotiations between a borrower and several financial institutions represented by an agent who is usually one of the originating lenders. In larger transactions, it is common to have several agents; however, generally only one such agent has primary responsibility for ongoing administration of a Senior Loan. Agents are typically paid fees by the borrower for their services. The agent is primarily responsible for negotiating the loan agreement which establishes the terms and conditions of the Senior Loan and the rights of the borrower and the lenders. The agent also is responsible for monitoring collateral and for exercising remedies available to the lenders such as foreclosure upon collateral.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Loan agreements may provide for the termination of the agent's agency status in the event that it fails to act as required under the relevant loan agreement, becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership or, if not FDIC insured, enters into bankruptcy. Should such an agent, lender or assignor with respect to an assignment interpositioned between the Trust and the borrower become insolvent or enter FDIC receivership or bankruptcy, any interest in the Senior Loan of such person and any loan payment held by such person for the benefit of the Trust should not be included in such person's or entity's bankruptcy estate. If, however, any such amount were included in such person's or entity's bankruptcy estate, the Trust would incur certain costs and delays in realizing payment or could suffer a loss of principal or interest. In this event, the Trust could experience a decrease in the NAV.</font><
/p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust acquires Senior Loans from lenders such as commercial and investment banks, insurance companies, finance companies, other investment companies and private investment funds.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment by the Trust</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust typically invests in Senior Loans primarily by purchasing an assignment of a portion of a Senior Loan from a third-party, either in connection with the original loan transaction (</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> in the primary market) or after the </font></p>
<p><img src="j08110323_ca012.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The Trust's Investments<br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='15',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">THE TRUST'S INVESTMENTS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">initial loan transaction (</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> in the secondary market). When the Trust purchases a Senior Loan in the primary market, it may share in a fee paid to the original lender. When the Trust purchases a Senior Loan in the secondary market, it may pay a fee to, or forego a portion of interest payments from, the lender making the assignment. The Trust may also make its investments in Senior Loans through the use of derivative instruments such as participations, credit-linked notes, credit default swaps and total return swaps as long as the reference obligation for any such instrument is a Senior Loan. Investments through the use of such derivative instruments involve counter party risk, i.e., the risk that the party from which such instrument is purchased will not perform as agreed. Unli
ke an assignment, as described below, the Trust does not have a direct contractual relationship with the borrower. The Trust seeks to minimize such counter party risk by purchasing such investments only from large, well established and highly rated counter parties.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Except for rating agency guidelines imposed on the Trust's portfolio while it has outstanding Preferred Shares, there is no minimum rating or other independent evaluation of a borrower limiting the Trust's investments and most Senior Loans that the Trust may acquire, if rated, will be rated below investment grade credit quality. See "Risk Factors and Special Considerations &#151; Credit Risk on Senior Loans."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Assignments.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> When the Trust is a purchaser of an assignment, it succeeds to all the rights and obligations under the loan agreement of the assigning lender and becomes a lender under the loan agreement with the same rights and obligations as the assigning lender. These rights include the ability to vote along with the other lenders on such matters as enforcing the terms of the loan agreement (e.g., declaring defaults, initiating collection action, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>etc.</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">). Taking such actions usually requires at least a vote of the lenders holding a majority of the investment in the loan, and may require a vote by lenders holding two-thirds or more of the investment in the loan. Because the Trust typically does not hold a
 majority of the investment in any loan, it will not be able by itself to control decisions that require a vote by the lenders.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Acquisition Costs. </b></font><font face="Times New Roman PS, Times New Roman, Times" size="1">When the Trust acquires an interest in a Senior Loan in the primary market, it typically acquires the loan at par less its portion of the fee paid to all originating lenders. When the Trust acquires an interest in a Senior Loan, in the secondary market, it may be at par, but typically the Trust will do so at premium or discount to par.</font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">The Trust's Investments<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='16',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Risk is inherent in all investing. The following discussion summarizes some of the risks that you should consider before deciding whether to invest in the Trust. For additional information about the risks associated with investing in the Trust, see "Additional Information About Investments and Investment Techniques" in the SAI.</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Credit Risk on Senior Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's ability to pay dividends and repurchase its Common Shares is dependent upon the performance of the assets in its portfolio. That performance, in turn, is subject to a number of risks, chief among which is credit risk on the underlying assets.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Credit risk is the risk of nonpayment of scheduled interest or principal payments. In the event a borrower fails to pay scheduled interest or principal payments on a Senior Loan held by the Trust, the Trust will experience a reduction in its income and a decline in the market value of the Senior Loan, which will likely reduce dividends and lead to a decline in the NAV of the Trust's Common Shares. See "The Trust's Investments &#151; Investment by the Trust."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Senior Loans generally involve less risk than unsecured or subordinated debt and equity instruments of the same issuer because the payment of principal and interest on Senior Loans is a contractual obligation of the issuer that, in most instances, takes precedence over the payment of dividends, or the return of capital, to the issuer's shareholders and payments to bond holders. The Trust generally invests in Senior Loans that are secured with specific collateral. However, the value of the collateral may not equal the Trust's investment when the loan is acquired or may decline below the principal amount of the Senior Loan subsequent to the Trust's investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Trust bears the risk that the stock may decline in value, be relatively illiquid, or may lose all or substantially all of its value, causing the Senior Loan to be und
ercollateralized. Therefore, the liquidation of the collateral underlying a Senior Loan may not satisfy the issuer's obligation to the Trust in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In the event of the bankruptcy of a borrower, the Trust could experience delays and limitations on its ability to realize the benefits of the collateral securing the Senior Loan. Among the credit risks involved in a bankruptcy are assertions that the pledge of collateral to secure a loan constitutes a fraudulent conveyance or preferential transfer that would have the effect of nullifying or subordinating the Trust's rights to the collateral.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Senior Loans in which the Trust invests are generally rated lower than investment grade credit quality, </font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e., </i></font><font face="Times New Roman PS, Times New Roman, Times" size="1">rated lower than "Baa" by Moody's or "BBB" by S&amp;P, or have been issued by issuers who have issued other debt securities which, if unrated, would be rated lower than investment grade credit quality. Investment decisions will be based largely on the credit analysis performed by the Adviser or Sub-Adviser, and not on rating agency evaluation. This analysis may be difficult to perform. Information about a Senior Loan and its issuer generally is not in the public domain. Moreover, Senior Loans are not often rated by any nationally recognized rating service. Many issuers have not issued securities to the public and are not subject to reporting requirements under federal 
securities laws. Generally, however, issuers are required to provide financial information to lenders and information may be available from other Senior Loan participants or agents that originate or administer Senior Loans.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Interest Rate Risk</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">During normal market conditions, changes in market interest rates will affect the Trust in certain ways. The principal effect will be that the yield on the Trust's Common Shares will tend to rise or fall as market interest rates rise and fall. This is because almost all of the assets in which the Trust invests pay interest at rates which float in response to changes in market rates. However, because the interest rates on the Trust's assets reset over time, there will be an imperfect correlation between changes in market rates and changes to rates on the portfolio as a whole. This means that changes to the rate of interest paid on the portfolio as a whole will tend to lag behind changes in market rates.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Market interest rate changes may also cause the Trust's NAV to experience moderate volatility. This is because the value of a loan asset in the Trust is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular loan, given its individual credit and other characteristics. If market interest rates change, a loan's value could be affected to the extent the interest rate paid on that loan does not reset at the same time. As discussed above, the rates of interest paid on the loans in which the Trust invests have a weighted average reset period that typically is less than 90 days. Therefore, the impact of the lag between a change in market interest rates and the change in the overall rate on the portfolio is expected to be minimal.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">To the extent that changes in market rates of interest are reflected not in a change to a base rate such as LIBOR but in a change in the spread over the base rate which is payable on loans of the type and quality in which the Trust invests, the Trust's NAV could also be adversely affected. This is because the value of a loan asset in the Trust is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular loan, given its individual credit and other characteristics. However, unlike changes in market rates of interest for which there is only a temporary lag before the portfolio reflects those changes, changes in a loan's value based on changes in the market spread on loans in the Trust's portfolio may be of longer duration.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Finally, substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack the resources to meet higher debt service requirements.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Pre-Payment Risk</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">If a Senior Loan in which the Trust invests is paid off sooner than scheduled, and interest rates are falling, the Trust will be forced to reinvest this money at lower yields.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Changes to NAV</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The NAV of the Trust is expected to change in response to a variety of </font></p>
<p><img src="j08110323_ca013.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='17',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">factors, primarily in response to changes in the creditworthiness of the borrowers on the loans in which the Trust invests. See "Risk Factors and Special Considerations &#151; Credit Risk on Senior Loans" above. Changes in market interest rates may also have an impact on the Trust's NAV. See "Risk Factors and Special Considerations &#151; Interest Rate Risk." Another factor which can affect the Trust's NAV is changes in the pricing obtained for the Trust's assets. See "Transaction Policies &#151; Valuation of the Trust's Assets."</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Discount From NAV</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Common Shares have traded in the market above, at, and below NAV since March 9, 1992, when the Trust's shares were initially listed on the NYSE. The reasons for the Trust's Common Shares trading at a premium to or discount from NAV are not known to the Trust, and the Trust cannot predict whether its Common Shares will trade in the future at a premium to or discount from NAV, and if so, the level of such premium or discount. Shares of closed-end investment companies frequently trade at a discount from NAV. The possibility that Common Shares of the Trust will trade at a discount from NAV is a risk separate and distinct from the risk that the Trust's NAV may decrease.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Leverage</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust may borrow an amount equal to up to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="1">% (or such other percentage permitted by law) of its total assets (including the amount borrowed) less all liabilities other than borrowings. Under the 1940 Act, the Trust may issue preferred shares so long as immediately after any issuance of preferred shares the value of the Trust's total assets (less all Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust's senior indebtedness plus the involuntary liquidation preference of all outstanding shares. In November 2000, the Trust issued 18,000 Preferred Shares for a tota
l of $450 million. Borrowings and the issuance of preferred shares are referred to in this Prospectus collectively as "leverage." The Trust may use leverage for investment purposes, to finance the repurchase of its Common Shares, and to meet other cash requirements. The use of leverage for investment purposes increases both investment opportunity and investment risk.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Capital raised through leverage will be subject to interest and other costs, and these costs could exceed the income earned by the Trust on the proceeds of such leverage. There can be no assurance that the Trust's income from the proceeds of leverage will exceed these costs. However, the Adviser or Sub-Adviser seeks to use leverage for the purposes of making additional investments only if they believe, at the time of using leverage, that the total return on the assets purchased with such funds will exceed interest payments and other costs on the leverage.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">To the extent that the Trust is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Trust's Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in which the Trust invests, the effect of that decline will be magnified in the Trust because of the additional assets purchased with the proceeds of the leverage. The Trust's lenders and Preferred shareholders have priority to the Trust's assets over the Trust's Common shareholders.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust currently uses leverage by borrowing money on a floating rate basis and by the issuance of Preferred Shares. The current rate on the borrowings (as of June 15, 2008) is [    ]%. The current dividend rate on the Preferred Shares (as of June 15, 2008) is [    ]%. Since early February 2008, the Trust has not received hold orders and purchase requests for its Preferred Shares during their weekly auctions that equaled the full amount of such shares. As a result, under the terms of the Preferred Shares, the amount sold by each selling shareholder was reduced pro rata or to zero. In addition, the dividend rate on such preferred shares, which is normally set by means of a Dutch auction procedure, automatically reset to the maximum rate permitted under the Preferred Shares program. That maximum rate is 150% of the applicable commercial paper base rate on the day of the auction. It is unclear whether the dividend rate for the Pr
eferred Shares will be set by means of an auction again in the future. To cover the annual interest and dividends on the borrowings and the Preferred Shares for the current fiscal year (assuming that the current interest and dividend rates remain in effect for the entire fiscal year and assuming that the Trust borrows an amount equal to 25% of its Managed Assets and the current Preferred Shares remain outstanding), the Trust would need to earn  [    ]% on its amount of Managed Assets as of June 15, 2008.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the credit facilities or obtained through the issuance of Preferred Shares, or any other preferred shares, may constitute a substantial lien and burden by reason of their prior claim against the income of the Trust and against the net assets of the Trust in liquidation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is not permitted to declare dividends or other distributions, including dividends and distributions with respect to Common Shares or Preferred Shares, or to purchase Common Shares or, Preferred Shares unless (i) at the time thereof the Trust meets certain asset coverage requirements and (ii) there is no event of default under any credit facility program that is continuing. See "Risk Factors and Special Considerations &#151; Restrictive Covenants and 1940 Act Restrictions" below. In the event of a default under a credit facility program, the lenders have the right to cause a liquidation of the collateral (</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> sell Senior Loans and other assets of the Trust) and, if any such default is not cured, the lenders may be able to control the liquidation as well.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In addition, the Trust is not permitted to pay dividends on or redeem Common Shares unless all accrued dividends on the Preferred Shares and all accrued interest on borrowings have been paid or set aside for payment.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Because the fee paid to the Adviser will be calculated on the basis of Managed Assets, the fee will be higher when leverage is utilized, giving the Adviser an incentive to utilize leverage.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=21,FOLIO='18',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is subject to certain restrictions imposed by lenders to the Trust and by guidelines of one or more rating agencies which issue ratings for the Preferred Shares issued by the Trust. These restrictions impose asset coverage, fund composition requirements and limits on investment techniques, such as the use of financial derivative products, that are more stringent than those imposed on the Trust by the 1940 Act. These covenants or guidelines could impede the Adviser or SubAdviser from fully managing the Trust's portfolio in accordance with the Trust's investment objective and policies.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Annual Expenses Without Borrowings or Preferred Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">If the Trust were not to have borrowed or have Preferred Shares outstanding, the remaining expenses, as a percentage of the net assets of the Trust, would be as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="370" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Annual Expenses Without Borrowings or Preferred Shares<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(as a percentage of net assets attributable to Common Shares)</b></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Management and Administrative Fees<sup>(1)</sup></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Other Operating Expenses<sup>(2)</sup></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="98" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="272" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Total Annual Expenses</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font><font face="Times New Roman PS, Times New Roman, Times" size="1"> </font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Pursuant to the Investment Advisers Agreement with the Trust, ING Investments is paid a fee of 0.80% of the Trust's Managed Assets. Pursuant to its Administration Agreement with the Trust, the Trust's Administrator is paid a fee of 0.25% of the Trust's Managed Assets. See "Investment Adviser and Other Service Providers &#151; The Administrator."</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;Other Operating Expenses are based on estimated amounts for the current fiscal year, which, in turn, are based on other operating expenses for the fiscal year ended February 29, 2008, and does not include the expenses of borrowing.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Effect of Leverage</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following table is designed to illustrate the effect on return to a holder of the Trust's Common Shares of the leverage created by the Trust's use of borrowing, using the annual interest rate of [     ]%, assuming the Trust has used leverage by borrowing an amount equal to 25% of the Trust's Managed Assets and assuming hypothetical annual returns on the Trust's portfolio of minus 10% to plus 10%. As can be seen, leverage generally increases the return to shareholders when portfolio return is positive and decreases return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="181" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Assumed Portfolio Return, net of <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">expenses<sup>(1)</sup></font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(10</font>

</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)% </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(5</font>

</td>
<td colspan="1" width="33" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">)% </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">0</font>

</td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">% </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="30" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">5</font>

</td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">% </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="30" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">10</font>

</td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">% </font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="181" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Corresponding Return to Common <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="2">Shareholders<sup>(2)</sup></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">)% </font>

</td>
<td colspan="1" width="33" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">)% </font>

</td>
<td colspan="1" width="33" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="53" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">(</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" size="2">)% </font>

</td>
<td colspan="1" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="30" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font>

</td>
<td colspan="1" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="30" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="2">%</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font>

</td>
<td colspan="1" width="30" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;The Assumed Portfolio Return is required by regulation of the SEC and is not a prediction of, and does not represent, the projected or actual performance of the Trust.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;In order to compute the Corresponding Return to Common Shareholders, the Assumed Portfolio Return is multiplied by the total value of the Trust's assets at the beginning of the Trust's fiscal year to obtain an assumed return to the Trust. From this amount, all interest accrued during the year is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of the Trust's net assets attributable to Common Shares as of the beginning of the fiscal year to determine the Corresponding Return to Common Shareholders.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Impact of Shareholder Investment Program and Privately Negotiated Transactions</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The issuance of Common Shares through the Trust's Shareholder Investment Program may have an adverse effect on the secondary market for the Trust's Common Shares. The increase in the number of the Trust's outstanding Common Shares resulting from issuances pursuant to the Trust's Shareholder Investment Program or pursuant to privately negotiated transactions, and the discount to the market price at which such Common Shares may be issued, may put downward pressure on the market price for Common Shares of the Trust. Common Shares will not be issued pursuant to the Trust's Shareholder Investment Program at any time when Common Shares are trading at a price lower than the Trust's NAV per Common</font><font size="1"> </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Share. </font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Limited Secondary Market for Loans</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Although the resale, or secondary, market for loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which loans are traded. Instead, the secondary market for loans is a private, unregulated inter-dealer or inter-bank re-sale market.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Loans usually trade in large denominations (typically in $1 million or larger) and trades can be infrequent. The market has limited transparency so that </font></p>
<p><img src="j08110323_ca014.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>19</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=22,FOLIO='19',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">information about actual trades may be difficult to obtain. Accordingly, some or many of the loans in which the Trust invests will be relatively illiquid.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In addition, loans in which the Trust invests may require the consent of the borrower and/or the agent prior to sale or assignment. These consent requirements can delay or impede the Trust's ability to sell loans and can adversely affect the price that can be obtained. The Trust may have difficulty disposing of loans if it needs cash to repay debt, to pay dividends, to pay expenses or to take advantage of new investment opportunities. Although the Trust has not conducted a tender offer since 1992, if it determines to again conduct a tender offer, limitations of a secondary market may result in difficulty raising cash to purchase tendered Common Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">These considerations may cause the Trust to sell securities at lower prices than it would otherwise consider to meet cash needs or cause the Trust to maintain a greater portion of its assets in cash equivalents than it would otherwise, which could negatively impact performance. The Trust seeks to avoid the necessity of selling assets to meet such needs by the use of borrowings.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust values its assets daily. However, because the secondary market for loans is limited, it may be difficult to value loans. Reliable market value quotations may not be readily available for some loans and valuation of such loans may require more research than for liquid securities. In addition, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market, because there is less reliable, objective market value data available. In addition, if the Trust purchases a relatively large portion of a loan to generate extra income sometimes paid to large lenders, the limitations of the secondary market may inhibit the Trust from selling a portion of the loan and reducing its exposure to a borrower when the Adviser or Sub-Adviser deems it advisable to do so.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Lending Portfolio Securities</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">To generate additional income, the Trust may lend portfolio securities in an amount equal to up to 33</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup></font><font face="Times New Roman PS, Times New Roman, Times" size="1">/</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><sub>3</sub></font><font face="Times New Roman PS, Times New Roman, Times" size="1">% of the Trust's total assets to broker-dealers, major banks, or other recognized domestic institutional borrowers of securities. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower default or fail financially. The Trust intends to engage in lending portfolio securities only when such lending is fully secured by investment grade collateral held by an independent agent.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Demand for Loans</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">At times during recent years, the volume of loans has increased. However, during such periods, demand for loans has also grown. An increase in demand may benefit the Trust by providing increased liquidity for loans and higher sales prices, but it may also adversely affect the rate of interest payable on loans acquired by the Trust, the rights provided to the Trust under the terms of a loan agreement, and increase the price of loans that the Trust wishes to purchase in the secondary market. A decrease in the demand for loans may adversely affect the price of loans in the Fund's portfolio, which could cause the Fund's NAV to decline.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Unsecured Loans and Subordinated Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Subject to the aggregate 20% limit on Other Investments, the Trust may invest up to 20% of its total assets in unsecured floating rate loans, notes and other debt instruments and 5% of its total assets in floating rate subordinated loans. Unsecured loans and subordinated loans share the same credit risks as those discussed above under "Credit Risk on Senior Loans" except that unsecured loans are not secured by any collateral of the borrower and subordinated loans are not the most senior debt in a borrower's capital structure. Unsecured loans do not enjoy the security associated with collateralization and may pose a greater risk of nonpayment of interest or loss of principal than do secured loans. The primary additional risk in a subordinated loan is the potential loss in the event of default by the issuer of the loan. Subordinated loans in an insolvency bear an increased share, relative to senior secured lenders, of the ultimate
 risk that the borrower's assets are insufficient to meet its obligations to its creditors.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Short-Term Debt Securities</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Subject to the aggregate 20% limit on Other Investments, the Trust may invest in short-term debt securities. Short-term debt securities are subject to the risk of the issuer's inability to meet principal and interest payments on the obligation and also may be subject to price volatility due to such factors as interest rates, market perception of the creditworthiness of the issuer and general market liquidity.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Because short-term debt securities typically pay interest at a fixed-rate, when interest rates decline, the value of the Trust's short-term debt securities can be expected to rise, and when interest rates rise, the value of those securities can be expected to decline.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Call Risk</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">During periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. An issuer may redeem a lower-grade obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investment in Non-U.S. and Non-Canadian Issuers</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Subject to the aggregate 20% limit on Other Investments, the Trust may invest up to 20% of its total assets in loans, secured or unsecured, to borrowers that are organized or located in countries outside the United States and U.S. territories and possessions or Canada. Investment in non-U.S. entities involves special risks, including that non-U.S. entities may be subject to less rigorous accounting and reporting requirements than U.S. entities, less rigorous regulatory requirements, differing legal systems and laws relating to creditors' rights, the potential inability to enforce legal judgments, fluctuations in currency </font></p>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=23,FOLIO='20',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">RISK FACTORS AND SPECIAL CONSIDERATIONS</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">values and the potential for political, social and economic adversity. The Trust may invest up to 15% of its total assets in investments denominated in OECD currencies (including the Euro), other than the U.S. dollar.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust will engage in currency exchange transactions to seek to hedge, as closely as practicable, 100% of the economic impact to the Trust arising from foreign currency fluctuations.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Investments in Equity Securities Incidental to Investment in Loans</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Subject to the aggregate 20% on Other Investments, the Trust may acquire equity securities as an incident to the purchase or ownership of a loan or in connection with a reorganization of a borrower or its debt. Investments in equity securities incidental to investment in loans entail certain risks in addition to those associated with investment in loans. The value of these securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. These risks may increase fluctuations in the Trust's NAV. The Trust may frequently possess material non-public information about a borrower as a result of its ownership of a loan of such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information the Trust might be unable to enter into a transaction in a security of such a borrower when it would otherwise be advantageous to do so.</f
ont></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Borrowings under the Credit Facility Program</b></font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has a policy of borrowing to acquire income-producing investments which, by their terms, pay interest at a rate higher than the rate the Trust pays on borrowings. Accordingly, borrowing has the potential to increase the Trust's total income. The Trust currently is a party to two credit facilities with financial institutions that permit the Trust to borrow up to an aggregate of $450 million. Interest is payable on the credit facilities by the Trust at a variable rate that is tied to either LIBOR, the federal funds rate, or a commercial paper based rate and includes a facility fee on unused commitments. As of June 15, 2008, the Trust had outstanding borrowings under the credit facilities of approximately $[     ] million. Collectively, the lenders under the credit facilities have a security interest in all assets of the Trust. Under each of the credit facilities, the lenders have the right to liquidate Trust assets in th
e event of default by the Trust under such credit facility, and the Trust may be prohibited from paying dividends in the event of certain adverse events or conditions respecting the Trust or Adviser or Sub-Adviser until the credit facility is repaid in full or until the event or condition is cured.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Ranking of Senior Indebtedness</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The rights of lenders to receive payments of interest on and repayments of principal of any borrowings made by the Trust under the credit facility program are senior to the rights of holders of Common Shares and, Preferred Shares with respect to the payment of dividends or upon liquidation.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Restrictive Covenants and 1940 Act Restrictions</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The credit agreements governing the credit facility program ("Credit Agreements") include usual and customary covenants for their respective type of transaction, including limits on the Trust's ability to (i) issue preferred shares, (ii) incur liens or pledge portfolio securities, (iii) change its investment objective or fundamental investment restrictions without the approval of lenders, (iv) make changes in any of its business objectives, purposes or operations that could result in a material adverse effect, (v) make any changes in its capital structure, (vi) amend the Trust documents in a manner which could adversely affect the rights, interests or obligations of any of the lenders, (vii) engage in any business other than the businesses currently engaged in, (viii) create, incur, assume or permit to exist certain debt except for certain specified types of debt, and (ix) permit any of its Employee Retirement Security ("ERISA")
 affiliates to cause or permit to occur an event that could result in the imposition of a lien under the Internal Revenue Code or ERISA. In addition, the Credit Agreements do not permit the Trust's asset coverage ratio (as defined in the Credit Agreements) to fall below 300% at any time ("Credit Agreement Asset Coverage Test").</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under the requirements of the 1940 Act, the Trust must have asset coverage of at least 300% immediately after any borrowing, including borrowing under the credit facility program. For this purpose, asset coverage means the ratio which the value of the total assets of the Trust, less liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of borrowings represented by indebtedness issued by the Trust. The Credit Agreements limit the Trust's ability to pay dividends or make other distributions on the Trust's Common Shares, or purchase or redeem Common Shares, unless the Trust complies with the Credit Agreement Asset Coverage Test. In addition, the Credit Agreements do not permit the Trust to declare dividends or other distributions or purchase or redeem Common Shares or any preferred shares (i) at any time that an event of default under a Credit Agreement has occurred and is continuing; or (
ii) if, after giving effect to such declaration, the Trust would not meet the Credit Agreement Asset Coverage Test set forth in the Credit Agreements.</font></p>
<p><img src="j08110323_ca015.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Risk Factors and Special Considerations<br>21</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=24,FOLIO='21',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">TRANSACTION POLICIES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Net Asset Value</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The NAV per common share of the Trust is determined each business day as of the close of regular trading ("Market Close") on the NYSE (normally 4:00 p.m. Eastern time unless otherwise designated by the NYSE). The Trust is open for business every day the NYSE is open. The NYSE is closed on all weekends and on all national holidays and Good Friday. Trust shares will not be priced on those days. The NAV per Common Share is determined by dividing the value of the Trust's loan assets plus all cash and other assets (including interest accrued but not collected) less all liabilities (including accrued expenses but excluding capital and less the liquidation preference of any outstanding preferred shares) by the number of Common Shares outstanding. The NAV per Common Share is made available for publication.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Valuation of the Trust's Assets</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The assets in the Trust's portfolio are valued daily in accordance with the Trust's Loan Valuation Procedures adopted by the Board. A majority of the Trust's assets are valued using quotations supplied by a third-party loan pricing service. However, the loans in which the Trust invests are not listed on any securities exchange or board of trade. Some loans are traded by institutional investors in an over-the-counter secondary market that has developed in the past several years. This secondary market generally has fewer trades and less liquidity than the secondary markets for other types of securities. Some loans have few or no trades. Accordingly, determinations of the value of loans may be based on infrequent and dated trades. Because there is less reliable, objective market value data available, elements of judgment may play a greater role in valuation of loans than for other types of securities. For further information, see "
Risk Factors and Special Considerations &#151; Limited Secondary Market for Loans."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Loans are normally valued at the mean of the means of one or more bid and asked quotations obtained from a pricing service or other sources believed to be reliable. Loans for which reliable market value quotations are not readily available from a pricing service may be valued with reference to another loan or a group of loans for which reliable market value quotations are readily available and whose characteristics are comparable to the loan being valued. Under this approach, the comparable loan or loans serve as a proxy for changes in value of the loan being valued. The Trust has engaged an independent pricing service to provide quotations from dealers in loans and to calculate values under this proxy procedure.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">It is expected that most of the loans held by the Trust will be valued with reference to quotations from the independent pricing service or with reference to the proxy procedure described above. The Adviser or Sub-Adviser may believe that the price for a loan derived from quotations or the proxy procedure described above is not reliable or accurate. Among other reasons, this may be the result of information about a particular loan or borrower known to the Adviser or Sub-Adviser that they believe may not be known to the pricing service or reflected in a price quote. In this event, the loan is valued at fair value under procedures established by the Board, and in accordance with the provisions of the 1940 Act.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under these procedures, fair value is determined by the Adviser or Sub-Adviser and monitored by the Board through its Compliance Committee. In fair valuing a loan, consideration is given to several factors, which may include, among others, the following:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the characteristics of and fundamental analytical data relating to the loan, including the cost, size, current interest rate, period until the next interest rate reset, maturity and base lending rate of the loan, the terms and conditions of the loan and any related agreements, and the position of the loan in the borrower's debt structure;&nbsp;&nbsp;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the nature, adequacy and value of the collateral, including the Trust's rights, remedies and interests with respect to the collateral;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the creditworthiness of the borrower and the cash flow coverage of outstanding principal and interest, based on an evaluation of its financial condition, financial statements and information about the borrower's business, cash flows, capital structure and future prospects;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;information relating to the market for the loan, including price quotations for, and trading in, the loan and interests in similar loans and the market environment and investor attitudes towards the loan and interests in similar loans;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the reputation and financial condition of the agent of the loan and any intermediate participants in the loans;</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the borrower's management; and</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;the general economic and market conditions affecting the fair value of the loan.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Securities for which the primary market is a national securities exchange are stated at the last reported sale price on the day of valuation. Securities reported by NASDAQ National Market System will be valued at the NASDAQ Official Closing Price on the valuation day. Debt and equity securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean between the last reported bid and asked price. Valuation of short term cash equivalent investments is at amortized cost. Securities maturing in 60 days or less are valued at amortized cost, which, when combined with accrued interest, approximates market value.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Account Access</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Unless your Common Shares are held through a third-party fiduciary or in an omnibus registration at your bank or brokerage firm, you may be able to access your account information over the internet at www.ingfunds.com, or via a touch tone telephone by calling (800) 992-0180 and selecting Option 1. Should you wish to speak with a Shareholder </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Transaction Policies<br>22</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=25,FOLIO='22',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">TRANSACTION POLICIES</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Services Representative, you may call the toll-free number listed above and select Option 2.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Privacy Policy</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has adopted a policy concerning investor privacy. To review the privacy policy, contact a Shareholder Services Representative at (800) 992-0180 and select Option 1, obtain a policy over the internet at www.ingfunds.com, or see the privacy promise that accompanies this Prospectus.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Householding</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">To reduce expenses, we may mail only one copy of the Trust's Prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 992-0180 or speak to your investment professional. We will begin sending you individual copies 30 days after receiving your request.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">PLAN OF DISTRIBUTION</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Shareholder Investment Program</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following is a summary of the Shareholder Investment Program ("Program"). Shareholders are advised to review a fuller explanation of the Program contained in the Trust's SAI.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares are offered by the Trust through the Program. The Program allows participating shareholders to reinvest all dividends ("Dividends") in additional Common Shares of the Trust, and also allows participants to purchase additional Common Shares through optional cash investments in amounts ranging from a minimum of $100 to a maximum of $100,000 per month.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust and ING Funds Distributor reserve the right to reject any purchase order. Please note that cash, travelers checks, third-party checks, money orders and checks drawn on non-U.S. banks (even if payment may be effected through a U.S. bank) generally will not be accepted.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares will be issued by the Trust under the Program when the Trust's Common Shares are trading at a premium to NAV. If the Trust's Common Shares are trading at a discount to NAV, Common Shares issued under the Program will be purchased on the open market. Common Shares issued under the Program directly from the Trust will be acquired at the greater of (i) NAV at the close of business on the day preceding the relevant investment date or (ii) the average of the daily market price of the Common Shares during the pricing period minus a discount of 5% for reinvested Dividends and 0% to 5%, for optional cash investments. Common Shares issued under the Program when shares are trading at a discount to NAV will be purchased in the market by "DST" at market price. Shares issued by the Trust under the Program will be issued without a fee or a commission.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders may elect to participate in the Program by telephoning the Trust or submitting a completed Participation Form to DST, the Program administrator. DST will credit to each participant's account funds it receives from: (a) Dividends paid on Trust shares registered in the participant's name, and (b) optional cash investments. DST will apply all Dividends and optional cash investments received to purchase Common Shares as soon as practicable beginning on the relevant investment date (as described below) and not later than six business days after the relevant investment date, except when necessary to comply with applicable provisions of the federal securities laws. For more information on the Trust's distribution policy, see "Dividends and Distributions."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In order for participants to purchase shares through the Program in any month, the Program administrator must receive from the participant any optional cash investment by the relevant investment date. The relevant investment date will be set in advance by the Trust, upon which optional cash investments are first applied by DST to the purchase of Common Shares. Participants may obtain a schedule of relevant dates, including investments dates, the dates by which optional cash investment payments must be received and the dates in which shares will be paid by calling ING's Shareholder Services Department at (800) 992-0180.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Participants will pay a pro rata share of brokerage commissions with respect to DST's open market purchases in connection with the reinvestment of Dividends or purchases made with optional cash investments.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Program is intended for the benefit of investors in the Trust. The Trust reserves the right to exclude from participation, at any time, (i) persons or entities who attempt to circumvent the Program's standard $100,000 maximum by accumulating accounts over which they have control or (ii) any other persons or entities, as determined in the sole discretion of the Trust.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Currently, persons who are not shareholders of the Trust may not participate in the Program. The Board may elect to change this policy at a future date, and permit non-shareholders to participate in the Program. Shareholders may request to receive their Dividends in cash at any time by giving DST written notice or by contacting ING's Shareholder Services Department at (800) 992-0180, and selecting Option 2. Shareholders may elect to close their account at any time by giving DST written notice. When a participant closes their account, the participant upon request will receive a certificate for full Common Shares in the account. Fractional Common </font></p>
<p><img src="j08110323_ca016.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Transaction Policies<br>23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=26,FOLIO='23',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">PLAN OF DISTRIBUTION</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Shares will be held and aggregated with other fractional Common Shares being liquidated by DST as agent of the Program and paid for by check when actually sold.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The automatic reinvestment of Dividends does not affect the tax characterization of the Dividends (</font><font face="Times New Roman PS, Times New Roman, Times" size="1"><i>i.e.,</i></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> capital gains and income are realized even though cash is not received). If shares are issued pursuant to the Program's dividend reinvestment provisions or cash purchase provisions at a discount from market price, participants may have income equal to the discount.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Additional information about the Program may be obtained by contacting ING's Shareholder Services Department at (800) 992-0180, and selecting Option 2.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Privately Negotiated Transactions</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Common Shares may also be offered pursuant to privately negotiated transactions between the Trust and the Distributor and specific investors. Generally, such investors will be sophisticated institutional investors. The terms of such privately negotiated transactions will be subject to the discretion of the management of the Trust. In determining whether to sell Common Shares pursuant to a privately negotiated transaction, the Trust will consider relevant factors including, but not limited to, the attractiveness of obtaining additional funds through the sale of Common Shares, the purchase price to apply to any such sale of Common Shares and the person seeking to purchase the Common Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares issued by the Trust in connection with privately negotiated transactions will be issued at the greater of (i) NAV per Common Share of the Trust's Common Shares or (ii) at a discount ranging from 0% to 5% of the average of the daily market price of the Trust's Common Shares at the close of business on the two business days preceding the date upon which Common Shares are sold pursuant to the privately negotiated transaction. The discount to apply to such privately negotiated transactions will be determined by the Trust with regard to each specific transaction. The Trust will not pay any  commissions with regard to privately negotiated transactions, but an investor may be subject to a front end sales load of up to 3% paid to or retained by a third party broker-dealer through which such transaction may be effected.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">USE OF PROCEEDS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">It is expected that 100% of the net proceeds of Common Shares issued pursuant to the Shareholder Investment Program and privately negotiated transactions will be invested in Senior Loans and other securities consistent with the Trust's investment objective and policies. Pending investment in Senior Loans, the proceeds, which are expected to be used within three months, will be used to pay down the Trust's outstanding borrowings under its credit facilities. See "Investment Objective and Policies &#151; Policy on Borrowing." </font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As of June 15, 2008, the Trust's outstanding borrowings under its credit facilities was $[     ] million. By paying down the Trust's borrowings, the Trust can avoid adverse impacts on yields pending investment of such proceeds in Senior Loans. As investment opportunities are subsequently identified, it is expected that the Trust will reborrow amounts previously repaid and invest such amounts in additional Senior Loans.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">DIVIDENDS AND DISTRIBUTIONS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Distribution Policy.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Income dividends are declared and paid monthly. Income dividends consist of interest accrued and amortization of fees earned less any amortization of premiums paid and the estimated expenses of the Trust, including fees payable to ING Investments. Income dividends are calculated monthly under guidelines approved by the Trustees. Each dividend is payable to shareholders of record on the 10th day of the following month (unless it is a holiday, in which case the next business day is the record date). Accrued amounts of fees received, including facility fees, will be taken in as income and passed on to shareholders as part of dividend distributions. Any fees or commissions paid to facilitate the sale of portfolio Senior Loans in connection with tender offers or other portfolio transactions may reduce the dividend yield.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Capital gains, if any, are declared and paid annually. Because the Trust currently has capital loss carry forwards, it is not anticipated that capital gains distributions will be made for the foreseeable future.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dividend Reinvestment.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Unless you instruct the Trust to pay you dividends in cash, dividends and distributions paid by the Trust will be reinvested in additional Common Shares of the Trust. You may request to receive dividends in cash at any time by giving DST written notice or by contacting the ING's Shareholder Services Department at (800) 992-0180, and selecting Option 2.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Plan of Distribution<br>24</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=27,FOLIO='24',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">INVESTMENT MANAGEMENT AND OTHER<BR>SERVICE PROVIDERS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Adviser</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>ING Investments,</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> an Arizona limited liability company, serves as the Adviser to the Trust and has overall responsibility for the management of the Trust under the general supervision of the Board. Its principal business address is 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust and the Adviser have entered into an investment advisory agreement ("Investment Advisory Agreement") that requires ING Investments to provide all investment advisory and portfolio management services for the Trust. The Investment Advisory Agreement with ING Investments may be canceled by the Board or by the vote of a majority of the outstanding voting securities of the Trust upon 60 days' written notice.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investments is registered with the SEC as an investment adviser. ING Investments is an indirect wholly-owned subsidiary of ING Groep. ING Groep is one of the largest financial services organizations in the world with approximately 120,000 employees. ING Investments became an investment management firm in April, 1995. </font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As of March 31, 2008, ING Investments had assets under management of approximately $[      ] billion.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Adviser bears its expenses of providing the services described above. The Adviser currently receives from the Trust an annual fee, paid monthly, of 0.80% of the Trust's Managed Assets.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">For more information regarding the basis for the Board's approval of the investment advisory and investment sub-advisory relationships, please refer to the annual shareholder report dated February 29, 2008.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Sub-Adviser</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investments has engaged a sub-adviser to provide the day-to-day management of the Trust's portfolio. The sub-adviser has, at least in part, been selected primarily on the basis of its successful application of a consistent, well-defined, long-term investment approach over a period of several market cycles.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investments is responsible for monitoring the investment program and performance of the sub-adviser. Under the terms of the sub-advisory agreement, the agreement can be terminated by either ING Investments or the Board. In the event the sub-advisory agreement is terminated, the sub-adviser may be replaced subject to any regulatory requirements or ING Investments may assume day-to-day investment management of the Trust.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING Investment Management Co.</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">ING Investment Management Co., a Connecticut corporation, serves as Sub-Adviser to the Trust. Founded in 1972, ING IM is registered with the SEC as an investment adviser. ING IM is an indirect, wholly-owned subsidiary of ING Groep, and is an affiliate of ING Investments. ING IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As of March 31, 2008, ING IM managed approximately $[ &nbsp;&nbsp;&nbsp;&nbsp;] billion in assets. Its principal business address is 230 Park Avenue, New York, NY 10169. For its services, ING IM is entitled to receive a sub-advisory fee of 0.36%, expressed as an annual rate based on the average daily Managed Assets of the Trust. This sub-advisory fee is paid by ING Investments, not by the Trust.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolio Management.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> The following individuals jointly share responsibility for the day-to-day management of the Trust's Portfolio:</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Daniel A. Norman.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Mr. Norman is Senior Vice President and Group Head of the ING IM Senior Debt Group, and has served in that capacity since November 1999. 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 has co-managed the Trust with Jeffrey A. Bakalar and with Curtis F. Lee since 2000.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Jeffrey A. Bakalar.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Mr. Bakalar is Senior Vice President and Group Head of the ING IM Senior Debt Group, and has served in that capacity since November 1999. Mr. Bakalar also serves as Senior Vice President of the Trust and as Senior Vice President of ING Senior Income Fund, another closed-end fund sub-advised by ING IM that invests primarily in Senior Loans. Mr. Bakalar has co-managed the Trust with Mr. Norman and with Curtis F. Lee since 2000.</font></p>



<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Curtis F. Lee.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"> Mr. Lee is Senior Vice President and Chief Credit Officer in the ING IM Senior Debt Group and has served in that capacity since January 2001. Mr. Lee also serves as Senior Vice President and Chief Credit Officer of the Fund (since January 2001), and he serves as Senior Vice President and Chief Credit Officer of ING Prime Rate Trust, another closed-end fund sub-advised by ING IM that invests primarily in Senior Loans. Mr. Lee has co-managed the Trust with Mr. Norman and with Mr. Bakalar since 2000.</font></p>

<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Additional Information Regarding Portfolio Managers</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of securities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>The Administrator</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Administrator of the Trust is ING Funds Services, LLC ("ING Funds Services"). Its principal business address is 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258. The Administrator is a wholly-owned subsidiary of ING Groep and the immediate parent company of the Adviser.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under an administration agreement ("Administration Agreement") between the Administrator and the Trust, ING Funds Services administers the Trust's corporate affairs subject to the supervision of the Board. In that connection, the Administrator monitors the provisions of the Senior Loan </font></p>
<p><img src="j08110323_ca017.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Investment Management and Other Service Providers<br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=28,FOLIO='25',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">INVESTMENT MANAGEMENT AND OTHER<BR>SERVICE PROVIDERS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">agreements and any agreements with respect to interests in Senior Loans and is responsible for recordkeeping with respect to the Senior Loans in the Trust's repurchase offers portfolio. The Administrator also furnishes the Trust with office facilities and furnishes executive personnel together with clerical and certain recordkeeping and administrative services. These services include preparation of annual and other reports to shareholders and to the SEC. The Administrator also handles the filing of federal, state and local income tax returns not being furnished by the Custodian or Transfer Agent (as defined below). The Administration Agreement also requires ING Funds Services to assist in managing and supervising all aspects of the general day-to-day business activities and operations of the Trust, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Administrator 
provides the Trust with office space, equipment and personnel necessary to administer the Trust. The Administrator has authorized all of its officers and employees who have been elected as officers of the Trust to serve in such capacities. All services furnished by the Administrator under the Administration Agreement may be furnished by such officers or employees of the Administrator.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust pays the Administrator an administration fee, computed daily and payable monthly. The Administration Agreement states that the Administrator is entitled to receive a fee at an annual rate of 0.25% of the Trust's Managed Assets. The Administration Agreement may be canceled by the Board upon 60 days' written notice.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Transfer Agent, Dividend Disbursing Agent and Registrar</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The transfer agent, dividend disbursing agent and registrar for the Common Shares is DST Systems, Inc., whose principal business address is 333 W. 11th Street, Kansas City, Missouri 64105.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Custodian</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's securities and cash are held and maintained under a Custody Agreement with State Street Bank and Trust Company, whose principal place of business is 801 Pennsylvania Avenue, Kansas City, Missouri 64105.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Investment Management and Other Service Providers<br>26</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=29,FOLIO='26',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">DESCRIPTION OF THE TRUST</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is an unincorporated business trust established under the laws of the Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated December 2, 1987, as amended (Declaration of Trust). The Board is responsible for protecting the interests of shareholders. The Trustees are experienced executives who oversee the Trust's activities, review contractual arrangements with companies that provide services to the Trust and review the Trust's performance.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Declaration of Trust provides that the Trustees of the Trust may authorize separate classes of shares of beneficial interest. The Trustees have authorized an unlimited number of shares of beneficial interest, without par value, all of which were initially classified as Common Shares. The Declaration of Trust also authorizes the creation of an unlimited number of shares of beneficial interest with preference rights, including preferred shares, without par value, in one or more series, with rights as determined by the Board, by action of the Board without the approval of the shareholders. The following table shows the number of (i) shares authorized, (ii) shares held by the Trust for its own account and (iii) shares outstanding, for each class of authorized securities of the Trust as of June 15, 2008.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="119" 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>Title of Class</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Authorized</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number Held By<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trust for its<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Own Account</b></font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="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>Number<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Outstanding</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">[Common Shares</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">unlimited</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="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">145,033,235</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="3" width="119" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series M</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="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">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series T</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="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">3,600</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="3" width="119" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series W</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="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">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" bgcolor="#cceeff" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series Th</font>

</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="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">3,600</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="3" width="119" align="left" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares, Series F</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="54" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="70" align="right" valign="bottom">


<font face="Times New Roman PS, Times New Roman, Times" size="1">0</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="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">3,600</font>

</td>
<td colspan="1" width="8" valign="bottom">


&nbsp;

</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Common Shares outstanding are fully paid and nonassessable by the Trust. Holders of Common Shares are entitled to share equally in dividends declared by the Board payable to holders of Common Shares and in the net assets of the Trust available for distribution to holders of Common Shares after payment of the preferential amounts payable to holders of any outstanding Preferred Shares. Neither holders of Common Shares nor holders of Preferred Shares have pre-emptive or conversion rights and Common Shares are not redeemable. Upon liquidation of the Trust, after paying or adequately providing for the payment of all liabilities of the Trust and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Trust among the holders of the Common Sh
ares. Under the rules of the NYSE applicable to listed companies, the Trust is required to hold an annual meeting of shareholders in each year. If the Trust is converted to an open-end investment company or if for any other reason Common Shares are no longer listed on the NYSE (or any other national securities exchange the rules of which require annual meetings of shareholders), the Trust does not intend to hold annual meetings of shareholders.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust is responsible for paying the following expenses, among others: the fees payable to the Adviser; the fees payable to the Administrator; the fees and certain expenses of the Trust's custodian and transfer agent, including the cost of providing records to the Administrator in connection with its obligation of maintaining required records of the Trust; the charges and expenses of the Trust's legal counsel, legal counsel to the Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act and independent accountants; commissions and any issue or transfer taxes chargeable to the Trust in connection with its transactions; all taxes and corporate fees payable by the Trust to governmental agencies; the fees of any trade association of which the Trust is a member; the costs of share certificates representing Common Shares of the Trust; organizational and offering expenses of the Trust and the fees and expen
ses involved in registering and maintaining registration of the Trust and its Common Shares with the SEC, including the preparation and printing of the Trust's registration statement and prospectuses for such purposes; allocable communications expenses with respect to investor services, and all expenses of shareholders' and Trustees' meetings and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders; fees for independent loan pricing services; the cost of insurance; and litigation and indemnification expenses and extraordinary expenses not incurred in the ordinary course of the Trust's business.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under Massachusetts law, shareholders, including holders of Preferred Shares, could under certain circumstances be held personally liable for the obligations of the Trust. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or the Trustees. The Declaration of Trust provides for indemnification out of Trust property for all loss and expense of any shareholder held personally liable for the obligations of the Trust. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust would be unable to meet its obligations.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Holders of Common Shares are entitled to one vote for each share held and will vote with the holders of any outstanding Preferred Shares or any other preferred shares on each matter submitted to a vote of holders of Common Shares, except as described under "Description of Capital Structure &#151; Preferred Shares."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Shareholders are entitled to one vote for each share held. The Common Shares, Preferred Shares and any other preferred shares do not have cumulative voting rights, which means that the holders of more than 50% of the shares of Common Shares, Preferred Shares and any other preferred shares voting for the election of Trustees can elect all of the Trustees standing for election by such holders, and, in such event, the holders of the remaining shares of Common Shares, Preferred Shares and any other preferred shares will not be able to elect any of such Trustees.</font></p>
<p><img src="j08110323_ca018.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Description of the Trust<br>27</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=30,FOLIO='27',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">DESCRIPTION OF THE TRUST</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">So long as any Preferred Shares or any other preferred shares are outstanding, holders of Common Shares will not be entitled to receive any dividends of or other distributions from the Trust, unless at the time of such declaration, (1) all accrued dividends on preferred shares or accrued interest on borrowings has been paid and (2) the value of the Trust's total assets (determined after deducting the amount of such dividend or other distribution), less all liabilities and indebtedness of the Trust not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding preferred shares plus redemption premium, if any, together with any accrued and unpa
id dividends thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Trust is required to comply with other asset coverage requirements as a condition of the Trust obtaining a rating of the Preferred Shares from a rating agency. These requirements include an asset coverage test more stringent than under the 1940 Act.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust will send unaudited reports at least semi-annually and audited financial statements annually to all of its shareholders.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Declaration of Trust further provides that obligations of the Trust are not binding upon Trustees individually but only upon the property of the Trust and that the Trustees will not be liable for errors of judgment or mistakes of fact or law, but nothing in the Declaration of Trust protects a Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Conversion to Open-End Fund</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trustees may at any time propose conversion of the Trust to an open-end management investment company depending upon their judgment as to the advisability of such action in light of circumstances then prevailing. In considering whether to submit an open-ending proposal to shareholders, the Trustees might consider, among other factors, the differences in operating expenses between open-end and closed-end funds (due to the expenses of continuously selling shares and of standing ready to effect redemptions), the potentially adverse tax consequences to non-redeeming shareholders once a fund is open-ended, and the impact of open-ending on portfolio management policies. Such a conversion would require the approval of both a majority of the Trust's outstanding Common Shares and preferred shares voting together as a single class and a majority of the outstanding preferred shares voting as a separate class on such conversion. Convers
ion of the Trust to an open-end investment company would require the redemption of all outstanding preferred shares, including the Preferred Shares, which would eliminate the leveraged capital structure of the Trust with respect to the Common Shares. A delay in conversion could result following shareholder approval due to the Trust's inability to redeem the preferred shares. Shareholders of an open-end investment company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their next computed NAV less any redemption charge as might be in effect at the time of redemption. If the Trust is converted to an open-end management investment company, it could be required to liquidate portfolio securities to meet requests for redemption, and its shares would no longer be listed on the NYSE. If the Trust were to experience significant redemptions as an open-end fund, the decrease in total assets could result in a higher expense ratio and 
inefficiencies in portfolio management. In this regard, the Trust could reserve the right to effect redemptions in-kind with portfolio securities, which would subject redeeming shareholders to transaction costs in liquidating those securities.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Repurchase of Common Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">In recognition of the possibility that the Trust's Common Shares may trade at a discount to their NAV, the Trust may from time to time take action to attempt to reduce or eliminate a market value discount from NAV by repurchasing its Common Shares in the open market or by tendering its Common Shares at NAV. So long as any Preferred Shares are outstanding, the Trust may not purchase, redeem or otherwise acquire any Common Shares unless (1) all accumulated dividends on the Preferred Shares have been paid or set aside for payment through the date of such purchase, redemption or other acquisition and (2) at the time of such purchase, redemption or acquisition asset coverage requirements set forth in the Declaration of Trust and the Trust's Certificate of Designation for Preferred Shares are met. Repurchases of Common Shares may result in the Trust being required to redeem preferred shares to satisfy asset coverage requirements.</fon
t></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Fundamental and Non-fundamental Policies of the Trust</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The investment objective of the Trust, certain policies of the Trust specified herein as fundamental and the investment restrictions of the Trust described in the SAI are fundamental policies of the Trust and may not be changed without a Majority Vote of the shareholders of the Trust. The term Majority Vote means the affirmative vote of (a) more than 50% of the outstanding shares of the Trust or (b) 67% or more of the shares present at a meeting if more than 50% of the outstanding shares of the Trust are represented at the meeting in person or by proxy, whichever is less. All other policies of the Trust may be modified by resolution of the Board.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Description of the Trust<br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=31,FOLIO='28',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">DESCRIPTION OF CAPITAL STRUCTURE</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Common Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Declaration of Trust authorizes the issuance of an unlimited number of Common Shares of beneficial interest, without par value. All Common Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation. Common Shares will, when issued, be fully paid and non-assessable, and will have no pre-emptive or conversion rights or rights to cumulative voting.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Whenever preferred shares are outstanding, holders of Common Shares will not be entitled to receive any distributions from the Trust, unless at the time of such declaration, (1) all accrued dividends on Preferred Shares or accrued interest on borrowings have been paid and (2) the value of the Trust's total assets (determined after deducting the amount of such dividend or other distribution), less all liabilities and indebtedness of the Trust not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares. In addition to the requirements of the 1940 Act, the Trust is required to comply with other asset coverage requirements as a condition of the Trust obtaining a rating of the preferred shares from a rating agency. The
se requirements include asset coverage tests more stringent than under the 1940 Act. See "Preferred Shares" below.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Borrowings</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Declaration of Trust authorizes the Trust, without the prior approval of holders of Common Shares, to borrow money. In this connection, the Trust may issue notes or other evidence of indebtedness (including bank borrowings or commercial paper) and may secure any such borrowings by mortgaging, pledging or otherwise granting a security interest in the Trust's assets. See "Risk Factors and Special Considerations &#151; Leverage."</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Preferred Shares</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Under the 1940 Act, the Trust is permitted to have outstanding more than one series of preferred shares as long as no single series has priority over another series nor holders of preferred shares have pre-emptive rights to purchase any other preferred shares that might be issued.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust's Declaration of Trust authorizes the issuance of a class of preferred shares (which class may be divided into two or more series) as the Trustees may, without shareholder approval, authorize. The preferred shares have such preferences, voting powers, terms of redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustee may determine and as are set forth in the Trust's Certificate of Designation establishing the terms of the preferred shares. The number of shares of the preferred class or series authorized is unlimited, and the shares authorized may be represented in part by fractional shares. Under the Trust's Certificate of Designation, the Trustees have authorized the creation of 18,000 Auction Rate Cumulative Preferred Shares, without par value, with a liquidation preference of $25,000 per share, classified as Series M, T, W, Th and F Auction Rate Cumulative 
Preferred Shares.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Any decision to offer preferred shares is subject to market conditions and to the Board and the Adviser's continuing belief that leveraging the Trust's capital structure through the issuance of preferred shares is likely to achieve the benefits to the Common Shares described in this Prospectus for long-term investors. The terms of the preferred shares will be determined by the Board in consultation with the Adviser (subject to applicable law and the Trust's Declaration of Trust) if and when it authorizes a preferred shares offering.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Preferred Shares have complete priority over the Common Shares as to distribution of assets. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Trust, holders of preferred shares will be entitled to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus accumulated and unpaid dividends thereon, whether or not earned or declared) before any distribution of assets is made to holders of Common Shares.</font></p>


<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Since early February 2008, the Trust has not received hold orders and purchase requests for its Preferred Shares during their weekly auctions that equaled the full amount of such shares. As a result, under the terms of the Preferred Shares, the amount sold by each selling shareholder was reduced pro rata or to zero. In addition, the dividend rate on such preferred shares, which is normally set by means of a Dutch auction procedure, automatically reset to the maximum rate permitted under the Preferred Shares program. That maximum rate is 150% of the applicable commercial paper base rate on the day of the auction. It is unclear whether the dividend rate for the Preferred Shares will be set by means of an auction again in the future. The Trust and its Board of Trustees are evaluating potential options to restore liquidity to and/or provide additional refinancing options for this market in the context of regulatory guidelines, as we
ll as the economic and tax implications for both common and preferred shareholders.</font></p>

<p><img src="j08110323_ca019.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Description of Capital Structure<br>29</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=32,FOLIO='29',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">TAX MATTERS</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The following information is meant as a general summary for U.S. shareholders. Please see the SAI for additional information. Investors should rely on their own tax adviser for advice about the particular federal, state and local tax consequences to them of investing in the Trust.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The federal income tax treatment of the Trust's Preferred Shares is not entirely clear, but the Trust believes, based on the advice of its counsel, that the Preferred Shares will constitute stock of the Trust. It is possible, however, that the IRS might take a contrary position, asserting, for example, that the Preferred Shares constitute debt of the Trust. The discussion below assumes that the Preferred Shares are stock.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust will distribute all or substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. Although the Trust will not be taxed on amounts it distributes, most shareholders will be taxed on amounts they receive. A particular distribution generally will be taxable as either ordinary income or long-term capital gain. The Trust will allocate a proportionate amount of each type of its income to the Common Shares and to the Preferred Shares. It generally does not matter how long a shareholder has held the Trust's Common Shares or Preferred Shares or whether the shareholder elects to receive distributions in cash or reinvest them in additional Trust's Common Shares or Preferred Shares. For example, if the Trust designates a particular distribution as a long-term capital gains distribution, it will be taxable to a shareholder at his or her long-term capital gains rate. Dividen
ds from the Trust are not expected to be eligible for the reduced rate of tax that may apply to certain qualifying dividends on corporate stock.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">&#149;&nbsp;&nbsp;Distributions of earnings from non-qualifying dividends interest income, other types of ordinary income and short-term capital gains will be taxed at the ordinary income tax rate applicable to the taxpayer.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Dividends declared by the Trust in October, November or December and paid during the following January may be treated as having been received by shareholders in the year the distributions were declared.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Each shareholder will receive an annual statement summarizing the shareholder's dividend and capital gains distributions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">If a shareholder invests through a tax-deferred account, such as a retirement plan, the shareholder generally will not have to pay tax on dividends until they are distributed from the account. These accounts are subject to complex tax rules, and shareholders should consult a tax adviser about investment through a tax-deferred account.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">There may be tax consequences to a shareholder if the shareholder sells the Trust's Common Shares or Preferred Shares. A shareholder will generally have a capital gain or loss, which will be long-term or short-term, generally depending on how long the shareholder holds those Common Shares or Preferred Shares. If a shareholder exchanges shares, the shareholder may be treated as if he or she sold them. Shareholders are responsible for any tax liabilities generated by their own transactions.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">As with all investment companies, the Trust may be required to withhold U.S. federal income tax at the current rate of 28% of all taxable distributions payable to a shareholder if the shareholder fails to provide the Trust with his or her correct taxpayer identification number or to make required certifications, or if the shareholder has been notified by the IRS that he or she is subject to backup withholding. Backup withholding is not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against a shareholder's U.S. federal income tax liability.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Tax Matters<br>30</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=33,FOLIO='30',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman PS, Times New Roman, Times" size="3">MORE INFORMATION</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Distribution Arrangements</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">Pursuant to the terms of a distribution agreement ("Distribution Agreement"), ING Funds Distributor will act as the Trust's distributor for the optional cash investments under the Trust's Shareholder Investment Program and for privately negotiated transactions. The Distribution Agreement provides that ING Fund's Distributor does not receive compensation or commissions from the Trust for such services. In addition, no fees or commissions will be paid by the Trust or its shareholders in connection with the reinvestment of dividends and capital gains distributions. ING Funds Distributor's principal business address is 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258. ING Funds Distributor, ING Investments, the Trust's Adviser, and ING IM, the Trust's Sub-Adviser, are indirect, wholly-owned subsidiaries of ING Groep. See "Plans of Distribution" in the SAI.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust bears the expenses of issuing the Common Shares. These expenses include, but are not limited to, the expense of preparation and printing of the Prospectus and SAI, the expense of counsel and independent registered public accounting firm, and others.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Legal Matters</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The validity of the Common Shares offered hereby will be passed upon for the Trust by Dechert LLP, 1775 I Street, NW, Washington, DC 20006, counsel to the Trust.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Independent Registered Public Accounting Firm</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">KPMG LLP serves as the independent registered public accounting firm for the Trust. The principal address of KPMG is 99 High Street, Boston, Massachusetts 02110.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Registration Statement</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">The Trust has filed with the SEC a Registration Statement under the Securities Act of 1933, relating to the Common Shares offered hereby. For further information with respect to the Trust and its Common Shares, reference is made to such Registration Statement and the exhibits filed therein.</font></p>
<p><img src="j08110323_ca020.jpg">
<font face="Times New Roman PS, Times New Roman, Times" size="1"> &nbsp;If you have any questions, please call 1-800-992-0180.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">More Information<br>31</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=34,FOLIO='31',FILE='08-11032-3.ca',USER='sbeaupr',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 08-11032-3.ea-->
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="3">STATEMENT OF ADDITIONAL INFORMATION</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TABLE OF CONTENTS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="352" valign="bottom">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">


<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Page</b></font>

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Change of Name</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Objective</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Restrictions</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Additional Information About Investments and Investment Techniques</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Trustees and Officers</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Compensation Table</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Investment Management and Other Service Providers</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Code of Ethics</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Portfolio Transactions</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Net Asset Value</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Federal Taxation</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Advertising and Performance Data</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">General Information</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="352" align="left" valign="top">


<font face="Times New Roman PS, Times New Roman, Times" size="2">Financial Statements</font>

</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="53" valign="top">


&nbsp;

</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Statement of Additional Information<br>32</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=35,FOLIO='32',FILE='08-11032-3.ea',USER='jferrel',CD='Apr 26 07:56 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 08-11032-3.za-->
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ING PRIME RATE TRUST</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>7337 East Doubletree Ranch Road<BR>Scottsdale, Arizona 85258<BR>(800) 992-0180</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>5,000,000 Common Shares of Beneficial Interest</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TRUST ADVISORS AND AGENTS</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ADVISER</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Investments, LLC<BR>7337 East Doubletree Ranch Road<BR>Scottsdale, AZ 85258</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>SUB-ADVISER</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Investment Management Co.<BR>230 Park Avenue<BR>New York, NY 10169</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>ADMINISTRATOR</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Funds Services, LLC<BR>7337 East Doubletree Ranch Road<BR>Scottsdale, AZ 85258</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>CUSTODIAN</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">State Street Bank and Trust Company<BR>801 Pennsylvania Avenue<BR>Kansas City, MO 64105</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">KPMG LLP<BR>99 High Street<BR>Boston, MA 02110</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>DISTRIBUTOR</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">ING Funds Distributor, LLC<BR>7337 East Doubletree Ranch Road<BR>Scottsdale, AZ 85258</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>TRANSFER AGENT</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">DST Systems, Inc.<BR>333 W. 11th Street<BR>Kansas City, MO 64105</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>LEGAL COUNSEL</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Dechert LLP<BR>1775 I Street, NW<BR>Washington, DC 20006</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>INSTITUTIONAL INVESTORS AND ANALYSTS</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Call ING Prime Rate Trust<BR>(800) 336-3436</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>The Trust has not authorized any person to provide you with any information or to make any representations other than those contained in this Prospectus in connection with this offer. You should rely only on the information in this Prospectus or other information to which we have referred you. This Prospectus is not an offer to sell or the solicitation of any offer to buy any security other than the Common Shares offered by this Prospectus, nor does it constitute an offer to sell or a solicitation of any offer to buy the Common Shares by anyone in any jurisdiction in which such offer or solicitation is not authorized, or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such an offer or solicitation. The delivery of this Prospectus or any sale made pursuant to this Prospectus does not imply that the information contained in this Prospectus is correct as of any 
time after the date of this Prospectus. However, if any material change occurs while this Prospectus is required by law to be delivered, this Prospectus will be amended or supplemented.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>When contacting the SEC, you will want to refer to the Trust's SEC file number. The file number is as follows:</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">1940 Act File No. 811-05410</font></p>
<p><img src="j08110323_za023.jpg"></p>


<p><font face="Times New Roman PS, Times New Roman, Times" size="2">PRPRO-UPPR5M  (0608-063008)</font></p>

<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=36,FOLIO='',FILE='08-11032-3.za',USER='jferrel',CD='Apr 26 07:56 2008' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STATEMENT OF ADDITIONAL INFORMATION</font></b></p>

<p align="center" style="margin: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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">June&nbsp;30,
2008 </font></b></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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING Prime Rate Trust</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7337 East Doubletree Ranch Road</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;">Scottsdale, Arizona 85258-2034</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;">(800) 992-0180</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="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust (&#147;Trust&#148;)
is a diversified, closed-end management investment company registered under the
Investment Company Act of 1940, as amended (&#147;1940 Act&#148;).&#160; The Trust&#146;s investment objective is to
provide investors with as high a level of current income as is consistent with
the preservation of capital.&#160; There is no
assurance that the Trust will achieve its investment objective.&#160; The Trust is managed by ING Investments, LLC
(&#147;ING Investments&#148; or &#147;Adviser&#148;) and sub-advised by ING Investment Management
Co. (&#147;ING IM&#148; or &#147;Sub-Adviser&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Statement of Additional Information (&#147;SAI&#148;) does not constitute a
prospectus, but should be read in conjunction with the Prospectus relating
thereto dated June&nbsp;30, 2008.&#160;
Capitalized terms not defined herein are used as defined in the
Prospectuses.&#160; This SAI does not include
all the information that a prospective investor should consider before
purchasing Common Shares in this offering, and investors should obtain and read
the Prospectus prior to purchasing such shares.&#160;
In addition, the Trust&#146;s financial statements and the independent
registered public accounting firm&#146;s report thereon included in the annual
shareholder report dated February&nbsp;29, 2008, are incorporated herein by
reference.&#160; A copy of the Prospectuses
may be obtained without charge by contacting the Trust at the address and phone
number written above. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Prospectuses and SAI omit certain information contained in the
registration statement filed with the U.S. Securities and Exchange Commission (&#147;SEC&#148;).&#160; The registration statement may be obtained
from the SEC upon payment of the fee prescribed, or inspected at the SEC&#146;s
office for no charge.&#160; The registration
statement is also available on the SEC&#146;s website (www.sec.gov). </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-01.htm',USER='105593',CD='Apr 30 00:30 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF
CONTENTS</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><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="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CHANGE OF NAME </font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">1</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">INVESTMENT
  OBJECTIVE</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">1</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">INVESTMENT
  RESTRICTIONS</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">1</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ADDITIONAL INFORMATION ABOUT INVESTMENTS
  AND INVESTMENT TECHNIQUES</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">3</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">TRUSTESS AND OFFICERS</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">12</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">COMPENSATION OF TRUSTEES</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">24</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">INVESTMENT
  MANAGEMENT AND OTHER SERVICE PROVIDERS</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">27</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">DISTRIBUTOR</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">33</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PROXY VOTING PROCEDURES</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">33</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SHAREHOLDER INVESTMENT PROGRAM</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">34</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CODE OF ETHICS</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">35</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PORTFOLIO
  TRANSACTIONS</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">36</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">NET ASSET VALUE</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">40</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">FEDERAL TAXATION</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">40</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ADVERTISING AND
  PERFORMANCE DATA</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">44</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">GENERAL
  INFORMATION</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">46</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">FINANCIAL
  STATEMENTS</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">46</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.98%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">APPENDIX A</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.06%;">
  <p align="right" style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">A-1</font></b></p>
  </td>
 </tr>
</table>



<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;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-01.htm',USER='105593',CD='Apr 30 00:30 2008' -->


<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;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">CHANGE OF NAME</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust changed its name
from Pilgrim Prime Rate Trust to Pilgrim America Prime Rate Trust in April&nbsp;1996,
and then changed its name back to Pilgrim Prime Rate Trust on November&nbsp;16,
1998.&#160; Effective March&nbsp;1, 2002, the
Trust changed its name to ING Prime Rate Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">INVESTMENT OBJECTIVE</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s investment objective is to obtain as high a level of
current income as is consistent with the preservation of capital.&#160; The Trust seeks to achieve its investment
objective by investing under normal circumstances at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, in U.S.
dollar denominated floating rate secured senior loans (&#147;Senior Loans&#148;). Under
normal circumstances, the Trust invests at least 80% of its assets in Senior
Loans made to corporations or other business entities organized under U.S. or
Canadian law and that are domiciled in the United States and in U.S.
territories and possessions, or Canada. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Senior Loans in which
the Trust invests either hold the most senior position in the capital structure
of the borrower or hold an equal ranking with other senior debt or have
characteristics that the Adviser or Sub-Adviser believes justify treatment as
senior debt. These Senior Loans are typically below investment grade credit quality.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may also invest up to 20% of its total assets, measured at
the time of investment, in a combination of one or more of the following types
of investments: loans to borrowers outside the United States and U.S.
territories and possessions or Canada, unsecured floating rate loans, notes and
other debt securities, floating rate subordinated loans, tranches of floating
rate asset-backed securities, including structured notes, short-term debt
instruments equity securities acquired in connection with investments in loans
and other instruments as described under &#147;Additional Information About
Investments and Investment Techniques.&#148;&#160;
During periods when, in the opinion of the Trust&#146;s Adviser or
Sub-Adviser, a temporary defensive posture in the market is appropriate, the
Trust may hold up to 100% of its assets in cash and/or in short-term debt
instruments. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">INVESTMENT RESTRICTIONS</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust operates under a
number of investment policies and restrictions.&#160;
Certain investment restrictions of the Trust are designated as
fundamental policies and as such may not be changed without the approval of a
majority of the Trust&#146;s outstanding voting securities.&#160; In accordance with the 1940 Act, a majority
of the Trust&#146;s outstanding securities means the lesser of (i)&nbsp;67% or more
of the Trust&#146;s shares present at a meeting, if the holders of more than 50% of
the Trust&#146;s shares are present or represented by proxy, or (ii)&nbsp;more than
50% of the Trust&#146;s shares.&#160; The following
investment restrictions have been designated as fundamental policies.&#160; The Trust will not:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>issue senior securities,
except insofar as the Trust may be deemed to have issued a senior security by
reason of (i)&nbsp;entering into certain interest rate hedging transactions, (ii)&nbsp;entering
into reverse repurchase agreements, (iii)&nbsp;borrowing money in an amount not
exceeding 33<font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">1</font>/<font size="1" style="font-size:7.0pt;position:relative;top:3.0pt;">3</font>%,
or such other percentage permitted by law, of the Trust&#146;s total assets
(including the borrowed amount) less all liabilities other than borrowings, or (iv)&nbsp;issuing
a class or classes of preferred shares in an amount not exceeding 50%, or such
other percentage permitted by law, of the Trust&#146;s total assets less all
liabilities and indebtedness not represented by senior securities;</p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>invest more than 25% of
its total assets in any industry;</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;">1</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='1',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-01.htm',USER='105593',CD='Apr 30 00:30 2008' -->


<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;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>invest in marketable
warrants other than those acquired in conjunction with Senior Loans and such
warrants will not constitute more than 5% of its assets;</p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make investments in any
one issuer other than U.S. government securities if, immediately after such
purchase or acquisition, more than 5% of the value of the Trust&#146;s total assets
would be invested in such issuer, or the Trust would own more than 25% of any
outstanding issue, except that up to 25% of the Trust&#146;s total assets may be
invested without regard to the foregoing restrictions.&#160; For the purpose of the foregoing restriction,
the Trust will consider the borrower of a Senior Loan to be the issuer of such
Senior Loan.&#160; In addition, with respect
to a Senior Loan under which the Trust does not have privity with the borrower
or would not have a direct cause of action against the borrower in the event of
the failure of the borrower to pay scheduled principal or interest, the Trust
will also separately meet the foregoing requirements and consider each
interpositioned bank (a lender from which the Trust acquires a Senior Loan) to
be an issuer of the Senior Loan;</p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>act as an underwriter of
securities, except to the extent that it may be deemed to act as an underwriter
in certain cases when disposing of its portfolio investments or acting as an
agent or one of a group of co-agents in originating Senior Loans;</p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>purchase or sell equity
securities (except that the Trust may, incidental to the purchase or ownership
of an interest in a Senior Loan, or as part of a borrower reorganization,
acquire, sell and exercise warrants and/or acquire or sell other equity
securities), real estate, real estate mortgage loans, commodities, commodity
futures contracts, or oil or gas exploration or development programs; or sell
short, purchase or sell straddles, spreads, or combinations thereof, or write
put or call options;</p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make loans of money or
property to any person, except that the Trust: (i)&nbsp;may make loans to corporations
or other business entities, or enter into leases or other arrangements that
have the characteristics of a loan; (ii)&nbsp;may lend portfolio instruments;
and (iii)&nbsp;may acquire securities subject to repurchase agreements;</p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>purchase
shares of other investment companies, except in connection with a merger,
consolidation, acquisition or reorganization; or </p>



<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make investments on
margin or hypothecate, mortgage or pledge any of its assets except for the
purpose of securing borrowings as described above in connection with the
issuance of senior securities and then only in an amount up to 33<font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">1</font>/<font size="1" style="font-size:7.0pt;position:relative;top:3.0pt;">3</font>% (50% in the case of the issuance of a preferred class
of shares), or such other percentage permitted by law, of the value of the
Trust&#146;s total assets (including, with respect to borrowings, the amount
borrowed) less all liabilities other than borrowings (or, in the case of the
issuance of senior securities, less all liabilities and indebtedness not
represented by senior securities).</p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:-13.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard
to paragraph number 2 above, the Fund
will consider the borrower on a loan, including a loan participation, to be the
issuer of that loan.&#160; In addition, with
respect to a loan under which the Fund does not have privity with the borrower
or would not have a direct cause of action against the borrower in the event of
the failure of the borrower to pay scheduled principal or interest, the Fund
will also consider each interpositioned bank (a lender from which the Fund
acquires a loan) to be an issuer of the loan.</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;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-01.htm',USER='105593',CD='Apr 30 00:30 2008' -->


<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;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a percentage restriction
is adhered to at the time of investment, a later increase or decrease in
percentage resulting from a change in value of the Trust&#146;s investments or
amount of total assets will not be considered a violation of any of the
foregoing restrictions.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is no limitation on
the percentage of the Trust&#146;s total assets that may be invested in instruments
which are not readily marketable or subject to restrictions on resale, and to
the extent the Trust invests in such instruments, the Trust&#146;s portfolio should
be considered illiquid.&#160; The extent to
which the Trust invests in such instruments may affect its ability to realize
the net asset value (&#147;NAV&#148;) of the Trust in the event of the voluntary or involuntary
liquidation of its assets.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust has also adopted a
non-fundamental policy as required by Rule&nbsp;35d-1 under the 1940 Act to
invest, under normal circumstances, at least 80% of its net assets, plus the
amount of any borrowings for investment purposes, in floating rate secured
Senior Loans.&#160; The Trust has also adopted
a policy to provide its shareholders with at least 60 days&#146; prior notice of any
change in such investment policy.&#160; If,
subsequent to an investment, the 80% requirement is no longer met, the Trust&#146;s
future investments will be made in a manner that will bring the Trust into
compliance with this policy.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">ADDITIONAL INFORMATION ABOUT INVESTMENTS
AND</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">INVESTMENT TECHNIQUES</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some of the different types
of securities in which the Trust may invest, subject to its investment
objective, policies and restrictions, are described in the Prospectus under &#147;Investment
Objective and Policies.&#148;&#160; Additional
information concerning certain of the Trust&#146;s investments and investment
techniques is set forth below.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity
Securities</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with its purchase or holding of interests in loans, the
Trust may acquire (and subsequently sell) equity securities or exercise
warrants that it receives.&#160; The Trust
will acquire such interests only as an incident to the intended purchase or
ownership of loans or in connection with a reorganization of a borrower or its
debt.&#160; The Trust normally will not hold
more than 20% of its total assets in equity securities.&#160; Equity securities will not be treated as
Senior Loans; therefore, an investment in such securities will not count toward
the 80% of the Trust&#146;s </font><font size="2" style="font-size:10.0pt;">net assets, plus the amount of any borrowings for
investment purposes,</font><font size="2" style="font-size:10.0pt;"> that normally will be invested in Senior
Loans.&#160; Equity securities are subject to
financial and market risks and can be expected to fluctuate in value. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lease
Participations</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Loans that the Trust
may acquire include participation interests in lease financings (&#147;Lease
Participations&#148;) where the collateral quality, credit quality of the borrower
and the likelihood of payback are believed by the Adviser or Sub-Adviser to be
the same as those applied to conventional Senior Loans.&#160; A Lease Participation is also required to
have a floating interest rate that is indexed to a benchmark indicator of prevailing
interest rates, such as London Inter-Bank Offered Rate (&#147;LIBOR&#148;) or the Prime
Rate.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The credit quality standards
and general requirements that the Trust applies to Lease Participations
including collateral quality, the credit quality of the borrower and the
likelihood of payback are substantially the same as those applied to
conventional Senior Loans. A Lease Participation is also required to have a
floating interest rate that is indexed to the federal funds rate, LIBOR or
Prime Rate in order to be eligible for investment.</font></p>

<p align="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;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-01.htm',USER='105593',CD='Apr 30 00:30 2008' -->


<br clear="all" style="page-break-before:always;">


<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>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Office of the
Comptroller of the Currency has established regulations which set forth
circumstances under which national banks may engage in lease financings. Among
other things, the regulation requires that a lease be a net-full payout lease
representing the noncancelable obligation of the lessee, and that the bank make
certain determinations with respect to any estimated residual value of leased
property relied upon by the bank to yield a full return on the lease. The Trust
may invest in lease financings only if the Lease Participation meets these
banking law requirements.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Rates
and Portfolio Maturity</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest rates on loans in
which the Trust invests adjust periodically.&#160;
The interest rates are adjusted based on a base rate plus a premium or
spread over the base rate.&#160; The base rate
usually is LIBOR, the Federal Reserve federal funds rate, the Prime Rate or
other base lending rates used by commercial lenders.&#160; LIBOR usually is an average of the interest
rates quoted by several designated banks as the rates at which they pay
interest to major depositors in the London interbank market on U.S. dollar
denominated deposits.&#160; The Adviser and
Sub-Adviser believe that changes in short-term LIBOR rates are closely related
to changes in the Federal Reserve federal funds rate, although the two are not
technically linked.&#160; The Prime Rate
quoted by a major U.S. bank is generally the interest rate at which that bank
is willing to lend U.S. dollars to its most creditworthy borrowers, although it
may not be the bank&#146;s lowest available rate.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A single loan
may have multiple reset periods at the same time, with each reset period
applicable to a designated portion of the loan. The maximum duration of an
interest rate reset on any loan in which the Trust can invest is one year.&#160; The maximum maturity on any loan in which the
Trust can invest is ten years.&#160; The Trust&#146;s
portfolio of loans will ordinarily have a dollar-weighted average time until
the next interest rate adjustment of ninety (90) days or less, although the
time may exceed 90 days.&#160; The Trust may
find it possible and appropriate to use interest rate swaps and other
investment practices to shorten the effective interest rate adjustment period
of loans.&#160; If the Trust does so, it will
consider the shortened period to be the adjustment period of the loan.&#160; As short-term interest rates rise, interest
payable to the Trust should increase.&#160; As
short-term interest rates decline, interest payable to the Trust should
decrease.&#160; The amount of time that will
pass before the Trust experiences the effects of changing short-term interest
rates will depend on the dollar-weighted average time until the next interest
rate adjustment on the Trust&#146;s portfolio of loans. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans usually have mandatory
and optional prepayment provisions.&#160;
Because of prepayments, the actual remaining maturity of a loan may be
considerably less than its stated maturity.&#160;
If a loan is prepaid, the Trust will have to reinvest the proceeds in
other loans or securities which may have a lower fixed spread over its base
rate.&#160; In such a case, the amount of
interest paid to the Trust would likely decrease.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a change in the benchmark interest rate on a loan, the
rate payable to lenders under the loan will, in turn, reset as the applicable
reset period reach their scheduled reset date.&#160;
If the benchmark rate goes up, the Trust as lender would earn interest
at a higher rate, but only on and after such reset date.&#160; If the benchmark rate goes down, the Trust as
lender would earn interest at a lower rate, but only on and after such reset
date. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During normal market
conditions, changes in market interest rates will affect the Trust in certain
ways.&#160; The principal effect will be that
the yield on the Trust&#146;s Common Shares will tend to rise or fall as market
interest rates rise and fall.&#160; This is
because almost all of the assets in which the Trust invests pay interest at
rates which float in response to changes in market rates.&#160; However, because the interest rates on the
Trust&#146;s assets reset over time, there will be an imperfect correlation between
changes in market rates and changes to rates on the portfolio as a whole.&#160; This means that changes to the rate of
interest paid on the portfolio as a whole will tend to lag behind changes in
market rates.</font></p>

<p align="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;">4</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-01.htm',USER='105593',CD='Apr 30 00:30 2008' -->


<br clear="all" style="page-break-before:always;">


<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>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market interest rate changes
may also cause the Trust&#146;s NAV to experience moderate volatility.&#160; This is because the value of a loan asset in
the Trust is partially a function of whether it is paying what the market
perceives to be a market rate of interest for the particular loan, given its
individual credit and other characteristics.&#160;
If market interest rates change, a loan&#146;s value could be affected to the
extent the interest rate paid on that loan does not reset at the same
time.&#160; As discussed above, the rates of
interest paid on the loans in which the Trust invests have a weighted average
reset period that typically is less than 90 days.&#160; Therefore, the impact of the lag between a
change in market interest rates and the change in the overall rate on the
portfolio is expected to be minimal.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, to the extent that
changes in market rates of interest are reflected not in a change to a base
rate such as LIBOR but in a change in the spread over the base rate which is
payable on loans of the type and quality in which the Trust invests, the Trust&#146;s
NAV could be adversely affected.&#160; Again,
this is because the value of a loan asset in the Trust is partially a function
of whether it is paying what the market perceives to be a market rate of
interest for the particular loan, given its individual credit and other
characteristics.&#160; However, unlike changes
in market rates of interest for which there is only a temporary lag before the
portfolio reflects those changes, changes in a loan&#146;s value based on changes in
the market spread on loans in the Trust&#146;s portfolio may be of longer duration.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other
Investments</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assets not invested in Senior Loans will generally consist of other
instruments, including loans to borrowers organized outside the United States and
U.S. territories and possessions or Canada, unsecured floating rate loans,
notes and other debt instruments, floating rate subordinated loans up to a
maximum of 5% of the Trust&#146;s total assets, tranches of floating rate
asset-backed securities, including structured notes, short-term debt
securities, with remaining maturities of 120 days or less (which may have
yields tied to the Prime Rate, commercial paper rates, the federal funds rate
or LIBOR) and equity securities acquired in connection with investments in
loans.&#160; Short-term debt instruments may
include (i)&nbsp;commercial paper rated A-1 by Standard&nbsp;&amp; Poor&#146;s (&#147;S&amp;P&#148;)
Ratings Services or P-1 by Moody&#146;s Investors Service,&nbsp;Inc. (&#147;Moody&#146;s&#148;), or
of comparable quality as determined by the Adviser or Sub-Adviser, (ii)&nbsp;certificates
of deposit, bankers&#146; acceptances, and other bank deposits and obligations, and (iii)&nbsp;securities
issued or guaranteed by the U.S. government, its agencies or
instrumentalities.&#160; Under normal
circumstances, the Trust may invest in cash and/or short-term instruments.
During periods when, in the judgment of the Adviser or Sub-Adviser, a temporary
defensive posture in the market is appropriate, the Trust may hold up to 100%
of its assets in cash and/or in short-term debt instruments. &#160;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Repurchase Agreements</font></b></p>

<p align="left" style="margin: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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust has the ability,
pursuant to its investment objective and policies, to enter into repurchase
agreements.&#160; A repurchase agreement is a
contract under which the Trust may sell and simultaneously obtain the
commitment of the purchaser to sell the security back to the Trust at an agreed
upon price on an agreed upon date.&#160;
Repurchase agreements will be considered borrowings by the Trust, and as
such are subject to the restrictions on borrowing.&#160; Borrowings by the Trust create an opportunity
for greater total return, but at the same time increase exposure to capital
risk.&#160; The Trust will maintain in a
segregated account with its custodian cash or liquid high grade portfolio
securities in an amount sufficient to cover its obligations with respect to the
repurchase agreements.&#160; The Trust will
receive payment for such securities only upon physical delivery or evidence of
book entry transfer by its custodian.&#160;
Regulations of the SEC require either that securities sold by the Trust
under a repurchase agreement be segregated pending repurchase or that the
proceeds be segregated on the Trust&#146;s books and records pending
repurchase.&#160; Repurchase agreements may
involve certain risks in the event of default or insolvency of the other party,
including possible loss from delays or restrictions upon the Trust&#146;s ability to
dispose of the underlying securities.</font></p>

<p 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;">5</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-01.htm',USER='105593',CD='Apr 30 00:30 2008' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reverse Repurchase Agreements</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust has the ability,
pursuant to its investment objective and policies, to enter into repurchase
agreements if the asset which is the subject of the repurchase is a loan.&#160; Such agreements may be considered to be loans
by the Trust for purposes of the 1940 Act.&#160;
Each reverse repurchase agreement must be collateralized fully, in
accordance with the provisions of Rule&nbsp;5b-3 under the 1940 Act, at all
times.&#160; Pursuant to such reverse
repurchase agreements, the Trust acquires securities from financial
institutions such as brokers, dealers and banks, subject to the seller&#146;s
agreement to repurchase and the Trust&#146;s agreement to resell such securities at
a mutually agreed upon date and price.&#160;
The term of such an agreement is generally quite short, possibly
overnight or for a few days, although it may extend over a number of months (up
to one year) from the date of delivery.&#160;
The repurchase price generally equals the price paid by the Trust plus
interest negotiated on the basis of current short-term rates (which may be more
or less than the rate on the underlying portfolio security).&#160; The securities underlying a reverse
repurchase agreement will be marked to market every business day so that the
value of the collateral is at least equal to the value of the loan, including
the accrued interest thereon, and the Adviser or Sub-Adviser will monitor the
value of the collateral.&#160; Securities
subject to reverse repurchase agreements will be held by the custodian or in
the Federal Reserve/Treasury Book-Entry System. If the seller defaults on its
repurchase obligation, the Trust will suffer a loss to the extent that the
proceeds from a sale of the underlying securities is less than the repurchase
price under the agreement.&#160; Bankruptcy or
insolvency of such a defaulting seller may cause the Trust&#146;s rights with
respect to such securities to be delayed or limited.&#160; To mitigate this risk, the Trust only enters
into reverse repurchase agreements with highly rated, large financial
institutions.&#160; The Trust may only enter
into reverse repurchase agreements that qualify for an exclusion from any
automatic stay of creditors&#146; rights against the counterparty under applicable
insolvency law in the event of the counterparty&#146;s insolvency.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lending Loan Interests and Other Portfolio
Instruments</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To generate additional
income, the Trust may lend its portfolio securities, including interests in
Senior Loans, in an amount equal to up to 33<sup>1</sup>/<sub>3</sub>% of the
Trust&#146;s total assets to broker-dealers, major banks, or other recognized
domestic institutional borrowers of securities. No lending may be made to any
companies affiliated with the Adviser or Sub-Adviser.&#160; During the time portfolio securities are on
loan, the borrower pays the Trust any dividends or interest paid on such
securities, and the Trust may invest the cash collateral and earn additional
income, or it may receive an agreed-upon amount of interest income from the
borrower who has delivered equivalent collateral or a letter of credit.&#160; As with other extensions of credit, there are
risks of delay in recovery or even loss of rights in the collateral should the
borrower fail financially.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may seek to
increase its income by lending financial instruments in its portfolio in
accordance with present regulatory policies, including those of the Board of
Governors of the Federal Reserve System and the SEC.&#160; The lending of financial instruments is a
common practice in the securities industry.&#160;
The loans are required to be secured continuously by collateral,
consistent with the requirements of the 1940 Act discussed below, maintained on
a current basis at an amount at least equal to the market value of the
portfolio instruments loaned.&#160; The Trust
has the right to call a loan and obtain the portfolio instruments loaned at any
time on such notice as specified in the transaction documents.&#160; For the duration of the loan, the Trust will
continue to receive the equivalent of the interest paid by the issuer on the
portfolio instruments loaned and may also receive compensation for the loan of
the financial instrument.&#160; Any gain or
loss in the market price of the instruments loaned that may occur during the
term of the loan will be for the account of the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may lend its
portfolio instruments so long as the terms and the structure of such loans are
not inconsistent with the requirements of the 1940 Act, which currently require
that (a)&nbsp;the borrower </font></p>

<p align="center" style="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="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;">6</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='6',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-03.htm',USER='105593',CD='Apr 29 23:52 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="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;">pledge
and maintain with the Trust collateral consisting of cash, a letter of credit
issued by a domestic U.S.&#160; bank, or
securities issued or guaranteed by the U.S. government having a value at all
times not less than 100% of the value of the instruments loaned, (b)&nbsp;the
borrowers add to such collateral whenever the price of the instruments loaned
rises (<i>i.e.</i>, the value of the
loan is marked to market on a daily basis), (c)&nbsp;the loan be made subject
to termination by the Trust at any time, and (d)&nbsp;the Trust receives
reasonable interest on the loan (which may include the Trust&#146;s investing any
cash collateral in interest bearing short-term investments), any distributions
on the loaned instruments and increase in their market value.&#160; The Trust may lend its portfolio instruments
to member banks of the Federal Reserve System, members of the New York Stock
Exchange (&#147;NYSE&#148;) or other entities determined by the Adviser or Sub-Adviser to
be creditworthy.&#160; All relevant facts and
circumstances, including the creditworthiness of the qualified institution,
will be monitored by the Adviser or Sub-Adviser, and will be considered in
making decisions with respect to the lending of portfolio instruments.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may pay reasonable
negotiated fees in connection with loaned instruments.&#160; In addition, voting rights may pass with
loaned securities, but if a material event were to occur affecting such a loan,
the Trust will retain the right to call the loan and vote the securities.&#160; If a default occurs by the other party to
such transaction, the Trust will have contractual remedies pursuant to the
agreements related to the transaction, but such remedies may be subject to
bankruptcy and insolvency laws which could materially and adversely affect the
Trust&#146;s rights as a creditor.&#160; However,
the loans will be made only to firms deemed by the Adviser or Sub-Adviser to be
of good financial standing and when, in the judgment of the Adviser or
Sub-Adviser, the consideration which can be earned currently from loans of this
type justifies the attendant risk.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Rate Hedging Transactions</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust has the ability,
pursuant to its investment objectives and policies, to engage in certain
hedging transactions including interest rate swaps and the purchase or sale of
interest rate caps and floors. The Trust may undertake these transactions
primarily for the following reasons: to preserve a return on or value of a
particular investment or portion of the Trust&#146;s portfolio, to protect against
decreases in the anticipated rate of return on floating or variable rate
financial instruments which the Trust owns or anticipates purchasing at a later
date, or for other risk management strategies such as managing the effective
dollar-weighted average duration of the Trust&#146;s portfolio. Market conditions
will determine whether and in what circumstances the Trust would employ any of
the hedging techniques described below.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest rate swaps involve
the exchange by the Trust with another party of their respective commitments to
pay or receive interest, <i>e.g.</i>, an
exchange of an obligation to make floating rate payments on a specified dollar
amount, referred to as the &#147;notional&#148; principal amount, for an obligation to
make fixed rate payments. For example, the Trust may seek to shorten the
effective interest rate redetermination period of a Senior Loan in its
portfolio that has an interest rate redetermination period of one year. The
Trust could exchange its right to receive fixed-income payments for one year
from a borrower for the right to receive payments under an obligation that
readjusts monthly. In such an event, the Trust would consider the interest rate
redetermination period of such Senior Loan to be the shorter period.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purchase of an interest
rate cap entitles the purchaser, to the extent that a specified index exceeds a
predetermined interest rate, to receive payments of interest on a notional
principal amount from the party selling such interest rate cap. The purchase of
an interest rate floor entitles the purchaser, to the extent that a specified
index falls below a predetermined interest rate, to receive payments of
interest on a notional principal amount from the party selling such interest
rate floor. The Trust will not enter into swaps, caps or floors if, on a net
basis, the aggregate notional principal amount with respect to such </font></p>

<p align="center" style="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="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;">7</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='7',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-03.htm',USER='105593',CD='Apr 29 23:52 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="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;">agreements
exceeds the net assets of the Trust or to the extent the purchase of swaps,
caps or floors would be inconsistent with the Trust&#146;s other investment
restrictions.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust will usually enter
into interest rate swaps on a net basis, <i>i.e</i>.,
where the two parties make net payments with the Trust receiving or paying, as
the case may be, only the net amount of the two payments. The net amount of the
excess, if any, of the Trust&#146;s obligations over its entitlement with respect to
each interest rate swap will be accrued and an amount of cash or liquid
securities having an aggregate NAV at least equal to the accrued excess will be
maintained in a segregated account. If the Trust enters into a swap on other
than a net basis, the Trust will maintain in the segregated account the full
amount of the Trust&#146;s obligations under each such swap. The Trust may enter
into swaps, caps and floors with member banks of the Federal Reserve System,
members of the NYSE or other entities determined by ING Investments. If a
default occurs by the other party to such transaction, the Trust will have
contractual remedies pursuant to the agreements related to the transaction but
such remedies may be subject to bankruptcy and insolvency laws which could materially
and adversely affect the Trust&#146;s rights as a creditor. The Trust will not treat
swaps covered in accordance with applicable regulatory guidance as senior
securities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The swap, cap and floor
market has grown substantially in recent years with a large number of banks and
financial services firms acting both as principals and as agents utilizing
standardized swap documentation. As a result, this market has become relatively
liquid. There can be no assurance, however, that the Trust will be able to enter
into interest rate swaps or to purchase interest rate caps or floors at prices
or on terms the Adviser or Sub-Adviser believes are advantageous to the
Trust.&#160; In addition, although the terms
of interest rate swaps, caps and floors may provide for termination, there can
be no assurance that the Trust will be able to terminate an interest rate swap
or to sell or offset interest rate caps or floors that it has purchased.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The successful utilization
of hedging and risk management transactions requires skills different from
those needed in the selection of the Trust&#146;s portfolio securities and depends
on the Adviser&#146;s or Sub-Adviser&#146;s ability to predict correctly the direction
and degree of movements in interest rates. Although the Trust believes that use
of the hedging and risk management techniques described above will benefit the
Trust, if the Adviser&#146;s or Sub-Adviser&#146;s judgment about the direction or extent
of the movement in interest rates is incorrect, the Trust&#146;s overall performance
would be worse than if it had not entered into any such transactions. The Trust
will incur brokerage and other costs in connection with its hedging
transactions.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Originating Senior Loans &#150; Reliance on Agents</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust has the ability to
act as an agent in originating and administering a loan on behalf of all
lenders or as one of a group of co-agents in originating Senior Loans.&#160; However, the Trust has not acted as agent or
co-agent on any loans, and has no present intention of doing so in the
future.&#160; An agent for a loan is required
to administer and manage the Senior Loan and to service or monitor the
collateral.&#160; The agent is also
responsible for the collection of principal and interest and fee payments from
the borrower and the apportionment of these payments to the credit of all
lenders which are parties to the loan agreement.&#160; The agent is charged with the responsibility
of monitoring compliance by the borrower with the restrictive covenants in the
loan agreement and of notifying the lenders of any adverse change in the borrower&#146;s
financial condition.&#160; In addition, the
agent generally is responsible for determining that the lenders have obtained a
perfected security interest in the collateral securing the Senior Loan.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lenders generally rely on
the agent to collect their portion of the payments on a Senior Loan and to use
the appropriate creditor remedies against the borrower.&#160; Typically under loan agreements, the agent is
given broad discretion in enforcing the loan agreement and is obligated to use
the same care it would </font></p>

<p align="center" style="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="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;">8</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-03.htm',USER='105593',CD='Apr 29 23:52 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="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;">use
in the management of its own property.&#160;
The borrower compensates the agent for these services.&#160; Such compensation may include special fees
paid on structuring and funding the Senior Loan and other fees on a continuing
basis.&#160; The precise duties and rights of
an agent are defined in the loan agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When the Trust is an agent,
it has, as a party to the loan agreement, a direct contractual relationship
with the borrower and, prior to allocating portions of the loan to lenders, if
any, assumes all risks associated with the loan.&#160; The agent may enforce compliance by the
borrower with the terms of the loan agreement.&#160;
Agents also have voting and consent rights under the applicable loan
agreement.&#160; Action subject to agent vote
or consent generally requires the vote or consent of the holders of some
specified percentage of the outstanding principal amount of the Senior Loan,
which percentage varies depending on the relative loan agreement.&#160; Certain decisions, such as reducing the
amount or increasing the time for payment of interest on or repayment of
principal of a Senior Loan, or relating collateral therefor, frequently require
the unanimous vote or consent of all lenders affected.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the terms of a loan
agreement, the agent typically has sole responsibility for servicing and
administering a loan on behalf of the other lenders.&#160; Each lender in a Senior Loan is generally
responsible for performing its own credit analysis and its own investigation of
the financial condition of the borrower.&#160;
Generally, loan agreements will hold the agent liable for any action
taken or omitted that amounts to gross negligence or willful misconduct.&#160; In the event of a borrower&#146;s default on a
loan, the loan agreements provide that the lenders do not have recourse against
the Trust for its activities as agent.&#160;
Instead, lenders will be required to look to the borrower for recourse.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In a typical interest in a
Senior Loan, the agent administers the loan and has the right to monitor the
collateral.&#160; The agent is also required
to segregate the principal and interest payments received from the borrower and
to hold these payments for the benefit of the lenders.&#160; The Trust normally looks to the agent to
collect and distribute principal of and interest on a Senior Loan.&#160; Furthermore, the Trust looks to the agent to
use normal credit remedies, such as to foreclose on collateral, monitor credit
loan covenants, and notify the lenders of any adverse changes in the borrower&#146;s
financial condition or declarations of insolvency.&#160; At times the Trust may also negotiate with
the agent regarding the agent&#146;s exercise of credit remedies under a Senior
Loan.&#160; The agent is compensated for these
services by the borrower as set forth in the loan agreement.&#160; Such compensation may take the form of a fee
or other amount paid upon the making of the Senior Loan and/or an ongoing fee
or other amount.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The loan agreements in
connection with Senior Loans set forth the standard of care to be exercised by
the agents on behalf of the lenders and usually provide for the termination of
the agent&#146;s agency status in the event that it fails to act properly, becomes
insolvent, enters FDIC receivership, or if not FDIC insured, enters into
bankruptcy or if the agent resigns.&#160; In
the event an agent is unable to perform its obligations as agent, another
lender would generally serve in that capacity.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Information on Senior Loans</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Loans are direct
obligations of corporations or other business entities and are arranged by
banks or other commercial lending institutions and made generally to finance
internal growth, mergers, acquisitions, stock repurchases, and leveraged
buyouts.&#160; Senior Loans usually include
restrictive covenants which must be maintained by the borrower.&#160; Such covenants, in addition to the timely
payment of interest and principal, may include mandatory prepayment provisions
arising from free cash flow and restrictions on dividend payments, and usually
state that a borrower must maintain specific minimum financial ratios as well
as establishing limits on total debt.&#160; A
breach of covenant, which is not waived by the agent, is normally an event of
acceleration, <i>i.e.</i>, the agent has
the right to call the outstanding Senior Loan.&#160;
In addition, loan covenants may include mandatory prepayment provisions
stemming from free cash flow.&#160; Free cash
flow is cash that is in excess of capital expenditures plus debt service
requirements </font></p>

<p align="center" style="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="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;">9</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='9',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-03.htm',USER='105593',CD='Apr 29 23:52 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="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;">of
principal and interest.&#160; The free cash
flow shall be applied to prepay the Senior Loan in an order of maturity
described in the loan documents.&#160; Under
certain interests in Senior Loans, the Trust may have an obligation to make
additional loans upon demand by the borrower.&#160;
The Trust intends to ensure its ability to satisfy such demands by
segregating sufficient assets in high quality short-term liquid investments or
by sufficiently maintaining unused borrowing capacity.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
a typical interest in a loan, the agent administers the loan and has the right
to monitor the collateral.&#160; The agent is
also required to segregate the principal and interest payments received from
the borrower and to hold these payments for the benefit of the lenders.&#160; The Fund normally looks to the agent to collect
and distribute principal of and interest on a loan.&#160; Furthermore, the Fund looks to the agent to
use normal credit remedies, such as to foreclose on collateral, monitor loan
covenants, and notify the lenders of any adverse changes in the borrower&#146;s financial
condition or declarations of insolvency.&#160;
At times the Fund may also negotiate with the agent regarding the agent&#146;s
exercise of credit remedies under a loan.&#160;
The agent is compensated for these services by the borrower as set forth
in the loan agreement.&#160; Such compensation
may take the form of a fee or other amount paid upon the making of the loan
and/or an ongoing fee or other amount.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
loan agreements in connection with the loans set forth the standard of care to
be exercised by the agents on behalf of the lenders and usually provide for the
termination of the agent&#146;s agency status in the event that it fails to act
properly, becomes insolvent, enters FDIC receivership, or if not FDIC insured,
enters into bankruptcy or if the agent resigns.&#160;
In the event an agent is unable to perform its obligations as agent,
another lender would generally serve in that capacity.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund believes that the
principal credit risk associated with acquiring loans from another lender is
the credit risk associated with the borrower of the underlying loan.&#160; The Fund may incur additional credit risk,
however, when the Fund acquires a participation in a loan from another lender
because the Fund must assume the risk of insolvency or bankruptcy of the other
lender from which the loan was acquired.&#160;
However, in acquiring loans, the Fund conducts an analysis and
evaluation of the financial condition of each such lender.&#160; In this regard, if the lenders have a
long-term debt rating, the long-term debt of all such participants is rated &#147;BBB&#148;
or better by S&amp;P or &#147;Baa&#148; or better by Moody&#146;s, or has received a
comparable rating by another nationally recognized rating service.&#160; In the absence of rated long-term debt, the
lenders or, with respect to a bank, the holding company of such lenders have
commercial paper outstanding which is rated at least &#147;A-1&#148; by S&amp;P or &#147;P-1&#148;
by Moody&#146;s.&#160; In the absence of such rated
long-term debt or rated commercial paper, the Fund may acquire participations
in loans from lenders whose long-term debt and commercial paper is of
comparable quality to the foregoing rating standards as determined by the
Adviser under the supervision of the Trustees.&#160;
The Fund also diversifies its portfolio with respect to lenders from
which the Fund acquires loans.&#160; See &#147;Investment
Restrictions.&#148;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Loans, unlike certain
bonds, usually do not have call protection.&#160;
This means that investments comprising the Trust&#146;s portfolio, while
having a stated one to ten-year term, may be prepaid, often without
penalty.&#160; The Trust generally holds
Senior Loans to maturity unless it becomes necessary to sell them to adjust the
Trust&#146;s portfolio in accordance with the Adviser&#146;s or Sub-Adviser&#146;s view of
current or expected economic or specific industry or borrower conditions.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Loans frequently
require full or partial prepayment of a loan when there are asset sales or a
securities issuance.&#160; Prepayments on
Senior Loans may also be made by the borrower at its election.&#160; The rate of such prepayments may be affected
by, among other things, general business and economic conditions, as well as
the financial status of the borrower.&#160;
Prepayment would cause the actual duration of a Senior Loan to be
shorter than its stated maturity.&#160;
Prepayment may be deferred by the Trust.&#160;
This should, however, allow the Trust to reinvest in a new loan and
recognize as income any unamortized loan fees.&#160;
In many cases this will result in a new facility fee payable to the
Trust.</font></p>

<p align="center" style="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="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;">10</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='10',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-03.htm',USER='105593',CD='Apr 29 23:52 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because interest rates paid
on these Senior Loans fluctuate periodically with the market, it is expected
that the prepayment and a subsequent purchase of a new Senior Loan by the Trust
will not have a material adverse impact on the yield of the portfolio.&#160; See &#147;Portfolio Transactions.&#148;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under a Senior Loan, the
borrower generally must pledge as collateral assets which may include one or
more of the following: cash, accounts receivable, inventory, property, plant
and equipment, both common and preferred stock in its subsidiaries, trademarks,
copyrights, patent rights and franchise value.&#160;
The Trust may also receive guarantees as a form of collateral.&#160; In some instances, a Senior Loan may be
secured only by stock in a borrower or its affiliates.&#160; There is no assurance, however, that the
liquidation of the existing collateral would satisfy the borrower&#146;s obligation
in the event of nonpayment of scheduled interest or principal, or that such
collateral could be readily liquidated.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Loan Participation and Assignments</font></b></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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s investment in loan participations<b>  </b>typically will result in the Trust having a
contractual relationship only with the lender and not with the borrower.&#160; The Trust will have the right to receive
payments of principal, interest and any fees to which it is entitled only from
the lender selling the participation and only upon receipt by the lender of the
payments from the borrower.&#160; In
connection with purchasing participation, the Trust generally will have no
right to enforce compliance by the borrower with the terms of the loan agreement
relating to the loan, nor any right of set-off against the borrower, and the
Trust may not directly benefit from any collateral supporting the loan in which
it has purchased the participation.&#160; As a
result, the Trust may be subject to the credit risk of both the borrower and
the lender that is selling the participation.&#160;
In the event of the insolvency of the lender selling a participation,
the Trust may be treated as a general creditor of the lender and may not
benefit from any set-off between the lender and the borrower.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When the Trust purchases a loan assignment from lenders, it will
acquire direct rights against the borrowers on the loan.&#160; Because assignments are arranged through
private negotiations between potential assignees and potential assignors,
however, the rights and obligations acquired by the Trust as the purchaser of
an assignment may differ from, and be more limited than, those held by the
assigning lender.&#160; Because there is no
liquid market for such securities, the Trust anticipates that such securities
could be sold only to a limited number of institutional investors.&#160; The lack of a liquid secondary market may
have an adverse impact on the value of such securities and the Trust&#146;s ability
to dispose of particular assignments or participation when necessary to meet
redemption of Trust shares, to meet the Trust&#146;s liquidity needs or when
necessary in response to a specific economic event, such as deterioration in
the creditworthiness of the borrower.&#160;
The lack of a liquid secondary market for assignments and participation
also may make it more difficult for the Trust to value these securities for
purposes of calculating its NAV.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">The
Trust may be required to pay and receive various fees and commissions in the
process of purchasing, selling and holding loans.&#160; The fee component may include any, or a
combination of, the following elements:&#160;
arrangement fees, assignment fees, non-use fees, facility fees, letter
of credit fees and ticking fees.&#160;
Arrangement fees are paid at the commencement of a loan as compensation
for the initiation of the transaction.&#160; A
non-use fee is paid based upon the amount committed but not used under the
loan.&#160; Facility fees are on-going annual
fees paid in connection with a loan.&#160;
Letter of credit fees are paid if a loan involves a letter of
credit.&#160; Ticking fees are paid from the
initial commitment indication until loan closing if for an extended
period.&#160; The amount of fees is negotiated
at the time of transaction. </font></b></p>



<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;">&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;">11</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='11',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-03.htm',USER='105593',CD='Apr 29 23:52 2008' -->



<br clear="all" style="page-break-before:always;">
<div>
<!-- COMMAND=ROTATED_TABLE WIDTH="150%" -->

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">TRUSTESS AND OFFICERS</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></i></h1>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management of
the Trust</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust is governed by its
Board of Trustees (&#147;Board&#148;).&#160; A trustee
who is not an interested person of the Trust, as defined in the 1940 Act, as
amended, is an independent trustee (&#147;Independent Trustee&#148;).&#160; The Trustees of the Trust are listed below. </font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name,
  Address and Age</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position(s)&nbsp;Held <br>
  With Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Term of Office <br>
  and Length of <br>
  Time Served(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Occupation(s)&nbsp;&#150; <br>
  During the Past 5 Years</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  Funds in<br>
  Fund<br>
  Complex <br>
  Overseen by <br>
  Trustee(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other Directorships/Trusteeships <br>
  Held by Trustee</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Independent
  Trustees</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.04%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <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;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Colleen D. Baldwin(3)</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br>
  Age: 47</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October&nbsp;2007 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150; </font></b><font size="2" style="font-size:10.0pt;">Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant
  (January&nbsp;2005 to Present). Chief Operating Officer, Ivy Asset Management
  Group (April&nbsp;2002 &#150; October&nbsp;2004).</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">John V. Boyer</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 54</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;2005 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Bechtler Arts
  Foundation (March&nbsp;2008 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present) and
  Consultant (July&nbsp;2007 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present). Formerly,
  President and Chief Executive Officer, Franklin and Eleanor Roosevelt
  Institute (March&nbsp;2006 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> July&nbsp;2007), and
  Executive Director, The Mark Twain House&nbsp;&amp; Museum (4)&nbsp;(September&nbsp;1989
  </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> November&nbsp;2005).</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Patricia W. Chadwick</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 59</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;2006 &#150; Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant and President of
  self-owned company, Ravengate Partners LLC (January&nbsp;2000 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present).</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wisconsin Energy
  (June&nbsp;2006 &#150; Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Peter S. Drotch(3)(5)</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258 <br>
  Age: 66</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October&nbsp;2007 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retired Partner,
  Pricewaterhouse Coopers.</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Marblehead
  Corporation, (October&nbsp;2003 &#150; Present); Blackrock Funds/State Street
  Research Funds, Trustee (February&nbsp;2004 &#150; January&nbsp;2007); Tufts
  Health Plan, Director (June&nbsp;2006 &#150; Present); and University of
  Connecticut, Trustee (November&nbsp;2004 &#150; Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">J. Michael Earley</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258<br>
  Age: 62</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;2002 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Chief Executive
  Officer and Director, Bankers Trust Company, N.A., Des Moines (June&nbsp;1992
  </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present).</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Midamerica Financial Corporation
  (December&nbsp;2002 &#150; Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Patrick W. Kenny</font></b><font size="2" style="font-size:10.0pt;">  <br>
  7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 <br> Age: 65</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;2005 &#150; Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer, International Insurance Society (June&nbsp;2001 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present).</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assured Guaranty Ltd.
  (April&nbsp;2004 &#150; Present); and Odyssey Reinsurance Holdings
  (November&nbsp;2006 &#150; Present).</font></p>
  </td>
 </tr>
</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&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;">12</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='12',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-05.htm',USER='105593',CD='Apr 30 00:34 2008' -->


<br clear="all" style="page-break-before:always;">


<div>
<!-- COMMAND=ROTATED_TABLE WIDTH="150%" -->

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name,
  Address and Age</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position(s)&nbsp;Held <br>
  With Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Term of Office <br>
  and Length of <br>
  Time Served(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Occupation(s)&nbsp;&#150; <br>
  During the Past 5 Years</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  Funds in<br>
  Fund<br>
  Complex <br>
  Overseen by <br>
  Trustee(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other Directorships/Trusteeships <br>
  Held by Trustee</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Sheryl K. Pressler</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258 <br>
  Age: 57</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;2006 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consultant (May&nbsp;2001 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present).</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Global Alternative Asset
  Management,&nbsp;Inc. (October&nbsp;2007 &#150; Present); Stillwater Mining
  Company (May&nbsp;2002 &#150; Present); California HealthCare Foundation
  (June&nbsp;1999 &#150; Present); and Romanian &#150; American Enterprise Fund
  (February&nbsp;2004 &#150; Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Roger B. Vincent</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258 <br>
  Age: 62</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;2005 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Springwell
  Corporation (March 1989 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present).</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UGI Corporation
  (February&nbsp;2006 &#150; Present); and UGI Utilities,&nbsp;Inc.
  (February&nbsp;2006 &#150; Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Trustees
  who are &#147;Interested Persons&#148;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Robert W. Crispin(3)(6)</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd.<br>
  Scottsdale, Arizona 85258 <br> Age: 61</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;2007 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retired Chairman and Chief
  Executive Officer, ING Investment Management Co (June&nbsp;2001 &#150;
  December&nbsp;31, 2007)].</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Life Insurance and
  Annuity Company (May&nbsp;2006 &#150; Present); ING USA Annuity and Life Insurance
  Company (May&nbsp;2006 &#150; Present); Midwestern United Life Insurance Company
  (May&nbsp;2006 &#150; Present); Reliastar Life Insurance Company (May&nbsp;2006 &#150;
  Present); Security Life of Denver Insurance Company (May&nbsp;2006 &#150;
  Present); Belair Insurance Company Inc. (August&nbsp;2005 &#150; Present); The
  Nordic Insurance Company of Canada (February&nbsp;2005 &#150; Present); Trafalgar
  Insurance Company of Canada (February&nbsp;2006 &#150; Present); ING Novex
  Insurance Company of Canada (February&nbsp;2005 &#150; Present); Allianz Insurance
  Company of Canada (February&nbsp;2005 &#150; Present); ING Canada Inc.
  (December&nbsp;2004 &#150; Present) and ING Foundation (March&nbsp;2004 &#150;
  Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.68%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
  <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;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <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;">Shaun P. Mathews
  (3)(6)(7)</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 <br> Age: 51</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;2007 </font><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b><font size="2" style="font-size:10.0pt;"> Present</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer, ING Investments, LLC (December&nbsp;2006 &#150; Present);
  President ING Mutual Funds and Investment Products (October&nbsp;2004 &#150;
  Present). Formerly, CMO, ING </font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark Twain House&nbsp;&amp;
  Museum (September&nbsp;2002 &#150; Present); Connecticut Forum (May&nbsp;2002 &#150;
  Present); Capital Community College Foundation </font></p>
  </td>
 </tr>
</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&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;">13</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='13',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-05.htm',USER='105593',CD='Apr 30 00:34 2008' -->


<br clear="all" style="page-break-before:always;">


<div>
<!-- COMMAND=ROTATED_TABLE WIDTH="150%" -->

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name,
  Address and Age</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position(s)&nbsp;Held <br>
  With Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Term of Office <br>
  and Length of <br>
  Time Served(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Occupation(s)&nbsp;&#150; <br>
  During the Past 5 Years</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  Funds in<br>
  Fund<br>
  Complex <br>
  Overseen by <br>
  Trustee(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other Directorships/Trusteeships <br>
  Held by Trustee</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">USFS (April&nbsp;2002 &#150;
  October&nbsp;2004); and Head of Rollover/Payout (October&nbsp;2001 &#150;
  December&nbsp;2003).</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:22.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(February&nbsp;2002 &#150; Present);
  ING Services Holding Company,&nbsp;Inc. (May&nbsp;2000 &#150; Present); Southland
  Life Insurance Company (June&nbsp;2002 &#150; Present); and ING Capital
  Corporation, LLC, ING Funds Distributor, LLC(8), ING Funds Services, LLC(9),
  ING Investments, LLC and ING Pilgrim Funding,&nbsp;Inc. (March&nbsp;2006 &#150;
  Present).</font></p>
  </td>
 </tr>
</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustees
  serve until their successors are duly elected and qualified, subject to the
  Board&#146;s retirement policy which states that each duly elected or appointed
  Trustee who is not an &#147;interested person&#148; of the Trusts, as defined in the
  1940 Act, as amended (&#147;Independent Trustees&#148;), shall retire from service as a
  Trustee at the first regularly scheduled quarterly meeting of the Board that
  is held after: (a)&nbsp;the Trustee reaches the age 70, if that Trustee
  qualifies for a retirement benefit as discussed in the Board&#146;s retirement
  policy: or (b)&nbsp;the Trustee reaches the age of 72 or has served as a
  Trustee for 15 years, if that Trustee does not qualify for the retirement
  benefit. A unanimous vote of the Board may extend the retirement date of a
  Trustee for up to one year. An extension may be permitted if the retirement
  would trigger a requirement to hold a meeting of shareholders of the Trust
  under applicable law, whether for purposes of appointing a successor to the
  Trustee or if otherwise necessary under applicable law, in which case the
  extension would apply until such time as the shareholder meeting can be held
  or is no longer needed.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the
  purposes of this table, &#147;ING Fund Complex&#148; means the following investment
  companies: ING Asia Pacific High Dividend Equity Income Fund, ING Equity
  Trust; ING Funds Trust; , ING Global Advantage and Premium Opportunity Fund;
  ING Global Equity Dividend and Premium Opportunity Fund; ING International
  High Dividend Equity Income Fund.; ING Investors Trust; ING Mayflower Trust;
  ING Mutual Funds; ING Partners,&nbsp;Inc.; ING Prime Rate Trust; ING Risk
  Managed Natural Resources Fund; ING Senior Income Fund; ING Separate
  Portfolios Trust; ING Variable Insurance Trust; and ING Variable Products Trust.
  The number of Funds in the Fund Complex is as of May&nbsp;31, 2008.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Baldwin,
  Messrs.&nbsp;Crispin, Drotch and Mathews each commenced services as a Trustee
  November&nbsp;28, 2007.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun Mathews, President
  and Chief Executive Officer, ING Investments, 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&nbsp;&amp; Museum since September&nbsp;19,
  2002. ING Groep N.V. makes non-material, charitable contributions to The Mark
  Twain House&nbsp;&amp; Museum.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retired partner
  Pricewaterhouse Coopers.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs.&nbsp;Crispin and.
  Mathews are deemed to be &#147;interested persons&#148; of the Trust as defined in the
  1940 Act because of their relationship with ING Groep., N.V., the parent
  corporation of the Adviser, ING Investments, LLC and the distributor, ING
  Funds Distributor, LLC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Mathews is also a
  director of the following investment companies: ING VP Balanced
  Portfolio,&nbsp;Inc.; ING Strategic Allocation Portfolio,&nbsp;Inc.; ING GET
  Fund; ING VP Intermediate Bond Portfolio; ING VP Money Market Portfolio; ING
  Variable Funds; ING Variable Portfolios,&nbsp;Inc.; and ING
  Series&nbsp;Fund,&nbsp;Inc. Therefore, for the purposes of this table with
  reference to Mr.&nbsp;Mathews, &#147;Fund Complex&#148; includes these investment
  companies.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Distributor,
  LLC is the successor in interest to ING Funds Distributor,&nbsp;Inc. which
  was previously known as ING Pilgrim Securities,&nbsp;Inc. and prior to that
  was known as Pilgrim America Securities,&nbsp;Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" valign="top" style="padding:0in 0in 0in 0in;width:97.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds
  Services, LLC was previously named ING Pilgrim Group, LLC. ING Pilgrim Group,
  LLC is the successor in interest to ING Pilgrim,&nbsp;Inc. which was
  previously known as Pilgrim Group,&nbsp;Inc. and prior to that was known as
  Pilgrim America Group,&nbsp;Inc. </font></p>
  </td>
 </tr>
</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="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;">14</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='14',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-05.htm',USER='105593',CD='Apr 30 00:34 2008' -->


<br clear="all" style="page-break-before:always;">


<div>
<!-- COMMAND=ROTATED_TABLE WIDTH="150%" -->

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Officers</font></b></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information about the ING
Funds&#146; Officers are set forth in the table below:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name,
  Address and Age</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Positions Held with the Trust</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Term of Office and Length of Time Served (1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Occupation(s)&nbsp;During the Last Five Years</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:20.96%;">
  <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;">Shaun P. Mathews <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br>
  Age: 52</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;2006
  &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President
  and Chief Executive Officer, ING Investments, LLC (November&nbsp;2006 &#150;
  Present), President ING Mutual Funds and Investment Products
  (November&nbsp;2004 &#150; November&nbsp;2006), and Chief Marketing Officer USFS
  (April&nbsp;2002 &#150; October&nbsp;20044).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Stanley D. Vyner</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">230 Park Avenue <br>
  New York, New York 10169 <br>
  Age: 57</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="font-size:9.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;2003 </font>&#150;<font size="2" style="font-size:10.0pt;"> Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="font-size:9.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President,
  ING Investments, LLC(2)&nbsp;(July&nbsp;2000 </font>&#150;<font size="2" style="font-size:10.0pt;"> Present); and Chief
  Investment Risk Officer, ING Investments, LLC(2)&nbsp;(January&nbsp;2003 &#150;
  Present). Formerly, Chief Investment Officer of International Investments
  (August&nbsp;2000 &#150; January&nbsp;2003).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Michael J. Roland</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br>
  Age: 49</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;2002 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Head of Mutual Fund Platform (February&nbsp;2007 &#150; Present); and
  Executive Vice President, ING Investments, LLC(2). Formerly, Head of Product
  Management (January&nbsp;2005 &#150; January&nbsp;2007); Chief Compliance Officer,
  ING Investments, LLC(2)&nbsp;and Directed Services
  LLC(5)&nbsp;(October&nbsp;2004 &#150; December&nbsp;2005); and Chief Financial
  Officer and Treasurer, ING Investments, LLC(2)&nbsp;(December&nbsp;2001 &#150;
  March&nbsp;2005).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><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:20.96%;">
  <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;">Joseph M. O&#146;Donnell</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br> Age: 53</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President <br><br></font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Compliance Officer</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;2006 &#150; Present</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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;2004 &#150;
  Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Compliance Officer of the ING Funds (November&nbsp;2004
  </font><font size="2" style="font-size:10.0pt;">&#150;</font><font size="2" style="font-size:10.0pt;"> Present);
  ING Investments, LLC(2)&nbsp;and Directed Services
  LLC(5)&nbsp;(March&nbsp;2006 </font><font size="2" style="font-size:10.0pt;">&#150;</font><font size="2" style="font-size:10.0pt;"> Present) and Executive Vice President
  of the ING Funds (March&nbsp;2006 </font><font size="2" style="font-size:10.0pt;">&#150;</font><font size="2" style="font-size:10.0pt;"> Present). Formerly, Chief Compliance
  Officer of ING Life Insurance and Annuity Company (March&nbsp;2006 </font><font size="2" style="font-size:10.0pt;">&#150;</font><font size="2" style="font-size:10.0pt;"> December&nbsp;2006); Vice President,
  Chief Legal Counsel, Chief Compliance Officer and Secretary of Atlas
  Securities,&nbsp;Inc., Atlas Advisers,&nbsp;Inc. and Atlas Funds
  (October&nbsp;2001 </font><font size="2" style="font-size:10.0pt;">&#150;</font><font size="2" style="font-size:10.0pt;"> October&nbsp;2004).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Todd Modic</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br>
  Age: 40</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President,<br>
  Chief/Principal Financial <br>
  Officer and Assistant Secretary</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;2005 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President, ING
  Funds Services, LLC(3)&nbsp;(April&nbsp;2005 &#150; Present). Formerly, Vice
  President, ING Funds Services, LLC(3)&nbsp;(September&nbsp;2002 &#150;
  March&nbsp;2005).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Daniel A. Norman <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br> Age: 50</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;1995 &#150; Present</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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;1997 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice
  President and Group Head, ING Senior Debt Group, ING Investment Management
  Co. (January&nbsp;2000 &#150; Present).</font></p>
  </td>
 </tr>
</table>



<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;">15</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='15',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-05.htm',USER='105593',CD='Apr 30 00:34 2008' -->


<br clear="all" style="page-break-before:always;">


<div>
<!-- COMMAND=ROTATED_TABLE WIDTH="150%" -->

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name,
  Address and Age</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Positions Held with the Trust</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Term of Office and Length of Time Served (1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Occupation(s)&nbsp;During the Last Five Years</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:20.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Curtis F.
  Lee</font></b>  <br>
  7337 East Doubletree Ranch Rd. <br> Scottsdale, Arizona 85258  <br> Age: 53</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President and
  Chief Credit Officer</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><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:19.66%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">February&nbsp;2001 </font>&#150;</font> Present</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President and
  Chief Credit Officer, ING Senior Debt Group, ING Investment Management Co.
  (January&nbsp;2001 &#150; Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:0in;"><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:20.96%;">
  <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;">Jeffrey A. Bakalar <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br> Age: 48</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;1999 &#150;
  Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President and
  Group Head, ING Senior Debt Group, ING Investment Management Co.
  (January&nbsp;2000 &#150; Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Elliot A. Rosen <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br> Age: 55</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;2002 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President, ING
  Senior Debt Group, ING Investment Management Co. (February&nbsp;1999 &#150;
  Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">William H. Rivoir III <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br> Age: 57</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President and
  Assistant Secretary</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;2001 &#150;
  Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President, ING
  Senior Debt Group, ING Investment Management Co. (January&nbsp;2004 &#150;
  Present). Formerly, Counsel, ING USFS Law Department (January&nbsp;2003 &#150;
  December&nbsp;2003).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Kimberly A. Anderson</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br>
  Age: 43</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;2003 &#150;
  Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President, ING
  Investments, LLC(2)&nbsp;(October&nbsp;2003 &#150; Present). Formerly, Vice
  President and Assistant Secretary, ING Investments, LLC(2) (January&nbsp;2001
  &#150; October&nbsp;2003).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Robert Terris</font></b>  <br> 7337 East Doubletree Ranch Rd.  <br> Scottsdale, Arizona 85258  <br> Age:&nbsp; 37</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;2006 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President, Head of Division Operations, ING Funds
  (May&nbsp;2006 &#150; Present); and Vice President, Head of Division Operations,
  ING Funds Services, LLC (3)&nbsp;(March&nbsp;2006 &#150; Present). Formerly, Vice
  President of Administration, ING Funds Services,
  LLC(3)&nbsp;(October&nbsp;2001 &#150; March&nbsp;2006).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><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:20.96%;">
  <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;">Robyn L. Ichilov</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br> Age: 40</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;1997 &#150;
  Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President and
  Treasurer, ING Funds Services, LLC(3)&nbsp;(October&nbsp;2001 &#150; Present) and
  ING Investments, LLC(2)&nbsp;(August&nbsp;1997 &#150; Present).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Lauren D. Bensinger</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br>
  Age: 54</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;2003 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President and Chief
  Compliance Officer, ING Funds Distributor, LLC(6)&nbsp;(July&nbsp;1995 &#150;
  Present); and Vice President, ING Investment, LLC(2)&nbsp;(February&nbsp;1996
  &#150; Present) and Director of Compliance, ING Investments,
  LLC(2)&nbsp;(October&nbsp;2004 &#150; Present). Formerly, Chief Compliance
  Officer, ING Investments, LLC(2)&nbsp;(October&nbsp;2001 &#150;
  October&nbsp;2004).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Maria M.
  Anderson</font></b><font size="2" style="font-size:10.0pt;">  <br>
  </font><font size="2" style="font-size:10.0pt;">7337 </font><font size="2" style="font-size:10.0pt;">East </font><font size="2" style="font-size:10.0pt;">Doubletree Ranch Rd.</font><font size="2" style="font-size:10.0pt;">  </font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scottsdale, Arizona 85258 <br>
  Age: 49</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;2004 &#150;
  Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President, ING Funds
  Services, LLC(3)&nbsp;(September&nbsp;2004 &#150; Present). Formerly, Assistant
  Vice President, ING Funds Services, LLC(3)&nbsp;(October&nbsp;2001 &#150;
  September&nbsp;2004).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Denise
  Lewis</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">  <br>
  </font></b><font size="2" style="font-size:10.0pt;">7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 </font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Age: 44</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;2007 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President, ING Funds
  Services, LLC(3)&nbsp;(December&nbsp;2006 &#150; Present).&nbsp; Formerly, Senior
  Vice President, UMB Investment Services Group, LLC (November&nbsp;2003 &#150;
  December&nbsp;2006); and Vice President, Wells Fargo Funds Management, LLC
  (December&nbsp;2000 &#150; August&nbsp;2003).</font></p>
  </td>
 </tr>
</table>



<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;">16</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='16',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-05.htm',USER='105593',CD='Apr 30 00:34 2008' -->


<br clear="all" style="page-break-before:always;">


<div>
<!-- COMMAND=ROTATED_TABLE WIDTH="150%" -->

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name,
  Address and Age</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Positions Held with the Trust</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Term of Office and Length of Time Served (1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Occupation(s)&nbsp;During the Last Five Years</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:20.96%;">
  <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;">Kimberly K. Palmer</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br> Age: 50</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;2006 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President, ING Funds
  Services, LLC(3)&nbsp;(March&nbsp;2006 &#150; Present). Formerly, Assistant Vice
  President, ING Funds Services, LLC(3)&nbsp;(August&nbsp;2004 &#150;
  March&nbsp;2006), Manager, Registration Statements, ING Funds Services,
  LLC(3)&nbsp;(May&nbsp;2003 &#150; August&nbsp;2004); Associate Partner, AMVESCAP
  PLC (October&nbsp;2000 &#150; May&nbsp;2003); and Director of Federal Filings and
  Blue Sky Filings, INVESCO Funds Group,&nbsp;Inc. (March&nbsp;1994 &#150;
  May&nbsp;2003).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Susan P. Kinens</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd. <br>
  Scottsdale, Arizona 85258 <br>
  Age: 30</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Vice President</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;2003 &#150;
  Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Vice President,
  ING Funds Services, LLC(3)&nbsp;(December&nbsp;2002 &#150; Present); and has held
  various other positions with ING Funds Services, LLC(3)&nbsp;for more than
  the last five years.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Huey P. Falgout,&nbsp;Jr.</font></b><font size="2" style="font-size:10.0pt;">  <br>
  7337 East Doubletree Ranch Rd. </font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scottsdale, AZ 85258 <br>
  Age: 44</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;2003 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Counsel, ING
  Americas, U.S. Legal Services (September&nbsp;2003 &#150; Present). Formerly,
  Counsel, ING Americas, U.S. Legal Services (November&nbsp;2002 &#150;
  September&nbsp;2003).</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.96%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:20.96%;">
  <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;">Theresa K. Kelety</font></b><font size="2" style="font-size:10.0pt;"><br>
  7337 East Doubletree Ranch Rd. <br>
  Scottsdale, AZ 85258 <br>
  Age: 45</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Secretary</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:19.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;2003 &#150; Present</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Counsel, ING Americas,
  U.S. Legal Services (April&nbsp;2003 &#150; Present). Formerly, Senior Associate
  with Shearman&nbsp;&amp; Sterling (February&nbsp;2000 &#150; April&nbsp;2003).</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;The Officers hold office until the
next annual meeting of the Trustees and until their successors shall have been
elected and qualified.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;ING Investments, LLC was previously
named ING Pilgrim Investments, LLC.&#160; ING
Pilgrim Investments, LLC is the sucessor in interest to ING Pilgrim Investments,&nbsp;Inc.,
which was previously known as Pilgrim Investments,&nbsp;Inc. and before that
was known as Pilgrim America Investments,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;&nbsp;ING Funds Services, LLC was previously
named ING Pilgrim Group, LLC.&#160; ING
Pilgrim Group, LLC is the sucessor in interest to ING Pilgrim Group,&nbsp;Inc.,
which was previously known as Pilgrim Group,&nbsp;Inc. and before that was
known as Pilgrim America Group,&nbsp;Inc.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;&nbsp;Mr.&nbsp;Mathews </font>commenced service as the President and Chief Executive Officer on November&nbsp;9,
2006.</p>



<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&nbsp;&nbsp;Directed
Services LLC is the successor in interest to Directed Services,&nbsp;Inc. </font></p>



<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&nbsp;&nbsp;ING Funds Distributor, LLC is
the sucessor in interest to ING Funds Distributor,&nbsp;Inc., which was
previously known as ING Pilgrim Securities,&nbsp;Inc., and before that was
known as Pilgrim Securities,&nbsp;Inc., and before that was known as Pilgrim
America Securities,&nbsp;Inc.</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;">17</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='17',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-05.htm',USER='105593',CD='Apr 30 00:34 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Board</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board governs the Trust
and is responsible for protecting the interests of shareholders.&#160; The Trustees are experienced executives who
oversee the Trust&#146;s activities, review contractual arrangements with companies
that provide services to the Trust, and review the Trust&#146;s performance.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Frequency
of Board Meetings</font></b></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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board currently conducts
regular meetings eight (8)&nbsp;times a year.&#160;
The Audit Committee and the Compliance Committee each meets regularly
four (4)&nbsp;times per year; the
Investment Review Committees meet six (6)&nbsp;times per year; the Contracts
Committee meets seven (7)&nbsp;times per year; and the remaining Committees
meet as needed.&#160; In addition, the Board
or the Committees may hold special meetings by telephone or in person to
discuss specific matters that may require action prior to the next regular
meeting.&#160;&#160; Each Committee listed below
operates pursuant to a Charter approved by the Board.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Recent
Committee Changes</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective March&nbsp;27, 2008, November&nbsp;28, 2007, and May&nbsp;10,
2007, changes were made to the Board&#146;s Committee structure.&#160; In particular, the Committee memberships
changed on those dates, and these changes are reflected in the discussion of
the Committees that is set out below.&#160;
Prior to May&nbsp;10, 2007, the Board had a Valuation, Proxy and
Brokerage Committee.&#160; Effective May&nbsp;10,
2007, the functions of the Valuation, Proxy and Brokerage Committee and the
Compliance Committee were combined.&#160; The
Compliance Committee was the surviving Committee, and now oversees valuation,
proxy and brokerage matters, as well as compliance issues.&#160; We also note that Roger Vincent became the
Chairman of the Board effective May&nbsp;10, 2007.&#160; Prior to that date, Jock Patton served as the
Chairman of the Board. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Committees</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Executive Committee.</font></i></b><font size="2" style="font-size:10.0pt;">&#160; The Board has established an Executive
Committee whose function is to act on behalf of the full Board between
meetings, when necessary.&#160; The Executive Committee currently consists of
three (3)&nbsp;Independent Trustees and two (2)&nbsp;Trustees who are &#147;interested
persons,&#148; as defined in the Investment Company Act of 1940, as amended (&#147;1940
Act&#148;) of the Trust.&#160; The following
Trustees serve as members of the Executive Committee:&#160; Ms.&nbsp;Pressler and Messrs.&nbsp;Boyer,
Crispin, Mathews and Vincent.&#160; Mr.&nbsp;Vincent,
Chairman of the Board, serves as the Chairperson of the Executive Committee. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From May&nbsp;10, 2007 to November&nbsp;28, 2007, the Executive
Committee consisted of the following Trustees: Ms.&nbsp;Pressler and Messrs.&nbsp;Turner,
Boyer and Vincent and Mr.&nbsp;Vincent served as the Chairperson. Prior to May&nbsp;10,
2007 the following Trustees served as members of the Executive Committee:&#160; Messrs.&nbsp;Turner, Vincent and Patton.&#160; Mr.&nbsp;Patton served as Chairperson of the
Executive Committee. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Executive Committee held four (4)&nbsp;meetings during the fiscal
year ended February&nbsp;29, 2008. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Audit Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Board has established an
Audit Committee whose functions include, among others, meeting with the
independent registered public accounting firm of the Trust to review the scope
of the Trust&#146;s audit, its financial statements and interim accounting controls,
and meeting with management concerning these matters.&#160; The Audit Committee currently consists of
three (3)&nbsp;Independent Trustees.&#160; The
following Trustees serve as members of the Audit Committee:&#160; Ms.&nbsp;Chadwick and Messrs.&nbsp;Drotch and
Earley.&#160; Mr.&nbsp;Earley currently serves
as Chairperson of the Audit Committee, and also has been designated as the
Audit Committee&#146;s financial expert under the Sarbanes-Oxley Act. </font></p>



<p align="center" style="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="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;">19</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='19',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-07.htm',USER='105593',CD='Apr 29 23:57 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From May&nbsp;10, 2007 to November&nbsp;28, 2007 the Audit Committee
consisted of the following Trustees: Ms.&nbsp;Chadwick and Messrs.&nbsp;Earley
and Putnam. Mr.&nbsp;Early served as the Chairperson and the financial expert
under the Sarbanes-Oxley Act for the Committee. Prior to May&nbsp;10, 2007, the
following Trustees served as members of the Audit Committee:&#160; Messrs.&nbsp;Earley, Kenny, Vincent, and
Putnam and Ms.&nbsp;Pressler.&#160; During the
period prior to May&nbsp;10, 2007, Mr.&nbsp;Earley served as Chairperson of the
Audit Committee, and Mr.&nbsp;Kenny was designated as the Audit Committee&#146;s
financial expert under the Sarbanes-Oxley Act. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee held six (6)&nbsp;meetings during the fiscal year
ended February&nbsp;29, 2008. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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-autospace:none;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Compliance Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Board has established a
Compliance Committee for the purpose of, among others things, coordinating
activities between the Board and the Chief Compliance Officer (&#147;CCO&#148;) of the
Trust.&#160; The Compliance Committee
facilitates&nbsp;the information flow among Board members and the CCO between
Board meetings; works with the CCO and management to identify the types of
reports to be submitted by the CCO to the Compliance Committee and the Board;
coordinates CCO oversight activities with other ING Fund boards; and makes
recommendations regarding the role, performance and oversight of the CCO.&#160; The Board also oversees quarterly compliance
reporting.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective
May&nbsp;10, 2007, the functions of the Board&#146;s Valuation, Proxy and Brokerage
Committee were combined with the functions of the Compliance Committee.&#160; As a result of this combination, the
functions of the Compliance Committee now include determining the value of
securities held by the Trust for which market value quotations are not readily
available; overseeing management&#146;s administration of proxy voting; and
overseeing the effectiveness of the investment adviser&#146;s usage of the Trust&#146;s
brokerage and the adviser&#146;s compliance with changing regulations regarding the
allocation of brokerage for services (other than pure trade executions).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Compliance Committee
currently consists of five (5)&nbsp;Independent Trustees: Messes. Baldwin and
Pressler and Messrs.&nbsp;Boyer, Kenny and Vincent. Mr.&nbsp;Kenny currently
serves as Chairperson of the Compliance Committee. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From May&nbsp;10, 2007 to November&nbsp;28,
2007, the Compliance Committee consisted of the following Trustees: Ms.&nbsp;Pressler
and Messrs.&nbsp;Boyer, Kenny and Vincent. Mr.&nbsp;Kenny served as the
Chairperson for the Committee. Prior to May&nbsp;10, 2007, the Compliance
Committee consisted of five (5)&nbsp;Independent Trustees:&#160; Messrs.&nbsp;Boyer, Earley, Putnam, Kenny and
Patton.&#160; Mr.&nbsp;Kenny served as
Chairperson of the Compliance Committee during the period prior to May&nbsp;10,
2007. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Compliance Committee
held four (4)&nbsp;<strong style="letter-spacing:0pt;"><b style="font-weight:normal;letter-spacing:-.1pt;">meetings</b></strong><b style="letter-spacing:-.1pt;">  </b>during the fiscal
year ended February&nbsp;29, 2008. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Valuation, Proxy and Brokerage
Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">As is discussed
above, prior to May&nbsp;10, 2007 the Board had a Valuation, Proxy and
Brokerage Committee.&#160; On that date, the
Board&#146;s Committees were reconstituted and the functions of the Valuation, Proxy
and Brokerage Committee were combined with that of the Compliance Committee,
and the reconstituted Compliance Committee was the surviving Committee.&#160;&#160; The Compliance Committee now oversees
valuation, proxy voting and brokerage matters formerly overseen by the Valuation,
Proxy and Brokerage Committee. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to May&nbsp;10, 2007,
the Valuation, Proxy and Brokerage Committee functions included, among
others:&#160; reviewing the determination of
the value of securities held by the Trust for which market value quotations are
not readily available; overseeing management&#146;s administration of proxy voting;
and overseeing the effectiveness of the investment adviser&#146;s usage of the Trust&#146;s
brokerage; and overseeing the adviser&#146;s compliance with changing regulations
regarding the allocation of brokerage for services </font></p>

<p align="center" style="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="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;">20</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='20',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-07.htm',USER='105593',CD='Apr 29 23:57 2008' -->


<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;text-autospace:none;text-indent:0in;"><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;">(other
than pure trade executions).&#160; The
Valuation, Proxy and Brokerage Committee consisted of four (4)&nbsp;Independent
Trustees.&#160; The following Trustees served
as members of the Valuation, Proxy and Brokerage Committee: Dr.&nbsp;Gitenstein
and Ms.&nbsp;Chadwick and Messrs.&nbsp;Boyer and Patton.&#160; Ms.&nbsp;Chadwick served as Chairperson of
the Valuation, Proxy and Brokerage Committee.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Valuation, Proxy and Brokerage Committee held two (2)&nbsp;meetings
during the fiscal year ended February&nbsp;28, 2007. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Nominating and Governance Committee.&#160;
</font></i></b><font size="2" style="font-size:10.0pt;">The Board has established a Nominating and
Governance Committee for the purpose of, among other things:&#160; (1)&nbsp;identifying and recommending to the
Board candidates it proposes for nomination to fill Independent Trustees
vacancies on the Board; (2)&nbsp;reviewing workload and capabilities of
Independent Board members and recommending changes to size or composition of
the Board, as necessary; (3)&nbsp;monitoring regulatory developments and
recommending modifications to the Committee&#146;s responsibilities; (4)&nbsp;considering
and recommending the creation of additional committees or changes to Trustee
policies and procedures based on rule&nbsp;changes and &#147;best practices&#148; in
corporate governance; (5)&nbsp;reviewing compensation of Independent Board
members and making recommendations for any changes; and (6)&nbsp;overseeing the
Board&#146;s annual self evaluation process.</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="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
evaluating candidates, the Nominating and Governance Committee may consider a
variety of factors, but it has not at this time set any specific minimum
qualifications that must be met.&#160;
Specific qualifications of candidates for Board membership will be based
on the needs of the Board at the time of nomination.&#160; The Nominating and Governance Committee will
consider nominations received from shareholders and shall assess shareholder
nominees in the same manner as it reviews its own nominees.&#160; A shareholder nominee for Trustee should be
submitted in writing to the Trust&#146;s Secretary at 7337 East Doubletree Ranch
Rd., Scottsdale, Arizona 85258.&#160; Any such
shareholder nomination should include, at a minimum, the following information
as to each individual proposed for nominations as Trustee:&#160; 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&nbsp;and
regulations. </font></p>



<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Secretary shall submit all nominations received in a timely manner to the
Nominating and Governance Committee.&#160; To
be timely, any such submission must be delivered to the Trust&#146;s Secretary not
earlier than the 90</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;day prior to such meeting and not later than
the close of business on the later of the 60</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;day prior to such meeting or the 10</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;day following the day on which
public announcement of the date of the meeting is first made, by either the
disclosure in a press release or in a document publicly filed by the Trust with
the SEC.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Nominating and Governance Committee currently consists of four </font><font size="2" style="font-size:10.0pt;">(4)&nbsp;Independent Trustees.&#160; The
following Trustees serve as members of the Nominating and Governance
Committee:&#160; Messes. Chadwick and Baldwin
and Messrs.&nbsp;Kenny, </font><font size="2" style="font-size:10.0pt;">and Vincent. Ms.&nbsp;Chadwick
serves as Chairperson of the Nominating and Governance Committee. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From May&nbsp;10,
2007 to March&nbsp;27, 2008 the Nominating and Governance Committee consisted
of the following Trustees: Ms.&nbsp;Chadwick and Messrs.&nbsp;Boyer, Kenny and
Vincent. Mr.&nbsp;Boyer served as Chairperson for the Committee. Prior to May&nbsp;10,
2007, the membership of the Nominating and Governance Committee consisted of </font><font size="2" style="font-size:10.0pt;">four (4)&nbsp;Independent Trustees.&#160;
The following Trustees serve as members of the Nominating and Governance
Committee:&#160; Dr.&nbsp;Gitenstein and Messrs.&nbsp;Kenny,
</font><font size="2" style="font-size:10.0pt;">Patton and Vincent.&#160; During the period prior to May&nbsp;10, 2007,
Dr.&nbsp;Gitenstein served as Chairperson of the Nominating and Governance
Committee. </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;">&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>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='21',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-07.htm',USER='105593',CD='Apr 29 23:57 2008' -->


<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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Nominating and Governance Committee held three (3)&nbsp;meetings during the
fiscal year ended February&nbsp;29, 2008. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Investment Review Committees.</font></i></b><font size="2" style="font-size:10.0pt;"> The Board has established two Investment Review
Committees to, among others things, monitor the investment performance of the
Trust and make recommendations to the Board with respect to the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment Review
Committee for the Domestic Equity Funds currently consists of three (3)&nbsp;Independent Trustees and one (1)&nbsp;Trustee
who is an &#147;interested person&#148; of the Trust, as defined in the 1940 Act.&#160; The following Trustees serve as members of
the Investment Review Committee for the Domestic Equity Funds:&#160; Ms.&nbsp;Chadwick
and Messrs.&nbsp;Crispin, Drotch, and Earley. Ms.&nbsp;Chadwick serves as
Chairperson of the Investment Review Committee for the Domestic Equity Funds. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to May&nbsp;10, 2007,
the Investment Review Committee for the Domestic Equity Funds was comprised of (5)&nbsp;Independent
Trustees and one (1)&nbsp;Trustee who is an &#147;interested person,&#148; as defined in
the 1940 Act, of the Trust.&#160; During the
period prior to May&nbsp;10, 2007, the following
Trustees served as members of the Investment Review Committee for the Domestic
Equity Funds:&#160; Ms.&nbsp;Chadwick
and Messrs.&nbsp;Patton, Putnam, Earley, Turner and Vincent.&#160;&#160; Mr.&nbsp;Vincent served as Chairperson of
the Investment Review Committee for the Domestic Equity Funds. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment Review
Committee for the Domestic Equity Funds held six (6)&nbsp;meetings during the
fiscal year ended February&nbsp;29, 2008. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Investment Review Committee for the International/Balanced/Fixed Income Funds
currently consists of of five (5)&nbsp;Independent Trustees and one (1)&nbsp;Trustee
who is an &#147;interested person&#148; as defined by the 1940 Act of the Trust. The
following Trustees serve as members of the Investment Review Committee for the
International/Balanced/Fixed Income Funds: Messes. Baldwin and Pressler and Messrs.&nbsp;Boyer,
Kenny, Mathews and Vincent. Mr.&nbsp;Boyer serves as Chairperson of the
Investment Review Committee for the International/Balanced/Fixed Income Funds. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to May&nbsp;10, 2007, the Investment Review Committee
for the International/Balanced/Fixed Income Funds consisted of four (4)&nbsp;Independent
Trustees.&#160; During the period prior to May&nbsp;10,
2007, the following Trustees served as members of the Investment Review
Committee for the International/Balanced/Fixed Income Funds: Ms.&nbsp;Pressler
and Dr.&nbsp;Gitenstein and Messrs.&nbsp;Kenny and Boyer.&#160;&#160; Mr.&nbsp;Boyer served as Chairperson of the
Investment Review Committee for the International/Balanced/Fixed Income Funds.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment
Review Committee for the International/Balanced/Fixed Income Funds held sox (6)&nbsp;meetings
during the fiscal year ended February&nbsp;29, 2008. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Contracts Committee.&#160; </font></i></b><font size="2" style="font-size:10.0pt;">The Board has
established a Contracts Committee for the purpose of overseeing the annual
renewal process relating to investment advisory and sub-advisory agreements
and, at the discretion of the Board, other agreements or plans involving the
ING Funds.&#160; The responsibilities of the
Contracts Committee include, among other things:&#160; (1)&nbsp;identifying the scope and format of
information to be provided by service providers in connection with contract
renewals; (2)&nbsp;providing guidance to independent legal counsel regarding
specific information requests to be made by such counsel on behalf of the Trustees;
(3)&nbsp;evaluating regulatory and other developments that might have an impact
on applicable review and renewal processes; (4)&nbsp;reporting to the Trustees
its recommendations and decisions regarding the foregoing matters; (5)&nbsp;assisting
in the preparation of a written record of the factors considered by Trustees
relating to the approval and renewal of advisory and sub-advisory agreements;
and (6)&nbsp;recommending to the Trustees specific steps to be taken by them
regarding the renewal process, &#160;</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;">&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>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='22',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-07.htm',USER='105593',CD='Apr 29 23:57 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<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;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">including, for example, proposed schedules of meetings by the
Trustees.&#160; The Contracts Committee is not
responsible for making substantive recommendations whether to approve, renew,
reject or modify agreements or plans.&#160;
The Contracts Committee operates pursuant to a Charter approved by the
Board. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Contracts Committee
currently consists of five (5)&nbsp;Independent Trustees.&#160;&#160; The following
Trustees serve as members of the Contracts Committee:&#160; Messes. Pressler and Chadwick and Messrs.&nbsp;Boyer,
Drotch, and Vincent. Ms.&nbsp;Pressler serves as Chairperson of the Contracts
Committee. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior
to May&nbsp;10, 2007, the Contracts Committee consisted of six (6)&nbsp;Independent
Trustees.&#160; The following Trustees served as members of the Contracts Committee:
Mses. Chadwick and Pressler and Messrs.&nbsp;Boyer, Patton, Vincent and
Kenny.&#160; During the period prior to May&nbsp;10,
2007, Ms.&nbsp;Pressler served as Chairperson of the Contracts Committee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Contracts Committee held
eight (8)&nbsp;meetings during the fiscal year ended February&nbsp;29, 2008. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee Ownership of Securities</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:normal;">Share Ownership
Policy</font></i></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to
further align the interests of the Independent Trustees with shareholders, it
is the policy of the Board that the Independent Trustees own shares of one or
more funds managed by ING entities at all times (&#147;Policy&#148;).&#160; For this purpose, beneficial ownership of
fund shares includes ownership of a variable annuity contract or a variable
life insurance policy whose proceeds are invested in the funds. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Under this
Policy, the initial value of investments in one or more mutual funds in the ING
Family Funds Complex that are beneficially owned by a Trustee must equal at
least $100,000.&#160; Existing Trustees shall
have a reasonable amount of time, not to exceed three years, from the date upon
which the minimum ownership was set at $100,000 in order to satisfy the
foregoing requirements.&#160; A new Trustee
must satisfy the foregoing requirements within a reasonable amount, not to exceed
three years, of becoming a Trustee.&#160; A
decline in the value of any fund investments will not cause a Trustee to have
to make any additional investments under this Policy. </font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;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;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Investment
in mutual funds of the ING Funds Complex by the Trustees pursuant to this
Policy are subject to the market timing policies applied by the mutual funds of
the ING Funds Complex to other similar investors and any provisions of the ING
Funds&#146; Code of Ethics that otherwise applies to the Trustees. </font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table
describes each Trustee&#146;s ownership of equity securities of the Trust and the
aggregate holdings of shares of equity securities of all Funds overseen by the
Trustee for the calendar year ended December&nbsp;31, 2007. </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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="41%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;of&nbsp;Trustee</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;Securities<br>
  in&nbsp;the&nbsp;Trust&nbsp;as&nbsp;of&nbsp;December&nbsp;31,<br>
  2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity<br>
  Securities&nbsp;in&nbsp;all&nbsp;Registered&nbsp;Investment<br>
  Companies&nbsp;Overseen&nbsp;by&nbsp;Trustee&nbsp;in<br>
  Family&nbsp;of&nbsp;Investment&nbsp;Companies</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Independent Trustees </font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:25.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colleen D. Baldwin(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
  <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;">$0</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
  <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;">$50,001
  &#150; $100,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W. Chadwick</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
  <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;">Over
  $100,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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;text-autospace:none;"><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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='23',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-07.htm',USER='105593',CD='Apr 29 23:57 2008' -->


<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;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;of&nbsp;Trustee</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;Securities<br>
  in&nbsp;the&nbsp;Trust&nbsp;as&nbsp;of&nbsp;December&nbsp;31,<br>
  2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity<br>
  Securities&nbsp;in&nbsp;all&nbsp;Registered&nbsp;Investment<br>
  Companies&nbsp;Overseen&nbsp;by&nbsp;Trustee&nbsp;in<br>
  Family&nbsp;of&nbsp;Investment&nbsp;Companies</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter S. Drotch(1) </font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
  <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;">$0</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael Earley</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
  <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;">Over
  $100,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Kenny</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
  <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;">$10,001
  &#150; $50,000 <br>
  Over $100,000 (2)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K. Pressler</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
  <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;">Over
  $100,000 (2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B. Vincent</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
  <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;">Over
  $100,000 <br>
  Over $100,000(2)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Trustees who are
  Interested Persons</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert W. Crispin(1)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
  <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;">Over
  $100,00(2)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun P. Mathews(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <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;">$0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
  <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;">Over
  $100,000 <br>
  Over $100,000(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><hr size="1" width="25%" noshade color="black" align="left"></div>



<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;</font><font size="2" style="font-size:10.0pt;">Ms.&nbsp;Baldwin,
Mr.&nbsp;Drotch, Mr.&nbsp;Crispin and Mr.&nbsp;Mathews each commenced services
as a Trustee on November&nbsp;28, 2007. </font></p>





<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;Held in
a Deferred Compensation account and/or a 401K account. </font></p>



<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Independent Trustee Ownership of Securities </font></b></p>



<p align="left" style="margin: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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth in the table below is information regarding
each Independent Trustee&#146;s (and his or her immediate family members&#146;) share
ownership in securities of the Trust&#146;s investment adviser or principal
underwriter, and the ownership of securities in an entity controlling,
controlled by or under common control with the investment adviser or principal
underwriter of the Trust (not including registered investment companies) as of December&nbsp;31,
2007. </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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;of&nbsp;Trustee</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;of&nbsp;Owners<br>
  and&nbsp;Relationship<br>
  to&nbsp;Trustee</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Company</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title&nbsp;of&nbsp;Class</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Value&nbsp;of<br>
  Securities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Percentage&nbsp;of&nbsp;<br>
  Class</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="31%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colleen D. Baldwin(1) </font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">&nbsp;N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W. Chadwick</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter S. Drotch(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael Earley</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">&nbsp;N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Kenny</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K. Pressler</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B. Vincent</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><hr size="1" width="25%" noshade color="black" align="left"></div>



<p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; </font><font size="2" style="font-size:10.0pt;">Ms.&nbsp;Baldwin and Mr.&nbsp;Drotch each commenced
services as a Trustee on November&nbsp;28, 2007. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">COMPENSATION OF TRUSTEES </font></i></b></h1>



<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective July&nbsp;1, 2007,
each Trustee is reimbursed for expenses incurred in connection with each
meeting of the Board or any Committee attended.&#160;
Independent Trustee is compensated for his or her services, on a
quarterly basis, according to a fee schedule adopted by the Board.&#160; The fee schedule consists only of an annual
retainer and does not include additional compensation for attendance at regular
or special Board and Committee meetings.&#160;
Further, Committee Chairpersons receive an additional annual retainer for
their services in that capacity. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust pays to each
Trustee who is not an interested person of the Trust a <i>pro rata</i>
share as described below, of: (i)&nbsp;an annual retainer of $200,000.&#160; The Trust also pays a<i> pro rata</i>
portion of the &#160;</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;">&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>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='24',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-07.htm',USER='105593',CD='Apr 29 23:57 2008' -->


<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;text-autospace:none;"><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;">following fees: (i)&nbsp;Mr.&nbsp;Vincent, as Chairperson of the Board,
receives an additional annual retainer of $75,000; (ii)&nbsp;Mses. Baldwin,
Chadwick and Pressler and Messrs.&nbsp;Earley, Boyer(1)&nbsp;and Kenny, as
Chairpersons of Committees of the Board, each receives an additional annual
retainer of $10,000, $40,000, $60,000, $30,000, $50,000 and $30,000,
respectively; and (iii)&nbsp;the Trustees&#146; out-of-pocket expenses for
attendance at Board meeting.&#160; The <i>pro rata</i> share paid by the Trust is based on the Trust&#146;s
average net assets, computed as a percentage of the average net assets of all
the funds managed by the Adviser or its affiliate, Directed Services LLC, for
which the Trustees serve in common as Trustees. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior
to July&nbsp;1, 2007, each Trustee was reimbursed for expenses incurred in
connection with each meeting of the Board or any Committee meeting
attended.&#160; Each Independent Trustee was
compensated for his or her services according to a fee schedule adopted by the
Board, and received a fee that consists of an annual retainer component and a
meeting fee component.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust paid each Trustee who was not an interested
person a <i>pro rata </i>share, as
described below, of: (i)&nbsp;an annual retainer of $45,000 (Mses. Chadwick and
Pressler and Messrs.&nbsp;Earley, Boyer, Kenny, Vincent and Dr.&nbsp;Gitenstein(2),
as Chairpersons of Committees of the Board, each received an additional annual
retainer of $10,000, $15,000, $20,000, $20,000, $10,000, $20,000 and $10,000,
respectively. Mr.&nbsp;Patton, as Chairperson of the board received an
additional annual retainer of $30,000.); (ii)&nbsp;$7,000 for each in person
meeting of the Board (Mr.&nbsp;Patton, as Chairperson of the Board, received an
additional $1,000 for each Board meeting); (iii)&nbsp;$3,000 per attendance of
any Committee meeting (Chairpersons of Committees of the Board received an
additional $1,000 for each Committee meeting); (iv)&nbsp;$2,000 per special
telephonic meeting; and (v)&nbsp;out-of-pocket expenses. The <i>pro rata</i> share paid by the Trust was based
on the Trust&#146;s average net assets as a percentage of the average net assets of
all the funds managed by the Investment Adviser or its affiliate, Directed
Services LLC. for which the Trustees served in common as Trustees. </font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The $2,500 retainer payable
to Ms.&nbsp;Baldwin each quarter for her services to the Nominating and
Governance Committee is paid only if the Committee has been active for that
quarter. If the Nominating and Governance Committee has been active during all
four quarters in a given year, the Chairperson will receive the full annual
retainer of $10,000. Ms Baldwin was named Chairperson of the Nominating and
Governance Committee as of March&nbsp;27, 2008. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Boyer as the
Chairperson of the Investment Review Committee &#150;International/Balanced /Fixed
Income receives an annual retainer of $40,000.&#160;
The $10,000 retainer payable to Mr.&nbsp;Boyer as the Chairperson for
the Nominating and Governance Committee is paid only if the Nominating and
Governance Committee has been active for that quarter. The compensation per
quarter to the Chairperson is $2,500 which, if the Nominating and Governance
Committee has been active for all four quarters, will result in the Chairperson
receiving the full annual retainer of $10,000. Mr.&nbsp;Boyer served as
Chairperson of the Nominating and Governance Committee until March&nbsp;27,
2008. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Chairperson for the Nominating and Governance
Committee was paid on a quarterly basis and only if the Nominating and
Governance Committee had been active for that quarter. The compensation per
quarter to the Chairperson was $2,500 which, if the Nominating and Governance
Committee had been</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">active for all four quarters, would have resulted in the Chairperson
receiving the full annual retainer of $10,000. </font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table sets forth information provided by the Trust&#146;s Adviser
regarding the compensation of Trustees by the Trust and other funds managed by
ING Investments and its affiliates for the fiscal year ended February&nbsp;29,
2008. Officers of the Trust and Trustees who are interested persons of the
Trust do not receive any compensation from the Trust or any other funds managed
by ING Investments or its affiliates. </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;">25</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>
<!-- SEQ.=1,FOLIO='25',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-07.htm',USER='105593',CD='Apr 29 23:57 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPENSATION TABLE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="37%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;of&nbsp;Trustee</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Aggregate<br>
  Compensation<br>
  from&nbsp;Trust</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Pension&nbsp;or<br>
  Retirement<br>
  Benefits&nbsp;Accrued&nbsp;as<br>
  Part&nbsp;of&nbsp;Trust<br>
  Expenses</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Estimated&nbsp;Annual<br>
  Benefits&nbsp;Upon<br>
  Retirement(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total<br>
  Compensation<br>
  from&nbsp;Trust&nbsp;and<br>
  Fund&nbsp;Complex<br>
  Paid&nbsp;to&nbsp;Trustees(2)(3)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colleen D. Baldwin</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee(4) </font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W. Chadwick</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert W. Crispin(4)(5)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interested Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter S. Drotch(4)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.
  Michael Earley</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Barbara Gitenstein(6)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Former Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Kenny(7)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun P. Mathews(4)(5)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interested Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jock Patton(8)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Former Trustee and Former Chairman</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K. Pressler(7)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David W.C. Putnam(9)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. Turner(5)(10)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Former Interested Trustee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <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;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B. Vincent(7)</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman andTrustee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N/A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><hr size="1" width="25%" noshade color="black" align="left"></div>



<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 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  Trust has adopted a retirement policy under which a Trustee who has served as
  an Independent Trustee for five years or more will be paid by the Trust at
  the time of his or her retirement an amount equal to twice the compensation
  normally paid to the Independent Trustee for one year of service.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee compensation includes compensation paid by Funds
  that are not discussed in the Prospectus or SAI.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Represents compensation from [&nbsp; ] funds paid by funds (total in complex as
  of February&nbsp;29, 2008).</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Baldwin, Mr.&nbsp;Crispin, Mr.&nbsp;Drotch and
  Mr.&nbsp;Mathews each commenced services as a Trustee on November&nbsp;28,
  2007.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Crispin,
  Mr.&nbsp;Mathews and Mr.&nbsp;Turner are &#147;Interested Persons,&#148; as defined by
  the Investment Company Act of 1940 , because of their affiliation with ING
  Groep N.V., the parent corporation of the Adviser, ING Investments, LLC and
  the Distributor, ING Funds Distributor, LLC.&nbsp;
  Officers and Trustees who are interested persons do not receive any
  compensation from the Trust.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dr.&nbsp;Gitenstein
  retired as a Trustee effective September&nbsp;10, 2007.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During
  the fiscal year ended February&nbsp;29, 2008, Messers. Kenny, Vincent, and Ms.&nbsp;Pressler
  deferred $[&#151;], $[&#151;] and $[&#151;], respectively, of their compensation from the
  Portfolio Complex.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Patton
  retired as a Trustee effective June&nbsp;30, 2007.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Putnam
  resigned tired as Trustee on February&nbsp;23, 2008.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Turners
  resigned as a Trustee effective October&nbsp;25, 2007. </font></p>
  </td>
 </tr>
</table>



<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;">&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>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='26',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<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;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[As of June&nbsp;15, 2008, the Trustees and Officers
of the Trust as a group owned beneficially less than 1% of the Trust&#146;s Common
Shares.] </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[As of June&nbsp;15, 2008, the Trustees and Officers
of the Trust as a group owned beneficially less than 1% of the Trust&#146;s
Preferred Shares.] </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[As of June&nbsp;15, 2008, no person to the knowledge
of the Trust, owned beneficially or of record more than 5% of the outstanding
Common Shares or Preferred Shares of the Trust except as set forth below:] </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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;of&nbsp;Trust</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;and&nbsp;Address</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Class&nbsp;and&nbsp;Type&nbsp;of<br>
  Ownership</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Percentage<br>
  of&nbsp;Class</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Percentage<br>
  of&nbsp;Trust</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="39%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust </font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
</table>



<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h3>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">INVESTMENT MANAGEMENT AND
OTHER SERVICE PROVIDERS</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adviser</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The investment adviser for
the Trust is ING Investments, which is registered with the SEC as an investment
adviser and serves as an investment adviser to registered investment companies
(or series thereof), as well as structured finance vehicles.&#160; ING Investments, subject to the authority of
the Board, has the overall responsibility for the management of the Trust&#146;s
portfolio subject to delegation of certain responsibilities to ING IM ING
Investments and ING IM are indirect, wholly owned subsidiaries of ING Groep
N.V. (&#147;ING Groep&#148;) (NYSE: ING).&#160; ING
Groep is one of the largest financial services organizations in the world with
approximately 120,000 employees.&#160; Based
in Amsterdam, ING Groep offers an array of banking, insurance and asset
management services to both individual and institutional investors.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;26, 2001,
the name of the Adviser changed from ING Pilgrim Investments,&nbsp;Inc. to ING
Pilgrim Investments, LLC.&#160; On March&nbsp;1,
2002, the name of the Adviser was changed from ING Pilgrim Investments, LLC to
ING Investments, LLC.</font></p>

<p align="left" style="margin: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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investments serves
pursuant to an investment management agreement (&#147;Investment Advisory Agreement&#148;)
between ING Investments and the Trust.&#160;
The Investment Advisory Agreement requires ING Investments to oversee
the provisions of all investment advisory and portfolio management services of
the Trust.&#160; Pursuant to a sub-advisory
agreement (&#147;Sub-Advisory Agreement&#148;) ING Investments has delegated certain
management responsibilities to the Sub-Adviser of the Trust.&#160; ING Investments oversees the investment
management of the Sub-Adviser.</font></p>

<p 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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Investment Advisory Agreement requires ING Investments to provide, subject to
the supervision of the Board, investment advice and investment services to the
Trust and to furnish advice and </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;">&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;">27</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='27',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<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;text-autospace:none;"><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;">recommendations
with respect to investment of the Trust&#146;s assets and the purchase or sale of
its portfolio securities.&#160; ING
Investments also provides investment research and analysis.&#160; The Investment Advisory Agreement provides
that ING Investments is not subject to liability to the Trust for any act or
omission in the course of, or connected with, rendering services under the
Agreement, except by reason of willful misfeasance, bad faith, gross negligence
or reckless disregard of its obligations and duties under the Investment
Advisory Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;1, 2003, </font><font size="2" style="font-size:10.0pt;">ING underwent an internal
reorganization plan that, among other things, integrated certain of its
portfolio management professionals across the United States under a common
management structure known as ING Investment Management Americas, which
includes ING IM.&#160; One of the primary purposes of the
integration plan was to promote consistently high levels of performance in
terms of investment standards, research, policies and procedures in the
portfolio management functions related to the Trust.&#160; As a result of this integration plan, the
operational and supervisory functions of the Trust&#146;s Investment Advisory
Agreement were separated from the portfolio management functions related to the
Trust, with the former continuing to be provided by ING Investments and the
latter provided by ING IM.&#160; The portfolio
management personnel currently employed by ING Investments became employees of
ING IM, which assumed primary responsibility for all portfolio management
issues, including the purchase, retention, or sale of portfolio securities. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After an
initial term of two years, the Investment Advisory Agreement and Sub-Advisory
Agreement continue in effect from year to year so long as such continuance is
specifically approved at least annually by (a)&nbsp;the Board or (b)&nbsp;the
vote of a &#147;majority&#148; (as defined in the 1940 Act) of the Trust&#146;s outstanding
shares voting as a single class; provided that in either event the continuance
is also approved by at least a majority of the Board who are not &#147;interested
persons&#148; (as defined in the 1940 Act) of the Adviser or Sub-Adviser, as the
case may be, by vote cast in person at a meeting called for the purpose of
voting on such approval.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment Advisory Agreement is terminable without penalty with
not less than sixty (60) days&#146; notice by the Board or by a vote of the holders
of a majority of the Fund&#146;s outstanding shares voting as a single class, or
upon not less than sixty (60) day&#146;s notice by the Investment Manager.&#160; The Investment Advisory Agreement will
terminate automatically in the event of its assignment (as defined in the 1940
Act). </font></p>



<p align="left" style="margin: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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approval of Advisory and Sub-Advisory Agreements </font></b></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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For information regarding the basis for the Board&#146;s approval of the
Investment Advisory Agreement and Sub-Advisory Agreement for the Trust, please
refer to the annual shareholder report dated February&nbsp;29, 2008. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Advisory
Fee</font></b></p>

<p align="left" style="margin: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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investments receives an
annual fee, payable monthly, in an amount equal to 0.80% of the Managed Assets
of the Trust.</font></p>

<p align="left" style="margin: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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total Advisory Fees Paid</font></b></p>

<p align="left" style="margin: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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the
fiscal years ended February&nbsp;29, 2008, February&nbsp;28, 2007 and February&nbsp;28,
2006 ING Investments was paid&nbsp;$[&#151;],$16,030,822 and $16,295,070
respectively, for services rendered to the Trust. </font></p>



<p align="center" style="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="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;">28</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='28',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<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;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="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUB-ADVISER</font></b></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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment Advisory Agreement for the Trust provides
that ING Investments, with the approval of the Trust&#146;s Board, may select and
employ an investment adviser to serve as a Sub-Adviser to the Trust, shall
monitor the Sub-Adviser&#146;s investment programs and results, and shall coordinate
the investment activities of the Sub-Adviser to ensure compliance with
regulatory restrictions.&#160; ING Investments
pays all of its expenses arising from the performance of its obligations under
the Investment Advisory Agreement, including all fees payable to the
Sub-Adviser, and executive salaries and expenses of the officers of the Trust
who are employees of ING Investments.&#160;
The Sub-Adviser pays all of its expenses arising from the performance of
its obligations under the sub-advisory agreement (&#147;Sub-Advisory Agreement&#148;).</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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING IM serves as Sub-Adviser to the Trust pursuant to
the Sub-Advisory Agreement between ING Investments and ING IM.&#160; </font><font size="2" style="font-size:10.0pt;">The Sub-Advisory Agreement
requires ING IM to provide, subject to the supervision of the Board and ING Investments, a continuous investment
program for the Trust and to determine the composition of the assets of the
Trust, including determination of the purchase, retention or sale of the
securities, cash and other investments for the Trust, in accordance with the
Trust&#146;s investment objectives, policies and restrictions and applicable laws
and regulations.&#160; The Sub-Advisory
Agreement also requires ING IM to use reasonable compliance techniques as the
Sub-Adviser or the Board may reasonably adopt, including any written compliance
procedures. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Sub-Advisory Agreement may be terminated at any time by the Trust by a vote of
the majority of the Board or by a vote of a majority of the outstanding
securities.&#160; The Sub-Advisory Agreement
also may be terminated by: (i)&nbsp;ING
Investments at any time, upon sixty (60) days&#146; written notice to the
Trust and the Sub-Adviser; (ii)&nbsp;at any time, without payment of any
penalty by the Trust, by the Trust&#146;s Board or a majority of the outstanding
voting securities of the Trust upon sixty (60) days&#146; written notice to ING Investments and the Sub-Adviser; or (iii)&nbsp;by
the Sub-Adviser upon three (3)&nbsp;months&#146; written notice unless the Trust or ING Investments requests additional time to
find a replacement for the Sub-Adviser, in which case, the Sub-Adviser shall
allow the additional time, requested by the Trust or ING Investments, not to exceed three (3)&nbsp;additional months
beyond the initial three (3)&nbsp;month notice period; provided, however, that
the Sub-Adviser may terminate the Sub-Advisory Agreement at any time without
penalty, effective upon written notice to ING
Investments and the Trust, in the event either the Sub-Adviser (acting
in good faith) or ING Investments ceases
to be registered as an investment adviser under the Investment Advisers Act of
1940, as amended or otherwise becomes legally incapable of providing investment
management services pursuant to its respective contract with the Trust, or in
the event ING Investments becomes
bankrupt or otherwise incapable of carrying out its obligations under the
Sub-Advisory Agreement, or in the event that the Sub-Adviser does not receive
compensation for its services from ING
Investments or the Trust as required by the terms of the Sub-Advisory
Agreement.&#160; Otherwise, the Sub-Advisory Agreement will remain in effect for two years
and will, thereafter, continue in effect from year to year, subject to the
annual approval of the Board, on behalf of the Trust, or the vote of a majority
of the outstanding voting securities, and the vote, cast in person at a meeting
duly called and held, of a majority of the Trustees, on behalf of the Trust, who
are not parties to the Sub-Advisory Agreement or interested persons (as defined
in the 1940 Act) of any such party.&#160; The
Sub-Advisory Agreement will terminate automatically in the event of an
assignment (as defined in the 1940 Act).</font></p>

<p style="margin: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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this capacity, ING IM, subject to the supervision and
control of ING Investments and the Trustees of the Trust, will manage the Trust&#146;s
portfolio investments, consistently with its investment objective, and execute
any of the Trust&#146;s investment policies that it deems appropriate to utilize
from time to time.</font></p>

<p 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;">&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>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='29',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<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;">&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;">Sub-Advisory Fee</font></b></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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For its services, ING IM is entitled to receive a
sub-advisory fee of 0.36%, expressed as an annual rate based on the average
daily Managed Assets of the Trust, and paid by ING Investments.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total Sub-Advisory Fees Paid</font></b></p>

<p style="margin: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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended February&nbsp;29,
2008, February&nbsp;28, 2007 and February&nbsp;28 2006, ING Investments paid
ING IM, in its capacity as Sub-Adviser, $[&#151;],$7,213,870, and $7,332,781, respectively,
in sub-advisory fees. </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;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PORTFOLIO
MANAGERS</font></b></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;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other
Accounts Managed</font></i></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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table shows the number of accounts and total assets in
the accounts managed by each Portfolio Manager as of February&nbsp;29, 2008: </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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Registered&nbsp;Investment
  <br>
  Companies</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:22.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other&nbsp;Pooled<br>
  Investment&nbsp;Vehicles</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other&nbsp;Accounts*</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="24%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Portfolio<br>
  Manager</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of<br>
  Accounts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Assets&nbsp;(in<br>
  billions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of<br>
  Accounts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Assets<br>
  (in&nbsp;billions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of<br>
  Accounts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Assets&nbsp;(in<br>
  billions)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="24%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel A. Norman </font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey A. Bakalar</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Curtis F. Lee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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 0in 0in 0in;width:10.0%;">
  <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;">[&#151;]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&#151;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[* &nbsp;Of these other accounts, none have an advisory fee based on
performance.] </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;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Potential Material Conflicts of Interest</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
portfolio manager may be subject to potential conflicts of interest because the
portfolio manager is responsible for other accounts in addition to the
Trust.&#160; These other accounts may include,
among others, other mutual funds, separately managed advisory accounts,
commingled trust accounts, insurance separate accounts, wrap fee programs and
hedge funds.&#160; Potential conflicts may
arise out of the implementation of differing investment strategies for the
portfolio manager&#146;s various accounts, the allocation of investment
opportunities among those accounts or differences in the advisory fees paid by
the portfolio manager&#146;s accounts.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
potential conflict of interest may arise as a result of the portfolio manager&#146;s
responsibility for multiple accounts with similar investment guidelines.&#160; Under these circumstances, a potential
investment may be suitable for more than one of the portfolio manager&#146;s
accounts, but the quantity of the investment available for purchase is less
than the aggregate amount the accounts would ideally devote to the
opportunity.&#160; Similar conflicts may arise
when multiple accounts seek to dispose of the same investment.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><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 </font></p>

<p align="center" style="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="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;">30</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='30',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="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;">security,
which could cause the market price of that security to decrease, while the
Trust maintained its position in that security.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><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 &#151; 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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally,
a potential conflict of interest may arise because the investment mandates for
certain other accounts, such as hedge funds, may allow extensive use of short
sales, which, in theory, could allow them to enter into short positions in securities
where other accounts hold long positions. ING IM has policies and procedures
reasonably designed to limit and monitor short sales by the other accounts to
avoid harm to the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Compensation</font></i></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;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation
consists of: (a)&nbsp;fixed base salary; (b)&nbsp;bonus which is based on ING
IM&#146;s performance, one- and three-year pre-tax performance of the accounts the
portfolio managers are primarily and jointly responsible for relative to
account benchmarks and peer universe performance, and revenue growth of the accounts
they are responsible for; and (c)&nbsp;long-term equity awards tied to the
performance of our parent company, ING Groep.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><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:.5in;"><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,&nbsp;Inc. (&#147;Morningstar&#148;), Lipper Analytical
Services,&nbsp;Inc. (&#147;Lipper&#148;) and Lehman and set performance goals to
appropriately reflect requirements for each investment team.&#160; The measures for each team are outlined on a &#147;scorecard&#148;
that is reviewed on an annual basis.&#160;
These scorecards reflect a comprehensive approach to measuring
investment performance versus both benchmarks and peer groups over one- and
three-year periods and year-to-date net cash flow (changes in the accounts&#146; net
assets not attributable to changes in the value of the accounts&#146; investments)
for all accounts managed by the team.&#160;
The results for overall IIM scorecards are calculated on an asset
weighted performance basis of the individual team scorecards.</font></p>

<p align="left" style="margin: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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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 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;text-autospace:none;text-indent:.5in;"><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;text-autospace:none;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-autospace:none;text-indent:.5in;"><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</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;">&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>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='31',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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;text-autospace:none;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-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ownership of Securities </font></i></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="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table shows the dollar range of shares of the Trust owned by
portfolio manager member as of February&nbsp;29, 2008, including investments by
their immediate family members and amounts invested through retirement and
deferred compensation plans. </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>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Portfolio&nbsp;Manager</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Dollar&nbsp;Range&nbsp;of&nbsp;Trust&nbsp;Shares&nbsp;Owned</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><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="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:66.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel A. Norman </font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:30.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey A. Bakalar</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:66.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Curtis F. Lee</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>



<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 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADMINISTRATOR</font></b></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds
Services, LLC (&#147;Administrator&#148; or &#147;ING Funds Services&#148;), an affiliate of the
Adviser, serves as Administrator for the Trust pursuant to an administration
agreement (&#147;Administration Agreement&#148;).&#160;
In connection with its administration of the corporate affairs of the
Trust, the Administrator bears the following expenses:&#160; the salaries and expenses of all personnel of
the Trust and the Administrator except for the fees and expenses of Trustees
not affiliated with the Administrator or ING Investments; costs to prepare
information; determination of daily NAV by the recordkeeping and accounting
agent; expenses to maintain certain of the Trust&#146;s books and records that are
not maintained by ING Investments, the custodian, or transfer agent; costs
incurred to assist in the preparation of financial information for the Trust&#146;s
income tax returns, proxy statements, quarterly, semi-annual, and annual
shareholder reports; costs of providing shareholder services in connection with
any tender offers or to shareholders proposing to transfer their shares to a
third party; providing shareholder services in connection with the dividend
reinvestment plan; and all expenses incurred by the Administrator or by the
Trust in connection with administering the ordinary course of the Trust&#146;s
business other than those assumed by the Trust, as described below.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as indicated immediately above and under the
section entitled &#147;Adviser,&#148; the Trust is responsible for the payment of its
expenses including:&#160; the fees payable to
ING Investments; the fees payable to the Administrator; the fees and certain
expenses of the Trust&#146;s custodian and transfer agent, including the cost of
providing records to the Administrator in connection with its obligation of
maintaining required records of the Trust; the charges and expenses of the
Trust&#146;s legal counsel, legal counsel to the Trustees who are not &#147;interested
persons&#148; as defined in the 1940 Act and independent accountants; commissions
and any issue or transfer taxes chargeable to the Trust in connection with its
transactions; all taxes and corporate fees payable by the Trust to governmental
agencies; the fees of any trade association of which the Trust is a member; the
costs of share certificates representing Common Shares of the Trust;
organizational and offering expenses of the Trust and the fees and expenses
involved in registering and maintaining registration of the Trust and its
Common Shares with SEC, including the preparation and printing of the Trust&#146;s
registration statement and prospectuses for such purposes; allocable
communications expenses with respect to investor services, and all expenses of
shareholders&#146; and Trustees&#146; meetings and of preparing, printing and mailing
reports, proxy statements and prospectuses to shareholders; the cost of
insurance; and litigation and indemnification expenses and extraordinary
expenses not incurred in the ordinary course of the Trust&#146;s business. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For its services, the
Administrator is entitled to receive from the Trust a fee at an annual rate of
0.25% of the Trust&#146;s average daily net assets plus the proceeds of any
outstanding borrowings.</font></p>

<p align="center" style="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="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;">32</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='32',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<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;text-autospace:none;text-indent:0in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Administrative fees paid by the Trust</font><font size="2" style="font-size:10.0pt;"> for the
fiscal years ended February&nbsp;29, 2008, February&nbsp;28, 2007 and February&nbsp;28,
2006, were $[&#151;], $5,009,632 and $5,092,209, respectively, for services rendered
to the Trust. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">DISTRIBUTOR</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of the Trust are distributed by ING Funds
Distributor, LLC (&#147;ING Funds Distributor&#148; or &#147;Distributor&#148;).&#160; Pursuant to an Amended and Restated
Distribution Agreement (&#147;Distribution Agreement&#148;), the Distributor, an
affiliate of ING Investments and ING Funds Services, is the principal
underwriter and distributor for the shares of the Trust and acts as agent of
the Trust in the continuous offering of its shares.&#160; The Distributor bears all of its expenses of
providing services pursuant to the Distribution Agreement.&#160; The Trust pays the cost for the prospectus
and shareholder reports to be set in type and printed for existing
shareholders, and the Trust pays for the printing and distribution of copies
thereof used in connection with the offering of shares to prospective
investors.&#160; The Trust also pays for
supplementary sales literature and advertising costs.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Distribution Agreement continues in effect from year to
year so long as such continuance is approved at least annually by a vote of the
Board, including the Trustees who are not interested persons of the Trust and
who have no direct or indirect financial interest in the Distribution
Agreement.&#160; The Distribution Agreement
automatically terminates in the event of its assignment and may be terminated
at any time without penalty by the Trust or by the Distributor upon sixty (60)
days written notice. Termination by the Trust may be by vote of a majority of
the Board, and a majority of the Trustees who are not interested persons of the
Trust and who have no direct or indirect financial interest in the Distribution
Agreement, or a majority of the outstanding voting securities of the Trust, as
defined under the 1940 Act.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Common
Shares will only be sold on such days as shall be agreed to by the Trust and
ING Funds Distributor.&#160; The Common Shares
will be sold at market prices, which shall be determined with reference to
trades on the NYSE, subject to a minimum price to be established each day by
the Trust.&#160; The minimum price on any day
will not be less than the current NAV per Common Share.&#160; The Trust and ING Funds Distributor will
suspend the sale of Common Shares if the per share price of the Common Shares
is less than the minimum price.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Settlements
of sales of Common Shares will occur on the third business day following the
date on which any such sales are made.&#160;
Unless otherwise indicated in a further prospectus supplement, ING Funds
Distributor as underwriter will act as underwriter on a reasonable efforts
basis.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the sale of the
Common Shares on behalf of the Trust, ING Funds Distributor may be deemed to be
an underwriter within the meaning of the 1940 Act.&#160; As described below, ING Funds Distributor
also serves as distributor for the Trust in connection with the sale of Common
Shares of the Trust pursuant to privately negotiated transactions and pursuant
to optional cash investments. In addition, ING Funds Distributor provides
administrative services in connection with a separate at-the-market offering of
Common Shares of the Trust.&#160; The offering
of Common Shares pursuant to the Distribution Agreement will terminate upon the
earlier of (i)&nbsp;the sale of all Common Shares subject thereto or (ii)&nbsp;termination
of the Distribution Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">PROXY VOTING PROCEDURES</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>



<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Board has adopted proxy voting procedures and guidelines to govern the voting
of proxies relating to the Trust&#146;s portfolio securities.&#160; The Trust&#146;s procedures and guidelines
delegate to ING Investments the authority to vote proxies relating to portfolio
securities, and provide a method for &#160;</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;">33</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>
<!-- SEQ.=1,FOLIO='33',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<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="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;">responding
to potential conflicts of interest.&#160; In
delegating voting authority to ING Investments, the Board has also approved ING
Investments&#146; proxy voting procedures, which require ING Investments to vote
proxies in accordance with the Trust&#146;s proxy voting procedures and
guidelines.&#160; An independent proxy voting service has been retained to assist in the
voting of Trust proxies through the provision of vote analysis, implementation
and recordkeeping and disclosure services. In addition, the Board
established the Compliance Committee, to oversee the implementation of the Fund&#146;s
proxy voting procedures. A copy of the proxy voting procedures and guidelines
of the Trust, including the proxy voting procedures of ING Investments, is
attached hereto as Appendix A.&#160;
Information regarding how the Trust voted proxies relating to portfolio
securities for the one-year period ending June&nbsp;30<sup>th</sup> is
available no later than August&nbsp;31<sup>st</sup> of each year through the
ING Funds&#146; website at http://www.ingfunds.com or by accessing the SEC&#146;s EDGAR
database at http:// www.sec.gov. </font></p>



<p style="line-height:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">SHAREHOLDER INVESTMENT PROGRAM</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
maintains a Shareholder Investment Program (&#147;Program&#148;), which allows
participating shareholders to reinvest all dividends and capital gain
distributions (&#147;Dividends&#148;) in additional Common Shares of the Trust.&#160; The Program also allows participants to
purchase additional Common Shares through optional cash investments in amounts
ranging from a minimum of $100 to a maximum of $100,000 per month.&#160;&#160;&#160; Common Shares may be issued by the Trust
under the Program only if the Trust&#146;s Common Shares are trading at a premium to
NAV.&#160; If the Trust&#146;s Common Shares are
trading at a discount to NAV, Common Shares purchased under the Program will be
purchased on the open market.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the
market price (the volume-weighted average sales price, per share, as reported
on the New York Stock Exchange Composite Transaction Tape as shown daily on
Bloomberg&#146;s AQR screen) plus estimated commissions for Common Shares of the
Trust is less than the NAV on the Valuation Date (defined below), DST will
purchase Common Shares on the open market through a bank or securities broker as
provided herein.&#160; Open market purchases
may be effected on any securities exchange on which Common Shares of the Trust
trade or in the over-the-counter market.&#160;
If the Market Price, plus estimated commissions, exceeds the NAV before
DST has completed its purchases, DST will use reasonable efforts to cease
purchasing Common Shares, and the Trust shall issue the remaining Common
Shares.&#160; If the Market Price, plus
estimated commissions, is equal to or exceeds the NAV on the Valuation Date,
the Trust will issue the Common Shares to be acquired by the Program.&#160; The Valuation Date is a date preceding the
DRIP Investment Date and OCI Investment Date, on which it is determined, based
on the Market Price and NAV of Common Shares of the Trust, whether DST will
purchase Common Shares on the open market or the Trust will issue the Common
Shares for the Program.&#160; The Trust may,
without prior notice to participants, determine that it will not issue new
Common Shares for purchase pursuant to the Program, even when the Market Price
plus estimated commissions equals or exceeds NAV, in which case DST will
purchase Common Shares on the open market.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
Shares issued by the Trust under the Program will be issued without incurring a
fee.&#160; Common Shares purchased for the Program
directly from the Trust in connection with the reinvestment of Dividends will
be acquired on the DRIP Investment Date at the greater of (i)&nbsp;NAV at the
close of business on the Valuation Date or (ii)&nbsp;the average of the daily
Market Price of the shares during the DRIP Pricing Period, minus a discount of
5%.&#160; The DRIP Pricing Period for a
dividend reinvestment is the Valuation Date and the prior Trading Day.&#160; A &#147;Trading Day&#148; means any day on which trades
of the Common Shares of the Trust are reported on the NYSE.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
Shares purchased directly from the Trust pursuant to optional cash investments
will be acquired on an OCI Investment Date at the greater of (i)&nbsp;NAV at
the close of business on the Valuation Date or (ii)&nbsp;the average of the
daily Market Price of the shares during the OCI Pricing Period minus a
discount, determined at the sole discretion of the Trust and announced in
advance, ranging from 0% to </font></p>

<p align="center" style="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="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;">34</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='34',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<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;text-autospace:none;text-indent:0in;"><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;">5%.&#160; The OCI Pricing
Period for an OCI Investment Date means the period beginning four Trading Days
prior to the Valuation Date through and including the Valuation Date.&#160; The discount for optional cash investments is
set by the Trust and may be changed or eliminated by the Trust without prior
notice to participants at any time.&#160; The
discount for optional cash investments is determined on the last business day
of each month.&#160; In all instances,
however, the discount on Common Shares issued directly by the Trust shall not
exceed 5% of the market price, and Common Shares may not be issued at a price
less than NAV without prior specific approval of shareholders or of the
Commission.&#160; Optional cash investments
received by DST no later than 4:00&nbsp;p.m. Eastern time on the OCI payment
Due Date to be invested on the relevant OCI Investment Date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to
the availability of Common Shares registered for issuance under the Program,
there is no total maximum number of Common Shares that can be issued pursuant
to the Program.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Federal
Taxation - Distributions&#148; for a discussion of the federal income tax
ramifications of obtaining Common Shares under the Program.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Privately Negotiated Transactions</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Common
Shares may also be offered pursuant to privately negotiated transactions
between the Trust and specific investors.&#160;
The terms of such privately negotiated transactions will be subject to
the discretion of the management of the Trust.&#160;
In determining whether to sell Common Shares pursuant to a privately
negotiated transaction, the Trust will consider relevant factors including, but
not limited to, the attractiveness of obtaining additional funds through the
sale of Common Shares, the purchase price to apply to any such sale of Common
Shares and the person seeking to purchase the Common Shares.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
Shares issued by the Trust in connection with privately negotiated transactions
will be issued at the greater of (1)&nbsp;NAV per Common Share of the Trust&#146;s
Common Shares or (ii)&nbsp;at a discount ranging from 0.00% to 5.00% of the
average of the daily market price of the Trust&#146;s Common Shares at the close of
business on the two business days preceding the date upon which Common Shares
are sold pursuant to the privately negotiated transaction.&#160; The discount to apply to such privately
negotiated transactions will be determined by the Trust with regard to each
specific transaction.&#160; The Trust will not
pay any commissions with regard to privately negotiated transactions, but an
investor may be subject to a front end sales load of up to 3.00% paid to or
retained by a third party broker-dealer through which such transaction may be
effected.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">CODE OF ETHICS</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Distributor, </font><font size="2" style="font-size:10.0pt;">the Adviser, the Sub-Adviser </font><font size="2" style="font-size:10.0pt;">and the Trust have each
adopted a code of ethics (&#147;Code of Ethics&#148; or written supervisory procedures)
governing personal trading activities of all Trustees, officers of the Trust
and the Distributor and persons who, in connection with their regular
functions, play a role in the recommendation of any purchase or sale of a
security by the Trust or obtain information pertaining to such purchase or
sale.&#160; The Code of Ethics is intended to
prohibit fraud against the Trust that may arise from personal trading of
securities that may be purchased or held by the Trust or of Trust shares.&#160; The Code of Ethics also prohibits short-term
trading of the Trust by persons subject to the Code of Ethics.&#160; Personal trading is permitted by such persons
subject to certain restrictions; however such persons are generally required to
pre-clear all security transactions with the Trust&#146;s Compliance Department and
to report all transactions on a regular basis.&#160;
The Sub-Adviser has adopted its own Code of Ethics to govern the
personal trading activities of its personnel.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Code
of Ethics can be reviewed and copied at the SEC&#146;s Public Reference Room&nbsp;located
at 100 F Street, NE, Washington, DC 20549.&#160;
Information on the operation of the Public Reference Room&nbsp;</font></p>

<p align="center" style="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="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;">35</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='35',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="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;">may be obtained by calling the SEC at (202) 551-8090.&#160; The Code of Ethics is available on the SEC&#146;s
website (http://www.sec.gov) and copies may also be obtained at prescribed
rates by electronic request at publicinfo@sec.gov, or by writing the SEC&#146;s
Public Reference Section&nbsp;at the address listed above.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">PORTFOLIO TRANSACTIONS</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust will generally have at least 80% of its net
assets, plus the amount of any borrowings for investment purposes, invested in
Senior Loans.&#160; The remaining assets of
the Trust will generally consist of loans to borrowers organized outside the
United States and U.S. territories and possessions or Canada, loans denominated
in currencies other than the U.S. dollar, short-term debt instruments with
remaining maturities of 120 days or less, longer-term debt securities, certain
other instruments such as unsecured loans, subordinated loans up to a maximum
of 5% of the Trust&#146;s net assets, interest rate swaps, caps and floors,
repurchase agreements, reverse repurchase agreements and equity securities
acquired in connection with investments in loans.&#160; The Trust will acquire Senior Loans from and
sell Senior Loans to commercial and investment banks, insurance companies,
finance companies, and other investment companies and private investment funds.
The Trust&#146;s interest in a particular Senior Loan will terminate when the Trust
receives full payment on the loan or sells a Senior Loan in the secondary
market.&#160; Costs associated with purchasing
or selling investments in the secondary market include processing fees paid to
agents.&#160; These costs are allocated
between the purchaser and seller as agreed between the parties. &#160;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Sub-Adviser for the Trust places orders for the purchase and sale
of investment securities for the Trust, pursuant to authority granted in the
Sub-Advisory Agreement.&#160; Subject to
policies and procedures approved by the Trust&#146;s Board, the Sub-Adviser has
discretion to make decisions relating to placing these orders, including, where
applicable, selecting the brokers or dealers that will execute the purchase and
sale of investment securities, negotiating the commission or other compensation
paid to the broker or dealer executing the trade, or using an electronic
trading network (&#147;ECN&#148;) or alternative trading system (&#147;ATS&#148;). </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In a situation where the Sub-Adviser resigns or ING Investments
otherwise assumes day to day management of the Trust pursuant to its Investment
Advisory Agreement with the Trust, ING Investments will perform the services
described herein as being performed by the Sub-Adviser. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">How Securities
Transactions are Effected </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases and sales of securities on a securities exchange (which
include most equity securities) are effected through brokers who charge a
commission for their services.&#160; In
transactions on securities exchanges in the United States, these commissions
are negotiated, while on many foreign securities exchanges commissions are
fixed.&#160; Securities traded in the
over-the-counter markets (such as fixed income securities and some equity
securities) are generally traded on a &#147;net&#148; basis with market makers acting as
dealers; in these transactions, the dealers act as principal for their own
accounts without a stated commission, although the price of the security
usually includes a profit to the dealer.&#160;
Transactions in certain over-the counter securities also may be effected
on an agency basis, when, in the Sub-Adviser&#146;s opinion, the total price paid
(including commission) is equal to or better than the best total price
available from a market maker.&#160; In
underwritten offerings, securities are usually purchased at a fixed price, which
includes an amount of compensation to the underwriter, generally referred to as
the underwriter&#146;s concession or discount.&#160;
On occasion, certain money market instruments may be purchased directly
from an issuer, in which case no commissions or discounts are paid.&#160; The Sub-Adviser may also place trades using
an ECN or ATS. </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;">&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;">36</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='36',FILE='C:\JMS\105593\08-11032-6\task2902859\11032-6-bk-09.htm',USER='105593',CD='Apr 29 23:59 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">How the Sub-Adviser
Selects Broker Dealers </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Sub-Adviser has a duty to seek to obtain best execution of the
Trust&#146;s orders, taking into consideration a full range of factors designed to
produce the most favorable overall terms reasonably available under the
circumstances.&#160; In selecting brokers and
dealers to execute trades, the Sub-Adviser may consider both the
characteristics of the trade and the full range and quality of the brokerage
services available from eligible broker dealers. This consideration often
involves qualitative as well as quantitative judgments. Factors relevant to the
nature of the trade may include, among others, price (including the applicable
brokerage commission or dollar spread), the size of the order, the nature and
characteristics (including liquidity) of the market for the security, the
difficulty of execution, the timing of the order, potential market impact, and
the need for confidentiality, speed, and certainty of execution.&#160; Factors relevant to the range and quality of
brokerage services available from eligible brokers and dealers may include,
among others, the firms&#146; execution, clearance, settlement, and other
operational facilities; willingness and ability to commit capital or take risk
in positioning a block of securities, where necessary; special expertise in
particular securities or markets; ability to provide liquidity, speed and
anonymity; the nature and quality of other brokerage and research services
provided to the Sub-Adviser (consistent with the &#147;safe harbor&#148; described
below); and the firms&#146; general reputation, financial condition and
responsiveness to the Sub-Adviser, as demonstrated in the particular
transaction or other transactions.&#160;&#160;
Subject to its duty to seek best execution of the Trust&#146;s orders, the
Sub-Adviser may select broker-dealers that participate in commission recapture
programs that have been established for the benefit of the Trust. Under these
programs, the participating broker-dealers will return to the Trust (in the
form of a credit to the Trust) a portion of the brokerage commissions paid to
the broker-dealers by the Trust.&#160; Theses
credits are used to pay certain expenses of the Trust. These commission
recapture payments benefit the Trust, and not the Sub-Adviser. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Safe Harbor for Soft
Dollar Practices </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In selecting broker dealers to execute a trade for the Trust, the
Sub-Adviser may consider the nature and quality of brokerage and research
services provided to the Sub-Adviser as a factor in evaluating the most
favorable overall terms reasonably available under the circumstances<b>.&#160; </b>As permitted by Section&nbsp;28(e)&nbsp;of
the 1934 Act, the Sub-Adviser may cause the Trust to pay a broker-dealer a
commission for effecting a securities transaction for the Trust that is in
excess of the commission which another broker-dealer would have charged for
effecting the transaction, if the Sub-Adviser makes a good faith determination
that the broker&#146;s commission paid by the Trust is reasonable in relation to the
value of the brokerage and research services provided by the broker-dealer,
viewed in terms of either the particular transaction or the Sub-Adviser&#146;s
overall responsibilities to the Trust and its other investment advisory
clients. The practice of using a portion of the Trust&#146;s commission dollars to
pay for brokerage and research services provided to the Sub-Adviser is
sometimes referred to as &#147;soft dollars.&#148;&#160;
Section&nbsp;28(e)&nbsp;is sometimes referred to as a &#147;safe harbor,&#148;
because it permits this practice, subject to a number of restrictions,
including the Sub-Adviser&#146;s compliance with certain procedural requirements and
limitations on the type of brokerage and research services that qualify for the
safe harbor. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Brokerage and Research Products and Services Under the Safe Harbor </font></b><font size="2" style="font-size:10.0pt;">&#151; Research
products and services may include, but are not limited to, general economic,
political, business and market information and reviews, industry and company
information and reviews, evaluations of securities and recommendations as to
the purchase and sale of securities, financial data on a company or companies,
performance and risk measuring services and analysis, stock price quotation
services, computerized historical financial databases and related software,
credit rating services, analysis of corporate responsibility issues, brokerage
analysts&#146; earning estimates, computerized links to current market data,
software dedicated to research, and portfolio modeling. Research services may
be provided in the form of reports, computer-generated data feeds and other
services, telephone contacts, and personal meetings with &#160;</font></p>



<p align="center" style="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="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;">37</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='37',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<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;text-autospace:none;text-indent:0in;"><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;">securities analysts, as well as in the form of meetings arranged with
corporate officers and industry spokespersons, economists, academics and
governmental representatives. Brokerage products and services assist in the
execution, clearance and settlement of securities transactions, as well as
functions incidental thereto, including but not limited to related
communication and connectivity services and equipment, and software related to
order routing, market access, algorithmic trading, and other trading
activities.&#160;&#160; On occasion, a
broker-dealer may furnish the Sub-Adviser with a service that has a mixed use
(that is, the service is used both for brokerage and research activities that
are within the safe harbor and for other activities).&#160; In this case, the Sub-Adviser is required to
reasonably allocate the cost of the service, so that any portion of the service
that does not qualify for the safe harbor is paid for by the Sub-Adviser from
its own funds, and not by portfolio commissions paid by the Trust. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Benefits to the Sub-Adviser </font></b><font size="2" style="font-size:10.0pt;">- Research products and
services provided to the Sub-Adviser by broker dealers that effect securities
transactions for the Trust may be used by the Sub-Adviser in servicing all of
its accounts.&#160; Accordingly, not all of
these services may be used by the Sub-Adviser in connection with the Trust.
Some of these products and services are also available to the Sub-Adviser for
cash, and some do not have an explicit cost or determinable value.&#160; The research received does not reduce the
sub-advisory fees payable to the Sub-Adviser for services provided to the
Trust.&#160; The Sub-Adviser&#146;s expenses would
likely increase if the Sub-Adviser had to generate these research products and
services through its own efforts, or if it paid for these products or services
itself. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Broker Dealers that are
Affiliated with ING Investments or the Sub-Adviser </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio transactions may be executed by brokers affiliated with the
ING Groep or ING Investments or the Sub-Adviser, so long as the commission paid
to the affiliated broker is reasonable and fair compared to the commission that
would be charged by an unaffiliated broker in a comparable transaction. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Prohibition on Use of
Brokerage Commissions for Sales or Promotional Activities </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The placement of portfolio brokerage with broker-dealers who have sold
shares of the Trust is subject to rules&nbsp;adopted by the U.S. Securities and
Exchange Commission and the Financial Industry Regulatory Authority (&#147;FINRA&#148;).&#160; Under these rules, the Sub-Adviser may not
consider a broker&#146;s promotional or sales efforts on behalf of the Trust when
selecting a broker dealer for Trust portfolio transactions, and neither the
Trust nor the Sub-Adviser may enter into an agreement under which the Trust
directs brokerage transactions (or revenue generated from such transactions) to
a broker dealer to pay for distribution of Trust shares. The Trust has adopted
policies and procedures, approved by the Board, that are designed to attain
compliance with these prohibitions. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Trades and
Research </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases of securities for the Trust also may be made directly from
issuers or from underwriters. Purchase and sale transactions may be effected
through dealers which specialize in the types of securities which the Trust
will be holding. Dealers and underwriters usually act as principals for their
own account. Purchases from underwriters will include a concession paid by the
issuer to the underwriter and purchases from dealers will include the spread
between the bid and the asked price. If the execution and price offered by more
than one dealer or underwriter are comparable, the order may be allocated to a
dealer or underwriter which has provided such research or other services as
mentioned above. </font></p>



<p align="center" style="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="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;">38</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='38',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">More Information about
trading in Fixed Income Securities </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases and sales of fixed-income securities will usually be
principal transactions. Such securities often will be purchased or sold from or
to dealers serving as market makers for the securities at a net price. Each
Trust may also purchase such securities in underwritten offerings and will, on
occasion, purchase securities directly from the issuer. Generally, fixed income
securities are traded on a net basis and do not involve brokerage commissions.
The cost of executing fixed income securities transactions consists primarily
of dealer spreads and underwriting commissions. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In purchasing and selling fixed-income securities, it is the policy of
the Fund to obtain the best results, while taking into account the dealer&#146;s
general execution and operational facilities, the type of transaction involved
and other factors, such as the dealer&#146;s risk in positioning the securities
involved. While the Sub-Adviser generally seeks reasonably competitive spreads
or commissions, the Trust will not necessarily pay the lowest spread or
commission available. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Transition Management </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in the Sub-Adviser, investment personnel, reorganizations or a
merger of the Trust may result in the sale of a significant portion or even all
of the Trust&#146;s portfolio securities.&#160;
This type of change generally will increase trading costs and the
portfolio turnover for the Trust. The Trust, ING Investments, or the
Sub-Adviser may engage a broker-dealer to provide transition management
services in connection with a change in the Sub-Adviser or a reorganization or
other changes. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Allocation of Trades </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some securities considered for investment by the Trust may also be
appropriate for other clients served by the Trust&#146;s Sub-Adviser. If the
purchase or sale of securities consistent with the investment policies of the
Trust and one or more of these other clients is considered at or about the same
time, transactions in such securities will be placed on an aggregate basis and
allocated among the Trust and such other clients in a manner deemed fair and
equitable, over time, by the Sub-Adviser and consistent with the Sub-Adviser&#146;s
written policies and procedures. The Sub-Adviser may use different methods of
allocating the results aggregated trades. The Sub-Adviser&#146;s relevant policies
and procedures and the results of aggregated trades in which the Trust
participated are subject to periodic review by the Board.&#160; To the extent the Trust seeks to acquire (or
dispose of) the same security at the same time, the Trust may not be able to
acquire (or dispose of) as large a position in such security as it desires, or
it may have to pay a higher (or receive a lower) price for such security. It is
recognized that in some cases, this system could have a detrimental effect on
the price or value of the security insofar as the Trust is concerned.&#160; However, over time, the Trust&#146;s ability to
participate in aggregate trades is expected to provide better execution for the
Trust. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cross-Transactions </font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board has adopted a policy allowing trades to be made between
affiliated registered investment companies or series thereof provided they meet
the condition of Rule&nbsp;17a-7 under the 1940 Act and conditions of the
policy. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Portfolio
Turnover Rate </font></b></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 align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A change in securities held
in the portfolio of the Trust is known as &#147;portfolio turnover&#148; and may involve
the payment by the Fund of dealer mark-ups or brokerage or underwriting
commissions and other transaction costs on the sale of securities, as well as
on the reinvestment of the proceeds in other securities.&#160; Portfolio turnover rate for a fiscal year is
the percentage determined by dividing the lesser of the cost of purchases or
proceeds from sales of portfolio securities by average of the value of
portfolio </font></p>

<p align="center" style="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="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;">39</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='39',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<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;text-autospace:none;text-indent:0in;"><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;">securities
during such year, all excluding securities whose maturities at acquisition were
one year or less.&#160; The Trust cannot
accurately predict its turnover rate, however the rate will be higher when the
Trust finds it necessary to significantly change its portfolio to adopt a
temporary defensive position or respond to economic or market events.&#160; A high turnover rate would increase expenses
and may involve realization of capital gains by the Trust. The Trust&#146;s
historical turnover rates are included in the Financial Highlights table in the
Prospectus.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The annual rate of the Trust&#146;s total portfolio
turnover for the years ended February&nbsp;28, 2007, 2006 and 2005 was 60%,
81%and 93%, respectively.&#160; The annual
turnover rate of the Trust is generally expected to be between 50% and 100%,
although as part of its investment policies, the Trust places no restrictions
on portfolio turnover and the Trust may sell any portfolio security without
regard to the period of time it has been held.&#160;
The annual turnover rate of the Trust also includes Senior Loans on
which the Trust has received full or partial payment.&#160; The Adviser believes that full and partial
payments on loans generally comprise approximately 25% to 75% of the Trust&#146;s
total portfolio turnover each year. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">NET ASSET VALUE</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The NAV
per Common Share of the Trust is determined each business day as of the close
of regular trading on the NYSE (usually 4:00&nbsp;p.m. Eastern time unless
otherwise designated by the NYSE). The Trust is open for business every day the
NYSE is open. </font><font size="2" style="font-size:10.0pt;">As of the date of this SAI, the NYSE is closed on the
following holidays: New Year&#146;s Day, Martin Luther King,&nbsp;Jr. Day,
Presidents&#146; Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day, and Christmas Day. </font><font size="2" style="font-size:10.0pt;">&#160;The NAV per Common Share is determined by
dividing the value of the Trust&#146;s loan assets plus all cash and other assets
(including interest accrued but not collected) less all liabilities (including
accrued expenses but excluding capital and surplus) by the number of Common
Shares outstanding.&#160; The NAV per Common
Share is made available for publication.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">FEDERAL TAXATION</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following is only a summary of certain U.S. federal income tax considerations
generally affecting the Trust and its shareholders.&#160; No attempt is made to present a detailed
explanation of the tax treatment of the Trust or its shareholders, and the
following discussion is not intended as a substitute for careful tax
planning.&#160; Shareholders should consult
with their own tax advisers regarding the specific federal, state, local,
foreign and other tax consequences of investing in the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Qualification as a Regulated
Investment Company</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
will elect each year to be taxed as a regulated investment company (&#147;RIC&#148;)
under Subchapter M of the Internal Revenue Code (&#147;Code&#148;).&#160; As a RIC, the Trust generally will not be
subject to federal income tax on the portion of its investment company taxable
income (<i>i.e.</i>, taxable interest,
dividends and other taxable ordinary income, net of expenses, and net
short-term capital gains in excess of long-term capital losses) and net capital
gain (<i>i.e.</i>, the excess of net
long-term capital gains over the sum of net short-term capital losses and
capital loss carryovers from prior years) that it distributes to shareholders,
provided that it distributes at least 90% of its investment company taxable
income for the taxable year (&#147;Distribution Requirement&#148;), and satisfies certain
other requirements of the Code that are described below.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition to satisfying the Distribution Requirement and an asset
diversification requirement discussed below, a RIC must derive at least 90% of
its gross income for each taxable year from dividends, interest, certain
payments with respect to securities loans, gains from the sale or other
disposition of stock </font></p>

<p align="center" style="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="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;">40</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='40',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="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;">or securities or foreign currencies, net income derived from
an interest in a qualified publicly traded partnership and other income
(including, but not limited to, gains from options, futures or forward
contracts) derived with respect to its business of investing in such stock,
securities or currencies.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition
to satisfying the requirements described above, the Trust must satisfy an asset
diversification test in order to qualify as a RIC.&#160; Under this test, at the close of each quarter
of the Trust&#146;s taxable year, at least 50% of the value of the Trust&#146;s assets
must consist of cash and cash items (including receivables), U.S. government
securities, securities of other regulated investment companies, and securities
of other issuers (as to which the Trust has not invested more than 5% of the
value of the Trust&#146;s total assets in securities of any such issuer and as to
which the Trust does not hold more than 10% of the outstanding voting
securities of any such issuer), and no more than 25% of the value of its total
assets may be invested in the securities of any one issuer (other than
U.S.&#160; government securities and
securities of other regulated investment companies), in two or more issuers
which the Trust controls and which are engaged in the same or similar trades or
businesses, or of one or more qualified publicly traded partnerships.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
general, gain or loss recognized by the Trust on the disposition of an asset
will be a capital gain or loss.&#160; However,
gain recognized on the disposition of a debt obligation purchased by the Trust
at a market discount (generally at a price less than its principal amount)
other than at the original issue will be treated as ordinary income to the
extent of the portion of the market discount which accrued during the period of
time the Trust held the debt obligation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
general, investments by the Trust in zero coupon or other original issue
discount securities will result in income to the Trust equal to a portion of
the excess of the face value of the securities over their issue price (&#147;original
issue discount&#148;) each year that the Trust holds the securities, even though the
Trust receives no cash interest payments.&#160;
This income is included in determining the amount of income which the
Trust must distribute to maintain its status as a RIC and to avoid federal
income and excise taxes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If for any
taxable year the Trust does not qualify as a RIC, all of its taxable income
(including its net capital gain) will be subject to tax at regular corporate
rates without any deduction for distributions to shareholders, and such
distributions will be taxable as ordinary dividends to the extent of the Trust&#146;s
current and accumulated earnings and profits.&#160;
Such distributions generally would be eligible for the
dividends-received deduction in the case of corporate shareholders.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Trust fails to qualify as a RIC in any year, it must
pay out its earnings and profits accumulated in that year in order to qualify
again as a RIC.&#160; Moreover, if the Trust
failed to qualify as a RIC for a period greater than one taxable year, the
Trust may be required to recognize any net built-in gains with respect to
certain of its assets (the excess of the aggregate gains, including items of
income, over aggregate losses that would have been realized if the Trust had
been liquidated) in order to qualify as a RIC in a subsequent year.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excise Tax On Regulated Investment
Companies</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A 4%
non-deductible excise tax is imposed on a RIC that fails to distribute in each
calendar year an amount equal to the sum of (1)&nbsp;98% of its ordinary
taxable income for the calendar year, (2)&nbsp;98% of its capital gain net
income (<i>i.e.</i>, capital gains in
excess of capital losses) for the one-year period ended on October&nbsp;31 of
such calendar year, and (3)&nbsp;any ordinary taxable income and capital gain
net income for previous years that was not distributed or taxed to the RIC
during those years.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
intends to make sufficient distributions or deemed distributions (discussed
below) of its ordinary taxable income and capital gain net income to avoid
liability for the excise tax.</font></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">41</font></b></p>

<div style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></div>

</div>
<!-- SEQ.=1,FOLIO='41',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><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;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hedging Transactions</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
has the ability, pursuant to its investment objectives and policies, to hedge
its investments in a variety of transactions, including interest rate swaps and
the purchase or sale of interest rate caps and floors. The treatment of these
transactions for federal income tax purposes may in some instances be unclear,
and the RIC qualification requirements may limit the extent to which the Trust
can engage in hedging transactions.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under
certain circumstances, the Trust may recognize gain from a constructive sale of
an appreciated financial position. If the Trust enters into certain
transactions in property while holding substantially identical property, the
Trust would be treated as if it had sold and immediately repurchased the
property and would be taxed on any gain (but not loss) from the constructive
sale. The character of gain from a constructive sale would depend upon the
Trust&#146;s holding period in the property. Loss from a constructive sale would be
recognized when the property was subsequently disposed of, and its character
would depend on the Trust&#146;s holding period and the application of various loss
deferral provisions in the Code. Constructive sale treatment does not apply to
transactions closed in the 90-day period ending with the 30th day after the
close of the taxable year, if certain conditions are met.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
anticipates distributing all or substantially all of its investment company
taxable income for the taxable year.&#160;
Such distributions will be taxable to shareholders as ordinary
income.&#160; If a portion of the Trust&#146;s
income consists of dividends paid by U.S. corporations, a portion of the
dividends paid by the Trust may be eligible for the corporate dividends received
deduction.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
may either retain or distribute to shareholders its net capital gain for each
taxable year.&#160; The Trust currently
intends to distribute any such amounts.&#160;
If net capital gain is distributed and designated as a capital gain
dividend, it will generally be taxable to shareholders at a maximum federal tax
rate of 15%.&#160; Distributions are subject
to these capital gains rates regardless of the length of time the shareholder
has held his shares.&#160; Conversely, if the
Trust elects to retain its net capital gain, the Trust will be taxed thereon
(except to the extent of any available capital loss carryovers) at the
applicable corporate tax rate.&#160; In such
event, it is expected that the Trust also will elect to treat such gain as
having been distributed to shareholders.&#160;
As a result, each shareholder will be required to report his pro rata
share of such gain on his tax return as long-term capital gain, will be
entitled to claim a tax credit for his pro rata share of tax paid by the Trust
on the gain, and will increase the tax basis for his shares by an amount equal
to the deemed distribution less the tax credit.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recently
enacted tax legislation generally provides for a maximum tax rate for
individual taxpayers of 15% on long-term capital gains from sales and on
certain qualifying dividend income.&#160; The
rate reductions do not apply to corporate taxpayers.&#160; The Trust will be able to separately
designate distributions of any qualifying long-term capital gains or qualifying
dividends earned by the Trust that would be eligible for the lower maximum
rate, although it does not expect to distribute a material amount of qualifying
dividends.&#160; A shareholder would also have
to qualify a 60-day holding period with respect to any distributions of
qualifying dividend in order to obtain the benefit of the lower rate.&#160; Distributions from funds, such as the Trust,
investing in debt instruments will not generally qualify for the lower rate.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions
by the Trust in excess of the Trust&#146;s earnings and profits will be treated as a
return of capital to the extent of (and in reduction of) the shareholder&#146;s tax
basis in his shares; any such return of capital distributions in excess of the
shareholder&#146;s tax basis will be treated as gain from the sale of his shares, as
discussed below.</font></p>

<p align="center" style="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="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;">42</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='42',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions
by the Trust will be treated in the manner described above regardless of
whether such distributions are paid in cash or reinvested in additional shares
of the Trust.&#160; If the NAV at the time a
shareholder purchases shares of the Trust reflects undistributed income or
gain, distributions of such amounts will be taxable to the shareholder in the
manner described above, even though such distributions economically constitute
a return of capital to the shareholder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
distribution will be treated as paid on December&nbsp;31 of the current
calendar year if it is declared by the Trust in October, November&nbsp;or December&nbsp;with
a record date in such a month and paid by the Trust during January&nbsp;of the
following calendar year.&#160; Such
distributions will be taxed to shareholders in the calendar year in which the
distributions are declared, rather than the calendar year in which the
distributions are received.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
will be required in certain cases to withhold and remit to the U.S. Treasury at
the current rate of 28% of all dividends and redemption proceeds payable to any
shareholder (1)&nbsp;who fails to provide the Trust with a certified, correct
identification number or other required certifications, or (2)&nbsp;if the
Internal Revenue Service notifies the Trust that the shareholder is subject to
backup withholding.&#160; Corporate
shareholders and other shareholders specified in the Code are exempt from such
backup withholding.&#160; Backup withholding
is not an additional tax.&#160; Any amounts
withheld may be credited against the shareholder&#146;s U.S.&#160; federal income tax liability if the
appropriate information is provided to the IRS.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale of Common Shares</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
shareholder will recognize gain or loss on the sale or exchange of shares of
the Trust in an amount generally equal to the difference between the proceeds
of the sale and the shareholder&#146;s adjusted tax basis in the shares. In general,
any such gain or loss will be considered capital gain or loss if the shares are
held as capital assets, and gain or loss will be long-term or short-term,
depending upon the shareholder&#146;s holding period for the shares. However, any
capital loss arising from the sale of shares held for six months or less will
be treated as a long-term capital loss to the extent of any long-term capital
gains distributed (or deemed distributed) with respect to such shares. Also,
any loss realized on a sale or exchange of shares will be disallowed to the
extent the shares disposed of are replaced (including shares acquired through
the Shareholder Investment Program) within a period of 61 days beginning 30
days before and ending 30 days after the shares are disposed of. In such case,
the tax basis of the acquired shares will be adjusted to reflect the disallowed
loss.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Repurchases of Shares</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
noted above, the Fund may take action to repurchase its shares.&#160; If a shareholder tenders all shares of the
Fund that he or she owns or is considered to own, the shareholder will realize
a taxable sale or exchange (see &#147;Sale of Common Shares&#148; above).&#160; If a shareholder tenders less than all of the
shares of the Fund that he or she owns or is considered to own, the repurchase
may not qualify as an exchange, and the proceeds received may be treated as a
dividend, return of capital or capital gain, depending on the Fund&#146;s earnings
and profits and the shareholder&#146;s basis in the tendered shares.&#160; If that occurs, there is a risk that
non-tendering shareholders may be considered to have received a deemed
distribution as a result of the Fund&#146;s purchase of tendered shares, and all or
a portion of that deemed distribution may be taxable as a dividend.</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign Shareholders</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.
taxation of a shareholder who, as to the United States, is a nonresident alien
individual, foreign trust or estate, foreign corporation, or foreign
partnership (&#147;foreign shareholder&#148;) depends, in part, </font></p>

<p align="center" style="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="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;">43</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='43',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<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;text-autospace:none;text-indent:0in;"><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;">on whether the shareholder&#146;s income from the Trust is
effectively connected with a U.S.&#160; trade
or business carried on by such shareholder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the income from the Trust is not effectively connected
with a U.S. trade or business carried on by a foreign shareholder,
distributions of investment company taxable income will be subject to U.S.&#160; withholding tax at the rate of 30% (or lower
treaty rate).&#160; Such a foreign shareholder
would generally be exempt from U.S. federal income tax on gains realized on the
sale or exchange of shares of the Trust, capital gain dividends, and amounts
retained by the Trust that are designated as undistributed capital gains.&#160; </font><font size="2" style="font-size:10.0pt;">However, subject to certain
limitations and the receipt of further guidance form the U.S. Treasury,
dividends paid to certain foreign shareholders may be exempt from U.S. tax
through 2007 to the extent such dividends are attributable to qualified
interest and/or net short-term capital gains, provided that the Trust elects to
follow certain procedures.&#160; The Trust may
choose to not follow such procedures and there can be no assurance as to the
amount, if any, of dividends that would not be subject to withholding.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the
income from the Trust is effectively connected with a U.S. trade or business
carried on by a foreign shareholder, then distributions of investment company
taxable income, capital gain dividends, amounts retained by the Trust that are
designated as undistributed capital gains and any gains realized upon the sale
or exchange of shares of the Trust will be subject to U.S. federal income tax
at the rates applicable to U.S. citizens or domestic corporations.&#160; Such shareholders that are classified as
corporations for U.S.&#160; tax purposes also
may be subject to a branch profits tax.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the
case of foreign noncorporate shareholders, the Trust may be required to
withhold U.S.&#160; federal income tax at a
rate of 30% on distributions that are otherwise exempt from withholding tax (or
taxable at a reduced treaty rate) unless such shareholders furnish the Trust
with proper notification of their foreign status.&#160; See &#147;Distributions.&#148;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The tax
consequences to a foreign shareholder entitled to claim the benefits of an
applicable tax treaty may be different from those described herein.&#160; Foreign shareholders are urged to consult
their own tax advisers with respect to the particular tax consequences to them
of an investment in the Trust, including the applicability of foreign taxes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of Future Legislation;
Other Tax Considerations</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
foregoing general discussion of U.S. federal income tax consequences is based
on the Code and the Treasury Regulations issued thereunder as in effect on the
date of this SAI.&#160; Future legislative or
administrative changes or court decisions may significantly change the
conclusions expressed herein, and any such changes or decisions may have a
retroactive effect with respect to the transactions contemplated herein.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;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-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income received by the Trust from foreign sources may be
subject to withholding and other taxes imposed by such foreign jurisdictions,
absent treaty relief.&#160; Distributions to
shareholders also may be subject to state, local and foreign taxes, depending
upon each shareholder&#146;s particular situation.&#160;
Shareholders are urged to consult their tax advisers as to the
particular consequences to them of an investment in the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">ADVERTISING AND
PERFORMANCE DATA</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From time to time, advertisements and other sales
materials for the Trust may include information concerning the historical
performance of the Trust.&#160; Any such
information may include trading volume of &#160;</font></p>



<p align="center" style="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="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;">44</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='44',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="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="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;">the Trust&#146;s
Common Shares, the number of Senior Loan investments, annual total return,
aggregate total return, distribution rate, average compounded distribution
rates and yields of the Trust for specified periods of time, and
diversification statistics.&#160; Such
information may also include rankings, ratings and other information from
independent organizations such as Lipper, Morningstar, Value Line,&nbsp;Inc.,
CDA Technology,&nbsp;Inc., S&amp;P&#146;s, Portfolio Management Data (a division of
S&amp;P&#146;s), Moody&#146;s, Bloomberg or other industry publications.&#160; These rankings will typically compare the
Trust to all closed-end Funds, to other Senior Loan funds, and/or also to
taxable closed-end fixed income funds.&#160;
Any such use of rankings and ratings in advertisements and sales
literature will conform with the guidelines of FINRA approved by the SEC.&#160; Ranking comparisons and ratings should not be
considered representative of the Trust&#146;s relative performance for any future
period. </font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports
and promotional literature may also contain the following information:&#160; (i)&nbsp;number of shareholders; (ii)&nbsp;average
account size; (iii)&nbsp;identification of street and registered account
holdings; (iv)&nbsp;lists or statistics of certain of the Trust&#146;s holdings
including, but not limited to, portfolio composition, sector weightings,
portfolio turnover rates, number of holdings, average market capitalization and
modern portfolio theory statistics alone or in comparison with itself (over
time) and with its peers and industry group; (v)&nbsp;public information about
the assets class; and (vi)&nbsp;discussions concerning coverage of the Trust by
analysts.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition, reports and promotional literature may contain information concerning
the Adviser, the Sub-Adviser, ING Groep, the portfolio managers, the
Administrator or affiliates of the Trust including (i)&nbsp;performance
rankings of other funds managed by the Adviser or Sub-Adviser, or the
individuals employed by the Adviser or Sub-Adviser who exercise responsibility
for the day-to-day management of the Trust, including rankings and ratings of
investment companies published by Lipper, Morningstar, Value Line,&nbsp;Inc.,
CDA Technologies,&nbsp;Inc., or other rating services, companies, publications
or other persons who rank or rate investment companies or other investment
products on overall performance or other criteria; (ii)&nbsp;lists of clients,
the number of clients, or assets under management; (iii)&nbsp;information
regarding the acquisition of the ING Funds by ING Capital; (iv)&nbsp;the past
performance of ING Capital and ING Funds Services; (v)&nbsp;the past
performance of other funds managed by the Adviser or Sub-Adviser; (vi)&nbsp;quotes
from a portfolio manager of the Trust or industry specialists; and (vii)&nbsp;information
regarding rights offerings conducted by closed-end funds managed by the Adviser
or Sub-Adviser.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
may compare the frequency of its reset period to the frequency which LIBOR
changes.&#160; Further, the Trust may compare
its yield to (i)&nbsp;LIBOR, (ii)&nbsp;the federal funds rate, (iii)&nbsp;the
Prime Rate, quoted daily in the Wall Street Journal as the base rate on corporate
loans at large U.S. money center commercial banks, (iv)&nbsp;the average yield
reported by the Bank Rate Monitor National Index for money market deposit
accounts offered by the 100 leading banks and thrift institutions in the ten
largest standard metropolitan statistical areas, (v)&nbsp;yield data published
by Lipper, Bloomberg or other industry sources, or (vi)&nbsp;the yield on an
investment in 90-day Treasury bills on a rolling basis, assuming quarterly
compounding.&#160; Further, the Trust may
compare such other yield data described above to each other.&#160; The Trust may also compare its total return,
NAV stability and yield to fixed-income investments.&#160; As with yield and total return calculations,
yield comparisons should not be considered representative of the Trust&#146;s yield
or relative performance for any future period.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
may provide information designed to help individuals understand their
investment goals and explore various financial strategies.&#160; Such information may include information
about current economic, market and political conditions; materials that
describe general principles of investing, such as asset allocation,
diversification, risk tolerance, and goal setting; worksheets used to project
savings needs based on assumed rates of inflation and hypothetical rates of
return; and action plans offering investment alternatives.&#160; Materials may also include discussion of
other investment companies in the ING Funds, </font></p>

<p align="center" style="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="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;">45</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='45',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<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;text-autospace:none;text-indent:0in;"><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;">products and services, and descriptions of the benefits of
working with investment professionals in selecting investments.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance Data</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
may quote annual total return and aggregate total return performance data.&#160; Total return quotations for the specified
periods will be computed by finding the rate of return (based on net investment
income and any capital gains or losses on portfolio investments over such
periods) that would equate the initial amount invested to the value of such
investment at the end of the period.&#160; On
occasion, the Trust may quote total return calculations published by Lipper, a
widely recognized independent publication that monitors the performance of both
open-end and closed-end investment companies.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s
distribution rate is calculated on a monthly basis by annualizing the dividend
declared in the month and dividing the resulting annualized dividend amount by
the Trust&#146;s corresponding month-end NAV (in the case of NAV) or the last
reported market price (in the case of Market).&#160;
The distribution rate is based solely on the actual dividends and
distributions, which are made at the discretion of management.&#160; The distribution rate may or may not include
all investment income, and ordinarily will not include capital gains or losses,
if any.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
return and distribution rate and compounded distribution rate figures utilized
by the Trust are based on historical performance and are not intended to
indicate future performance.&#160;
Distribution rate, compounded distribution rate and NAV per share can be
expected to fluctuate over time.&#160; Total
return will vary depending on market conditions, the Senior Loans, and other
securities comprising the Trust&#146;s portfolio, the Trust&#146;s operating expenses and
the amount of net realized and unrealized capital gains or losses during the
period.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">GENERAL INFORMATION</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Custodian</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State
Street Bank and Trust Company, 801 Pennsylvania Avenue, Kansas City, Missouri
64105 has been retained to act as the custodian for the Trust.&#160; State Street Bank and Trust Company does not
have any part in determining the investment policies of the Trust or in
determining which portfolio securities are to be purchased or sold by the Trust
or in the declaration of dividends and distributions.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Counsel</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal
matters for the Trust are passed upon by Dechert LLP, 1775 I Street, NW,
Washington, DC 20006.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><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:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent Registered Public
Accounting Firm</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KPMG LLP, serves as the independent registered public
accounting firm for the Trust.&#160; </font><font size="2" style="font-size:10.0pt;">KPMG LLP
provides audit services, tax return preparation and assistance and consultation
in connection with review of SEC filings. KPMG LLP is located at 99 High
Street, Boston, Massachusetts 02110.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">FINANCIAL STATEMENTS</font></i></b></h1>

<h1 align="center" style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Financial Statements and the independent registered public accounting firms
report thereon, appearing in the Trust&#146;s annual shareholder report for the
period ended February&nbsp;28, 2006 are incorporated by reference in this
SAI.&#160; The Trust&#146;s annual and semi-annual
(unaudited) shareholder &#160;</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;">&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;">46</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='46',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<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;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reports are available at 7337 East Doubletree Ranch
Road, Scottsdale, Arizona 85258, upon request and without charge by calling
(800) 992-0180. </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;">&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;">47</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='47',FILE='C:\JMS\kgiri\08-11032-6\task2901763\11032-6-bk-11.htm',USER='105348',CD='Apr 29 17:33 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;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:avoid;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></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;">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" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:gray;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Effective Date:&#160; July&nbsp;10, 2003</font></b></p>

<p align="center" style="color:gray;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Revision Date:&#160; March&nbsp;27, 2008</font></b></p>

<p align="center" style="color:gray;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="color:gray;margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>

<p align="center" style="color:gray;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">INTRODUCTION</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 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&nbsp;1
</i></b>attached hereto and each portfolio or series thereof, except for
any &#147;Sub-Adviser-Voted Series&#148; identified on <b><i style="font-weight:bold;">Exhibit&nbsp;1</i></b>
and further described in Section&nbsp;III below (each non-Sub-Adviser-Voted Series&nbsp;hereinafter
referred to as a &#147;Fund&#148; and collectively, the &#147;Funds&#148;).&#160; The purpose of these Procedures and
Guidelines is to set forth the process by which each Fund subject to these
Procedures and Guidelines will vote proxies related to the equity assets in its
investment portfolio (the &#147;portfolio securities&#148;).&#160; The Procedures and Guidelines have been
approved by the Funds&#146; Boards of Trustees/Directors(1)&nbsp;(each a &#147;Board&#148; and
collectively, the &#147;Boards&#148;), including a majority of the independent
Trustees/Directors(2)&nbsp;of the Board.&#160;
These Procedures and Guidelines may be amended only by the Board.&#160; The Board shall review these Procedures and
Guidelines at its discretion, and make any revisions thereto as deemed
appropriate by the Board.</font></p>

<p style="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;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">COMPLIANCE COMMITTEE</font></b></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;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;">The Boards hereby
delegate to the Compliance Committee of each Board (each a &#147;Committee&#148; and
collectively, the &#147;Committees&#148;) the authority and responsibility to oversee the
implementation of these Procedures and Guidelines, and where applicable, to
make determinations on behalf of the Board with respect to the voting of
proxies on behalf of each Fund.&#160;
Furthermore, the Boards hereby delegate to each Committee the authority
to review and approve material changes to proxy voting procedures of any Fund&#146;s
investment adviser (the &#147;Adviser&#148;).&#160; The
Proxy Voting Procedures of the Adviser (the &#147;Adviser Procedures&#148;) are attached
hereto as <b><i style="font-weight:bold;">Exhibit&nbsp;2</i></b>.&#160; Any determination regarding the voting of
proxies of each Fund that is made by a Committee, or any member thereof, as
permitted herein, shall be deemed to be a good faith determination regarding
the voting of proxies by the full Board.&#160;
Each Committee</font></p>

<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;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(1)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">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 Compliance Committee at
issue.&#160; No provision in these Procedures
is intended to impose any duty upon the particular Board or Compliance&#160; Committee with respect to any other 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 .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">The independent
Trustees/Directors are those Board members who are not &#147;interested persons&#148; of
the Funds within the meaning of Section&nbsp;2(a)(19) of the Investment Company
Act of 1940.</font></p>

<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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-01.htm',USER='105348',CD='Apr 11 12:03 2008' -->


<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 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.&#160; 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" style="font-size:10.0pt;">&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.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">DELEGATION OF VOTING AUTHORITY</font></b></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise
provided for herein, the Board hereby delegates to the Adviser to each Fund the
authority and responsibility to vote all proxies with respect to all portfolio
securities of the Fund in accordance with then current proxy voting procedures
and guidelines that have been approved by the Board.&#160; The Board may revoke such delegation with
respect to any proxy or proposal, and assume the responsibility of voting any
Fund proxy or proxies as it deems appropriate.&#160;
Non-material amendments to the Procedures and Guidelines may be approved
for immediate implementation by the President or Chief Financial Officer of a
Fund, subject to ratification at the next regularly scheduled meeting of the
Compliance 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;">A Board may elect to
delegate the voting of proxies to the Sub-Adviser of a portfolio or series of
the ING Funds.&#160; In so doing, the Board
shall also approve the Sub-Adviser&#146;s proxy policies for implementation on
behalf of such portfolio or series (a &#147;Sub-Adviser-Voted Series&#148;).&#160; Sub-Adviser-Voted Series&nbsp;shall not be
covered under these Procedures and Guidelines but rather shall be covered by
such Sub-Adviser&#146;s proxy policies, provided that the Board, including a
majority of the independent Trustees/Directors(1), has approved them on behalf
of such Sub-Adviser-Voted Series.</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When a Fund participates in the lending of its
securities and the securities are on loan at record date, proxies related to
such securities will not be forwarded to the Adviser by the <font style="letter-spacing:-.15pt;">Fund&#146;s </font></font><font size="2" style="font-size:10.0pt;letter-spacing:-.15pt;">custodian
and therefore will not be voted.&#160; </font><font size="2" style="font-size:10.0pt;">However, the
Adviser shall use best efforts to&#160; recall
or restrict specific securities from loan for the purpose of facilitating a &#147;material&#148;
vote as described in the Adviser Procedures.</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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Funds that are &#147;funds-of-funds&#148;
will &#147;echo&#148; vote their interests in underlying mutual funds, which may include
ING Funds (or portfolios or series thereof) other than those set forth on <b><i style="font-weight:bold;">Exhibit&nbsp;1</i></b>
attached hereto.&#160; This means that, if the
fund-of-funds must vote on a proposal with respect to an underlying investment
company, the fund-of-funds will vote its interest in that underlying fund in
the same proportion all other shareholders in the investment company voted
their interests.</font></p>

<p style="margin: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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">A fund that is a &#147;feeder&#148; fund
in a master-feeder structure does not echo vote.&#160; Rather, it passes votes requested by the
underlying master fund to its shareholders.&#160;
This means that, if the feeder fund is solicited by the master fund, it
will request instructions from its own shareholders, either directly or, in the
case of an insurance-dedicated Fund, through an insurance product or retirement
plan, as to the manner in which to vote its interest in an underlying master
fund.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<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; </font><font size="2" style="font-size:10.0pt;">The independent Trustees/Directors are
those Board members who are not &#147;interested persons&#148; of the Funds within the
meaning of Section&nbsp;2(a)(19) of the Investment Company Act of 1940.</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;">A-2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-2',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-01.htm',USER='105348',CD='Apr 11 12:03 2008' -->


<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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">When
a Fund is a feeder in a master-feeder structure, proxies for the portfolio
securities</font><font size="2" style="font-size:10.0pt;"> owned by
the master fund will be voted pursuant to the master fund&#146;s proxy voting
policies and procedures.&#160; As such, and
except as otherwise noted herein with respect to vote reporting requirements,
feeder Funds shall not be subject to these Procedures and Guidelines.</font></p>

<p style="margin:0in 0in .0001pt;"><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;">IV.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">APPROVAL AND REVIEW OF PROCEDURES</font></b></p>

<p style="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 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;">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&nbsp;2</i></b>.&#160; The Board hereby approves such
procedures.&#160; All material changes to the </font><font size="2" style="font-size:10.0pt;">Adviser Procedures </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">must be approved by
the Board or the </font><font size="2" style="font-size:10.0pt;">Compliance</font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;"> 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 </font><font size="2" style="font-size:10.0pt;">Compliance </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">Committee at its next regularly
scheduled meeting.</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;">&nbsp;</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">V.</font></b><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;">VOTING PROCEDURES AND GUIDELINES</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;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:avoid;"><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&nbsp;3
</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:avoid;"><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" 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:avoid;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; </font><font size="2" style="font-size:10.0pt;">Routine Matters</font></h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:avoid;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.&#160; However, the
Agent shall be directed to refer any proxy proposal to the Proxy Coordinator
for instructions as if it were a matter requiring case-by-case consideration
under circumstances where the application of the Guidelines is unclear, it appears
to involve unusual or controversial issues, or an Investment Professional (as
such term is defined for purposes of the Adviser Procedures) recommends a vote
contrary to the Guidelines.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;"><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; </font><font size="2" style="font-size:10.0pt;">Matters Requiring Case-by-Case
Consideration</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;"><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;">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 </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;">A-3</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-3',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-01.htm',USER='105348',CD='Apr 11 12:03 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">research obtained from the Investment Professional(s),
the Agent or any other source to the Proxy Group.&#160; The Proxy Group may consult with the Agent
and/or Investment Professional(s), as it deems necessary.</font></p>

<p style="line-height:normal;margin: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;">The Proxy Coordinator shall use best efforts to convene the Proxy Group with respect to all matters requiring its
consideration.&#160; In the event quorum
requirements cannot be timely met in connection with a voting deadline, it
shall be the policy of the Funds to vote in accordance with the Agent&#146;s
recommendation, unless the Agent&#146;s recommendation is deemed to be conflicted as
provided for under the Adviser Procedures, in which case no action shall be
taken on such matter (<i>i.e.</i>, a &#147;Non-Vote&#148;).</font></p>

<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.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Within-Guidelines Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes in Accordance with a Fund&#146;s Guidelines and/or, where applicable,
Agent Recommendation</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.25in;text-indent:-49.5pt;"><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.&#160; Except as provided for herein, no Conflicts
Report (as such term is defined for purposes of the Adviser Procedures) is
required in connection with Within-Guidelines Votes.</font></p>

<p style="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;page-break-after:avoid;"><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; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Non-Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes in Which No Action is Taken</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><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 circumstances including, but not limited to, the following:&#160; (1)&nbsp;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 fractional shares, 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)&nbsp;if the cost of voting a proxy outweighs
the benefits, <i>e.g.</i>, certain international
proxies, particularly in cases in which share blocking practices may impose
trading restrictions on the relevant portfolio security.&#160; In such instances, the Proxy Group may
instruct the Agent, through the Proxy Coordinator, not to vote such proxy.&#160; The Proxy Group may provide the Proxy Coordinator
with standing instructions on parameters that would dictate a Non-Vote without
the Proxy Group&#146;s review of a specific proxy.&#160;
It is noted a Non-Vote determination would generally not be made in
connection with voting rights received pursuant to class action participation;
while a Fund may no longer hold the security, a continuing economic effect on
shareholders&#146; interests is likely.</font></p>

<p style="line-height:normal;margin: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 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;">A-4</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-4',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-01.htm',USER='105348',CD='Apr 11 12:03 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;">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="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.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Out-of-Guidelines Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes Contrary to Procedures and Guidelines, or Agent Recommendation,
where applicable, Where No Recommendation is Provided by Agent, or Where Agent&#146;s Recommendation is Conflicted</font></p>

<p style="line-height:normal;margin: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 the Adviser Procedures,
the Proxy Coordinator will then request that all members of the Proxy Group,
including any members not in attendance at the meeting at which the relevant
proxy is being considered, and each Investment Professional participating in
the voting process complete a Conflicts Report (as such term is defined for
purposes of the Adviser Procedures).&#160; As
provided for in the Adviser Procedures, the Proxy Coordinator shall be
responsible for identifying to Counsel potential conflicts of interest with
respect to the Agent.</font></p>

<p style="line-height:normal;margin: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;">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 Compliance Committee(s)&nbsp;and forward to such Committee(s)&nbsp;all
information relevant to their review, including the following materials or a
summary thereof:&#160; the applicable
Procedures and Guidelines, the recommendation of the Agent, where applicable,
the recommendation of the Investment Professional(s), where applicable, any
resources used by the Proxy Group in arriving at its recommendation, the
Conflicts Report and any other written materials establishing whether a
conflict of interest exists, and findings of Counsel (as such term is defined
for purposes of the Adviser Procedures).&#160;
Upon Counsel&#146;s finding that a conflict of interest exists with respect
to one or more members of the Proxy Group or the Advisers generally, the
remaining members of the Proxy Group shall not be required to complete a
Conflicts Report in connection with the proxy.</font></p>

<p style="line-height:normal;margin: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;">If Counsel determines that there does not appear to be
a conflict of interest with respect to the Agent, any member of the Proxy Group
or the participating Investment Professional(s), the Proxy Coordinator will
instruct the Agent to vote the proxy as recommended by the Proxy Group.</font></p>

<p style="line-height:normal;margin: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;page-break-after:avoid;"><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; </font><font size="2" style="font-size:10.0pt;">Referrals to a Fund&#146;s Compliance Committee</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.25in;page-break-after:avoid;text-indent:-.75in;"><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;">A Fund&#146;s Compliance 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 </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;">A-5</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-5',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-01.htm',USER='105348',CD='Apr 11 12:03 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;">whether a conflict of interest exists, in determining
how to vote the proxies referred to the Committee.&#160; The Committee will instruct the Agent through
the Proxy Coordinator how to vote such referred proposals.</font></p>

<p style="line-height:normal;margin: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 use best efforts to timely
refer matters to a Fund&#146;s Committee for its
consideration.&#160; In the event any such
matter cannot be timely referred to or considered by the Committee, it shall be the policy of the Funds to vote in
accordance with the Agent&#146;s recommendation, unless the Agent&#146;s recommendation
is conflicted on a matter requiring case-by-case consideration, in which case no action shall be taken on such
matter (<i>i.e.</i>, a &#147;Non-Vote&#148;).</font></p>

<p style="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 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="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;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">VI.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">CONFLICTS OF INTEREST</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></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;">In all cases in which a vote has not been clearly determined in advance by
the Procedures and Guidelines or for which the Proxy Group recommends an
Out-of-Guidelines Vote, and </font><font size="2" style="font-size:10.0pt;">Counsel has determined that a conflict of interest appears to exist
with respect to the Agent, any member of the Proxy Group, or any Investment
Professional participating in the voting process, </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">the proposal shall be referred to
the Fund&#146;s Committee for determination so that the Adviser shall have no
opportunity to vote a Fund&#146;s proxy in a situation in which it or the Agent may
be deemed to have a conflict of interest.&#160;
In the event a member of a Fund&#146;s Committee believes he/she has a
conflict of interest that would preclude him/her from making a voting
determination in the best interests of the beneficial owners of the applicable
Fund, such Committee member shall so advise the Proxy Coordinator and recuse
himself/herself with respect to determinations regarding the relevant proxy.</font></p>

<p 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;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">VII.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">REPORTING AND RECORD RETENTION</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;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 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.&#160; No proxy voting record will be
posted on the ING Funds website for any Fund that is a feeder in a
master/feeder structure; however, a cross-reference to that of the master fund&#146;s
proxy voting record as filed in the SEC&#146;s EDGAR database will be posted on the
ING Funds website.&#160; The proxy voting
record for each Fund will also be available in the EDGAR database on the SEC&#146;s
website.</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;">A-6</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-6',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-01.htm',USER='105348',CD='Apr 11 12:03 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<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;">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" 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;">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 INFRASTRUCTURE DEVELOPMENT EQUITY 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 INTERNATIONAL
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 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><font size="2" style="font-size:10.0pt;">(1)</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 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>

<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)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Sub-Adviser-Voted Series:</font></i><font size="2" style="font-size:10.0pt;">&#160;
ING Franklin Mutual Shares Portfolio</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<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 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 2</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>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING INVESTMENTS, LLC,</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING INVESTMENT
MANAGEMENT CO.</font></b></h1>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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:avoid;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:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></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;">PROXY VOTING PROCEDURES</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>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">INTRODUCTION</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="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investments, LLC, ING Investment Management Co. and Directed
Services, LLC (each an &#147;Adviser&#148; and collectively, the &#147;Advisers&#148;) are the
investment advisers for the registered investment companies and each series or
portfolio thereof (each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) comprising the
ING family of funds.&#160; As such, the
Advisers have been delegated the authority to vote proxies with respect to
securities for certain Funds over which they have day-to-day portfolio
management responsibility.</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 style="line-height:normal;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="line-height:normal;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 voting proxies, the
Advisers are guided by general fiduciary principles.&#160; Each must act prudently, solely in the
interest of the beneficial owners of the Funds it manages.&#160; The Advisers will not subordinate the
interest of beneficial owners to unrelated objectives.&#160; Each Adviser will vote proxies in the manner
that it believes will do the most to maximize shareholder value.</font></p>

<p style="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;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following are the Proxy Voting Procedures of ING
Investments, LLC, ING Investment Management Co. 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 align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><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;text-align:left;"><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 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;">&nbsp;</font></p>

<div align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">ROLES AND RESPONSIBILITIES</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;"><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; </font><font size="2" style="font-size:10.0pt;">Proxy Coordinator</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><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;">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 Procedures
and Guidelines (the &#147;Procedures&#148; or &#147;Guidelines&#148; and collectively the &#147;Procedures
and Guidelines&#148;).&#160; The Proxy Coordinator
is authorized to direct the Agent to vote a Fund&#146;s proxy in accordance with the
Procedures and Guidelines unless the Proxy Coordinator receives a
recommendation from an Investment Professional (as described below) to vote
contrary to the Procedures and Guidelines.&#160;
In such event, and in connection with proxy proposals requiring
case-by-case consideration (except in cases in which the Proxy Group has
previously provided the Proxy Coordinator with standing instructions to vote in
accordance with the Agent&#146;s recommendation), the Proxy Coordinator will call a
meeting of the Proxy Group (as described below).</font></p>

<p style="line-height:normal;margin: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;">Responsibilities assigned herein to the Proxy
Coordinator, or activities in support thereof, may be performed by such members
of the Proxy Group or employees of the Advisers&#146; affiliates as are deemed
appropriate by the Proxy Group.</font></p>

<p style="line-height:normal;margin: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;">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="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="margin:0in 0in .0001pt .5in;page-break-after:avoid;"><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; </font><font size="2" style="font-size:10.0pt;">Agent</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><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;">An independent proxy voting service (the &#147;Agent&#148;), as
approved by the Board of each Fund, shall be engaged to assist in the voting of
Fund proxies for publicly traded securities through the provision of vote
analysis, implementation, recordkeeping and disclosure services.&#160; The Agent is ISS Governance Services, a unit
of RiskMetrics Group,&nbsp;Inc.&#160; The
Agent is responsible for coordinating with the Funds&#146; custodians to ensure that
all proxy materials received by the custodians relating to the portfolio
securities are processed in a timely fashion.&#160;
To the extent applicable, the Agent is required to vote and/or refer all
proxies in accordance with these Adviser Procedures.&#160; The Agent will retain a record of all proxy
votes handled by the Agent.&#160; Such record
must reflect all the information required to be disclosed in a Fund&#146;s Form&nbsp;N-PX
pursuant to Rule&nbsp;30b1-4 under the Investment Company Act.&#160; In addition, the Agent is responsible for
maintaining copies of all proxy statements received by issuers and to promptly
provide such materials to the Adviser upon request.</font></p>

<p style="line-height:normal;margin: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;">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 Compliance Committee
(&#147;Committee&#148;).</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="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.&#160;
The Agent also shall be requested to </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;">A-9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-9',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<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 style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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" 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;">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 voting to the Advisers, including methods to reasonably ensure that
its analysis and recommendations are not influenced by conflict of interest,
and shall disclose such controls and policies to the Advisers when and as
provided for herein.&#160; Unless otherwise
specified, references herein to recommendations of the Agent shall refer to
those in which no conflict of interest has been identified.</font></p>

<p style="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 1.0in;page-break-after:avoid;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;&#160; </font><font size="2" style="font-size:10.0pt;">Proxy Group</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;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 .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.&#160; The members of the Proxy Group, which may
include employees of the Advisers&#146; affiliates, are identified in <i>Appendix 1</i>, as may be amended from time at the Advisers&#146;
discretion.</font></p>

<p style="line-height:normal;margin: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;">A minimum of four (4)&nbsp;members of the Proxy Group (or three (3)&nbsp;if
one member of the quorum is either the Fund&#146;s Chief Investment Risk Officer or
Chief Financial Officer) shall constitute a quorum for purposes of taking
action at any meeting of the Group.&#160; The
vote of a simple majority of the members present and voting shall determine any
matter submitted to a vote.&#160; Tie votes
shall be broken by securing the vote of members not present at the meeting;
provided, however, that the Proxy Coordinator shall ensure compliance with all
applicable voting and conflict of interest procedures and shall use best
efforts to secure votes from all or as many absent members as may reasonably be
accomplished.&#160; The Proxy Group may meet
in person or by telephone.&#160; The Proxy
Group also may take action via electronic mail in lieu of a meeting, provided
that each Group member has received a copy of any relevant electronic mail transmissions
circulated by each other participating Group member prior to voting and
provided that the Proxy Coordinator follows the directions of a majority of a
quorum (as defined above) responding via electronic mail.&#160; For all votes taken in person or by telephone
or teleconference, the vote shall be taken outside the presence of any person
other than the members of the Proxy Group and such other persons whose
attendance may be deemed appropriate by the Proxy Group from time to time in
furtherance of its duties or the day-to-day administration of the Funds.&#160; In its discretion, the Proxy Group may
provide the Proxy Coordinator with standing instructions to perform
responsibilities assigned herein to the Proxy Group, or activities in support
thereof, on its behalf, provided that such instructions do not contravene any
requirements of these Adviser Procedures
or a Fund&#146;s Procedures and
Guidelines.</font></p>

<p style="line-height:normal;margin: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;">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, </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;">A-10</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-10',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(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 Coordinator
with standing instructions to vote in accordance with the Agent&#146;s
recommendation and no issue of conflict must be considered, the Proxy
Coordinator may implement the instructions without calling a meeting of the
Proxy Group.</font></p>

<p style="line-height:normal;margin: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;">For each proposal referred to the Proxy Group, it will review (1)&nbsp;the
relevant Procedures and Guidelines, (2)&nbsp;the recommendation of the Agent,
if any, (3)&nbsp;the recommendation of the Investment Professional(s), if any,
and (4)&nbsp;any other resources that any member of the Proxy Group deems
appropriate to aid in a determination of a recommendation.</font></p>

<p style="line-height:normal;margin: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;">If the Proxy Group recommends that a Fund vote in accordance with the
Procedures and Guidelines, or the recommendation of the Agent, where
applicable, it shall instruct the Proxy Coordinator to so advise the Agent.</font></p>

<p style="line-height:normal;margin: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;">If the Proxy Group recommends that a Fund vote contrary to the
Procedures and Guidelines, or the recommendation of the Agent, where
applicable, or if the Agent&#146;s
recommendation on a matter requiring case-by-case consideration is deemed to be
conflicted, it shall follow the procedures for such voting as
established by a Fund&#146;s Board.</font></p>

<p style="line-height:normal;margin: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;">The Proxy Coordinator shall use best efforts to convene the Proxy Group with respect to all matters requiring its
consideration.&#160; In the event quorum
requirements cannot be timely met in connection with to a voting deadline, the
Proxy Coordinator shall follow the procedures for such voting as established by
a Fund&#146;s Board.</font></p>

<p style="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="margin:0in 0in .0001pt .5in;page-break-after:avoid;"><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;&#160; </font><font size="2" style="font-size:10.0pt;">Investment Professionals</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;"><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;">The Funds&#146; Advisers, sub-advisers and/or portfolio
managers (each referred to herein as an &#147;Investment Professional&#148; and
collectively, &#147;Investment Professionals&#148;) may submit, or be asked to submit, a
recommendation to the Proxy Group regarding the voting of proxies related to
the portfolio securities over which they have day-to-day portfolio management
responsibility.&#160; The Investment
Professionals may accompany their recommendation with any other research
materials that they deem appropriate or with a request that </font><font size="2" style="font-size:10.0pt;">the vote be
deemed &#147;material&#148; in the context of the portfolio(s)&nbsp;they manage, such
that </font><font size="2" style="font-size:10.0pt;">lending activity
on behalf of such portfolio(s)&nbsp;with respect to the relevant security
should be reviewed by the Proxy Group and considered for recall and/or
restriction.&#160; </font><font size="2" style="font-size:10.0pt;">Input
from the relevant sub-advisers and/or portfolio managers shall be given primary
consideration</font><font size="2" style="font-size:10.0pt;"> in the Proxy Group&#146;s determination of whether a
given proxy vote is to be deemed
material and the associated security accordingly restricted from lending.&#160; The determination that a vote is material in
the context of a Fund&#146;s portfolio shall not mean that such vote is considered
material across all Funds voting that meeting.&#160;
In order to recall or restrict shares timely for material voting
purposes, t</font><font size="2" style="font-size:10.0pt;">he
Proxy Group shall use </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;">A-11</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-11',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">best efforts to consider, and when deemed appropriate,
to act upon, such requests timely, and </font><font size="2" style="font-size:10.0pt;">requests
to review lending activity in connection with a potentially material vote may
be initiated by any relevant Investment Professional and submitted for the
Proxy Group&#146;s consideration at any time.</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="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">III.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">VOTING PROCEDURES</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;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:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">A.</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;font-weight:normal;">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></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:avoid;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; </font><font size="2" style="font-size:10.0pt;">Routine Matters</font></h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;page-break-after:avoid;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.&#160; However, the
Agent shall be directed to refer any proxy proposal to the Proxy Coordinator
for instructions as if it were a matter requiring case-by-case consideration
under circumstances where the application of the Guidelines is unclear, it
appears to involve unusual or controversial issues, or an Investment
Professional recommends a vote contrary to the Guidelines.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt .5in;text-indent:-31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;"><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;page-break-after:avoid;"><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;">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.&#160; The Proxy Group may consult with
the Agent and/or Investment Professional(s), as it deems necessary.</font></p>

<p style="line-height:normal;margin: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.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Within-Guidelines Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes in Accordance with a Fund&#146;s Guidelines and/or, where applicable,
Agent Recommendation</font></p>

<p style="line-height:normal;margin: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 </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;">A-12</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-12',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;">this manner.&#160; Except as provided for herein, no Conflicts
Report (as such term is defined herein) is required in connection with
Within-Guidelines Votes.</font></p>

<p style="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;page-break-after:avoid;"><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; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Non-Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes in Which No Action is Taken</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><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 circumstances including, but not limited to, the following:&#160; (1)&nbsp;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 fractional shares, 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)&nbsp;if the cost of voting a proxy outweighs the
benefits, <i>e.g.</i>, certain international proxies,
particularly in cases in which share blocking practices may impose trading
restrictions on the relevant portfolio security.&#160; In such instances, the Proxy Group may
instruct the Agent, through the Proxy Coordinator, not to vote such proxy.&#160; The Proxy Group may provide the Proxy
Coordinator with standing instructions on parameters that would dictate a
Non-Vote without the Proxy Group&#146;s review of a specific proxy.&#160; It is noted a Non-Vote determination would
generally not be made in connection with voting rights received pursuant to
class action participation; while a Fund may no longer hold the security, a
continuing economic effect on shareholders&#146; interests is likely.</font></p>

<p style="line-height:normal;margin: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.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Out-of-Guidelines Votes:</font></b><font size="2" style="font-size:10.0pt;">&#160;
Votes Contrary to Procedures and Guidelines, or Agent Recommendation,
where applicable, Where No Recommendation is Provided by Agent, or Where Agent&#146;s Recommendation is Conflicted</font></p>

<p style="line-height:normal;margin: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 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;">A-13</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-13',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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 1.25in;text-indent:-.25in;"><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; </font><font size="2" style="font-size:10.0pt;">The Proxy Coordinator will maintain a
record of all proxy questions that have been referred to a Fund&#146;s Compliance
Committee, all applicable recommendations, analysis, research and Conflicts
Reports.</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 .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IV.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#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;page-break-after:avoid;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;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In furtherance of the Advisers&#146; fiduciary duty to the
Funds and their beneficial owners, the Advisers shall establish the following:</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><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;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">A.</font><font size="1" style="font-size:8.5pt;letter-spacing:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Assessment<b>  </b></font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">of the Agent</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;"><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 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;</font><font size="2" style="font-size:10.0pt;">has resources that indicate it </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">can competently
provide analysis of proxy issues and (3)&nbsp;can make recommendations in an
impartial manner and in the best interests of the Funds and their beneficial
owners.&#160; The Advisers shall utilize, and
the Agent shall comply with, such methods for establishing the foregoing as the
Advisers may deem reasonably appropriate and shall do not less than annually as
well as prior to engaging the services of any new proxy service.&#160; The Agent shall also notify the Advisers in
writing within fifteen (15) calendar days of any material change to information
previously provided to an Adviser in connection with establishing the Agent&#146;s
independence, competence or impartiality.</font></p>

<p 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;">&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;">Information provided in connection with assessment of the Agent shall
be forwarded to a member of the mutual funds practice group of ING US Legal
Services (&#147;Counsel&#148;) for review.&#160; Counsel
shall review such information and advise the Proxy Coordinator as to whether a
material concern exists and if so, determine the most appropriate course of
action to eliminate such concern.</font></p>

<p 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;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">B.</font><font size="1" style="font-size:8.5pt;letter-spacing:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;letter-spacing:0pt;">Conflicts of Interest</font></p>

<p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-align:left;"><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 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.&#160; Upon the Advisers&#146; request,
which shall be not less than annually, and within fifteen (15) calendar days of
any material change to such information previously provided to an Adviser, the
Agent shall provide the Advisers with such information as the Advisers deem
reasonable and appropriate for use in determining material relationships of the
Agent that may pose a conflict of interest with respect to the Agent&#146;s proxy
analysis or recommendations.&#160; </font><font size="2" style="font-size:10.0pt;">The Proxy Coordinator shall forward all such
information to Counsel for review.&#160;
Counsel shall review such information and provide the Proxy Coordinator
with a brief statement regarding whether or not a material conflict of interest
is present.&#160; Matters as to which a
material conflict of interest is deemed to be present shall be handled as
provided in the Fund&#146;s Procedures and Guidelines.</font></p>

<p 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;">&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;">A-14</font></p>

<div align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-14',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;">&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.&#160; The members of the Proxy Group may not subordinate
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;">&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.&#160; Completed Conflicts Reports shall be provided
to the Proxy Coordinator within two (2)&nbsp;business days.&#160; Such Conflicts Report should describe any
known conflicts of either a business or personal nature, and set forth any
contacts with respect to the referral item with non-investment personnel in its
organization or with outside parties (except for routine communications from proxy
solicitors).&#160; The Conflicts Report should
also include written confirmation that any recommendation from an Investment
Professional provided in connection with an Out-of-Guidelines Vote or under
circumstances where a conflict of interest exists was made solely on the
investment merits and without regard to any other consideration.</font></p>

<p style="line-height:normal;margin: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.&#160; Counsel
shall review each report and provide the Proxy Coordinator with a brief
statement regarding whether or not a material conflict of interest is
present.&#160; Matters as to which a material
conflict of interest is deemed to be present shall be handled as provided in
the Fund&#146;s Procedures and Guidelines.</font></p>

<p style="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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">V.</font></b><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;">REPORTING AND RECORD RETENTION</font></p>

<p 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;">&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&nbsp;204-2(c)(2), as may be amended from
time to time, including the following: (1)&nbsp;A copy of each proxy statement
received regarding a Fund&#146;s portfolio securities.&#160; Such proxy statements received from issuers
are available either in the SEC&#146;s EDGAR database or are kept by the Agent and
are available upon request. (2)&nbsp;A record of each vote cast on behalf of a
Fund. (3)&nbsp;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)&nbsp;A copy of written requests for Fund proxy voting
information and any written response thereto or to any oral request for
information on how the Adviser voted proxies on behalf of a Fund.&#160; All proxy voting materials and supporting
documentation will be retained for a minimum of six (6)&nbsp;years.</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;">A-15</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-15',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<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>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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:avoid;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" 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;">Proxy
Group for registered investment company clients of ING Investments, LLC, ING
Investment Management Co. and Directed Services, LLC:</font></b></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="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.16%;">
  <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:2.22%;">
  <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:77.62%;">
  <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" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:20.16%;">
  <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:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:77.62%;">
  <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:20.16%;">
  <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:2.22%;">
  <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:77.62%;">
  <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:20.16%;">
  <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:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.62%;">
  <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:20.16%;">
  <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:2.22%;">
  <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:77.62%;">
  <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:20.16%;">
  <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:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.62%;">
  <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:20.16%;">
  <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:2.22%;">
  <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:77.62%;">
  <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:20.16%;">
  <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:2.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.62%;">
  <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 Assistant Vice President &#150; Special
  Projects, ING Funds Services, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.16%;">
  <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:2.22%;">
  <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:77.62%;">
  <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:20.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julius A.
  Drelick III, CFA</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="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President, Platform Product Management and Project Management,
  ING Funds Services, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.16%;">
  <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:2.22%;">
  <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:77.62%;">
  <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:20.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harley Eisner</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="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President of Financial Analysis, ING Funds Services, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.16%;">
  <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:2.22%;">
  <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:77.62%;">
  <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:20.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Theresa K.
  Kelety,&nbsp;Esq.</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="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.62%;">
  <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" 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="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective as of January&nbsp;1, 2008</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;">A-16</font></p>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-16',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-03.htm',USER='105348',CD='Apr 11 12:08 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<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 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>

<div 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;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></b></div>

<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" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></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>

<h4 style="font-weight:bold;margin:0in 0in .0001pt 1.15pt;page-break-after:avoid;"><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:avoid;"><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;">The following is a
statement of the Proxy Voting Guidelines (&#147;Guidelines&#148;) that have been adopted
by the respective Boards of Directors or Trustees of each Fund.&#160; Unless otherwise provided for herein, any
defined term used herein shall have the meaning assigned to it in the Funds&#146;
and Advisers&#146; Proxy Voting Procedures (the &#147;Procedures&#148;).</font></p>

<p 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;">&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;">Proxies must be voted in
the best interest of the Fund(s).&#160; The
Guidelines summarize the Funds&#146; positions on various issues of concern to
investors, and give a general indication of how Fund portfolio securities will
be voted on proposals dealing with particular issues.&#160; The Guidelines are not exhaustive and do not
include all potential voting issues.</font></p>

<p 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;">&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.&#160; In voting proxies, the
Advisers are guided by general fiduciary principles.&#160; Each must act prudently, solely in the
interest of the beneficial owners of the Funds it manages.&#160; The Advisers will not subordinate the
interest of beneficial owners to unrelated objectives.&#160; Each Adviser will vote proxies in the manner
that it believes will do the most to maximize shareholder value.</font></p>

<p style="margin:0in 0in .0001pt;"><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 50.75pt;page-break-after:avoid;text-indent:-50.75pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">II.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">GUIDELINES</font></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt 50.75pt;page-break-after:avoid;text-indent:-50.75pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following Guidelines are grouped according to
the types of proposals generally presented to shareholders of U.S.
issuers:&#160; Board of Directors, Proxy
Contests, Auditors, Proxy Contest Defenses, Tender Offer Defenses,
Miscellaneous, Capital Structure, Executive and Director Compensation, State of
Incorporation, Mergers and Corporate Restructurings, Mutual Fund Proxies, and
Social and Environmental Issues.&#160; A</font><font size="2" style="font-size:10.0pt;">n additional section addresses proposals most frequently found in global proxies.</font></p>

<p style="line-height:normal;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:avoid;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Policies</font></u></b></h2>

<p style="line-height:normal;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.&#160;
All matters for which such disclosure is not available shall be
considered CASE-BY-CASE.</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>

<div style="line-height:normal;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It shall generally be the policy of the Funds to take no action on a
proxy for which no Fund holds a position or otherwise maintains an economic
interest in the relevant security at the time the vote is to be cast.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><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 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,&nbsp;Inc.</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 style="line-height:normal;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 in accordance with the Agent&#146;s
recommendation in cases in which such recommendation aligns with </font><font size="2" style="font-size:10.0pt;">the recommendation of the relevant issuer&#146;s
management or management has made no recommendation.&#160; However, this policy shall not apply to CASE-BY-CASE
proposals for which a contrary recommendation from the Investment Professional for the relevant Fund has been received and is
to be utilized, provided that incorporation of any such recommendation shall be
subject to the conflict of interest review process required under the Procedures.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><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;">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, or unusual or controversial issues.&#160;
Such input shall be given primary consideration with respect to </font><font size="2" style="font-size:10.0pt;">CASE-BY-CASE proposals being considered on behalf of the relevant Fund.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><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;">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="line-height:normal;margin:0in 0in .0001pt;"><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;">The foregoing policies may be overridden in any
case as provided for in the Procedures.&#160;
Similarly, the Procedures provide that p</font><font size="2" style="font-size:10.0pt;">roposals whose Guidelines prescribe a firm voting
position may instead be considered on a CASE-BY-CASE basis in cases in which unusual
or controversial circumstances
so dictate.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;"><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;">Interpretation and application of these Guidelines is not intended to
supersede any law, regulation, binding agreement or other legal requirement to
which an issuer may be or become subject.&#160;
No proposal shall be supported whose implementation would contravene
such requirements.</font></p>

<p style="line-height:normal;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:avoid;"><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:avoid;"><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:avoid;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>

<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.&#160; These standards generally provide that, to be
considered completely </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;">&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;">A-18</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-18',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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" 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;">Agreement with the Agent&#146;s independence standards
shall not dictate that a Fund&#146;s vote shall be cast according to the Agent&#146;s
corresponding recommendation.&#160; Votes on
director nominees not subject to specific policies described herein should be
made on a CASE-BY-CASE basis.</font></p>

<p style="margin: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;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)&nbsp;to which
the Agent assigns a correlation.&#160; Support
shall be withheld from culpable nominees as appropriate, but if they are not
standing for election (<i>e.g.</i>, the board
is classified), support shall generally not be withheld from others in their
stead.</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;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" 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;">Where applicable and except as otherwise provided for
herein, generally DO NOT WITHHOLD support (or DO NOT VOTE AGAINST, pursuant to
the applicable election standard) in connection with issues raised by the Agent
if the nominee </font><font size="2" style="font-size:10.0pt;">did not </font><font size="2" style="font-size:10.0pt;">serve on the </font><font size="2" style="font-size:10.0pt;">board or
relevant </font><font size="2" style="font-size:10.0pt;">committee
during the majority of the time period relevant to the concerns cited by the
Agent.</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;">WITHHOLD
support 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.&#160; DO NOT </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLD
support 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
support 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
support 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)&nbsp;a majority of
the issuer&#146;s shares outstanding (most recent annual meeting) or (2)&nbsp;a
majority of the votes cast for two consecutive years.&#160; However, in the case of shareholder proposals
seeking shareholder ratification of a poison pill, </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">generally
DO NOT WITHHOLD support from a nominee </font><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 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;">A-19</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-19',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;">If a nominee has not acted upon negative votes
(WITHHOLD or AGAINST, as applicable based on the issuer&#146;s election standard)
representing a majority of the votes cast at the previous annual meeting,
consider such nominee on a CASE-BY-CASE basis.&#160;
Generally, vote FOR nominees when (1)&nbsp;the </font><font size="2" style="font-size:10.0pt;">issue
relevant to the majority </font><font size="2" style="font-size:10.0pt;">negative vote has been
adequately addressed or cured or (2)&nbsp;</font><font size="2" style="font-size:10.0pt;">the Funds&#146;
Guidelines or voting record do not support the relevant issue.</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
support 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 support 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 support 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="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation
Practices:</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;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
matters of compensation are best determined by an independent board and
compensation committee.&#160; Generally:</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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <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,</font><font size="2" style="font-size:10.0pt;"> DO NOT WITHHOLD support from
  nominees who did not </font><font size="2" style="font-size:10.0pt;">serve
  on the </font><font size="2" style="font-size:10.0pt;">compensation </font><font size="2" style="font-size:10.0pt;">committee, or board, as applicable based on the
  Agent&#146;s analysis, during the majority of the time period relevant to the
  concerns cited by the Agent.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <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 Agent has identified a </font><font size="2" style="font-size:10.0pt;">&#147;pay for performance&#148; disconnect, or internal pay
  disparity, as such issues are defined by the Agent, DO NOT WITHHOLD support
  from director nominees.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the
  Agent recommends withholding support from nominees in connection with </font><font size="2" style="font-size:10.0pt;">executive compensation or perquisites
  related to retention or recruitment, including severance or termination
  arrangements, vote FOR such nominees if the issuer has provided adequate
  rationale and/or disclosure.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If </font><font size="2" style="font-size:10.0pt;">the Agent
  has raised issues of options backdating</font><font size="2" style="font-size:10.0pt;">, consider members of the </font><font size="2" style="font-size:10.0pt;">compensation
  </font><font size="2" style="font-size:10.0pt;">committee, or
  board, as applicable, as well as</font><font size="2" style="font-size:10.0pt;"> company
  executives nominated as directors, on a CASE-BY-CASE basis.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the
  Agent has raised other considerations regarding poor </font><font size="2" style="font-size:10.0pt;">compensation practices, consider
  nominees on a CASE-BY-CASE basis.</font></p>
  </td>
 </tr>
</table>

<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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting
Practices:</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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR </font><font size="2" style="font-size:10.0pt;">independent
  outside director nominees serving on the audit committee.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <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,</font><font size="2" style="font-size:10.0pt;"> generally DO NOT WITHHOLD
  support from nominees serving on the audit committee who did not </font><font size="2" style="font-size:10.0pt;">serve </font></p>
  </td>
 </tr>
</table>

<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-20</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-20',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><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="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on that committee during the majority of the time
  period relevant to the concerns cited by the Agent.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If </font><font size="2" style="font-size:10.0pt;">the Agent
  has raised concerns regarding poor </font><font size="2" style="font-size:10.0pt;">accounting practices, consider </font><font size="2" style="font-size:10.0pt;">the
  company&#146;s CEO and CFO, if nominated as directors, and nominees serving on the
  audit committee on a CASE-BY-CASE basis.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If total non-audit fees exceed the total of audit
  fees, audit-related fees and tax compliance and preparation fees, the
  provisions under Section&nbsp;3., Auditor Ratification, shall apply.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-27.0pt;"><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;">Board Independence:</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;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><font size="2" style="font-size:10.0pt;">not
majority independent on a CASE-BY-CASE basis.&#160;
Generally:</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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLD
  support from the fewest directors whose removal would achieve majority
  independence across the remaining board,</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">except that support may be
  withheld from additional nominees whose relative level of independence cannot
  be differentiated.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLD
  support 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>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:0in .7pt 0in .7pt;width:91.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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)&nbsp;in the previous year.</font></p>
  </td>
 </tr>
</table>

<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;">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, when the Agent recommends withholding
support due to assessment that a nominee acted in bad faith or against
shareholder interests in connection with a major transaction, such as a merger
or acquisition, consider on a CASE-BY-CASE basis, factoring in the merits of
the nominee&#146;s performance and rationale and disclosure provided.</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;">Consider nominees failing the Agent&#146;s
performance test, which includes market-based and operating performance measures,
on a CASE-BY-CASE basis.&#160; Input from the
Investment </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;">A-21</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-21',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;">Professional(s)&nbsp;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" style="font-size:10.0pt;">Generally, except as otherwise provided for herein,
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 support proposals in connection with a binding agreement or
other legal requirement to which an issuer has or reasonably may expect to
become subject, and consider such proposals on a CASE-BY-CASE basis if the
board is not majority independent or pervasive corporate governance concerns
have been identified.&#160; Generally, except as otherwise provided for
herein, vote FOR management proposals to adopt or amend board structures or
policies, except consider such proposals on a CASE-BY-CASE basis if the board
is not majority independent, pervasive corporate governance concerns have been
identified, or the proposal may result in a material reduction in shareholders&#146;
rights.</font></p>

<p style="margin: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;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" 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 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" 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 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" 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 AGAINST shareholder proposals that
seek to redefine director independence or directors&#146; specific roles (<i>e.g.</i>, responsibilities of the lead
director).</font></p>

<p style="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;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" 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 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" 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, 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" 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 AGAINST shareholder proposals to
impose a mandatory retirement age for outside </font><font size="2" style="font-size:10.0pt;">directors unless the proposal seeks to relax existing
standards</font><font size="2" style="font-size:10.0pt;">, 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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Ownership Requirements</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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<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.&#160; Vote AGAINST
proposals to limit or eliminate entirely directors&#146; and officers&#146; liability for
monetary damages for violating the duty of care.&#160; Vote AGAINST indemnification proposals that
would expand coverage beyond just legal expenses to acts, such as negligence,
that are more serious violations of fiduciary </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;">&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;">A-22</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-22',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">obligation than mere carelessness.&#160; Vote FOR only those proposals providing such
expanded coverage in cases when a director&#146;s or officer&#146;s legal defense was
unsuccessful if:</font></p>

<p style="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 45.0pt;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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" style="font-size:10.0pt;">&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)</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; </font><font size="2" style="font-size:10.0pt;">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" style="font-size:10.0pt;">&nbsp;</font></p>

<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;">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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These proposals should generally be analyzed on a CASE-BY-CASE
basis.&#160; Input from the Investment Professional(s)&nbsp;for a given Fund shall be
given primary consideration with respect to proposals in connection with proxy
contests being considered on behalf of that Fund.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;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:avoid;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>

<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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reimburse Proxy Solicitation Expenses</font></b></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" style="font-size:10.0pt;">&nbsp;</font></p>

<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;">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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;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" style="font-size:10.0pt;">Generally, except in cases of poor accounting
practices or high non-audit fees, vote FOR management proposals to ratify
auditors.&#160; Consider management proposals
to ratify auditors on a CASE-BY-CASE basis if the Agent cites poor accounting
practices.&#160; If fees for non-audit
services exceed 50 percent of total auditor fees as described below, consider
on a CASE-BY-CASE basis, voting AGAINST management proposals to ratify auditors
only if concerns exist that remuneration for the non-audit work is so lucrative
as to taint the auditor&#146;s independence.&#160;
For purposes of this review, fees deemed to be reasonable, generally
non-recurring, exceptions to the non-audit fee category (<i>e.g.</i>,
those related to an IPO) shall be excluded.&#160;
If independence 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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Auditor Independence</font></b></p>

<p align="left" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Generally, consider shareholder
proposals asking companies to prohibit their auditors from engaging in
non-audit services (or capping the level of non-audit services) on a
CASE-BY-CASE basis.</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;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Audit Firm Rotation:</font></b></p>

<p style="margin: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 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;">&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;">A-23</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-23',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<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;">&nbsp;</font></p>

<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;">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:avoid;"><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:avoid;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>

<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 or otherwise restrict shareholders&#146; ability to vote upon directors.</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;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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Ability to Remove Directors</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" 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 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" 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 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" 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 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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cumulative Voting</font></b></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the company maintains a classified board of
directors, generally, vote AGAINST management proposals to eliminate cumulative
voting, except that such proposals may be supported irrespective of
classification in furtherance of an issuer&#146;s plan to adopt a majority voting
standard.</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;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" 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;">Time-Phased Voting</font></b></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 style="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:avoid;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>

<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" 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 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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder 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" 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" 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 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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<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 seek to fix the
size of the board or designate a range for its size.</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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote AGAINST proposals that give management
the ability to alter the size of the board outside of a specified range without
shareholder approval.</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;">&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;">A-24</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-24',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<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;text-autospace:none;"><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:avoid;"><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:avoid;"><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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Poison Pills</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;s</font><font size="2" style="font-size:10.0pt;">hareholders have approved
adoption of the plan,</font><font size="2" style="font-size:10.0pt;">
(2)&nbsp;a policy has already been implemented by the company that should
reasonably prevent abusive use of the pill, or</font><font size="2" style="font-size:10.0pt;"> (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><font size="2" style="font-size:10.0pt;">.</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;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" 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;">Review on a CASE-BY-CASE basis management proposals to
approve or ratify a poison pill or any plan that can reasonably be construed as
an anti-takeover measure, with
voting decisions generally based on the Agent&#146;s approach to evaluating such
proposals, considering factors such as rationale, trigger level and sunset
provisions.&#160; Votes will generally be cast in a manner that seeks to
preserve shareholder value and the right to consider a valid offer, voting
AGAINST management proposals in connection with poison pills or anti-takeover
activities that do not meet the Agent&#146;s standards.</font></p>

<p style="margin: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;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fair Price Provisions</font></b></p>

<p style="margin: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" 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 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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greenmail</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 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;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 style="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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pale Greenmail</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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unequal Voting Rights</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" 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, vote AGAINST
dual-class recapitalizations.</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:avoid;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>

<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" 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 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 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;">&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;">A-25</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-25',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->


<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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Supermajority Shareholder Vote Requirement to
Approve Mergers</font></b></p>

<p style="margin: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" 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 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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">White Squire Placements</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" style="font-size:10.0pt;">&nbsp;</font></p>

<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;">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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">Amendments to Corporate Documents</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;">Except to align with
legislative or regulatory changes or when 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)&nbsp;removing provisions or moving them to portions
of the charter not requiring shareholder approval, or (3)&nbsp;in corporate
structures such as holding companies, removing provisions in an active
subsidiary&#146;s charter that provide voting rights to parent company
shareholders.&#160; This policy would also
generally apply to proposals seeking approval of corporate agreements or
amendments to such agreements that the Agent recommends AGAINST because a
similar reduction in shareholder rights is requested.</font></p>

<p 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;">&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;text-autospace:none;"><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 proposals seeking charter or bylaw
amendments to remove anti-takeover provisions.</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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consider proposals seeking charter or bylaw amendments
not addressed under these Guidelines on a CASE-BY-CASE basis.</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;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential Voting</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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" style="font-size:10.0pt;">&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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Access</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 access to management&#146;s proxy material in order to nominate their own
candidates to the board.</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;">&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;">A-26</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-26',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-05.htm',USER='105348',CD='Apr 11 12:08 2008' -->



<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>

<p style="margin:0in 0in .0001pt;"><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"><font style="font-size:10.0pt;">Except as otherwise provided
for herein, it shall generally be the policy of the Funds to extend discretion
to issuers to determine when it may be appropriate to adopt a majority voting
standard</font>.&#160; Generally, vote FOR
management proposals, irrespective of whether the proposal contains a plurality
carve-out for contested elections, but AGAINST shareholder proposals unless
also supported by management, seeking election of directors by the affirmative
vote of the majority of votes cast in connection with a meeting of
shareholders, including amendments to corporate documents or other actions in
furtherance of such standard, and provided such standard when supported does
not conflict with state law in which the company is incorporated.&#160; For issuers with a history of board
malfeasance or pervasive corporate governance concerns, consider such proposals
on a CASE-BY-CASE basis.</font></p>

<p style="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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bundled Proposals</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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Advisory Committees</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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reimburse Shareholder for Expenses Incurred</font></b></p>

<p style="margin: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 style="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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Business</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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Quorum Requirements</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Advance Notice for Shareholder Proposals</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Generally, vote FOR
management proposals related to advance notice period requirements, provided
that the period requested is in accordance with applicable law and </font>no
material governance concerns have been identified in connection with the
issuer.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><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:avoid;"><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:avoid;"><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 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;">&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;">A-27</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-27',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-07.htm',USER='105348',CD='Apr 11 12:09 2008' -->


<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;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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock Authorization</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.&#160; Except where otherwise indicated, the Agent&#146;s
proprietary approach, utilizing quantitative criteria (<i>e.g.</i>, dilution, peer group comparison,
company performance and history) to determine appropriate thresholds and, for
requests marginally above such allowable threshold, a qualitative review (<i>e.g.</i>, rationale and prudent historical usage), will
generally be utilized in evaluating such proposals.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally vote
FOR proposals to authorize capital increases within the Agent&#146;s allowable
thresholds or those in excess but meeting Agent&#146;s qualitative standards, but
consider on a CASE-BY-CASE basis those requests failing the Agent&#146;s review for
proposals in connection with which a contrary recommendation from the
Investment Professional(s)&nbsp;has been received and is to be utilized (<i>e.g., </i>in support of a merger or acquisition proposal).</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally vote
FOR proposals to authorize capital increases within the Agent&#146;s allowable
thresholds or those in excess but meeting Agent&#146;s qualitative standards, unless
the company states that the stock may be used as a takeover defense.&#160; In those cases, consider on a CASE-BY-CASE
basis if a contrary recommendation from the Investment Professional(s)&nbsp;has
been received and is to be utilized.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally vote
FOR proposals to authorize capital increases exceeding the Agent&#146;s thresholds
when a company&#146;s shares are in danger of being delisted or if a company&#146;s
ability to continue to operate as a going concern is uncertain.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally, vote
AGAINST proposals to increase the number of authorized shares of a class of
stock if the issuance which the increase is intended to service is not
supported under these Guidelines.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dual Class&nbsp;Capital Structures</font></b></h2>

<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;">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 </font>capital structures, but
consider CASE-BY-CASE if (1)&nbsp;bundled with favorable proposal(s), (2)&nbsp;approval
of such proposal(s)&nbsp;is a condition of such favorable proposal(s), or (3)&nbsp;part
of a recapitalization for which support is recommended by the Agent or an
Investment Professional.</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="font-size:10.0pt;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 </font>Fund owns
the class with superior voting rights.&#160; Consider CASE-BY-CASE if bundled with
favorable proposal(s), (2)&nbsp;approval of such proposal(s)&nbsp;is a
condition of such favorable proposal(s), or (3)&nbsp;part of a recapitalization
for which support is recommended by the Agent or an Investment Professional.</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="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Consider </font>management </font>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.</p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-28</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-28',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-07.htm',USER='105348',CD='Apr 11 12:09 2008' -->


<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>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Distributions: Splits and Dividends</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)&nbsp;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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reverse Stock Splits</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.&#160; In
the event the split constitutes a capital increase effectively exceeding the Agent&#146;s
allowable threshold because the request does not proportionately reduce the
number of shares authorized, vote FOR the split if the Agent otherwise supports
management&#146;s rationale.</font></p>

<p style="margin: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;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Preferred Stock</font></b></p>

<p style="margin: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" 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 proposals to issue or create blank
check preferred stock in cases when the company expressly states that the stock
will not be used as a takeover defense.&#160;
Generally vote AGAINST in cases where the company expressly states that,
or fails to disclose whether, the stock may be used as a takeover defense, but
vote FOR if the Agent or an Investment Professional so recommends because the
issuance is required to effect a merger or acquisition proposal.</font></p>

<p style="margin: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;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 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;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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preemptive Rights</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.&#160; In evaluating proposals on
preemptive rights, consider the size of a company and the characteristics of
its shareholder base.</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-29</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-29',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-07.htm',USER='105348',CD='Apr 11 12:09 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt Restructurings</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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Share Repurchase Programs</font></b></p>

<p style="margin: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" 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 management proposals to cancel
repurchased shares.</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;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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tracking Stock</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" style="font-size:10.0pt;">&nbsp;</font></p>

<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;">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:avoid;"><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;">Except as 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
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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally, vote
in accordance with the Agent&#146;s recommendations FOR equity-based plans with
costs within such cap and AGAINST those with costs in excess of it, except that
plans above the cap may be supported if so recommended by the Agent or Investment
Professional as a condition to a major transaction such as a merger.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally, vote
AGAINST plans if the Agent suggests cost or dilution assessment may not be
possible due to the method of disclosing shares allocated to the plan(s),
except that such concerns arising in connection with evergreen provisions shall
be considered CASE-BY-CASE.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally, vote
FOR plans with costs within the cap if the primary considerations raised by the
Agent pertain to matters that would not result in a negative vote under these
Guidelines on the relevant board or committee member(s), or equity compensation
burn rate or pay for performance as defined by Agent.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally, vote
AGAINST plans administered by potential grant recipients.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generally, vote
AGAINST proposals to eliminate existing shareholder approval requirements for
plan changes assessed as material by the Agent, unless the company has provided
a reasonable rationale and/or adequate disclosure regarding the requested
changes.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consider plans
CASE-BY-CASE if the Agent raises other considerations not otherwise provided
for herein.</p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;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;"><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" style="font-size:10.0pt;">Consider proposals for restricted stock or stock
option plans, or the issuance of shares in connection with such plans, on a
CASE-BY-CASE basis, considering factors such as level of disclosure and
adequacy of vesting or performance requirements.&#160; Plans that do not meet the </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;">&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;">A-30</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-30',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-07.htm',USER='105348',CD='Apr 11 12:09 2008' -->


<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;text-autospace:none;"><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;">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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<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.&#160;
Generally, vote FOR proposals that meet the Agent&#146;s criteria for
acceptable repricing, replacement or exchange transactions, except that
considerations raised by the Agent regarding burn rate or executive
participation shall not be grounds for withholding support.</font></p>

<p style="margin: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;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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Director Compensation</font></b></p>

<p style="margin: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.&#160; 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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee Stock Purchase Plans</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 style="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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OBRA-Related Compensation Proposals</font></b></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on plans intended
to qualify for favorable tax treatment under the provisions of Section&nbsp;162(m)&nbsp;of
OBRA should be evaluated irrespective of the Agent&#146;s assessment of board </font>independence, provided that the board meets
the independence requirements of the relevant listing exchange.</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 .25in;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments that Place a Cap on Annual Grants or
Amend Administrative Features</font></b></p>

<p style="margin: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&nbsp;162(m)&nbsp;of OBRA.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments to Add Performance-Based Goals</font></b></p>

<p style="margin: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&nbsp;162(m)&nbsp;of OBRA.</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-31</font></p>

<div style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-31',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-07.htm',USER='105348',CD='Apr 11 12:09 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments to Increase Shares and Retain Tax
Deductions Under OBRA</font></b></p>

<p style="margin: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&nbsp;162(m)&nbsp;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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approval of Cash or Cash-and-Stock Bonus Plans</font></b></p>

<p style="margin: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&nbsp;162(m)&nbsp;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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shareholder Proposals Regarding Executive and
Director Pay</font></b></p>

<p style="margin: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.&#160; Vote AGAINST shareholder proposals that seek
disclosure of executive or director compensation if providing it would be out
of step with market practice and potentially disruptive to the business.</font></p>

<p style="margin: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;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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Severance and Termination Payments</font></b></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
parachute arrangements submitted for shareholder ratification (with &#147;parachutes&#148;
defined as compensation arrangements related to termination that specify
change-in-control events) and provided 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" 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 AGAINST shareholder proposals to submit
executive severance agreements for shareholder ratification, unless such
proposals specify change-in-control events, Supplemental Executive Retirement
Plans or deferred executive compensation plans, or 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" 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;">Review on a CASE-BY-CASE basis all proposals to
approve, ratify or cancel executive severance or termination arrangements,
including those related to executive recruitment or retention, generally voting
FOR such compensation arrangements if the issuer has provided adequate
rationale and/or disclosure or support is recommended by the Agent or
Investment Professional (<i>e.g.</i>, as a
condition to a major transaction such as a merger).</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;page-break-after:avoid;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" 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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">401(k)&nbsp;Employee Benefit Plans</font></b></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)&nbsp;savings
plan for employees.</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-32</font></p>

<div style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-32',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-07.htm',USER='105348',CD='Apr 11 12:09 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Holding Periods</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Advisory Votes on Executive
Compensation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, management
proposals seeking ratification of the company&#146;s compensation program will be
voted FOR unless the program includes practices or features not supported under
these Guidelines and the proposal receives a negative recommendation from the
Agent.&#160; Unless otherwise provided for
herein, reports not receiving the Agent&#146;s support due to concerns regarding
severance/termination payments, incentive structures or vesting or performance
criteria not otherwise supported by these Guidelines will be considered on a
CASE-BY-CASE basis, generally voted FOR if the company has provided a
reasonable rationale and/or adequate disclosure regarding the matter(s)&nbsp;under
consideration.</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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">State
of Incorporation</font></u></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;">&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" 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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Voting on Reincorporation Proposals</font></b></p>

<p style="margin: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, but if so
assessed, weighing management&#146;s rationale for the change.&#160; Generally, vote FOR management
reincorporation proposals upon which another key proposal, such as a merger
transaction, is contingent if the other key proposal is also supported.&#160; Generally, vote AGAINST shareholder
reincorporation proposals not also supported by the company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><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:avoid;"><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:avoid;"><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)&nbsp;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" 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 a proposal not typically supported
under these Guidelines if a key proposal, such as a merger transaction, is
contingent upon its support and a vote FOR is accordingly recommended by the
Agent or an Investment Professional.</font></p>

<p style="margin: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;page-break-after:avoid;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" style="font-size:10.0pt;">Votes on mergers and acquisitions should be considered
on a CASE-BY-CASE basis.</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-33</font></p>

<div style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-33',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-07.htm',USER='105348',CD='Apr 11 12:09 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Corporate Restructuring</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjournment</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appraisal Rights</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changing Corporate Name</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<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;">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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Election of Directors</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Converting Closed-end Fund to Open-end Fund</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Contests</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Advisory Agreements</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approving New Classes or Series&nbsp;of Shares</font></b></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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Preferred Stock Proposals</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1940 Act Policies</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changing a Fundamental Restriction to a
Nonfundamental Restriction</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change Fundamental Investment Objective to
Nonfundamental</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, consider proposals to change a fund&#146;s
fundamental investment objective to nonfundamental on a CASE-BY-CASE basis.</font></p>

<p align="center" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;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;">A-34</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-34',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-07.htm',USER='105348',CD='Apr 11 12:09 2008' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name Rule&nbsp;Proposals</font></b></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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Disposition of Assets/Termination/Liquidation</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changes to the Charter Document</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changing the Domicile of a Fund</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change in Fund&#146;s Subclassification</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Authorizing the Board to Hire and Terminate
Subadvisors Without Shareholder Approval</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Distribution Agreements</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Master-Feeder Structure</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mergers</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Establish Director Ownership Requirement</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reimburse Shareholder for Expenses Incurred</font></b></p>

<p style="margin: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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Terminate the Investment Advisor</font></b></p>

<p style="margin: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 style="margin:0in 0in .0001pt;text-autospace:none;"><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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Social
and Environmental Issues</font></u></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;">&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.&#160; In general, unless
otherwise specified herein, vote CASE-BY-CASE.&#160;
While a wide variety of factors may go into each analysis, the overall
principle guiding all vote recommendations focuses on how or whether the
proposal will enhance the economic value of the company.&#160; Because a company&#146;s board is likely to have
access to relevant, non-public information regarding a company&#146;s business, such
proposals will generally </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;">&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;">A-35</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-35',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<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;text-autospace:none;"><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;">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" 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;">Absent concurring support
from the issuer, compelling evidence of abuse, significant public controversy
or litigation, the issuer&#146;s significant history of relevant violations; or
activities not in step with market practice or regulatory requirements, or
unless provided for otherwise herein, generally vote AGAINST shareholder
proposals seeking to dictate corporate conduct, apply existing law, duplicate
policies already substantially in place and/or addressed by the issuer, or
release information that would not help a shareholder evaluate an investment in
the corporation as an economic matter.&#160;
Such proposals would generally include those seeking preparation of
reports and/or implementation or additional disclosure of corporate policies
related to issues such as consumer and public safety, environment and energy,
labor standards and human rights, military business and political concerns,
workplace diversity and non-discrimination, sustainability, social issues, vendor
activities, economic risk or matters of science and engineering.</font></p>

<p style="margin: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 .5in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></b><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; </font><u><font size="2" style="font-size:10.0pt;">Global Proxies</font></u></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;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.&#160; The following provide for differing
regulatory and legal requirements, market practices and political and economic
systems existing in various global markets.</font></p>

<p style="margin: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, it shall generally be the policy of the Funds to vote AGAINST
global proxy proposals in cases in which the Agent recommends voting AGAINST
such proposal because relevant disclosure by the issuer, or the time provided
for consideration of such disclosure, is inadequate.&#160; For purposes of these global Guidelines, &#147;AGAINST&#148;
shall mean withholding of support for a proposal, resulting in submission of a
vote of AGAINST or ABSTAIN, as appropriate for the given market and level of
concern raised by the Agent regarding the issue or lack of disclosure or time
provided.</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 connection with
practices described herein that are associated with a firm AGAINST vote, it
shall generally be the policy of the Funds to consider them on a CASE-BY-CASE
basis if the Agent recommends their support (1)&nbsp;as the issuer or market
transitions to better practices (<i>e.g.</i>,
having committed to new regulations or governance codes) or (2)&nbsp;as the
more favorable choice in cases in which shareholders must choose between
alternate proposals.</font></p>

<p style="margin: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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Routine Management Proposals</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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the presence of quorum</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the appointment of shareholders to co-sign the minutes
of the meeting</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;">&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;">A-36</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-36',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the designation of inspector or shareholder
representative(s)&nbsp;of minutes of meeting</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the allowance of questions</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the publication of minutes</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise provided for herein, the Agent&#146;s
standards with respect to determining director independence shall apply.&#160; These standards generally provide that, to be
considered completely independent, a director shall have no material connection
to the company other than the board seat.</font></p>

<p style="margin: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;page-break-after:avoid;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement with the Agent&#146;s independence standards
shall not dictate that a Fund&#146;s vote shall be cast according to the Agent&#146;s
corresponding recommendation.&#160; Further,
unless otherwise provided for herein, the application of Guidelines in
connection with such standards shall apply only in cases in which the nominee&#146;s
level of independence can be ascertained based on available disclosure.&#160; These policies generally apply to director
nominees in uncontested elections; votes in contested elections, and votes on
director nominees not subject to policies described herein, should be made on a
CASE-BY-CASE basis, with primary
consideration in contested elections given to input from the Investment Professional(s)&nbsp;for a given Fund.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;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;">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 nominees to the audit committee, or, if the slate
of nominees is bundled, vote AGAINST the slate.&#160;
If the slate is bundled and audit committee membership is unclear or
proposed as a separate agenda item, vote FOR if the Agent otherwise recommends
support.&#160; For Canadian issuers, the Funds&#146;
U.S. Guidelines with respect to audit committees shall apply.</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
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 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;">A-37</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-37',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<br clear="all" style="page-break-before:always;">


<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;">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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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)&nbsp;to elect board
members shall be considered on a CASE-BY-CASE basis.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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 tax haven markets, generally withhold support (AGAINST or ABSTAIN,
as appropriate) from bundled slates of nominees if the board is non-majority
independent.&#160; For issuers in Canada and
other global markets, generally follow the Agent&#146;s standards for withholding
support from bundled slates or non-independent directors (typically excluding
the CEO), as applicable, if the board does not meet the Agent&#146;s independence
standards 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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">bundled
slates of nominees (<i>e.g.</i>, France,
Hong Kong or Spain);</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">simultaneous
reappointment of retiring directors (<i>e.g.</i>, South
Africa);</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">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 </font><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">on a CASE-BY-CASE basis); or</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Symbol" style="color:windowtext;font-size:10.0pt;">&#183;</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">nominees
whose names are not disclosed in advance of the meeting (<i>e.g.</i>,
Austria, Philippines, Hong Kong or South Africa) or far enough in advance
relative to voting deadlines (<i>e.g.</i>, Italy) to
make an informed voting decision.</font></p>

<p style="color:black;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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 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 recommendations that
the position of chairman should be
separate from that of CEO or otherwise required to be independent,
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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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" 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;">A-38</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-38',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<br clear="all" style="page-break-before:always;">


<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;">Consider nominees for
whom the Agent has raised concerns regarding scandals or internal controls on a
CASE-BY-CASE basis, generally withholding 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="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the 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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the 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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">For markets such as the tax havens,
Australia, Canada, Hong Kong, Japan, Malaysia, Singapore and South Africa (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.&#160; The same policy
shall be applied regarding attendance by statutory auditors of Japanese
companies.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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 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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Board
Structure</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Generally, vote FOR proposals
to fix board size, but also support proposals seeking a board range if the
range is reasonable in the context of market practice and anti-takeover
considerations.&#160; Proposed article
amendments in this regard shall be considered on a CASE-BY-CASE basis, with
voting decisions generally based on the Agent&#146;s approach to evaluating such
proposals.</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;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="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

<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;">Independent Statutory Auditors</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.&#160;
Where shareholders are forced to vote on multiple nominees in a single
resolution, vote AGAINST all nominees.&#160;
In cases in which multiple slates of statutory auditors are presented, generally
vote with the Agent&#146;s recommendation, typically to support nominees deemed to
be more independent and/or aligned with interests of minority shareholders.</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;">A-39</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-39',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<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 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 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;page-break-after:avoid;"><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" 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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Statutory Auditor Remuneration</font></b></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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.&#160; Generally, vote FOR proposals to approve the
remuneration of directors and auditors as long as the amount is not excessive (<i>e.g.</i>, significant increases should be supported by adequate
rationale and disclosure) and there is no evidence of abuse.&#160; For </font></b><font size="2" style="font-size:10.0pt;font-weight:normal;">Toronto Stock Exchange (TSX) </font><font size="2" style="font-size:10.0pt;font-weight:normal;">issuers, the Agent&#146;s limits with respect to equity awards to non-employee
directors shall apply.</font></h2>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bonus Payments</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 retirement bonus proposals if all payments are
for directors and auditors who have served as executives of the company.&#160; Generally vote AGAINST such proposals if one
or more payments are for non-executive, affiliated directors or statutory
auditors when one or more of the individuals to whom the grants are being
proposed (1)&nbsp;has not served in an executive capacity for the company for
at least three years or (2)&nbsp;has been designated by the company as an
independent statutory auditor, regardless of the length of time he/she has
served.&#160; In all markets, if issues have
been raised regarding a scandal or internal controls, generally vote AGAINST
bonus proposals for retiring directors or continuing directors or auditors when culpability can be attributed to the
nominee (<i>e.g.</i>, if a Fund is also voting </font><font size="2" style="font-size:10.0pt;">AGAINST the
nominee under criteria herein regarding issues of scandal or internal
controls), unless bundled with bonuses for a majority of </font><font size="2" style="font-size:10.0pt;">directors or auditors </font><font size="2" style="font-size:10.0pt;">a Fund is
voting FOR.</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>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation Plans</font></b></p>

<p style="margin: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" 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;">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" style="font-size:10.0pt;">For TSX 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 </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;">&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;">A-40</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-40',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<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;text-autospace:none;"><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;">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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;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>

<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 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;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 (<i>e.g.</i>, article amendments) that:</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 .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">exceed Agent&#146;s recommended dilution limits, including cases in which
the Agent suggests dilution cannot be fully assessed (<i>e.g.</i>,
due to inadequate disclosure);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">provide deep or near-term discounts to executives or directors, unless </font><font size="2" style="font-size:10.0pt;">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) or broad-based employee
participation otherwise meeting Agent&#146;s standards (<i>e.g.</i>,
France);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">are administered with discretion by potential grant recipients;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">provide for retirement benefits or equity incentive awards to outside
directors if not in line with market practice (<i>e.g.</i>,
Australia, Belgium, The Netherlands);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">permit financial assistance in the form
of non-recourse (or essentially non-recourse) loans in connection with
executive&#146;s participation;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">for matching share plans, do not meet the
Agent&#146;s standards, considering holding period, discounts, dilution,
participation, purchase price and performance criteria;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">provide for 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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">provide no disclosure regarding vesting
or performance criteria (provided that proposals providing disclosure in one or
both areas, without regard to Agent&#146;s criteria for such disclosure, shall be
supported provided they otherwise satisfy these Guidelines);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">permit post-employment vesting if deemed inappropriate by the Agent;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">allow plan administrators to make
material amendments without shareholder approval unless adequate prior
disclosure has been provided, with such voting decisions generally based on the
Agent&#146;s approach to evaluating such plans; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">provide for retesting in connection with
achievement of performance hurdles unless the Agent&#146;s analysis indicates that (1)&nbsp;performance
targets are adequately increased in proportion to the additional time
available, (2)&nbsp;the retesting is <i>de
minimis</i> as a percentage of overall compensation or is acceptable
relative to market practice, or (3)&nbsp;the issuer has committed to cease
retesting within a reasonable period of time.</font></p>

<p style="margin: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)&nbsp;do not suffer from
the defects noted above, or (2)&nbsp;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, recruitment awards,
retention incentives, non-compete payments or vesting upon change in control
(other than addressed above), if the company has provided adequate disclosure
and/or a reasonable rationale regarding the relevant plan/award, practice or
participation.&#160; Unless otherwise provided
for herein, market practice of the primary country in which a company does </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;">&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;">A-41</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-41',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<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;text-autospace:none;"><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;">business, or in which an
employee is serving, as applicable, shall supersede that of the issuer&#146;s
domicile.</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;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</font><font size="2" style="font-size:10.0pt;">-CASE basis.</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;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Remuneration Reports</font></b></p>

<p style="margin: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" 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;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">practices or features not supported under
these Guidelines, including financial assistance under the conditions described
above;</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;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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></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;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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" 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;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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" 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;">Reports receiving the
Agent&#146;s support and not triggering the concerns cited above will generally be
voted FOR.&#160; Unless otherwise provided for
herein, reports not receiving the Agent&#146;s support due to concerns regarding
severance/termination payments, &#147;leaver&#148; status, incentive structures and
vesting or performance criteria not otherwise supported by these Guidelines
shall be considered on a CASE-BY-CASE basis, generally voted FOR if the company
has provided a reasonable rationale and/or adequate disclosure regarding the matter(s)&nbsp;under
consideration.&#160; Reports with typically
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;text-autospace:none;"><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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Proposals Regarding Executive and
Director Pay</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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Share Issuances</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 determine support for general issuance requests (with or without preemptive
rights), or related requests to repurchase and reissue shares, based on their
amount relative to currently issued capital as well as market-specific
considerations (<i>e.g.</i>, priority right protections
in France, reasonable levels of dilution and discount in Hong Kong).&#160; Requests to reissue repurchased shares will
not be supported unless a 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" 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;">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" 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 AGAINST
proposals to issue shares (with or without preemptive rights), convertible
bonds or warrants, to grant rights to acquire shares, or to amend the corporate
charter </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;">&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;">A-42</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-42',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">relative to such
issuances or grants in cases in which concerns have been identified by the
Agent with respect to inadequate disclosure, inadequate restrictions on
discounts, failure to meet the Agent&#146;s standards for general issuance requests,
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" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Increases in Authorized Capital</font></b></p>

<p style="margin: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="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote FOR nonspecific
proposals, including bundled proposals, to increase authorized capital up to
100 percent over the current authorization unless the increase would leave the
company with less than 30 percent of its new authorization outstanding.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote FOR specific proposals to increase
authorized capital, unless:</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the specific purpose of the increase
(such as a share-based acquisition or merger) does not meet these Guidelines
for the purpose being proposed; or</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">the increase would leave the company with
less than 30 percent of its new authorization outstanding after adjusting for
all proposed issuances.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote AGAINST proposals to adopt unlimited
capital authorizations.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Agent&#146;s market-specific exceptions to
the above parameters (<i>e.g.</i>, The
Netherlands, due to hybrid market controls) shall be applied.</font></p>

<p style="margin: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:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred Stock</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="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote FOR the creation of a new class of
preferred stock or issuances of preferred stock up to 50 percent of issued
capital unless the terms of the preferred stock would adversely affect the
rights of existing shareholders.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote FOR the creation/issuance of
convertible preferred stock as long as the maximum number of common shares that
could be issued upon conversion meets the Agent&#146;s guidelines on equity issuance
requests.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vote AGAINST the creation of (1)&nbsp;a
new class of preference shares that would carry superior voting rights to the
common shares or (2)&nbsp;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;page-break-after:avoid;"><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" style="font-size:10.0pt;">Generally, vote AGAINST management proposals in connection with poison
pills or anti-takeover activities (<i>e.g.</i>,
disclosure requirements or issuances, transfers or repurchases) that do not
meet the Agent&#146;s standards.&#160; Generally
vote in accordance with Agent&#146;s recommendation to withhold support from a
nominee in connection with poison pill or anti-takeover considerations when
culpability for the actions can be specifically attributed to the nominee.&#160; Generally DO NOT VOTE AGAINST director
remuneration in connection with poison pill considerations raised by the Agent.</font></p>

<p style="margin: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:avoid;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>

<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 </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;">A-43</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-43',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<br clear="all" style="page-break-before:always;">


<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;">of related party
transactions, would include concerns raised by the Agent regarding consulting
agreements with non-executive directors.&#160;
Unless otherwise provided for herein, reports not receiving the Agent&#146;s
support due to concerns regarding severance/termination payments not otherwise
supported by these Guidelines shall be considered on a CASE-BY-CASE basis,
factoring in the merits of the rationale and disclosure provided.&#160; Generally, vote AGAINST board-issued reports
receiving a negative recommendation from the Agent due to concerns regarding
independence of the board or the presence of non-independent directors on the
audit committee.&#160; However, generally do
not withhold support from such proposals in connection with remuneration
practices otherwise supported under these Guidelines or as a means of
expressing disapproval of broader practices of the issuer or its board.</font></p>

<p style="margin: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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remuneration of Auditors</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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification of Auditors</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 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;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ratification of Auditors and Approval of Auditors&#146; Fees</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For Canadian issuers, the
Funds&#146; U.S. Guidelines with respect to auditors and auditor fees shall
apply.&#160; For other markets, generally, follow the Agent&#146;s standards for
proposals seeking auditor ratification or approval of auditors&#146; fees, which
indicate a vote FOR such proposals for companies in the MSCI EAFE index,
provided the level of audit fee disclosure meets the Agent&#146;s standards.&#160; In other cases, generally vote FOR such
proposals unless there are material concerns raised by the Agent about the
auditor&#146;s practices or independence.</font></p>

<p style="margin: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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allocation of Income and Dividends</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, including adjustments to reserves to make capital available for such
purposes.&#160; In the event management offers
multiple dividend proposals on the same agenda, primary consideration shall be
given to input from the relevant Investment Professional(s).</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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock (Scrip) Dividend Alternatives</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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt Instruments</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" 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;">Debt Issuance Requests</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;">When evaluating a debt
issuance request, the issuing company&#146;s present financial situation is
examined.&#160; The main factor for analysis
is the company&#146;s current debt-to-equity ratio, or gearing </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;">A-44</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-44',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">level.&#160; A high gearing level may incline markets and
financial analysts to downgrade the company&#146;s bond rating, increasing its
investment risk factor in the process.&#160; A
gearing level up to 100 percent is considered acceptable.</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, vote FOR debt
issuances for companies when the gearing level is between zero and 100
percent.&#160; Review on a CASE-BY-CASE basis
proposals where the issuance of debt will result in the gearing level being greater
than 100 percent, or for which inadequate disclosure precludes calculation of
the gearing level, comparing any such proposed debt issuance to industry and
market standards, and with voting decisions generally based on the Agent&#146;s
approach to evaluating such requests.</font></p>

<p style="margin: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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financing Plans</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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Related Party Transactions</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.&#160; Generally, vote FOR
approval of such transactions unless the agreement requests a strategic move
outside the company&#146;s charter or contains unfavorable or high-risk terms (<i>e.g.</i>, deposits without security interest or guaranty).</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;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approval
of Donations</font></b></p>

<p style="margin: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; if so, single- or multi-year authorities may be supported.</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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalization of Reserves</font></b></h2>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, vote
FOR proposals to capitalize the company&#146;s reserves for bonus issues of shares
or to increase the par value of shares.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment of Company Reserves</font></b></h2>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;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, with primary consideration given
to input from the Investment
Professional(s)&nbsp;for a given Fund.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;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:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;Amendments</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" 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, vote FOR an
article amendment if:</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-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">it is editorial in nature;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">shareholder rights are protected;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 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;">&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;">A-45</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-45',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->


<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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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" 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, vote AGAINST
an article amendment if:</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-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;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;">With respect to article
amendments for Japanese companies:</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-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Generally vote FOR management proposals to amend a
company&#146;s articles to expand its business lines.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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 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;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Business</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 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;">A-46</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-46',FILE='C:\JMS\kgiri\08-8256-2\task2856156\8256-2-be-09.htm',USER='105348',CD='Apr 11 12:10 2008' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="font-weight:bold;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 style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;C</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;">OTHER INFORMATION</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 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;">&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;">(5,000,000 Common Shares)</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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 24.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial
Statements and Exhibits</b></p>

<p style="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;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">1</font>.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial Statements</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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contained in Part&nbsp;A:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
Highlights for the years ended February&nbsp;29, 2008, February&nbsp;28, 2007, 2006
and 2005, February&nbsp;29, 2004, February&nbsp;28, 2003, 2002 and 2001; February&nbsp;29,
2000; February&nbsp;28, 1999 and 1998.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
Statements are incorporated in Part&nbsp;B by reference to Registrant&#146;s February&nbsp;29,
2008 annual shareholder report (audited).</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><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;"><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>Exhibits</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><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 1.0in;"><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>1.<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Agreement
and Declaration of Trust, dated December&nbsp;2, 1987.(1)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 2.3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>Amendment to the Agreement
and Declaration of Trust dated March&nbsp;26, 1996 and effective April&nbsp;12,
1996.(1)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-171.0pt;"><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 2.3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>Amendment to the Agreement and
Declaration of Trust dated October&nbsp;23, 1998 and effective November&nbsp;16,
1998.(7)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 2.3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Amendment to the Agreement and
Declaration of Trust dated October&nbsp;20, 2000 and effective October&nbsp;20,
2000.(9)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-171.0pt;"><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 2.3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Amendment to the Agreement and
Declaration of Trust dated February&nbsp;20, 2002 and effective March&nbsp;1,
2002.(10)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 1.0in;"><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>1.<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;   </font>By-Laws
adopted at a meeting of the Board of Trustees on December&nbsp;2, 1987.(15)</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.5in;"><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 2.3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>Amendment
dated June&nbsp;18, 1997 to By-Laws, amends paragraph 3.5 and 3.6 of Article&nbsp;3.(2)</p>

<p style="margin:0in 0in .0001pt 168.0pt;text-indent:-168.0pt;"><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 2.3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>Amendment adopted on August&nbsp;2,
1999, to By-Laws, amends Section&nbsp;11.5 of Article&nbsp;11.(8)</p>

<p style="margin:0in 0in .0001pt 174.0pt;text-indent:-174.0pt;"><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 2.3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Amendment adopted on July&nbsp;26,
2000 to By-Laws, amends Section&nbsp;11.1 and 11.3 of Article&nbsp;11.(9)</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->


<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 style="font-size:10.0pt;margin:0in 0in .0001pt 2.3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>Amendment adopted on November&nbsp;10,
2005 to the By-Laws, amends Section&nbsp;11.5 of Article&nbsp;11.(15)</p>

<p style="margin:0in 0in .0001pt 2.5in;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 1.0in;"><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>Not Applicable</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.5in;"><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 1.0in;"><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>1.<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;of Certificate of Designation
for Preferred Shares.(9)</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.5in;"><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 1.5in;"><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>Form&nbsp;of Share
Certificate.(9)</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.5in;"><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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholder Investment
Program. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 1.0in;"><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>Not Applicable</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.5in;"><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 2.0in;text-indent:-1.0in;"><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; </font>1.<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investment
Management Agreement between ING Investment<font size="1" style="font-size:8.5pt;">&#160; </font>Management,
LLC and ING Prime Rate Trust, dated September&nbsp;1, 2000.(9)</p>

<p style="margin:0in 0in .0001pt 1.5in;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 171.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended
Schedule of Approvals with respect to the Investment Management Agreement
between ING Investments, LLC and ING Prime Rate Trust. (12)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 171.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>First
Amendment dated September&nbsp;2, 2004 to the Investment Management Agreement
between ING Investment Management, LLC and ING Prime Rate Trust. (13)</p>

<p style="margin:0in 0in .0001pt 2.25in;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 2.0in;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>Sub-Advisory
Agreement between ING Investments, LLC and Aeltus Investment Management, Inc,
dated August&nbsp;19, 2003.(11)</p>

<p style="margin:0in 0in .0001pt 2.0in;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 171.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>First
Amendment to Sub-Advisory Agreement, effective as of September&nbsp;1, 2003,
between ING Investments, LLC and Aeltus Investment Management,&nbsp;Inc. with
regards to ING Prime Rate Trust. (12)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 2.0in;text-indent:-1.0in;"><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; </font>1.<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended and Restated
Distribution Agreement, dated June&nbsp;15, 2004, between ING Prime Rate Trust
and ING Funds Distributor, LLC (5 Million).(15)</p>

<p style="margin:0in 0in .0001pt 1.0in;"><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 2.0in;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>Underwriting
Agreement for the Preferred Shares, dated November&nbsp;13, 2000. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-31.5pt;"><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 2.0in;text-indent:-31.5pt;"><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; </font>(i)<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Underwriting
Agreement for the Preferred Shares, dated October&nbsp;30, 2000. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-31.5pt;"><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 2.0in;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>ING
Prime Rate Trust Shareholder Reinvestment Program dated April&nbsp;2006.(15)</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->


<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 style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not Applicable</p>

<p style="margin:0in 0in .0001pt 1.0in;"><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 2.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>1.<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Custodian and
Investment Accounting Agreement between Registrant and State Street Bank and
Trust Company, effective November&nbsp;1, 2001. (12)</p>

<p style="margin:0in 0in .0001pt 1.5in;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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>First
Amendment to the Custodian and Investment Accounting Agreement dated March&nbsp;1,
2002. (12)</p>

<p style="margin:0in 0in .0001pt 171.35pt;text-indent:-27.35pt;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended
and Restated Exhibit&nbsp;A effective November&nbsp;22, 2002 with respect to
the Custodian and Investment Accounting Agreement. (12)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 2.0in;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>Fee
Allocation Agreement (FT Interactive), dated August&nbsp;21, 2003. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended
Schedule A dated May&nbsp;2007 to the FT Fee Allocation Agreement.(15)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 2.0in;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>Amended
and Restated Proxy Agent Fee Allocation Agreement, dated January&nbsp;1, 2007
amends and restates the Proxy Agent Allocation Agreement dated August&nbsp;21,
2003.(15)</p>

<p style="margin:0in 0in .0001pt 2.0in;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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended
Schedule A dated May&nbsp;2007 to the Amended and Restated ISS Proxy Agent Fee
Allocation Agreement.(15)</p>

<p style="margin:0in 0in .0001pt 2.5in;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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Schedule
B as of June&nbsp;30, 2003 to Amended and Restated ISS Proxy Agent Fee
Allocation Agreement.(15)</p>

<p style="margin:0in 0in .0001pt 2.5in;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 1.5in;"><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;&#160; </font>Allocation Agreement
Fidelity Bond, made May&nbsp;24, 2002. (12)</p>

<p style="margin:0in 0in .0001pt 1.5in;"><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 171.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended
Schedule A dated May&nbsp;2007 with respect to the Allocation Agreement
(Blanket Bond).(15)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 2.0in;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>Allocation
Agreement Directors&nbsp;&amp; Officers Liability, made May&nbsp;24, 2002.(12)</p>

<p style="margin:0in 0in .0001pt 2.0in;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 171.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended
Schedule A dated May&nbsp;2007 with respect to the Allocation Agreement &#150; Directors&nbsp;&amp;
Officers Liability.(15)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Agency
Agreement, made November&nbsp;30, 2000 by and between Registrant and DST
Systems,&nbsp;Inc. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended
and Restated Exhibit&nbsp;A dated&#160; May&nbsp;11,
2007 with respect to the Agency Agreement between The Registrant and DST
Systems,&nbsp;Inc.(15)</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->


<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 style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>1.<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amended and Restated
Administration Agreement, amended and restated on April&nbsp;27, 2000. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment, dated November&nbsp;2,
2001 to the Amended and Restated Administration Agreement.(10)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-171.0pt;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Schedule of Approvals dated
August&nbsp;2003 with respect to the Amended and Restated Administration
Agreement between ING Prime Rate Trust and ING Funds Services, LLC (formerly
Pilgrim Group,&nbsp;Inc.).(15)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-171.0pt;"><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 2.0in;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>Revolving
Credit and Security Agreement between ING Prime Rate Trust and Citibank, dated
as of July&nbsp;16, 2003. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
No.&nbsp;1 to the Revolving Credit and Security Agreement, dated February&nbsp;3,
2004. (12)</p>

<p style="margin:0in 0in .0001pt 2.25in;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendment
No.&nbsp;2 dated July&nbsp;13, 2004 to the Revolving Credit and Security
Agreement. (13)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Amendment No.&nbsp;3 dated October&nbsp;15, 2004
to the Revolving Credit and Security Agreement. (13)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 1.5in;"><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>Second Amended and
Restated Credit Agreement with Bank of America. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 1.5in;"><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;&#160; </font>Auction Agency
Agreement, dated as of November&nbsp;16, 2000. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Auction
Agency Agreement, dated as of November&nbsp;2, 2000. (12)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-171.0pt;"><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 1.5in;"><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>Broker-Dealer
Agreement, dated as of November&nbsp;16, 2000 (UBS).&#160; (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November&nbsp;16, 2000 (Salomon Smith Barney). (12)</p>

<p style="margin:0in 0in .0001pt 171.35pt;text-indent:-27.35pt;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November&nbsp;16, 2000 (Lehman Brothers). (12)</p>

<p style="margin:0in 0in .0001pt 171.35pt;text-indent:-27.35pt;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November&nbsp;16, 2000 (Gruntal&nbsp;&amp; Co.). (12)</p>

<p style="margin:0in 0in .0001pt 171.35pt;text-indent:-27.35pt;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November&nbsp;2, 2000 (PaineWebber). (12)</p>

<p style="margin:0in 0in .0001pt 171.35pt;text-indent:-27.35pt;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November&nbsp;2, 2000 (Gruntal&nbsp;&amp; Co.). (12)</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->


<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 style="font-size:10.0pt;margin:0in 0in .0001pt 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of November&nbsp;2, 2000 (Salomon Smith Barney). (12)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 171.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>Broker-Dealer Agreement,
dated as of October&nbsp;31, 2000 (Lehman Brothers). (12)</p>

<p style="margin:0in 0in .0001pt 171.0pt;text-indent:-27.0pt;"><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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>DTC Letter of
Representations as to Preferred Shares, dated November&nbsp;15, 2000. (12)</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><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 171.35pt;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>DTC Letter of
Representation as to Preferred Shares, dated November&nbsp;1, 2000. (12)</p>

<p style="margin:0in 0in .0001pt 2.25in;"><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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Opinion of Dechert
Price&nbsp;&amp; Rhoads.(7)</p>

<p style="margin:0in 0in .0001pt 1.0in;"><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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not Applicable</p>

<p style="margin:0in 0in .0001pt 1.0in;"><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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>1.&#160; Consent of Dechert LLP &#150; to be filed by
subsequent Post-Effective Amendment.</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. &#160;Consent of
KPMG LLP &#150; to be filed by subsequent Post-Effective Amendment.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not Applicable</p>

<p style="margin:0in 0in .0001pt 1.0in;"><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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Certificate of Initial
Capital.(4)</p>

<p style="margin:0in 0in .0001pt 1.0in;"><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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not Applicable</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-1.0in;"><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 120.15pt;text-indent:-49.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>1.&nbsp;&nbsp;ING
Funds Code of Ethics, effective June&nbsp;1, 2004 as amended on October&nbsp;1,
2004, February&nbsp;1, 2005 and January&nbsp;3, 2006.(14)</p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.0in;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&nbsp;&nbsp;ING Investment Management (US) Code of
Ethics, dated August&nbsp;2006.(15)</font></p>

<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;"><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>Incorporated
herein by reference to Amendment No.&nbsp;20 to Registrant&#146;s Registration Statement
under the Investment Company Act of 1940 (the &#147;1940 Act&#148;) on Form&nbsp;N-2 (File
No.&nbsp;811-5410), filed on September&nbsp;16, 1996.</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;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;24 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No. 811-5410), filed on November&nbsp;7,
1997.</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;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;22 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No. 811-5410), filed on June&nbsp;23,
1997.</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->


<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 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;">(4)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Pre-Effective Amendment No.&nbsp;1 to Registrant&#146;s
initial registration statement on form&nbsp;N-2 (File No.&nbsp;33-18886), filed
on January&nbsp;22, 1988.</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;">(5)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;27 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2&nbsp;(File No.&nbsp;811-5410), filed
on May&nbsp;15, 1998.</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;">(6)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;28 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on August&nbsp;19, 1998.</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;">(7)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;29 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on December&nbsp;2, 1998.</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;">(8)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;33 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on May&nbsp;9, 2000.</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;">(9)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;38 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on October&nbsp;23, 2000.</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;">(10)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;45 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on April&nbsp;30, 2002.</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;">(11)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;53 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on June&nbsp;26, 2003.</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;">(12)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;58 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on June&nbsp;28, 2004.</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;">(13)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;61 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on June&nbsp;30, 2005.</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;">(14)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;66 to Registrant&#146;s registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No. 811-5410), filed on June&nbsp;30,
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;">(15)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
herein by reference to Amendment No.&nbsp;70 to Registrant&#146;s Registration
Statement under the 1940 Act on Form&nbsp;N-2 (File No.&nbsp;811-5410), filed
on June&nbsp;29, 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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 25.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Marketing Agreements</b></p>

<p style="margin: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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->


<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 style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 26.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Other Expenses of
Issuance and Distribution</b></p>

<p style="margin: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 following
table sets forth expenses incurred or estimated to be incurred in connection
with the offering described in the Registration Statement.</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="88%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:88.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration
  Fees</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee
  Fees</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:88.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rating
  Agency Fees</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Printing
  Expenses</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.58%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:88.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal
  Fees</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:7.58%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting
  Fees and Expenses</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.58%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:88.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous
  Expenses</font></p>
  </td>
  <td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:8.88%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
 </tr>
 <tr>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.88%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.58%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;&nbsp;&nbsp;]</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="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 27.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Persons
Controlled by or Under Common Control</b></p>

<p style="margin: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;">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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 28.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Number of Holders
of Securities</b></p>

<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="71%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:71.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(1)&nbsp;Title&nbsp;of&nbsp;Class</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.08%;">
  <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="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.12%;">
  <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;">(2)&nbsp;Number&nbsp;of&nbsp;Record&nbsp;Holders<br>
  as&nbsp;of&nbsp;June&nbsp;15,&nbsp;2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.88%;">
  <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>
 </tr>
 <tr>
  <td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:71.92%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Auction Rate Cumulative Preferred Shares of
  beneficial interest, par value $0.01 per share:</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;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>
 </tr>
 <tr>
  <td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.92%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series&nbsp;M</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[3,600]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;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>
 </tr>
 <tr>
  <td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.92%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series&nbsp;T</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[3,600]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;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>
 </tr>
 <tr>
  <td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.92%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series&nbsp;W</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[3,600]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;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>
 </tr>
 <tr>
  <td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.92%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series&nbsp;Th</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[3,600]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;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>
 </tr>
 <tr>
  <td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.92%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series&nbsp;F</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[3,600]</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;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>
 </tr>
 <tr>
  <td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.92%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares of beneficial interest, par value
  $0.01 per share</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[145,033,235]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;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>
 </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="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 29.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indemnification</b></p>

<p style="margin: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;">Registrant&#146;s
Agreement and Declaration of Trust generally provides that the Trust shall
indemnify each of its Trustees and officers (including persons who serve at the
Trust&#146;s request as directors, officers or trustees of another organization in
which the Trust has any interest as a shareholder, creditor or otherwise) (&#147;Covered
Persons&#148;) against all liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and counsel
fees reasonably incurred in connection with the defense or disposition of any
action, suit </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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<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;">or other proceeding,
whether civil or criminal, by reason of being or having been such a Covered
Person except with respect to any matter as to which such Covered Person shall
have been finally adjudicated (a)&nbsp;not to have acted in good faith in the
reasonable belief that such Covered Person&#146;s action was in the best interest of
the Trust or (b)&nbsp;to be liable to the Trust or its shareholders by reason
of willful misfeasance, bad faith, gross negligence or reckless disregard of
duties involved in the conduct of such Covered Person&#146;s office.</font></p>

<p style="margin: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;">Insofar as
indemnification for liabilities arising under the Securities Act may be
permitted to Trustees, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission, such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable.&#160; In the event that a claim
for indemnification against such liabilities (other than the payment of the
Registrant of expenses incurred or paid by a Trustee, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such Trustee, officer or controlling person in
connection with the securities being registered, the Registrant will submit,
unless in the opinion of its counsel the matter has been settled by controlling
precedent, to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</font></p>

<p style="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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 30.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Business and
Other Connections of Investment Adviser</b></p>

<p style="margin: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;">Information as to the
Trustees and officers of the Adviser, together with information as to any other
business, profession, vocation or employment of a substantial nature engaged in
by the directors and officers of the Adviser in the last two years, is included
in its application for registration as an investment adviser on Form&nbsp;ADV
(File No.&nbsp;801-48282) filed under the Investment Advisers Act of 1940, as
amended (&#147;Advisers Act&#148;), and is incorporated herein by reference thereto.</font></p>

<p style="margin: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;">Information as to the
directors and officers of the sub-adviser, together with information as to any
other business, profession, vocation or employment of a substantial nature
engaged in by the directors and officers of the sub-adviser in the last two
years, is included in its application for registration as an investment adviser
on Form&nbsp;ADV for ING Investment Management Co. (File No.&nbsp;801-9046) filed
under the Investment Adviser Act of 1940, as amended, and is incorporated by
reference thereto.</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="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 31.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Location of
Accounts and Records</b></p>

<p style="margin: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 amounts and
records of the Registrant will be maintained at its office at 7337 E.
Doubletree Ranch Road, Scottsdale, Arizona 85258, at the office of its
sub-adviser, ING Investment Management Co., 230 Park Avenue, New York, NY 10169
and at the office of its custodian, State Street Bank&nbsp;&amp; Trust - Kansas
City, 801 Pennsylvania, Kansas City, Missouri 64105.</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->


<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 style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 32.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Management
Services</b></p>

<p style="margin: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;">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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 33.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Undertakings</b></p>

<p style="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;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>The Registrant
undertakes to suspend the Offer until the prospectus is amended if (1)&nbsp;subsequent
to the effective date of this registration statement, the net asset value
declines more than ten percent from its net asset value as of the effective
date of this registration statement or (2)&nbsp;the net asset value increases
to an amount greater than the net proceeds as stated in the prospectus included
in this registration statement.</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;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>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="font-size:10.0pt;margin:0in 0in .0001pt;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>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="font-size:10.0pt;margin:0in 0in .0001pt;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;&#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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</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" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Registrant undertakes that for the purpose of determining any liability under
the 1933 Act, the information omitted from the form of prospectus filed as part
of this Registration Statement in reliance upon Rule&nbsp;430A and contained in
a form of prospectus filed by the Registrant under Rule 497(h)&nbsp;under the
1933 Act [17 CFR 230.497(h)] shall be deemed to be part of this Registration
Statement as of the time it was declared effective; and</p>

<p style="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 1.5in;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>that
for the purpose of determining any liability under the 1933 Act, each post-effective
amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of the securities at that time shall be deemed to be the initial bona
fide offering thereof.</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registrant
undertakes to send by first class mail or other means designed to ensure
equally prompt delivery, within two business days of receipt of a written or
oral request, any Statement of Additional Information.</p>

<p 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>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bi.htm',USER='C900113',CD='Apr 29 23:34 2008' -->



<br clear="all" style="page-break-before:always;">
<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 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;">SIGNATURES</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), and
the Investment Company Act of 1940, as amended, the Registrant has duly caused
this Registration Statement to be signed on its behalf by the undersigned,
thereto duly authorized, in the City of Scottsdale in the State of Arizona this
29<sup>th</sup> day of April, 2008.</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>

<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:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
  <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%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ING
  PRIME RATE TRUST</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
  <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="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
  <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="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Huey P.
  Falgout,&nbsp;Jr.</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
  <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%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Huey P.
  Falgout,&nbsp;Jr.</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.0%;">
  <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%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</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;">Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities and on the date
indicated:</font></p>

<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="260" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature</font></b></p>
  </td>
  <td width="20" valign="bottom" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <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="241" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:181.05pt;">
  <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</font></b></p>
  </td>
  <td width="24" valign="bottom" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <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="175" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:131.5pt;">
  <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;">Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="border:none;padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="border:none;padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <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:14.7pt;">
  <p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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:14.7pt;">
  <p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee </font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29, 2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colleen D.
  Baldwin*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <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:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interested Trustee and<br>
  President and Chief<br>
  Executive Officer</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shaun P.
  Mathews*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <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:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President,<br>
  Chief/Principal Financial<br>
  Officer</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd Modic*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W.
  Chadwick*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </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>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bk.htm',USER='C900113',CD='Apr 29 23:35 2008' -->


<br clear="all" style="page-break-before:always;">


<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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael
  Earley*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter S. Drotch*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W.
  Kenny*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K.
  Pressler*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;text-transform:uppercase;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interested Trustee</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert W.
  Crispin*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:194.8pt;">
  <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:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;29,
  2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:194.8pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B.
  Vincent*</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="260" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:194.8pt;">
  <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>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* By:</font></p>
  </td>
  <td width="188" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:140.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Huey P. Falgout,&nbsp;Jr.</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <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="188" valign="top" style="border:none;padding:0in 0in 0in 0in;width:140.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Huey P. Falgout,&nbsp;Jr.</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
 <tr>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <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="188" valign="top" style="padding:0in 0in 0in 0in;width:140.8pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attorney-in-Fact**</font></p>
  </td>
  <td width="20" valign="top" style="padding:0in 0in 0in 0in;width:14.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="241" valign="top" style="padding:0in 0in 0in 0in;width:181.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="top" style="padding:0in 0in 0in 0in;width:17.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="175" valign="top" style="padding:0in 0in 0in 0in;width:131.5pt;">
  <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>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">* Powers of Attorney for
Todd Modic and each Trustee &#150; filed herein.</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>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900113\08-11032-1\task2902865\11032-1-bk.htm',USER='C900113',CD='Apr 29 23:35 2008' -->



<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>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Officer and Trustee/Director, on behalf of the following Registered Investment
Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S.
Puretz,&nbsp;David J. Harris, Theresa K. Kelety and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any
amendments thereto, under the Securities Act of 1933 and under the Investment
Company Act of 1940, and to file with the Securities and Exchange Commission
and any other regulatory authority having jurisdiction over the offer and sale
of shares, any and all such Registration Statements&nbsp;under the Securities
Act of 1933 and the Investment Company Act of 1940 and any amendments and
supplements thereto and applications thereunder, and any and all exhibits and
other documents required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES&nbsp;ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT&nbsp;OF&nbsp;1940</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific
  High Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Advantage and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global
  Equity Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING
  International High Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment
  Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate
  Portfolios Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Insurance Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable
  Products Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior
  Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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 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;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
  <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>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.5%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer and</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Officer, on behalf of the following Registered Investment Companies, constitute
and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris,
Theresa K. Kelety and Shaun P. Mathews, each of them individually, the true and
lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to
sign for me, and in my name and in the capacity indicated below, as the case
may&nbsp;be, any and all&nbsp;Registration Statements on Form&nbsp;N-1A, Form&nbsp;N-2
and Form&nbsp;N-14,&nbsp;and any amendments thereto, under the Securities Act
of 1933 and under the Investment Company Act of 1940, and to file with the
Securities and Exchange Commission and any other regulatory authority having
jurisdiction over the offer and sale of shares, any and all such Registration
Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act
of 1940 and any amendments and supplements thereto and applications thereunder,
and any and all exhibits and other documents required in connection therewith,
granting unto said attorneys-in-fact,&nbsp;each of them individually, full
power and authority to do and perform each and every
act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities
Act of 1933 and the Investment Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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 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;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Todd Modic</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.5%;">
  <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 0in 0in 0in;width:50.0%;">
  <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="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President,
  Chief/Principal Financial</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer and Assistant
  Secretary</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <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 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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any
amendments thereto, under the Securities Act of 1933 and under the Investment
Company Act of 1940, and to file with the Securities and Exchange Commission
and any other regulatory authority having jurisdiction over the offer and sale
of shares, any and all such Registration Statements&nbsp;under the Securities
Act of 1933 and the Investment Company Act of 1940 and any amendments and
supplements thereto and applications thereunder, and any and all exhibits and
other documents required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John V. Boyer</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.5%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John V. Boyer</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any
amendments thereto, under the Securities Act of 1933 and under the Investment
Company Act of 1940, and to file with the Securities and Exchange Commission
and any other regulatory authority having jurisdiction over the offer and sale
of shares, any and all such Registration Statements&nbsp;under the Securities
Act of 1933 and the Investment Company Act of 1940 and any amendments and
supplements thereto and applications thereunder, and any and all exhibits and
other documents required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Patricia W.
  Chadwick</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.5%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patricia W. Chadwick</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements
on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company
Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ J. Michael Earley</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.08%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Michael Earley</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any
amendments thereto, under the Securities Act of 1933 and under the Investment
Company Act of 1940, and to file with the Securities and Exchange Commission
and any other regulatory authority having jurisdiction over the offer and sale
of shares, any and all such Registration Statements&nbsp;under the Securities
Act of 1933 and the Investment Company Act of 1940 and any amendments and
supplements thereto and applications thereunder, and any and all exhibits and
other documents required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to
comply with the Securities Act of 1933 and the Investment Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed Natural
  Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed and
effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Colleen D. Baldwin</font></p>
  </td>
  <td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.76%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colleen D. Baldwin</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any
amendments thereto, under the Securities Act of 1933 and under the Investment
Company Act of 1940, and to file with the Securities and Exchange Commission
and any other regulatory authority having jurisdiction over the offer and sale
of shares, any and all such Registration Statements&nbsp;under the Securities
Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements
thereto and applications thereunder, and any and all exhibits and other
documents required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Patrick W. Kenny</font></p>
  </td>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.34%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick W. Kenny</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any
amendments thereto, under the Securities Act of 1933 and under the Investment
Company Act of 1940, and to file with the Securities and Exchange Commission
and any other regulatory authority having jurisdiction over the offer and sale
of shares, any and all such Registration Statements&nbsp;under the Securities
Act of 1933 and the Investment Company Act of 1940 and any amendments and
supplements thereto and applications thereunder, and any and all exhibits and
other documents required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert W. Crispin</font></p>
  </td>
  <td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.16%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert W. Crispin</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration
Statements on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any
amendments thereto, under the Securities Act of 1933 and under the Investment
Company Act of 1940, and to file with the Securities and Exchange Commission
and any other regulatory authority having jurisdiction over the offer and sale
of shares, any and all such Registration Statements&nbsp;under the Securities
Act of 1933 and the Investment Company Act of 1940 and any amendments and
supplements thereto and applications thereunder, and any and all exhibits and
other documents required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sheryl K. Pressler</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.5%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sheryl K. Pressler</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually,
the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each
of them to sign for me, and in my name and in the capacity indicated below, as
the case may&nbsp;be, any and all&nbsp;Registration Statements on Form&nbsp;N-1A,
Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any amendments thereto, under the
Securities Act of 1933 and under the Investment Company Act of 1940, and to
file with the Securities and Exchange Commission and any other regulatory
authority having jurisdiction over the offer and sale of shares, any and all
such Registration Statements&nbsp;under the Securities Act of 1933 and the
Investment Company Act of 1940 and any amendments and supplements thereto and
applications thereunder, and any and all exhibits and other documents required
in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of
them individually, full power and authority to do and perform each and every
act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities
Act of 1933 and the Investment Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Peter S. Drotch</font></p>
  </td>
  <td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.26%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter S. Drotch</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director and Trustee</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;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->


<br clear="all" style="page-break-before:always;">


<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, the undersigned
Trustee/Director, on behalf of the following Registered Investment Companies,
constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David
J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them
individually, the true and lawful attorneys-in-fact and agents, with full power
to&nbsp;each of them to sign for me, and in my name and in the capacity
indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements
on Form&nbsp;N-1A, Form&nbsp;N-2 and Form&nbsp;N-14,&nbsp;and any amendments
thereto, under the Securities Act of 1933 and under the Investment Company Act
of 1940, and to file with the Securities and Exchange Commission and any other
regulatory authority having jurisdiction over the offer and sale of shares, any
and all such Registration Statements&nbsp;under the Securities Act of 1933 and
the Investment Company Act of 1940 and any amendments and supplements thereto
and applications thereunder, and any and all exhibits and other documents
required in connection therewith, granting unto said
attorneys-in-fact,&nbsp;each of them individually, full power and authority to
do and perform each and every act&nbsp;deemed&nbsp;required and
necessary&nbsp;to comply with the Securities Act of 1933 and the Investment
Company Act of 1940.</font></p>

<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="64%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">REGISTRANT</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">SECURITIES
  ACT<br>
  OF<br>
  1933</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <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;">INVESTMENT<br>
  COMPANY<br>
  ACT OF 1940</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Asia Pacific High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-139981</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22004</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investors Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-23512</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5629</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Partners,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-32575</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-08319</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Equity Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-56881</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8817</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Funds Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-59745</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8895</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Advantage
  and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-126570</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21786</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Global Equity
  Dividend and Premium Opportunity Fund</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-114333</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21553</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING International High
  Dividend Equity Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-142112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22051</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Investment Funds,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">002-34552</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-1939</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mayflower Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-67852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7978</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Mutual Funds</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-56094</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-7428</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Risk Managed
  Natural Resources Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-136495<br>
  333-138186</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-21938<br>
  811-21938</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Separate Portfolios
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-141111</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22025</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Insurance
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-83071</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-9477</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Variable Products
  Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-73140</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-8220</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING VP Natural
  Resources Trust</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33-26116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5710</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Prime Rate Trust</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-68239 (5mil)<br>
  333-61831 (25mil)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-5410<br>
  811-5410</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ING Senior Income Fund</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333-135548</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10223</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Power of Attorney,
which shall not be affected by the disability of the undersigned, is executed
and effective as of November&nbsp;29, 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;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Roger B. Vincent</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.76%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <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="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roger B. Vincent</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and
  Director/Trustee</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><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>
<!-- SEQ.=1,FOLIO='',FILE='C:\jms\105569\08-11032-5\task2903540\11032-5-bc.htm',USER='105569',CD='Apr 30 02:16 2008' -->



<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>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">EXHIBIT INDEX</font></b></p>

<p style="font-weight:bold;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;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:none;">ING PRIME RATE
TRUST</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;">(5,000,000 Common Shares)</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;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;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.34%;">
  <p style="margin:0in 0in .0001pt;text-transform:uppercase;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;text-transform:none;">EXHIBIT<br>
  NUMBER</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;text-transform:none;">&nbsp;</font></b></p>
  </td>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;text-transform:none;">EXHIBIT&nbsp;NAME</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.34%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</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>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105534\08-11032-1\task2901668\11032-1-bc.htm',USER='105534',CD='Apr 29 16:31 2008' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>j08110323_ca009.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca009.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>j08110323_ca010.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca010.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>j08110323_ca011.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca011.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>j08110323_ca012.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca012.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>j08110323_ca013.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca013.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>j08110323_ca014.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca014.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>j08110323_ca015.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca015.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>j08110323_ca016.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca016.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>j08110323_ca017.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca017.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>j08110323_ca018.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca018.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>j08110323_ca019.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca019.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>j08110323_ca020.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ca020.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>j08110323_ba001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ba001.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`(@`B`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_OXHKX@\
M;_MJ^%;'XR_&CX*_#NY^#^K:O^R1X?\`V>_BS^VCXQ^+?QST[X1_#WX`_`+X
MXP?'36-3\1R>(=#\&_%>YF^,'P^\$_`^3XG:E\*OBMI7P.\%ZC\,_B#X"\:7
M'QNT+2-6:6,^$G_!17]D?X\?&6/X/?!GXL>'_BI;:IX?TV\\&?&[X;:KHGQ#
M_9J^(OQ">#Q[KGBW]G;P3\>_`^K^(?AWJ'[3_P`-/AWX&3XS^.?V?=1U?2?B
M9%\$/%6A_%GPQH/B?P3HWQ#U?P,`?7_BSQ9X5\!>%?$WCKQUXF\/^"_!/@OP
M_K/BSQCXQ\6:SIWASPKX3\*^'-.N=8\0^)O$WB'6+FSTC0?#^A:19WFJ:SK.
MJ7EKIVEZ=:W-]?7,%M!+*OX0_LI_\'#_`.RQ^UIK'Q3U7P3\&/V@-'^`OA_]
MK_X&_L9_`W]I7Q%8_#KPU\-OVE?BG^T!X[^%/PV\$>'?AUH/COQ]X)^)MS\0
M+:]\;>.?C3XN^&6A^!_%OB/X>?LG?#>#XQ_$F7P9XZ\=Z!\$8/'_`/@X-_9F
MU'_@I;XJ_P""?_\`P3:^'WC'P_KVKWG[3_@']J[]J;X.>$]1\*Z#\??!7[$O
MA;4;WX#?$;]J3PSXW\<>,+?P1X2\/^`+GXRZMX6T;P'K7PS^(?CCXV^-->MM
M7^%FG7FD?`/XP:!K7D'[/O\`P0<_:_T?XV?`#X0_&+]J'_A37_!+C]@'_A:N
MI_L0_"3]A7]I+]H#X4_M'>._'?B[XNZUJ3?%+]L'Q[J/P_TK4[[X@?&CX)?$
M;XP^#/CCJ'P"^*GPWT?P)=>//$'A3]ES0O@WX'\:^.(]8`/ZO:***`/S`_;%
M\$?!/]GWQW9_M9ZS^S?_`,)]\/\`XW_:/V8/^"AUSX9C^$6@?#:\_9Q^*^C^
M&/#-I^U?^VIX3\8Z/8?\-$_#_P#94_X5WX9^&&HZSXL\5O:_LY_LG?'G]J/X
MB7.FZK\/]#\5:,WYP?\`!17]@_QQ^TAIWQ8_9T\0_&K]I_X=ZO<_LP:K\-_`
MOQP^!GPC_;:_:%T[X8_L>^`_%6K^.[S5?&7BV^^+7A*Y^+7Q@_:'\$_\)C^Q
MG^VI^Q[H_P`8?VUOCG^WWXJ\*?L(?MM2_!WX6Z1\(=4\'^`OZ/O%GA/PKX]\
M*^)O`OCKPSX?\:>"?&GA_6?"?C'P=XLT;3O$?A7Q9X5\1Z=<Z/XA\,^)O#VL
M6UYI&O>']=TB\O-+UG1M4L[K3M4TZZN;&^MI[:>6)OP!\>_L,_M/_LY?#W4O
MV1_`7P^^,'[8O_!/P^(([G]DOQ+\"_VI/#_P(_X*H?\`!+.?4OAG\6]".C?L
M]_%_XW>)OAQX(^,?P?\`AK<WF@_#KX+^)O%'[2'@CXR^!?@M\7/&_P"SS\3?
M"?[3?P#TJ_T#50#S_P#X(&^`/A[\%/%7[1G[/?Q8^!'A_P`"_MX?!#Q!XGT;
MXC?'OXW>%OAG=?MY_M+:=\4M1\%?M%_%GQ9\5?CQ\--4^*W@CX[>'[JY^-/[
M.OQ;\1VW@K]I/XD>*OV?'^.WPF_9J^/?AG4;_P"%?P;_`&OOVV/Z7J_,#]B_
M]EGP=\)?&/@GQ=\+?V8?B!^R-X2TSX?_`+2OB/XB^#OCO!\"?C;\=OBU\=OV
MLOCM\._$WB[Q_P"//VM/#O[1_P"TU\;=:^(&BZ9^S+I_B+XD6>N_$7Q1X.^+
I7@[XV_L]0:GXUU/Q;^S7!\//A+^G]`!1110`4444`%%%%`!1110!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>j08110323_ba002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ba002.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`(0`@`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_OXK\X/V
MF_\`@J/^S5^S3XJ^*7P^E_X2#XN?$3X!^'_AGXR_:(\.>!/$WP0^'GA7]G;P
M7\8]1O-$^%^M_'+X_P#[4OQB_9T_9<^&WB#Q_KD>CV/@CX/>(?CE;?'WQMIW
MBG0/&O@[X3Z]\.VU?Q?I/G__``4.^/GQ]\0S^*OV*_V'OA[X@^)7[4</P?\`
M!W[3OQ3M3\0?&G[.?A73_P!F"S^,MIX;UKX+^%_VI=)^'GB[2/AS^T_^VII'
M@?XR?!']GB?3?$/PX\0?#33O#WQ<_:+/Q@^$^N?!SX?/XY\@_P""<W[)WPL^
M(_[./[-7CSQ_^S3\0/V1/VLOV3_V@/B-XROO"EQ\&_#GP9T?]G/X[>(K6/P7
M^U!\)_V.O"R>'/$7P%E_8`^./@6_U3P)X8U+X$-XP\'?%_P)KUG^T)XI^)>K
M_P#!0RQ\:?M#Z*`?7^B?\%#OAMK?C'XZ>`8/AM\0+GQG\$/[7\00^"/!_P`0
MOV3OC)\4_C!\(O!/QV\4_L]_&#XZ_!WX%_`7]I?XJ_'K6OA_\$O'7@WQ%9?$
M+PUXN^%_@GXV7OB/3;KX-_#KX2>/OVC;:[^"]O\`7_PM^*7@3XT>!-"^)/PV
MUW_A(/"7B#^TX+:YGTS6/#^L:5K'A_6-0\,^+/"/B[PGXFT_1_%O@3X@>!/%
MNCZYX)^(OPZ\;:'X?\=_#GQWX?\`$7@;QSX=\/\`BWP_K.C6/X@_L,?#S]K'
MXB_LL?%']J3_`(*<_LE_$#]HS]HWXS_\(3KMG^Q_!XQ^&WC7X6?\()\1_AUX
MNBM]0^`W[-7[8OB;X1>!?V,?B!X3^`O[8GC[]AG]K7X6^-?B#HNL?%/PY^R[
MXE\3>(]3^*GC/XO^)_%/QH\__P""84>L?!C]H[Q!IOB3QO\`\*H_M_\`:`_:
M_P#V&OV@OV=[31_'>J^!/BQ^W%H=U9_\%!OV6_C7\/?'?CK]F_X7?&7XT_$#
M2?\`@G+XO^*OPD_:=_;Q_:-D\`^+?VW-8^"'P3\>W\WQY\SX9?&GQD`?;_C;
MXH_#W2_^"DG[0_P&\+_$7P_\,/VL/CS^Q!^PIHWP\N/$GQT^&?@_Q5XJ^'ND
M_'G_`(*/R>./%G[.7PH\9_!/XI7/B[XP?LS>"+OXF_&._MM>T#XK?#/XAZC=
M_"KP1X]\,_![P=8>+?B)XG/A[^V=^SQ^TQ\?;?\`85_9^\->'_VK?A3XE^#_
M`,?OBO\`MWZM\4/%OQ;\3P?LTZ=\3?&DVB^%_P!F7XR?#[XJ_"OQ_;6_Q@^,
MOC;Q;\7_``I>_L2_&GQQ\#?%7[.?P:^#'C[PU=_"_1/"WA+P5\++H_X*&_\`
M!+_PK^V-\0OA+^TOX)\7^(/AQ^TM\`_#]UX8T>/0=?T[X>>"_P!H_P"&<OQ,
M^''Q7E^`G[07Q$\/?#_Q5\9/#'A_2_$GP\GU_P#9V^,_PNU2+XA?L4?'WQ39
M_M@?!?PYKWQI^''@ZW/\T7[3OQ^_:=T6UN_C!^WW^SM^T!^R5^T!^S9_PI/P
M1XI_;2^*7B']M/X`:Q;_`+./BW]H[X>_%WX@_LWZ[_P4C_X(B?LW?$W]F7]L
MWX?_`!RT6QT[X7:9'XH_9O\`V'K7]B[QW\2M/T_X?:/^U#^T!_PLOXCV8!^_
MW_!2+]M/X63^#KG]G*?]IO\`:_\`V3?V@+OX@?%+P[J?[-'[(7P7\.?%G_@H
MY^U5\+-+^!/Q[O\`0HOV1M!T_P`*_&K_`(1#X?\`Q1_LGP[\5_"'[9GA'38?
M#GPOU3P!K?P.^(OQ-_9P_:`T?XI:3\'OD#]C_4-8^(7_``4G^&O[,TFF?$#1
M?C;^SO\`$#X\?\%AO^"G^I^+M"\=_%K1_AG^UC^VC\!;W]GS]D#_`()_^'?V
MAKOXI7OPW7_AGW]CC]HS4O!T&O>`O!]Q\-OB9X$_9+^'6H_"30_"6IWGQM\/
M?#W\H/V7/V@_^"F7@GXF?!WP[_P2J_87\0:YXW_:P\0?![Q9\9/VMOC7\,?^
M"H7B3_@G5XO^&<?P]^/OQ4\2^)M/_:7_`."@/Q;U/XX^,_@_\3?CC^U9\3?V
MQ+76?`OPN_8\^(7A#XH:=JOPMT2Y_P""CMS\9+;XF^-OZ??^"7__``2X^'O[
M!?A7Q?\`%/QU_P`(_P#%S]O#]I3Q!K_QD_:[_:<U+PS\,[CQ5K7QE^,>G?#_
M`,1?'WP#\)/&WA/X._"'Q)H?[,&I?&3P=>?$'P'\+]4T6V@TW4=2DU:^LH;]
1K:TTP`_5^BBB@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>j08110323_ba003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ba003.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`(``@`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_OXK\X/^
M"H'_``43\*_\$TO@%X0^,_B3PGX?\6W/C_XP:!\(?#T?CGXGZ=\&OAGX<GN/
M!?Q`^*_C'QG\2?B)+X:^(/BG3_#_`(4^%/PF^(>KZ'X4^%?PF^,OQE^*_P`0
MK?P3\'OA3\*_%OC;Q_H]O!S_`/P56_;F_:._X)[_``)\-_'[X%_L5?\`#;/A
M]OB!X0^'7Q"\$^'/CC=?"WXI^'-8^*OC'PI\-O@[/X`\#6OP5^+-[\8_^$V^
M)OBS2/A[>^'?"UQ9>.]*\1^)/!4VB>$?%_A_4O&&N>`/S!^)_P#P0T\1_M/?
MMQ?#?XR_\%)/^"@__#8WB"Y^('P_^*WA/]E'PC\/_A9^R3\$[3X$_LJ^+?B]
MXWMM%\1?LVZSIG[5=[^V1\/_``#\3?VH_"7P1GE\?^+?A[XQ\!_"+]HGXBIX
MS_:`\;>(/&GAGP=XI`.?^.__``<%?$+XY?LP:I\5O^":G[&W[3_B7PMJ_A_P
M!J#_`+1_QP^%'Q,^!WPSL?#_`(G\0>%M,^,VJ_!KXZZC^SW^T)^Q?H?B#]ES
M3H_C!X;^.WQK_;0^*GP8_9?^`OQ"^'<7Q#TNU_;+^%.B>)_".J_T>_`&V^/M
MK\&OA[%^U+K/P?UW]H-O#\-S\5K[X`^&?&GA/X-0>*KR>XO+C1OA[I?Q$\6>
M-/&UUX?\.6T]KX>A\3>)-8L]1\:3Z7<>,7\)^`H]=C\"^'/P!^*'[>7_``3T
M^#'[0_[$O_!*/]HC6OV8/V6_!/P$\/\`[3=KXO\`A'\?O$/@']H+X>Z)^SQ\
M,?A)\5_V0?V0?@I\0OBS\4-!UOP=\%/$'[9/[)WQ0N?VH)M5\:?$_2_BWX:^
M&?A"W_92^*NG^,K;]KVSO_$_W_\`\$??VUO@U^U?^R^/AIX%_:-\/_M)?%;]
MBOQ!JW[)?QR^(-MXXG\<>*OB=J/P4\0>(OA9\/OVI=9U:^NM3N=;\/\`[8_@
MGX?V?[0OAGQ1I?B;XC>%9=1\7>+/`-C\6?B-XI^&_C76E`,#]K;XR?$75_\`
M@H)^S7\+?A_^R=^T!^TAX?\`V-_A_J'[:WCZ\^!OB/\`98\*:QI'Q3_:&\,?
MM#?L=?LTZ!=7'[2W[2WP.LO$7P_O_AE%^W7KOQ-TKPWI[>(](\=Z%^S9J>E>
M*QX?N?'WAC5_A_\`83_;C^&=KXT^"'AOQA^SC\'_`((>%OV:_P!M_P"+_P#P
M08_9M\;K^TC\0K?Q!\*?"MU\`I?VDH?@?\1_A_\`$#0]<\$Z_P#&#PM<_LJ?
ML:?L:>(-9\-_M`?';3OC3^U!IOQ.\8?L_P#Q/F^%.H^"(?CM^_VL_L]?`+Q'
M\9?"?[1GB'X'?!_7?V@_`7A^Y\)^!?CMK/PT\%ZI\9?!?A6\@\36MYX9\)_$
M^^T6?QMX<\/W5MXT\8V]SHVCZY9Z=/!XL\30RVS1Z]JBW7P!^U?_`,$[_B9\
M=O$'PP\.?#O]I'Q!\$OV3O@SX?\`V5U^$7[)/P-\._#WX&Z=\*/C?^SE^U!X
M`^)WA7]I+0/B>?AM\8?#?C?P_P#"_P"#?AF3PAX$_8D^*_P`\9?LU>*?%7A?
MP1K=Q<?#3QCIGA7XK?#8`P/V6M/_`&CI;[]KK]I#]FC4_A_K7PR^)_[0'[2?
M@SPO^P?\9]=NOAW\.OA_^T=^SG^V3\3OV8/C/\=_AG^U#\,_A;XX\0?#+X?_
M`+4'A_X2Z]^T7\4/@-JW[,'Q?NM3_:G\9>*/'EA\7]!O?B/\4/$'BC[?_9R^
M"GBKP)J/Q5^,7Q?U#P_K7[0?[0WB#PWXD^(Q\+W6HZ[X+^%_A7P;X5L/"OPU
M_9R^$?BKQ1I6D^-M9^#_`,*[9/$OBL7^NZ?X7T[Q]\??BQ^T/^T#H'PJ^",?
MQTO_`(1>#OS@_8X_8#_:_P#@W\=O@/\`$O6OBA_PS_\`#+X0_#_QGX'^-WP4
M\+_MD?M`?MW^'/V\]8\=^#M*M7^,?Q0TKXR_!']E#X/_`++W[0&B_&#PO%^T
I+\3/C3^S_P#`[6/'?[5WQ3^*_P`9]:^*VJ^&;WQ;XMU#XA?M]0!__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>j08110323_ba004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ba004.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`(``@`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_OXHKP#]
MI#]H31_V</`FC^*[GP'\0/B]XM\8_$#P1\+?AC\%/A"O@2Z^+OQ9\=^-]8CM
M5T+X?Z5\1_'?PU\)7_\`PAWA*U\6?%[XD:GK/C/0]'\`?!/X:_$_XJ>)M0L/
M"7@/Q!J%I^,'Q'_:I_:'^.'CCX8^%_@_^TA\'_&^K_&G]F!OCM\!K7]EC]J;
MX26'P"^*/[0_[-_[;7A_XGZ_\#_@2WC?X2>`_B3^W'X@\-_`GX=^./A5^T#%
M\.?V\/@W\)/BWX+\!^,_!7[4WP:_X):Z1^U7\'/CMH(!_0]17\X/[/W[<7_"
M#?M,>"_!NC2?\%/[W4_'7Q`_99^"7Q@_91^+?PU_X7U^SW\*O&/Q-_9[\)>'
MM,'P0_:;_:#TOX&?M6I\0/A[\+?!GP"_;F_:%\(_$?QE\3?CMI_[,_QZ^,WQ
M\^-7[!?@7XVV7[8GB?\`8?\`U_\`V3?VUOA9^US_`,+>\.>'=`^('PD^-O[.
M_P`0+CX:?M#_`+-'QNTKPYX9^.WP4\1W'VN_\%ZEXMT'PIXK\<>$M;^'_P`6
M_"5O!X_^#7Q8^'7C7QQ\+/BAX.NWO?"/C+4M3T3Q3I.@`'C_`/P4G^`GQ"^.
M7@?X%7'PY\1^(/"VK_#3XP?$O4)-7\#>)_B9X&^)ECJ/Q\_8E_:]_8E^'>J_
M#;XA?"GX,?'WQ)\*_$'ACXR?M5?#7Q?KGQKO_AGKWA7X"_#WP]XV^-_BBUU#
M2/AY<:+JOX`_$72O&G@7PK\;/A$OQ`^#_P`8](\&^'_A=\$/%_[)/Q7_`&%/
M@%\./`_B#XH?L_:=\"_V7M$^(WCK]D?PYXD\&?#;XB_!_P"+'QV_9?\`V(_B
MG#8_"OP9_P`%&_\`@HK9?L2_M^?L9?L[?\$YOV6?V&=7^)'P`^+_`.U/_7[X
MF\)^%?&FG6VC^,?#/A_Q9I%GX@\)^++/2_$VC:=KVG6OBKP%XJT;QUX%\36U
MCJEM=6T'B#P7XV\.>'O&/A/68HEU'PYXJT+1O$.CW-GJ^EV-Y!_-%\3?^">'
M_!7#X/?&RYUGX2?M0_\`#4/[.6F_#_\`;/\``?P>?7=6\;V7[<7P7^'7[5_Q
M=^$OQVUO]GK4/CQ\6/VE?#WB#XE_#_P%X?\`V5_`7PX^%OQWD^/OA?\`:G\8
M>+?BKJ?P5TWXD?L3>#-:\&_\%"/V&@`'[/'@3Q1X<_;T^-^B>%OA_P#""]\2
M?\+M_98^!=S\<O"FL?&3X=:G_P`%)_\`@I)\4_%WAG5T^)WA/6_&G[?WP?\`
M%GP__9D^,'[6_A;]B:[OO@7KMQ\!?A_^U/\`&3_@N!H^K_`_PW\,OCGXIT:7
MG_\`@@UJ&HWG_!1__@L[8^(=5\0:MXV\(_!__@BK\-OBB/&?QK\*_M'_`!"T
M+XR_"O\`8@\6?#;XT>"?BI\>/!-KI_A;XL_&#X??%;PIXQ\"_%[QSH^EZ-!K
MOQ,\.^*[R70]$N7GTFS^?_!'['W_``6R^*OQOT+0OBG^S#\'_@'\*?%_A_X$
M16WAN+]H/]H/QM^PU^R+IWP\_9J_9$\'PZ#\"?V?_P!G/_@JU^S3;>"/$'PV
M\;>%OVB?B?\`!JR\&?L?>*?%7[.7[8W@GX'ZI\(_VO/%_A;7M#_;+_9R_I^_
M93_9#^#7['GPS\/_``[^%UEX@UW5]/\`#YT;QC\9_BAKT_Q!^/OQDU&\^(7Q
M-^,/B'Q9\9/BSK$0\2>./$'B7XR?&SXT?%>]MIY+/PKH?C3XL^/KCP3X9\*:
(1KTND1@'_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>j08110323_ba005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ba005.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`/@!%`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_OXHHHH`
M**_('XB_\%\?^"0OPU\=P?#:Y_;:^'_Q*\6S?#_Q%\4GMOV;_"/Q8_:RT>P\
M">#M'\7>)O&FNZQXL_9?^'_Q>\):%_PA'A+P'XL\;>-],UG7+#6/!W@31Y/'
M/B;3]+\)75CK-UW^G_\`!3G_`(3;QWJ?@#X*?\$]O^"G_P`8+W2O[=O)O$>H
M?LG?\,I>!+GPYHFC_"V]C\1Z9XU_X*!>/OV0?#^J_P!N>(/B3JO@K0O!6GWM
MQ\4[G6/A+\4O$=UX`LOAE9>#/'_C8`_3^BOS`\7?$7_@L1XCUCP[KGPA_96_
M8`\`?#^Z\C4-0\)_M#_MB?'*_P#C9)H]WX[^'6LVNF>*;;X*?LC^,?A+\-?B
M!:_"6P^*G@;Q7H7@SXD_M'^!-!^+OC'P7XV\*?%+XE?#_P"$VJ^&?COZ!^PQ
M^V+K'Q__`.%H_L]?'JS^'_@S]OK]D3_A"?#O[:7PD^$]QX[\1?"SPIK'Q(_X
M2[4O@S\1?AIX]\6^&-&LM=^'_P"T5\,O"=I\<?!OA&'6O$OCOX1^'/&&F_#3
MXP3V/Q%\/ZQ'<@'W_1110`4444`%?A#^WAHWQE_;X_;S^"O_``3E\"^+/C!X
M7_8/\-?!_P"+GC[_`(*LZY\/;:#PQX'^+FG:T_PEN/@A^P];_M%^%_#/B?QO
M\//C!XJMM4L_&_Q^^!^E^+_@7XJ\;?L2_&>;7+'Q;K=AXRT*&S_=ZOX@_P#@
MJ_JW_!3_`/X)U?M'?&_]H#X*:#^T!X6LOC-\0/B)\>?'7_!1K]B;]FCP!^TO
MH_BK]EBTNO@/X=F^`/[?'[+/Q7L)/`O@/X@?\$_/@+\/-5E_99_:;T_XK>`_
MAUXX\":?XKT6Z\'>'OB;^T]^V;\=OAF`?O\`?MM_&#X)_P#!&W]D[PKX@_96
M^`O[('P(TSXJ_M?_`+.'PP7PSJ=W\(OV1OV<;76/C-\2?!/A/XG?$CXI:SX?
MF\*ZGIW]G?!+PKXB74/B!\.OAQ\=/'?P^M?#VA?$[Q=\(?%_P2^%OQ'N?#OP
M!^Q?^UY_P7FN_@OX)_:$^-O[,'_#2?Q`^//[/_[2OC_2?V$KWX*S?L!^(_V?
M_BG\'?V^OAW\._`_@KQ)^T=\8_$OB;1;3_A:'[,O[0'CGQYX*\.?%?P)H7B/
MQ-\+/V2/`"^%;WQ=\0-4^-/Q<^*'X@>"O^">_P#P<M_\%F_@39^'/V[OCQ\0
M/@5\$OC=\0/`'_"8Z7\;G\*?`O\`X1CX6?LV^,?$D=__`,);^P[\,_@5X*\6
M^+OB!\2/%OQEO/'_`,&O^$C\:_!WPYXR_P"&6GO?CY]HTP?L1_$KPO\`O]XH
M_:C_`&R;W6/^"D__``2!_9U\<_$#X=_M]?LJ_L_Z+^TY_P`$^/VD/B+X9L?B
M9K'[5OP)U[QVWC?1OA_!'^T)X>N/AE>_\*?LM;^'/_!._P`1?M'_`!F^-OQ/
M\8_%KQW/XN_:/\7R/\1?!OQ/T?2@#X`^%W_!(C]LGX@?"+_@H'_P49^+?[%7
MP_\`#?\`P6N\5_M_Z9^U-^QEH_[2'[1UC\?]'\+_``)^#?QL_9,_:0^%'[/V
MC^-_`OQ+O?AEHGV>R^#_`(]_9J\$>+8X_@WXQB\"7,?PYU+QI\(_@AXDFDTS
MH/@Y\>OVVO\`@HW_`,%@?V2?VG?V=_A'^T_^RQX)\,_!_0OA=^U=\3/'O[#'
M@?P1\&OAK\&OA[>^'OB5^V'^POJ7[07QZT2V^+W[7WQ@\2?MO>&[;]EV/Q=X
M+TG]F"?]CN?X7_%OQ5\*O@+\8;;QW\9OBY9_S!?M`_%7_@I=^SQX5\(_M!^*
MOVX_VG_"OQ$^'7A_]E[_`(*A?L8:S^T/_P`%8=)^/$'BW]FK]K'3I_AQ\'OA
MC\-?V4/'GPFT+QM\=/VG_`UMXU^+OAW]I[XDG3O!WP0_X4UX&^-_A3Q5\%8O
MAW\5OAMJ7Q:_?[]EG_@L=\9?AO\`&7PI_P`%9]4\,_!^\_X)W_\`!9S]I_X"
M_LS?'CX7ZY^UA!9:C_P2R_:X^#D&E_LZGQCXYUK5M%L/!VK>'_BM^R=\,+']
MI7QMJ-Y\+OAKK>L^%=.^&WAWQUXP^'7A#X<?#;QE\?0#^YRBBB@`HHHH`*^8
M/VW?@IXJ_:4_8O\`VN_V<_`NH>'])\;?'[]F#X^_!3P=JGBRZU&Q\*Z;XJ^*
MGPI\6>!?#VH>)K[1]*U[5[/P_9ZOKMG<:S=:7H>LZC;Z='<S6.E:C<I%9S?3
M]%`'Y0?\$I?VG?"OBSX!?"[]D'QU\%_$'[&7[4?[*GP?\$_"+QC^Q]\49].T
M#Q4WA7X&^"_AU\,/$/QL_9OT+6/C!\8_B)\7/V(&^(ES>?"_X/\`[2NJ>+_%
M>G>/=1\+:A9WWB_7-<AEU35#_@I+\1_%7[.'QE_X)F_M*^`/ACX@\?ZOJG[;
M_@7]A3XNZIHS:BFG>$?V8/V]H!X%\4ZKXLOAX?\`%6A^&/#^E_M1_#S]C?QS
M;>)+G2]#\0:WXJ\!>&?@OHGQ`\)Z1\9/%5GXB]`_;Y_X)Y:=^V7XJ_93^.?@
M7XM>(/V?/VL?V(?C!#\6/V<?C1IMKXJ\4^%;;3O$6H^%8/C5\'OBW\+O#7Q'
M^%%S\2?@_P#';P1X6L_!7CW1-+^(/@/Q4=.CCL;'QE'X.U?Q_P""?'GD'[/O
M[3_[./\`P6(^%G[8'[$W[4?[*'Q`^&'Q-^"O_"#?"3]N?]C']HK1K6\_X1/6
M/B)X</B[PCXE^''Q4\$ZE+X?^('P_P!3\0>%_$.N_`/XZ^!M8\&^.[K_`(0;
MPS\;_#/A_P`!66O?"[Q+K(!_"%^T1_P3Z_;B\%_\%-?^"P7[3/P(N-O[37PJ
M_:`_;%\=_"3]E;0OV6_%O[7/CO\`:2^$7[2_Q/\`@7X1\>MI_AW4O@Q\2_V2
M_%WP_N?V2_\`@I+X6\8_%+P'JGC#XA_&SP/H_B'3-.\?_L]^$-%\21_$7PS]
M?_\`!'O]AWQ'^Q]K'Q&\)?\`!0N/]G_]D_\`X)5_MV?#_P`:_"_X[?"G_@K7
M\2OA9^S/^T=^V/\`\*9\=_'"7X-?&?\`9R_9_EU2S^)O[+7Q`^`][XA^#B>-
M?"_COXRZ]_PC5U\1;WXW?"'XF>/]5U?X'ZU\'_ZGOVB/^">&M^%?@T8OVF/^
M"]/_``4?^"O[)WP@\/\`PCMM'\>77QW_`&1_V7OB%X8\5:-/XH^',NL_&O\`
M;3\/?LZ^`_&WQ0\/^/K;QC\-_#VE>&?B/K`U'5/B9IFH>,?''BSXJ^,?&'@Z
M/X>?F!^S-^V[_P`$EOAG\9?&.O\`_!*#_@C?^V_^W)^T'XO\0:C\8?AS^VG8
M?L[>+O&VG?$7XF?M$P>,/A7)XR\2?MX_MI^/]=_:1^!?P?\`'/Q1\%?%WX0?
M%7XL>,="TOX>Z/XJ\$_M&^)8M$\7QZ?X\U+7P#]/_P#@DY\%OVN/V'/C[^TG
M^P+^T%^TGX?_`&AOV?/`WP?^!'Q8_8*T?P=X/UO3X/@'\&M=\:?''P]\0O@]
MXPE\5^)_C+\9/`'A_P`)>)+?P=X!_9FT3]HO]HKXL3_$3X-?#34;?X#^,O$,
MGP1_:+\'?!S]WJ_(']@A?^"D_P`=_P!H[XR?M6?\%"/V>_A_^QKX2\,?#_1?
M@1^R-^RIX=\=_`7]H3QWH.C^)[KPWXZ_:+^+_P`1?VB?!/@._P#%MU_PLKQ;
MX.^%7A_PCX+\%?$WX?>!)-'^'4X^)7P&UGQ;X/\`AW\9/$?Z_4`%%%%`!111
M0`5^4'[9W_!(#X!?M@?&7PU^T9X>^,G[3_[$/[0>F^'_`!=X3\=?';_@G_\`
M$/P7^S7\9?CQX5\4P?"RUL_#/Q]^)]C\,_$WC;XH>'_`]M\'O!UOX`T;6-<C
MT[PU!#<PQ6UQ''I:Z9^K]%`'Y`_"W_@B1^QMX0UC0O$?QNUO]H#]O;Q!:?#_
M`%/P!XRO?^"BWQ?OOVS='^*7V7QWJ'C7X3^-?&'@#XPZ3K/PRT+X@?LZV7BS
MXL^`/@9XC^%7@KX;?\(WX$^/7QSL_$=EXM\0?$G6_$;?J]X9\)^%?!>G7.C^
M#O#/A_PGI%YX@\6>++S2_#.C:=H.G77BKQ[XJUGQUXZ\37-CI=M:VT_B#QIX
JV\1^(?&/BS698FU'Q'XJUW6?$.L7-YJ^J7UY/T%%`!1110`4444`?__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>j08110323_ba006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ba006.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>j08110323_ba007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ba007.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>j08110323_ba008.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_ba008.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`&@`:`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`_L9_:._:
M_P#&GPN\5>+_`(0?L[?LI?&#]LO]H/PI\'](^+>I_#GX<>-O@%\)O"O@[3OB
M)J/Q*\+_``*D^)WQ*_:&^+7PPMM-\/\`Q;\;?!WXIZ$NI?"+PU\</%7@/3OA
M]X@U_P`9^`M/CU?X=6'C[Y@_:P_:G_;B^&OASXN^-_AZ_P"R!X9\/_"']H#X
M2?L\:1X)\`6/BW]N_P".WQ9\=_M*_%/X0?#;X%^%O&O@;Q3\</\`@EM\,OV1
M/B`;+XY?!WQWXD\*>,/CE\<M'U3P=\5[/7[7QIX9\/\`A'1-<^+OC^H7/_!2
M3]FG]MK5?@Q\-]&_8@UKX=_MX_&#XU_'2+]J?XT^)OCSI/C2Z\5>#?`]KX/T
M?X77_P`&O!WA/2?A=K/Q@^%?[-R?LSZ1\#?@GX'^+/A?4?VF/@%_P36_:_\`
MC#\1_B+\,?B)\=/$/Q!_9S_.#]MCP[\4_P#@E!\(OV<%_9]_9P_X63\8/V1O
MB!^R'\$OAC^UU9_\$_?$?[>_Q=UOX$_M5?&SQRJ_`'X!_%/XC_M!_#CXF_LY
M_#_X07NB_M$_LB^'/V5;SXJ_M.>,9_@G^T?^PC\+-!_:U^'WQ@_:!\0?%7X>
M@'[??L;?\%#/`G[0WQV^(?P(NOCC^S_\6?$'B_X?^'_VQ?V66^!VG:QX;\1O
M^P[\2O!WP6\0>"[/]H[X8^+?B'XV^)OPF_:`\)WOQC\'ZIJ5Q\0O"WPB\)?&
MKX6?%+X4>/\`X.^&&\0:7^T#\./@7^G]?Q!_\$LO^"NG_")>._C]\6?VA?!G
M_"667PV^'^@?$7XSW>BZ-_:OCOP)\+-=T?\`9;A_:Q_X*;_L:?`7P5^Q[\-?
MCUX3_9`_;U\=?%C]FC]O/]J7X)_&3PK^SKX<T?1]#^(/[8'[.VK?M??$W6?C
M_P#!_P#9_P#[7/"?BSPKX]\*^&?'7@7Q-X?\:>"?&GA_1O%G@[QCX3UG3O$?
MA7Q9X5\1Z=;:QX>\3>&?$.CW-YI&O>']=TB\L]4T;6=+O+K3M4TZZMKZQN9[
M:>*5@#G_`(I?"WP)\:/`FN_#;XDZ%_PD'A+Q!_9D]S;0:GK'A_6-*UCP_K&G
M^)O"?B[PCXL\,ZAH_BWP)\0/`GBW1]#\;?#KXB^"=<\/^._ASX[\/^'?'/@;
MQ%X?\6^']&UFQ_&'X[_M&?`+4?%6J?L2_M9_MT^(/`GQD_9T\0>`+S7_`(:?
M%'X*^"_`&K?\%&?AG\0M1\+>/O@E\3/V;_#/P_M=/_:#^+/[3_P^D\*:S\/_
M`(/_`!2_X)G_`!"^"'Q"\`?\%+OAMJ'Q&\/_`+,D?ANQ^"?[/6J_N]10!_.#
M^RY^S9\7?V;?$?@;7OV)?V$/V@->\/W7Q`\3:FWC/]K7]JSX)_\`!++X$WWA
M+QE\+/$,/A?XI3_\$_?^";'P+E^&7Q`_M.R\+V_A[Q+J'[97[!OP[_;B^'/C
M'XC?`;1?$>A:EX?^&&M1_LE_M_\`LG?`O_AE_P#98_9I_9H_X2G_`(3C_AG?
M]G_X-_`O_A-?[$_X1G_A,/\`A4GPZ\.>`/\`A*?^$<_M?Q!_PC__``D'_"/_
:`-K?V)_;VM_V5]K^P?VOJ7V?[9-[_10!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>j08110323_za023.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_za023.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`*0"0`P$1``(1`0,1`?_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7
M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R
M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8
MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X^?H1
M``(!`P($!`,%!`0$!@8%;0$"`Q$$(1(%,08`(A-!40<R811Q"$*!(Y$54J%B
M%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)59756
M-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'EZ>W
MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:
M``P#`0`"$0,1`#\`W]/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW6CO_-U^1_S#^>O\PGLGX#?$/M[N.GZSZ3RF
MS>L]^;9^,78FQ]BIU_NQ]LX[LG<OR0^2^Z<[!7KE^I>O=U31[>J\,F6VZM%4
MX.I6>9*ZHI:>N]U[JG39/PD_G3_&S%3?*_+_`#,[]WI2_'S:6Q<SUOCOC%WW
MN;MCL[)_&C?N]:BG;NS9FRMXTL^WNP/CK@<I@TFR6U!'45&4T04U71T./C>N
MI_=>ZWL/Y+/SUJOYA'P0ZU[9WGO?8N\N\=I56=ZP[YEV3D,`\1[`V3EZW#+N
MBOV[@3'#M!>R,#34FXJ2@>GI?%29)`D2*`J^Z]U9/VEV9LWICK??7;?8N1KL
M/L'K;:N;WMO3,8W;NY-V5F'VOMN@GRN=RR;=V?B,]N;*QXS&TTD\L=%1U$PB
MC9@A`/OW7NJG?A5_/U_EK?/3NQ/CUTAVMN3'=J9AZ]^O]N]E;+R&QI.UL?B]
MNQ[IKLGL!JV>IDJXH<)YIOML@F.R+K25&FF(@D(]U[JY[W[KW6FM_P`*6D^<
MW\O?I&B^;OQ7_F7_`"_VY1]@_(ZEV3NSHO<VX.N<AUUM#%[_`,!O7<^'AZAD
MP76>`SV`PNU:S:HHTH,O5YB6:DJ0_P!XKT^BH]U[H-O^$TN3^?'\S'K[L3Y5
M_*'^9S\Q:C;G3/?&V=D[3ZCV-N3KC%;=WI6;9P^WM][FI>UIMR]7;KK,QLW<
M-'GZ/'FBQ4V*K#%]R35(6B(]U[J_#^<=T#\FM^_&/LKO'XH_-[O[XH=L?'_J
M/L7>^!VQU[6[/;JGM&?`8H[H?$]CXK+;5K=S19&IAP;45!DZ'*P1XT54DDE'
M6<1^_=>Z^>9\$_\`A3?_`#*?CI\E=@]B?(OY`]B?*+HQ*S^#=H=1[[J\-+'E
M-J91XX:_+;6R%/AZ>JPN\L``*O'SJWBDEB\$ZO!+(A]U[KZJ7Q][^ZD^4O3'
M7?R`Z+WCC=^]4]I;<I-S[/W/BV815E#4ZXIZ2LII0M3C,SB:Z&6DKJ.=4J*.
ML@EAE59$91[KW6JM_P`*4X_GK\,-J;4^8/Q'_F-_)_K[%=M=Y[1ZPW5T'7Y?
M9%3UELS^\V`&,P^3ZJ>AV5CL_A*!,E@EEKJ#)564:>>NFGCJ80H@;W7NMB#X
M"?&/M[XU]14])WE\P/D)\O>S-[X?9^:W?N+N_*;)J<%M/<=+AI%S6-ZIP^T]
MF[<KMO;5R%96DR0Y*OS51(U/&XG2[*?=>ZUK_P"<%_PI*[9VG\CO^&W?Y1VS
MZ#MSY2Y'=U%UCN#N2##X_?N.P79.1J$HFZ]ZBVC5QU6W-V;MP58_CRF6RPJ,
M+C)HI86IIS%-+3^Z]T+?4O\`(?\`YL_:&SO](7R__GZ?.G8'>.\<?!E<KU]\
M;NR.P\%U?UYF*N/S2X=1A>SME[;W&M$T@29,1A,#1I(K)`\T029O=>ZK4_F9
M=D?\*#?Y.G6V)ZX[(^:-3\L?ACVOOGKW:>%^7R[;S6T^_NIJO&;LQ6XJO;&X
M=Y;8W#3=A[3RF]Z#$2TCU>2S>Z:7)8[ST]/54T\LD'OW7NM^?9>9_O%L[:>X
M/(DO\=VS@<SY8A*L4G\4Q=+6^2-9V:8(_GN`Y+6/)O[]U[I0S2QP12SS.L<,
M,;RRR,;+''&I=W8_A54$GW[KW7R=O@/V=C^VOYK7S!@S'7U7V/D_FWC?E'T9
MLS+93M_*=-Q5O:>^.SJ7?.V>PDWMCZ:+N3:6VMG4.QWFKQMBFRV9D:):66*9
M:MH??NO=7K?*_P"4F^MO=7?(/M7O_P"+'R8V'@OCI\).U/Y7O6X[5^1-'23[
MS^366H-V=?[B[)V=UQ@]QY_8'?-)NW;F_3!5YROH9_L1@X_L:NMR,\4=![KW
M53?_``DU^04GQK_FK9GH_<^3W)U[LOY2]6;LZ\Q6T-]468QE=NGM'KG*R[BV
ML]2M+MJ3&T^6P%-@MU4*QU<U##%4U<E,)Y*H)#+[KW7U%JBG@JX)J6JABJ::
MIBDIZBGJ(TF@J()D:.:&:&16CEBEC8JRL"&!((M[]U[K4K[N_P"$HG6><^0F
MYOD/\5/F_P!T?$3*4N6VWO3IC8.Q-A;.GV;T]OS9=3D<ELZHQK;=R&QJG-[6
MVQE,@[4,%5&V81)J@U.3K)JB65O=>ZM#_EK?/WNOL7M+M;^7E\_]I[;ZY_F'
M?&;;6&W1FLELQZG_`$5?*WI&OFIL/A_DUTH]9C\5,F'K\M-%39['?;Q+B\E4
MHBQT\AJ<=C?=>ZK._P"%E/\`VZ:V=_XN#U%_[P7;_OW7N@E_X13?]N[/DG_X
MN'G/_?/=3>_=>ZV=_G5_V17\L_\`Q7+N;_WWV?\`?NO=?-KE_D3U'RI_D.?&
M#^8?\3]I5.0^2'6^W^X6[UZWP%,9\AW;UMMGN/L"*+=6W\;"!)D.S.OL+`;P
M1AZK-8B$4\0EJJ6CIY?=>Z"7_A.U_/)S_P#+$[HBZ/[PSV3R?P@[GW+`^]<>
MZU&3;IC>^1CI\93=N;7HQ.&I<=(L4$6Y*:G1VK<?`DRQR5%+`I]U[K;I_P"%
M66X<#N[^6W\=MU[5S6*W)M?<_P`L_C[N';>XL%7TN5PF>P.:BK\EA\UA\I0R
MST62Q64Q]3'/3U$+O%-#(KHQ4@^_=>ZMB_FX_+?*?"'^5U\D_D+MJNBQV^-N
M=0Q[>ZZK)X&J8*;L#?$5%M+:E3+$DD3%:/)Y=9A9AZHQR/J/=>ZT6_\`A''T
M-B^Y_P"9#W#W]O=9]P9CH3I?+;HPN1S*OE99]]]G[AAVQ+FJJLK7EDDS28J;
M(S+4.7F$KE[ZCJ'NO=?3Q]^Z]T4OYU?$38WSP^)O=WQ/["KCA,!W'LVLVY#N
MF'$4F<R&R\\LD-=MW>>'QU;/20SY;;69I8:J%?-"7,90NJL3[]U[HPG7FU'V
M'L#8VQY,K-GI-F;/VSM23.5,`I:C,OMW"T6(?*U%,LU0M/-D6H_,\8DD",Y&
MIK7/NO=*]E5U9'4,C`JRL`RLK"S*RFX((/(]^Z]U\3OY54V__CG\X_E#%D.R
M<IM3LGK/Y9[XK,=C]QY>HW5OG=&6P._-V4M;)O/?>WX<#DXHJ*?%T\<T.2;'
M15M/DGGIT">1V]U[H??F=\\MU_,'$[9P'7/Q4^/WP)ZMVDF3W7V5A/CAB<%@
M<1\@,U19*2@P.Z>PME;<3:&S>ZZG:-!YEIYWP^1J46;+U9J&IY&I8/=>Z([\
M9_D5V3\-N_.DOECU5%B5W1T=O>DW9M>BW6-Q4%!E\G]IC:_/[`JL#@MVS9:F
MV3DJ'<M4L-3KQ8R5)/.QD\UZ=/=>ZV5_E[_PIP^1G\R/"="_'O!]-YKX1[*S
MVX*[=?9/9/7GR:W_`(;,=@4^WMI;TPLDF-WMMS:W553LC8.W-PN^7EI*S(UF
M/_B.(I?XI7+0053-[KW5[/\`PE^_FS=T?)BG[7^`'S"[#C[.[[Z%VSC.Q>HN
MTZK>^"[+S?:'1U748W%Y*DW%V+MK)YS#;[W#U]D\WBU;+M73UU?3998ZF]30
MU,K^Z]T=[^>Q0M\;MX_R[?YI>RHI,7OCXC?+WKKJGMO)XZGACJ-V?$GY-Y$]
M;]M;.SDR4[RY..ER5;0OADJ3)3XVNR%14PHM0X;W[KW15/\`A93_`-NFMG?^
M+@]1?^\%V_[]U[H)?^$4W_;NSY)_^+AYS_WSW4WOW7NMG?YU?]D5_+/_`,5R
M[F_]]]G_`'[KW54O_"7H!OY)7Q#5@"#+W0""+@@]W]A`@@\$$>_=>ZUA_P#A
M47_(8EZ.W!NK^9'\0-FZNFMVY>7+?)[K';E&H'5F[,Q4:INVMN8>BI41.O-S
M9"0G.)&2V*R<XJM)HYYWH_=>ZU]=A_S0.Z=Y?!G8'\M#LW[K?/7.S_DCU3VC
MT=NS(Y9VR_5]#BLY51[BZYBII::0Y+9N9GS35M(AG5L;5(ZQ*8IW">Z]U](7
M_A21UMN;LW^2+\GZ':U,E54;0VOUOV3EXV8ADVSL'=FV]P[BJ8PH8N])BZ22
M6WT"H2;`$^_=>ZU2O^$57;^V]J?-[Y+]09BNI:3-=M]`463VC32(_P!UE,CU
MYNVER>7I*>3S"-4@P65FJ'4QLQ$5P0`0?=>Z^E'F\-B]QX;+[>S='%D<+GL9
M7X;+X^<N(:[%Y2EEH:^CF,;)((JFDG=&TL#9N"#[]U[KY7G_``J(^(W6/\O+
MYK]6;8^)E?OSJOKGMCI&CWS7=<X_LCL+,;?V_N+&[GS.W*ZIP%1N?=>=RU)2
M9>"BBE:D6=:2G=;01QH=/OW7NM]/^2)\1^BOC;\"/CWO#JS:^3H=[]Y=+]8;
M\[=WIN#=NZ]W;CWWNROVU3UL^5R53N3,Y*EQR++6R".EQ\-'1Q*;)"OOW7NK
M@_?NO=?(P_G19W!=I?/_`.;'R:Z[V-UW6]593Y"YK;^$VGO&I[,BVUV?F>F5
MVYMS?W8NTLSC,YM?9F:W;NZNH!597;QKUW)%A*U:FCI32M+-#[KW5.&)W-08
MJJ^PVCU3U5E=X;DW#T_G-D4>8=^U=PXW-4]/4U-908K%TBU'5>5P&^Z[)PPY
MO;.Y<?73T;QT]-%!!)'5F3W7NGWLWK/L#KONCKW%]Q;V;;=5N/#['K6SE/0;
MYBFZTVAF8_X3CMO9/:6]Z38.[=LT&T<7`]*,64I:>/'0C[)Y:4PN_NO=+NLS
MM%4=T_&S$;"VQB-_;I:@ZTJI]N=?[%QVZ,-EZGL5VR\>Q<?UMN+;7<$>Y]_;
M4V7N+&;:BK),?DJU*O#17IJZLA2ID]U[JVW^3+WEF.NO^%!'Q)_AL>0P>'K-
MR;CZ(S>WJJ@HH=Q_PW>G5F\,94[6W_DDV-UCN;<^8VEOW)PZJC<&.CS5&,53
M4M0"E%'`ONO=;I?_``JAR])GOY:&W/C7CY1-V+\POEM\:.@>LL13J*O*UVY:
M[?L&\VJJ3%K+#)5TU)3[0\$C,\4*SU<$32H\T0;W7NJLO^%@'\PKXB=@?$;;
M7PIZV[IV?V)\C]N_*O`9WL+KS9]><U6]98WK?:?9.!W/%ORLHXI<;M_/0;CS
M]%1QXR>9*Z0R22B/QPNWOW7N@E_X1Y_S"?B-TGT1W9\1NYNZ-G=5]T]@?)/!
M;OZOV_OG)QX&'LU-^;3VAL'&X#9>0JU2@RFZ*?<>VDB?'^5:J45\#0QR`2F/
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M:*IHZAU/Y%[BQ`/OW7NOE_\`SC_E1?/;_A/S\W]N?.+XC[7W=VA\9NNM^2;Y
MZY[4VUCLMN6CV=M:IEF_BO57R$QN)-7D\#B'P]3)BY<K7+_"<I!)&ZU`K"U/
M'[KW6V_\4?\`A5S_`"F.]NKL3N7NGM[+?%3M&#'4S;QZN[(V+V%N.&CRBPQB
MOEVCO7K_`&CNC;NZ,"U66%*TCT.4>,:I:&'W[KW6H]_/K^3&V/YZW\P'IW"?
MRN^NN\OE`>M.HGZ]KJ_:W4>ZJ2'.UM3O+)YE]QXK&Y"F@W)A-E4$&3C2JR>X
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M='4-`/=>ZM/[&^('P[ZOV+1=2X@5>![2V1O;(;.W;\D\[2[:S^PNT]Z5E%N`
M[%Q\N5WOW;U]MKI;K;/S=;Y3)OF%H<WCJO:N?I1/#63(K2^Z]U4;WO\`(6F[
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MS_\`YQ?\P#J'^:)_,=Z)S'Q,^+7Q`&3RWP>^(.ZX,S3[CR79>;%%/3]K;EH=
MUX#;^Y,G!A9:*CRBYZIQN#&4R.,P_P##J04--5-+[KW5J/=7_,V^QO\`P[\W
M_P"YLOOW7NFCK+_F8VP__#PVY_[MZ3W[KW1N/G'_`,7#K'_J#WG_`-;MJ>_=
M>Z"GXD_\SDQG_:GSG_N!)[]U[JUWW[KW5>W\T'_LD7<W_B0.G_\`WYNV/?NO
M='_H?^`5'_U"T_\`UJ3W[KW7.J_X#5'_`"PE_P"M;>_=>Z^._P#SL/\`LOFO
M_P#$A9S_`-[!/?NO=?1?_P"$_?\`V0CC/_#MR/\`[CT_OW7NKR/?NO=5,_++
M_F=N<_[4FV__`'7^_=>Z+8_Z&_X*W^]'W[KW0Y[P_P"/(K_^UWLO_P!XNF]^
MZ]T!WOW7NA/R/_'M57_:FVA_[SVV_?NO=&F^#?\`P)[/_P"6&R_^MF[/?NO=
(6!>_=>Z__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>j08110323_aa001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_aa001.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_[0`L4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``2`````$``0!(`````0`!_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@!0`&U`P$B``(1`0,1`?_$
M`!\```$%`0$!`0$!```````````!`@,$!08'"`D*"__$`+40``(!`P,"!`,%
M!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A""-"L<$54M'P)#-B<H()
M"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T
M=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%
MQL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V]_CY^O_$`!\!``,!`0$!
M`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!`@0$`P0'!00$``$"=P`!
M`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:
M)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#
MA(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3
MU-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#`0`"$0,1`#\`ROVS/VTO
MVOO#'[7_`.UEX5\,?M6?M*>&_#WAK]I7XZ:'X>T#0_CK\4=&T;0=#T7XI>*[
M+3-&T;2;#Q9;:=INCZ=I]O:V6FZ?8P06EE8PPV=K!%#%'#'\[1?MW?ML-"2_
M[87[5`=]S!T_:%^+3*20K*%SXOVH=K;3&-V&!Z'D97[=+!OVX_VR0D";D_:I
M_:&8MM)+$?%_Q>2S`L%)*KPO\6-Y!R2?F>&X2..9&C=@B`.`C!BP)8&)T;='
M'@'>P)5<$D`<$`^N;;]N']MQY+7/[8G[5+9&_;_PT'\6CGRPKL'!\7$,.?WB
MD,2H(!R<5T-M^V[^VQ)/Y<W[7O[4*%I=G_)?OBN-H90Y``\5\C;)\DH0X`7`
M!`9?D.R^66P1B<NR`;2XC78WS#><,^]2"<D(5=0@``KJT.-22)>2)%R0%#'S
M%`3)7Y=V1TVGA@-RD+D`^O-)_;._;,N=06V?]KO]IXKODCW2?'WXK%"8S'E5
MW>*L,1N.2PW#'SD!B1Z;HG[6_P"V)?\`B'2=(;]J[]I8?:V".\GQT^)Y7:Q'
M[P`^*E63Y6&"S$;L@L3AJ^)_#MOG6;0[-PFO;F`MR%SCDG&YA@`L<CD8^7D5
M]/\`PJ\.6NJ_%70-$O96^SS07SP/#&P9)(H&D2-6(#HC&/"R`L%#!AR.`#[!
MN?VJOVK-!^`OA_QG;?M-?';4M8?QUXF\.RM>?%SQ[<W$D;V<D5LUQ-+X@EFN
M4M<^=:(\ACMY%62)1*NZOG^;]K?]KU+:,C]K+]I+[1&@,D1^.?Q/#MDL=Q`\
M4@L"5.#N^Z0`NU2:X3Q!XB:'P1X9\$6\TGDZ9XVU^_NK3<0BWDET]M$=Y.7D
M2!`"4/EY<AEW!&KF'T642WD\I7:MHTT2J`S`JK[8W`<E2257!X+D]R<`'T5X
M%_;L_;$\/WANV_:-^-FN6A(62V\1_%#QWKL;]5Q&;_Q!,8F8L"-C@Y((S@8_
M4CQ)=_MH_'7X:_";XA^'_P!I?QE\.&DTJ8:OI/A[XO\`Q#\/7^JQ3:DL45UJ
MUII>LVL$MS"L<B+<L97\N5,MP!7XI^$O"DTJZ-,\.(Y]4*3%E`+E"7(V'N6B
M4$$DG)V@@@C[A_:4^*7CCX8:+X'\'Z-J3^&H'\'Z%<7*V!DBG3SH!<-$K,Q=
M7D>1IY@,+Y@4[%.W``[]I#Q'^WW\`-<CFUK]I3]HYO"&N3NWA[7K/XZ_$J[T
MZYC\I7^S?:D\4$17,9+`QR[790&4##$?,2?MB_M=K)AOVJ/VBRV68+_PN[XF
M,K;,C)'_``E#`(,#(78K#+98!A727G[6WB;Q?\`O&/P<^(=S<>+);S4=!U'P
M3J]]*LU_X>N=.U`O?`S.I=K>ZL9)(2@.Y'"@DH"!\?1W,KLC;@`V=K'AURO)
MC4[EVC<,@J<KN4##8(!]30?MD?M:-Y@_X:C_`&C7,@=PW_"[OB45`SN)0#Q-
MN0`DA-GR!."O`-:UI^U[^ULX+']J']HAAMRC2?&OXE#<N`<;1XF"EBHP&`/(
M+8W%C7R9&C+(6+,WEH`P#!3(6PI=N5*QD$`(,,-S9SM)K=MH'7[.K.["0@(H
MP=P<DHH#@$,6!!8;A@,<+B@#ZSC_`&O?VK)?*W?M,_M#+M#!D'QI^)*O(5*#
M`4>(]Q8EL#)Y.[YMRE*U;;]KG]J9'4/^TQ^T",J7Q+\9OB,_R$'(*R>)&((+
M+L(VGY<#TKY<@M@@*F5\[PK%B2A*J`B!R&`V*IX^^02/E&:W+1.<2*K,"PC8
M\`J03N5F!`!9\E1G((RH`Q0!]5P?M;_M.N(VD_:1^/BG.`&^,'Q!"MELC.?$
M87CH2S`D8''(.K!^UC^TS@9_:.^/$BK_`!#XP_$)BXXP/F\1AB>0W4Y4D-C`
M%?+V`O`7#JR=V.>S$\G;P>,9.%++GC&U9P98,4W!D)&X/E0@(P>!M8##,6.2
M0/O#((!]/Q?M5?M,2*@_X:'^/"[CG<WQ<^(`)4E@1@>(">O1@20!\JDC`U[+
M]J']I=Y!YG[1'QQ=20,GXM^/54`'!;)\0#<,+@KMZYQ@L17S9#N()#??`W%=
MS`(<G;U&T``'"8R"5S@D5UV@Z=+JUXMC$=TFR5H&W*H_<HS@JOW1N`/0!@1\
MW)(`!]X_!#]KGXO^&_B9X;UKQ7\9OBWX@\(P7UJNO:9K?CSQ5X@LY+)F1+LF
MPU75+JV)"DLCF,.&Z,&.1][?$_\`;_M+Z/\`LGP'XDU00WE^L<,IDU?3]4@B
M:4R"0ZG;7L3"/;B,1HW)(5EV&OS@_9STK1[SP'\=-)U*'3QK>I>%;"WT*:[>
M%6M[BRUF*67RRX!M3)(L(DEW(#&K`_+7B.D2-!KUM#=>5(UO?BW=HY5:,O%/
MY1*2*2AC)&48-M90&7*\T`?NIX<_:3\16NKW\'B;5_$+7FE6&E:M9PV?B6_N
M[:70[^"!FN+FW6]FM+F[MVE\R1+L.TB[XMZOM8?=G@OX@P>+=.LKVTU/[0;F
MW2:*6"ZE>WNT"KO>#+;M\;$K<6[@2V[Y60;2KM^*OA?Q'_PJ[6]4\5^)-$4#
M5?#_`/PC>EV^OV1(O([B%%>]BLKCRW>.&W,8MIOEV%U=2>`>A^#7QPU'PKXB
M!AG63PW>7+O<Z<+ORC:S,>;S37)/V6Z5.JH&BD4>7*K(2``?HQ\?_`_Q1N[>
M7Q=\-_B%X\T^ZME+WWAJP\7^(;6RFB&=\MG:VVH10QE0,M$D8Z[DX!!^?/A%
M^T9XT\.ZC%I7C'7O$.L1"Y\BZ.N:KJ-]>6;!]LBRO>7$TIBS]V4DM'_M*2!]
MF^"_BYX,\5(EM#XBTZ6]$5N?FG2#[0LR<`K+M5+B,Y2YB#,JN`49HV6O(/B]
M\"++QK:3^.?!45G;>(8FN'N;*R:-[?588)7CW*(\*+EPA9PH(;LV[J`?5VD>
M)8->L+?4M-U!Y[>9%8;+AV(W*#AL/C([$?*W4$@Y/E'Q=\&^-?$NF2ZGX)\<
M>+M`UJSAWBPTSQ-K.GV5\$R<+;VM]#"LS#@83;)D`X8`U\/?##XLZ]\/=>_L
M?4WN8;"VN#!>:?=>9OLCO*RA4;[T0;EN-R?>C(Y!_2GPSXBTSQ-I=OJ>F7$5
MQ')&C.L;!PI8_P!X'#*>2".#TX.0`#\G-:\?_&S2KZXMKGXB?$BVN[=BE]8O
MXQ\3*X$)V/+:A]1RC<9:-0%<9(^8Y-K2OC%\3+=0T_Q&\=WD-TH52_B[Q!))
M$P;!:-GU`E7C8?.C?*P!5P17WM\:?@K9>/+1M:T:*.T\36B;@\8""_5<G9(1
MMQ-UV-SNR%."0:_-[5_#U_I&IW,%S9RVVH6<CQ7MDRLBSE21)+`K`!+@`%FX
MQ)TX/-`'Z$_"OXZ1^(_LVDZAKEZ^M1V\,<7VR>:-=6"@(3&&G=/MYSNE0-F3
M&\`Y('N/B>XN]6\,ZO)8ZSJVGSQ6%Y-#<:?J5W8W4,\%O(ZCS;>6.1<$9(#=
M<9]OR0TJ]DAEAN;.5XA;.'BG0LMPMU'A@R$;6BD@<<Y*MN&W&T5]V?"+XHQ>
M,]/N?#.MSQP>(YK&>UBF<B.'5HI+=XA*J@X6[C5LS1CF3!=,KD``^(M:^(?Q
MBTF[E1_B;\1G@>5_)E'C7Q,%*\XC!&IA0RY`(X)'(Z$CV7P1\1/B%=>$VN;K
MQWXRNKG_`$W-Q<^)]:GF&W=LVRR7S,"@'RX/&,@=SZ!H_P`(+34_%=UX5\1V
M^(VLKR:VD`X\P1[H)XB0-P!).<$9!5NG'+W'@#5OAW:W^CWT9DT_S[PV%ZJ8
M21)%9D#MG"M@@#/!.<=10!X5%\5?BIO93\2_B"?G;KXR\1'C)''_`!,N!P?0
M#..,"O==*\=>/[CP8+T^.?%[72V-R[7$OB76WF8J9,-YC7N_>H'RN&W`XP>*
M^5DB*2D[2$,DB@\_,03QD^GX'WKZ+T%1_P`(&W(`&G7I..@XESTSZ>H]#QF@
M#D(/B?\`$LD!OB)XY/(Z^+=?)QGGG^T#QR><=",]!7N</C7QP=%M)CXQ\5&5
MH;5C(WB'5O,8MY18L_VLL2P;)R<MR#P:^4H2!TW=0>`><_ASG'/X>U?1]NT4
MWAFRD4$-';6P92&#<>7DD8'W@`>F".F>M`'I(\5^,"B[O%7B48`(;^W=3^8G
MU(NN1UX)X^M4(O&?C(ZKY#^*O$H3R@=G]O:IM+%3R%^UE2">C8!Z'UID"@Q(
MIPQ*9&?0CIQQC]>QQDUC/;[M80J0&$&0V<X`#8!X`8$\8/4"@"E>^.O'$>H7
M<8\9^+4C29U55\1:P%49.``+W``]``,=`#77:1XQ\82Z7+*_BOQ*\B&0AY-=
MU1VP$!`W/=$\')Q[UY7J(*ZI>;@H/GR?*.>?09(/7VQV[`UV^A(#HET<'(,Y
M&3DDB/UZY'<'KCZD`'::5XX\372K'+XEU_S5`()UC4?WG!SG-SQCOV]^M;C^
M)/$QP/\`A)/$"GC[NKZ@,'_P)'/&,$X[^U>,V<DB.&0X*G@C.01CZ>V>O7IU
MKTR)V*1F089U4[NF3@9S@'D9]>@Q@#H`=!%XF\31D+)XAUUL\G.K:@>,`94M
M<$\=2,]\CWOKXB\1,%(\0:V03PW]K7^#D9'_`"WYQ],9'USAM$KQ`8(/7=W!
M`Z@_SR<GH/:6T1U(5NAQD`]B.6`/?!Y`QTH`Z./Q!XB4@2:[K!/OJ=[R?H)L
M^GMD]P:U(]=UW8&.LZL<\9_M"\P<#G&9L]^?7%815",*`6X_>#``&T9P>Y_4
M=/I-$I!P<GVP0<<>I[>F!C/-`'50:YJ^1NU?4FP><W]R<YR,']Z<].,?CP16
MQ'J^IR=-1O\`M_R^7&><9S^\R,>XXZ]ZY2,8P?[IQCK@'<0#U'ZGWK7MR>OI
MU]\`#_)Y]^M`'01ZEJ8ZZA?'W-U<'UZ9DZ>O7Z=:OQZC?D#-]=9_Z^9N_P#V
MT/`XYZ5CQX8CC/L!T_#TZ?7'KQ6@B[2,]R.>F?3'7O\`_K]`#9BO;L];NY/;
MF>4\\8_C]/7J?>M"*YN6'_'Q.>^3,_;.>K=.OY"LF(J,''7D]QCCCT]O<]>M
M:$;>@ZYY_`C_`!_.@#H].>1Q+YCNY'E@;V+8X;.,D]>,X]**9IGW9?I%_)Z*
M`/\`->_;K(_X;C_;+'S*H_:M_:+,C!BN\#XO^+25)!^4')0$87`1CA@S'YKA
M+)#,HRN750&.]"S?NR@9R%8,H.&8Y1!NPV\*/IC]NF&X;]N/]LL1-Y7F?M7?
MM#J2I8E@?B]XO9@%)()8!>!CYCS@$U\V6VF22"0M,J!P%4,-TC97<)$;)\I"
MQ!QN').20H-`'2P0O9SV$,BY8(C'<%PB>6CQ,%<;AN41LY&WA@H"XR>HL"#K
M<05E<%RL3,RD*,@;P%^4;@I"JQ`SLQM8X&(ME+*]O)<7HEDAB2)7$15OD2.-
M%X#`D*N`2'!(;=U+#9M+'RY5NDF.[<KL_E@X7(#!5Q\O?&3QC;MQP`#UGX>:
M:NI>)?#T,KQA+CQ6;=U>5<%9"-Y(&2/-("A\X)VX/4']2OB9X0L_"7Q[^#VO
MK%IFC6%QX(:\>&$6>G03I9:7=01O#YB'SY9A"HDD<-)),'<C)!K\SOACX@\-
M^%[PGQ%H2ZY:B]AU"%DF:"^MKN$$JUO+PNR0R?.KX^5%V#-?7GB#]H;X<?$K
M5?#J>-_#.I)9>&;.+2M&GBU&=KBWL""LG&&4;27E4[^6.TC!*T`>":S97UU#
M!J[V;)#>>-]0N#<Q^7(B)=W4CQ(3#OV`Y:0)UR#A0-N/4+;1XV%\808B+.?S
M""LC,Z12F0L&R`68A">,$*005(KI=4^&_P`$=4T2&Z\`?%B73[^;4X]7N-`\
M6Z?+:QJ\<LB>5::E#YD<B+&^\M+"C%F8*0HKZM^%O[*.O^*K2RU30?B-\.-=
MGO[>1SH]EK<,M^D\,1D2*6"81*3.%\M<$*2X!)P0H!Y_\)/A'J_B76O`FCFW
MEM(M3\8Q6T&H7<,T=B9$MFOI(R^P1NY@9L1K\Y:1"!@UV/\`P56TZ*Q\>_#R
MXM8$@BO_``I).P2,HKFVBL8T?/.519`H!R5QMQ@G'[(MIUKH_@FPTY]'2RCT
M#XJ?"K5;+S+*WB\AK[3-,T?6C:S0QN)(X[E)X9VC;!4Y9AUK\MO^"M?A+5KB
M?X4^(;2SGFTFVTW6-*DO(5::*-H7TL1QNZ@JA;8"S#LPW$9!H`_%F/+1A2S!
M/*)5XT;9O8L?F+%=QZ;A\H/'!/)LP.3D,PWJ'`.P86-50+N'S!LY#$@DEOFX
M09%';,&"S*0BG()1E"OP"YV@\X4H0%.75&]S=MY595('F3/D.H#!0%Y<`JQ!
M7@`'`^5CG:0-H!NV@::2*,HK(X921M*L3NQN&00-W!VL=I<#;G`KJ+&/;(6C
M<GR5=`""/[Q&T@E,;FP&5<8PV`37+V,RP3K(1MB;YD!)+H""6##<,'+@EF8Y
M(W$@#)Z.ROR)8P!]X'>1G)5@5()&0&7*[2#TY)[4`=EIT(EMN9,*J12B,!3O
M:3(+G+$L%)$8&!C'\/0Z$,+$/%T$)5E`8$`*,E1D84<L.A()SRN6KGX;E(R(
M8XS(JOO=BTBK&&.%C+`_O`<#Y`@V'<>F[?OV,ZLP8?*[@J58DLX"LDA#$CD$
M#!X('4;%-`&K!F=SM)*(%W'E6+8'!W#&W)'12"`S`@[JV6F*H@0*$!R^'XD9
M0#P%VGGC?_LC`/WJQ;9<11V\.&,@).5;"*S'9N!+$8P3ZIG@]#6U!;P(`)&9
MF4`':-VXC@M@AF887KR0"!P10!T6FSPA$5XR_(5NI&_*@G(VXWKP&/RL%`)'
M`/IW@_-OJ+ZC#L"6-O(S+QL)DR@BS\RY^8@\#<V[#`]/*].M#<SJL##&_,:H
MP);8>@P3\S?+P>N3CY@<][!<7.G0BW2W,,4VX,S%0T\F0<LRX!`^ZH(/.<]\
M@'K/AOQ"PGU&8/+I\5Q87-E,;(*DDJ.7V[A&`99&;!)D!9B,[B0*BTC3[6+4
M;>::XNK10ZM`;ZQ=899L[T25E<;59N=_+#(;!(S5WP1X6\1OX;N/&<-I+#X>
M@UVR\.7&KE%\NWO[^&YNT2/S""TQMH)G4`8C)C4D'%?2'BCX>V&F:3X>O;;6
MK36;3Q!_9@,4>I+<M>QW]JSR3QI*6N+6XL&C9KATV(A#J53"F@#)\<7WB3Q%
M:67B#Q#=7.KQFQL+*W:>5U-G;6\"P6RVA.T2VY2/(F12S'F3YL$\18W#Q%`D
MT\!#9PS%E)Y/49;<.AW#YE`.>,GWSX7^$KCQ3\)?B#J-]J$4D7@&5/[-6:1Y
MI(S]HDWO%&6"-:&.%_-`4[&\M@1EL^#1*\IFEMIHM256:21()`)2HW.S+%)@
MC`Y(3&!WR0*`/4_"NO>((V$=A=7,IC*X%M+('/"D$)NW8'/3GOZX_7G]CBW:
M'P]J&LZMKYO]0U?R;6#3//9AI"0R22-!>Q.08[VZ.V2)@IC>%2JN9-ZK\N_L
M`ZG\(9]8U+3]:LEF^(5Q*$T6/4K%)]/2PV!91`\GF1I?O,[1YF3'E[5B;<YK
M[9^('P>U/PKJUS\1/A9_HUXH>?6O#2Y%EJ4`RTWDVZXC)QN<18#(WS1,&`%`
M&Q\;/@-IGQ"M7UK1(H=.\66RNR31`11ZBJ@D17&W`:1N@9A\Q(#<\U\F_#GQ
M_P")/A3KTNBZQ!<PI!/Y-W8RA@\1#@//:HS`,CA<O$>'!!!5P&/VO\+_`(JV
M'C+3PDQ^R7]LP@N[*=O]*T^8$($N0<,\+OQ#=``<[)]L@!:Q\5?@OX?^)5D]
MR$33_$42;K+5(`%\QT7Y([G:`71L!=^2R@G.030!W'A#Q9I/C'3(=1TRYC<.
MBM)$I!9&QR0#SL!X(."C95@&&*\Z\??!_2?'MGJ=W$L5IXB:><P7GEHJL\2D
M(CR*H<;\<N2>O(P#7QOX>USQM\&?%_\`9>JQS6QAG_?6S%A:ZA;;]IGM2V4W
M.HY[-@`Y'(_0'P'XRT?Q?IJWNG2JLDK2--;E@)$D/S/\N25(8@E"25R.2""0
M#\M/$OA35_#E[=6>H6TEOJD<K&YMVCV1WB[RHEMA@)YF!D/G$O<G-5-,O);.
M2&\MY9(IHG1X98F,4T,T97:ZD$.DB,/;!`!XXK]0?B5\+M(^(FDI',JVNL6L
M3-8:@JXD#@-MBF8<M$3UX)3)('45^<'C'P=K'A2_N],U"`VNHP%T"R`B'4%)
MPDD+XP9=I78PX;@'/4`'UQ\*_BO9^*KBQMM?6W7Q1I,)@M+PL(_[7@=&$H0\
M*ET$`\V$Y$C#?&,[@/I#4-)TGQ;HMU8W44<\4\+Q'<H\V"1D(&[(RDBG!'J`
M"O`K\F-,NFT_RI8'DC$+AMR%HYX[B-MQPW#QS*QSN.""<9(KZ`\._&3Q5:ZC
M#<BZ6075@FE7'F`XNL[A!<31@A4U&%7_`'<Z@+(5&_(8@`'EWQ*^&6J^`M3>
M&:*6;3)9YIK6["EHRLA^57/0."N&Y!/!'`%=EX>0GP&1M^86-Z!SCH)B!GTZ
M^@ZY!ZU][ZGX=T;QSX>6TU&!+B.XM8#NEC`FBF,0;=CYBCAFR0#SSDD<GY3\
M0^`-0\"Z3J=A,6GT[RM0-I=*N`L<BRN(W(``*[QVY''T`/D:%><'.`1SW_7M
MU(P3GC/2OH^*`_\`",V3JOS?9+4-R1O'R84D@#`'?K[KTKYY2!XS&7!7>N]>
M^5WL`<`^V`.V._6OI2T53X7LR01BTMCD>F%//Y]AR.:`.IM0KQIE2,!5QG!4
M]P1S[?XFJABVZO%\N1Y)'&.FUO4]B!QG/<8Z#06-@$9-H8J,@Y`9=O?C&>XZ
M')&3C.:L1,FJPE@0=A!4]@/,`R`><=STY!&*`/.-8VC6;\<#%P>#GJ`.3GU)
M_#TKN/#A#:)=#@D&X)')X*=^O;ISP1S7':VNS6;X8'-P>@!)^48..O\`0^PX
M'=^'(@^A7)'RMON/F&,D",8!YYQ]./SH`YJ``MP<\C/4<9_GZ_7CUKT.]#)8
MVCJQ5@8CQQ_RS)_7DG/Y=:\_@!W#([G'3IZYS@$9[?\`UZ]$U-?^)9:,!G!A
M!P,9Q'R3C/;IQZ^M`&GIMPMQ$J$XD4#(SST)R!W'3/3G/K6Y$J\$`Y`.#^H[
M`8)'.#W_`#XK15_TN-<XRK=SD\9R1QGIT^G;BO08H0%+#&<9(/&<CK@'H#_(
M'J10!4MW.2&!QG.#G"Y().,=,#!ST]\5LA4<#9RW7`QT]3QT`Z?E5*&,$G@<
M@@]R6ZC&?3WZ^M7+8[#AA@$D@\<<\?@1@^O?/%`%V')P&]<GTR<@'"CGCT/?
MI6G$"I!Z9/49!//TXY'ISU..M557?@K][OCO]?PZ8QDD\U=B4D9(QT.3QG!X
M&6).,\X_R0#8MGVCMDG)![<'U!Z=_7\,5JH=X&,9/Y=_\_G6-#VP>_7/H!GO
M[8S6M"3P<9/!/';GGC_ZV/TH`O1KT[<#IW/'Y_AWP>M:,2YQR`1_4'C_`.OW
MJK"%8#N3^1Y_7_#U[6X\CIZ\<>N[@<>I_P`D\@'0:8,"7_MF/R#_`.-%&F'B
M7U_=G\P_X44`?YOG[<]M&_[;W[8TKMDK^U/^T(55)74;6^+GBQ"KX)96SO)P
MI4AN?EP5^<]/BM`!`%E.#\B%F)^?<)5PJL00RCRP?O#.">B_1/[:S32_MQ_M
MH##$I^U7^T.JD1J3Y:_%WQ@B;2V`-C,"2"#@A\D"OG7P_$K7+H\G*2,%9$X&
M_<4.0P(V@[6W`E<D+_'D`[G3WM!*L#JJ.?NAE`=]JJ/*R`W.6&,D#;][[PSV
M-N]A:NAE@D$<B`DD(0%SD#:RC.3LX!Y)SC:37`&.1=4LE*,Q$ZACA2#DNQ7&
M`"JJN<C@CY>X!]!URTN(;.!_)"#R`Z/\H'(88.`1P2NY2%8CC@K@`';V%KI_
MEP7JH\MNZK*3$HD&#A0?E4_-&``5)`.>1P".BTO3-'U*29X)58P$LT3PA7C#
M,!AMV<`%OG88SDA<G!,'@F+[1X6B+1AY!#@G:T8PKL,O(&*JH92Q`R021GY>
M=/P%;BY\2:Q']D!C6SC+(I)4`SC$I&[;EUW<,.!D``D9`-ZVT73+^5;:`VSL
MNT$+(\<F[:BYVYWB+)"[@#M8[0`S&NTT;2]9T6Y@DTG5-6TJ>$;U:PN9B8F`
MW))^[*-@,#]X=!D[>].;28[/QMX?%O;A$N+L(XB8%F5D<X`;;N!'EEE)!W'@
MCJWK/ASP9JFH^,]$TO0[:^OM8US68+*ULH@\DUY)=NZ+:I%M9<OO"CJQ(X/`
M-`'O/PP_;#^/7PS^R6#:E:^.?#PEBDGT7Q#$MXQ$&V1!&;@?:8I"P!#12AE?
M#`$\U[?^TKXS\'_MD_`V^\5>"M2U'P/\1_@_IUWXFUCX77UXUSI6L:0J@:Y?
MZ'+(%D6>Q@"SS6TN]VMXV'.S-?+-C\-?%W_"6^,/#FH^'=1DO_"-KJ>JZI:V
MVGN]WI%KI$JK?->)']V.V\P&65AB//S8#5X]\4M=N_!UKYVC74UMJOB#3KW2
M!)`_EF72-1M7@ODN@F6*M;S-"-X(/F,O)4$@'R&+J0'YE!C?=D;@=Q^9F:,+
MG`1!D@``%UW,`14Y5$$;QR$I(X!A`).[JJX5",$YY)(8J>OS"J<UM=K$O[IR
MPDS&_/R[AMD#C:21C:H+,"%"C`Z&S9Q?:&*2$A`<1L,+O\HJ6`8DLO`&0\@+
M`#`R2"`:T,KC:!ABN0#L9AR`NP*RA"X4_?7Y>".?D!Z:VCN)?L\JQ*KK'@J\
M:A)%DW-\P``'ED;6"L"!@`8`J/P_IL%TS,X6,Q28&5`61`NP8W9[?<!*_,O!
MW;37ID$26WD*8()43"-@`LI+D[C@#.0%RH&!C:`*`.2MQ<O)`EU*(HT4N7"L
MJ`J@)5=OS295`H0A`&X^53FNJMT$B02IN61F+H`,2.I.%"K&<<$EV4Y&X].U
M=I_95C,BSK;*Y(/.THI+*'*H$VQAT4[E#*Q!&3E6Q532(;73-=AMKE5DM?,W
M*9`QVQS1[T;*DD^6[;"5R=QP`<T`164/EP2SNRB9BQ)(QL",0H(8X!R<DJH#
M$'(YYDC9&1&60ES(2`R@#`0D-U4.K[<%?F(/0$D"M#5I;>YO3;6,80O,4"@'
MYD3)+$'!`)^;)#9ZL0:]&T[P);1V-M=3;))94623:P)12>KJQ`SPF4(P%/!/
M`H`X/3GEA?S$9B4*[3E=P.3N/.7V!9"0-JX'?()/L6@:5>:[8W-_.TLT&EVS
MW=PR`)';JK;0&'&&=BJINR69P-QZTGAOP_87MXL:68N(%*L]Q)MC1$VE27V'
M!W285%/#1KD'&"?M/X0^+/A;X'\$_%;PAXE\&_VW>^,_#R6FGZA;>3(/#]S;
M":6&^#3'S`T4X2=TB<-(D90LH;-`'@NE3>([KPN^@1>*K/0O!ESKNFZC_9>I
MWDL;#5H;4#^U?L-M'*\BP+)+$L^,LAVCD''M/AOX1>(;[2I;[P7XI\->-U,<
MXU"Q\+QSR^*K.)H&$HM-/O(4EC@D$FR62VC+?>*J,`U\C:WJJZAJ4JVFU;:%
MEA@,$DC1NL8\I9@K98&0#?M8E5R5SP"/JW]GSX=^*O%ES::]X$N[[2/$?A^!
MY+?^SX-6,FJZD+B62'[5J,<T5AIT*Q>5')*\R(,(3!(Q>@"CX+OO%=MXB?P/
MH<=WH\^NR?\`"*2Z7>0/&QFU22.UN'N+610_G11H7<S*2K%F`!.#]=6'[/O@
MV[M7L]&TS6#?6<]UII\1Q:I:0W%QK-E&([U;*P=A]J@@N,I-&(@Q`9%R0&/>
MZ)HLMU\3/"6N?''PQ;?#_P"(MOK=E>)XTGG4Z+XE@CA5`-0:'%M]N81I'%<Q
ME-[2,\YR"3O^'O']O\-_BUIW@+Q+X8N9I99O%%B9;%H;L2Q^*M?BU71_$.F&
M0B.Z@GME6WFN(G$L89LD!2``?%EU:>*?A'XGMM51KC3KRTO;B"*ZLPT$K30/
M#+'*^T+M64B*>-3A@VX`';D_K]^S/^U3I?Q0L++PWXLN;>Q\6I&D5O=R/'%!
MK>Q,$'+;(;\E?GCR%F))CP<@_$?[36DK.+J^G@18;WQ&\-EC:7E%I80"65'#
M#/EO.D$FQ=AEB;:Q'3Y8T.WDT2ZAFCDDLYED\ZWFA<HX>-E8,K!U970X(R<@
M9(]0`?N'\4OA->B__P"%@?#I_P"SO$MEF>^T^#"VVKQ*"\H,`'EO(Z`B6)E*
MS`G`$AS6M\+?BY9^(HAH^JQG3-=LQY=]I<Y<2V[H=CS6QEP\UF6Y,?,UJ"%;
M?%AU^?OV;?VI8=5ALO!/Q#OQ]N'E6VD>(9V&VX!`2.TU-SPKYPL5TQPQ^68@
MX<_1GQ.^$5MXI:/Q5X4F71_&5ABZM+VU/EIJ!10RI,8RJ%I!@"4Y60'$@8')
M`.B^*'PST3XE:&\-RJQ:G;Q&32M4BQYL$H&Y`SJ,M"QX*Y.,[EYXKX@T^Z\8
M?!G7I+;4$FM;I7*1;MYL]44DK&Z,!L\T@#:P(W<]5RM?4WP^^*=Q*)_#/BRV
M;2_$]@C136DP$$-XT9VFYL>,;VQOFM%SP3);]XZ]2\4^"=&\>Z.^G:Y#;REB
MKV5];(?/M'V'RWCE?+,`Q^925!&<`-T`(OA[X\T_QGHUI*DL8U*.%$OK8-AT
MG"X?"G!&3EL=,'*G'(J_$[X;:1\0M&2VN8TM]4MI!)I^HA1YL3A6_=R,!EH6
M.,YY0_,!V/QQJNE^,?@MXH1FEF:V>7?8WZ!OLFHP*QVPS;3@3*N1DX8-VY(/
MV+X#^(^F>-=,MW$L<&I*52XLW(W[PK=!U.0,Y'!'([@`'YQ^+?!VL>%-<FTW
M5+=H;Z*1L2-D6VHPG(1@P`7S&&#'*.6X#=<C.L]T8$H#J`VUX7SYD1R/ED4C
M*,#T('/&TBONW]H#1[/4=.T0S6\1F,M[&)M@\S"I$ZJ'QO`5OF7D@$Y'7(^-
M]8\+ZGHLL2WEO+;R7,*S6=Q<(ZQ7UNX5HUED(YX_U<G)7(ZCB@#ZC^$WQ=-Z
MUIH.MSI%?HH@L[V0^7'J"IA4MKG.$CN4`"QR])0`.&^]])W^GZ=XFT>[LKR%
M)8KFWFBD5@-R%UV$J><,.H88!]>:_+FP<JY<ADD1]IC/$D3CD$X/?(*.O!&"
M#S7UE\*/BPR10^'O$=QMD8+#I^J3-Q(`#MM;USQD$!8IR?FQM<Y`)`/"OB;\
M+]3\&WX:."6XTF3<+:Y52PC&YI-DA'"E0QY/!.<>_9:=;O)X;LXXQN<V4051
MGJJ*V!UPQ`]<'KWY^T+K3M-\4Z.]EJ,,5S'-$4E#(N5<C&Y",X7IM8'YA^5?
M/>O^";SP>(8H0TVE]()0&8HH)`20\X`'"G'7)]J`.4M)8[F&,J2&4"-U(PZ,
MH.58'H1@GG\.U5G0IK5LZ<%(>>N#GS,97D`=LC!&<\\U8DM29A=V1"3("9H.
MUPO`PV.`^/N-W]J19!<:E:2;"NZ(@HP(9<>:"#QC(((R,CCCUH`\YUOYM9O7
M*E"9SA<<]!@84GCTZ'D''4#T3PN`=!NA@`[KAORC4_49.1CVQ7`Z^-FMWJDA
M<2CT')0>O3\>OYUZ'X1"OH5T`P9A)."#CCY!GN1ECC!.>O!&<4`<9"26X4X+
M>HSU/&``,YQUYZ\UZ7J7.DVP^XP^SDKZY0@D$?+CG@X'6O.(0-^.V[W[9XX]
M/S]:]/U9?^)/:-QE1`,_Q?=((YZ#(X!Y`H`SM#4&]B!SR&``'(.PG/?J<C)`
M[_CWR-Y89AD\<C/3/`/.<@=QQZ^M<)H/_'];C@#+9^FP]^W7)_6N_C0M+*#G
M"JG&1SG.3CGMQ0!9@A#1;P0S;<D9SC/'MG(X]L=.U61#G`[Y[]_3GGIC&/?-
M1X\I24RJX7CG*\=NO''(^A^E]0&92,#/('L,`'IZGGB@"Q;(5.Q@0.W!QGMD
M_P!P]CGL0#Q6L(EX(.&`]CU].O'J>^,_6LJ$CZ#KVQD9'/7/`]JL1$Y(/`!P
M/;./J<<#GGJ*`)X\9"X(/_`B?;VYZ<<8_32A)XQZ?7D$8_G^'0]*HJ-S#;U'
M8YYX'8YZ=,\XZYZ5=B!Z=/TP`WH!W`]\^M`&K`W((('0X/7G']?;Z\5I1J"/
M3I^N?SY_2LJ$?=/?C\?N]\?G^'%:D)Y`[?XY].W0_P#UJ`-W3!A9?^V8_(/1
M3M.Z2\_\\_Y-Q10!_F__`+:R.O[<7[9C;I#G]JG]H8@$!MBGXN^,#M`W`G/#
M(<';&Y&`0HKY[T=?*U%U"\"4<,27+LI)!PS2`!C(>,J6Y+#H?H_]M.3?^VY^
MV8!N;;^U;^T*,[`H!7XM^+0,,`6&UL(68@-R5SDK7SYH,;G43(2VYI4'^LY(
MV#=W.=^W<6'`/"YR*`-6>1CJNGNH<`S+@*,$,JX`*_>(*D`-UZL>AQ[#KNU_
M#UDC*WFI""67(780$^=FCRQQRQ`8-@9?(P?++N`KJU@Z@?ZV+H0`F$^4[7`+
MC@#))5LMZ`#W#7E>3PQ93%E7R[/R2DH"D1@1!"%.%+'#-\I(&0>K<`'8?#*$
M/X3*>7O+VCE&Y)WBXD5U"K@`KP1N#`D$Y/%;_P`,[2:7QEK\$<<K2?V<`T:'
MS?,!NX^6P,K\N3\I8#KG!!IOPB$+^$D#+'E8;DL0JME5G8D,,;2N"W)RQ(!!
M(P1]._L8>'[;Q!\6/&EC;+97-YJ&@K9:<]U`DBQ37^HPVAD1G),3%GP)%4NF
M=BX4DT`:GP4\/:=JO[1'PGTO5M,MM0L[OQ-;Q7.GW41DAF1E<-#,I9=T3X48
M)QD9)&,GZ7LM,C\-?M@>'(;&SBT^WTWXOZ6+2WC0)!;Q-K44<<:(`$5!'($3
M80-HP#Q7F?PST>ZTK]HSX:).4CET_P`<V=K)Y8*$3BY-I,NX`[0IS@98$\D=
MJ^TOC_H>G:)^UCX4N--M4LDD\0^`M1*1J5W7EP-,EN;ABWS*TLS-(S$`%R2,
M#<0`>LZ/X%NI?VN?VA]'N`EM_P`);\,/B0((V3]W-#J.GVT\$WRAGPX4O\V2
M<9('(K\5/VY-+TWPS\5O"-MI]JFGV5Y\)_A]?,J*(H/MKZ/'!>RK$BE0\UU!
M)))(1O>1F<Y8XK^A9H2O[;VH+$7`O?A?KMJRYC7<7\.S-YV0-[Y,14')ZGKU
M'X9?\%'-'F?QE\(K\0JK7/P>T.WE<D#>^G:KJMC]T')VB')4\;B,@\@@'Y]0
MW(#A9F#*Q+;\\$-U&<;2-O.1@9'!/(-2YLQ'-YT+-&C29*H?NDGYG4*3QD*!
M'@=,Y)^[2BD";8W!#)\KESAE/.!AB&RP)&2O.WE=RG.MDRV[#>0'!91G/^K^
M9<L>C;E).?F5CDC;N``.F\.&.WNHU'[P.OF$.QVR.N\$`%<[%(VL",[@W()K
MT*TND\FX7RD+(R,F#DJ1*K8"^X).7.""1S7E^BW8DNK)251`Y0&/YF:1P.`2
M@4LHW8`/49.[C'I>D(&BU4*"2D#%2&;:-K!5+OD#D[<9!R6/'&:`/7_#92[T
M>:V,+-/"[HS[-L?RL/W:N`&27EF.X[MO&"&Q7(:A83OJ-B_[T,T-P`$&Y7:W
MF=3&N<E\`*ORA>@`(P".B\+R2Q0:G%)(852>*8[]QWR2(-H&W<N2QW%F.Y1@
MMD#:>?NV%P^F!6=98M2O8=I8KP[B13O0-@Y=B<$\$#@$B@#M/#^B?\3RT6XM
MW*2Z7'?>7+N00O((X_G*J2<98LN4+$\\`9]KMK0W>EZG+#$%:WA>,8!4%I66
M,+&H4':00!DY8D$@$YKS/P5;#_A)-0AD=RHTZ",L9WN#$)"&!1Y(P?W9#9``
M"MR5XS7J5G:M!HCQK<O*6U&R27A%,JS7D8`9A@*Q*D-NSP"V`>@!O^%](-II
MVH3NLD:-+(`B*-JI9J8ADMG.#$23T4DX!))ICW\.D0W,ZFXM+OR2LES.0]I]
MHU&%)`[HI>64P6[Q(J!6"Y&X$9KT3P]#*GAZ</#%,DC72C8WF.&FN&13M4L/
M-R<`=^%Z]</Q#I,5[J$VC7NG75I=+XE;386*1B*10UH9?/B5O,1DM+1DC#HJ
MG)PQ.<@'`>&?!LL)M[_5+;S;6Z)<R(ZQFWCSOBNF#;&:"4$E54F11M.SYL5]
M!>%?%OB#PG`L7AK4;S2;5+GSU*79M;65MRG>;0Y\_)((W+T(X`'&-J8@4VUN
M9$M8A(BDCY(1$66)!(RCY(XT7S&();;'\JL3BO2O!_Q-\*>$+^V>S\*^%?%,
M-C+)*P\1VYOGO(C&\;%F)C1#Y3'RPB_(S8"AN2`>Z7G[57A[Q?\`#/Q'X'^*
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M,@.#@JH+-GA<X.>,X`Z>)V^O,Y4NA0*./.>=P0%Y+#S-N1M.0,`=^F*Z*VUA
M`%"3JK,<[8;=58'@##LK-EC_`'2!GMWH`]4L;ZXTV:-TG90A)5@WS9W`XW`A
M@>G7&>H7C=7Z0?LY_M6R:8MEX-^(-Q-/I9\J'3-=D/FSZ<&VJD%VQ)::T4$`
M2?-)`/[R#:/RAMM19F5U2:X;=E3*78`ELY&<`=/F(R!CTQ74VVKZKM58E$2*
M01DDE1D$<\`<'UZ]`>@`/Z!OB3X`T7QYI5MKFF7,-KJ\$:W>F:[9.I2>-8S+
M"))(CB6,D*4D!)4XSGD5RO@CXB:[HVHCPKXTM7AU6VEACEFD*+'>QS(1:SPL
M=J+=3;0Y`Q%/G+-'*PW?F1X`_:E^)G@?P3>^#;6ZM;N&Y<FQO]0#3W>CQLA#
MPZ>KL88UD;$F9$DVN,J%!-4;+XR>.=>U+4-4UKQ%J-]J$Y@N+BZ,I+JD"LB*
MJ*518XP!Y<<8"KU5<G-`'[8^(M"T#QMH<VGZI#'=V5PC%),#SK651_K(V(WQ
M31'JO!R-K#%?#&O>$/%/PK\1VNHVUS/+HS,LVEZM"LB0R1NP98KY>-CJ@PI;
M##.X8ZGQ?PM^T;X]TY)57Q)<R)/)DI>+'.S9185WB5'YV``;<<KG@U^@GPMD
MU[XC?#^Y;XBV]K<1ZFX@L[;[+';SQV*0*$N)$`S%-([>;`Y57,>UQE'&0#RO
MQ1\3=.\::7H%F2(M4AEF6YC<J`6*1JO)P/WI^:-@<,/1@17T%KO@'2?%WA'3
M])U")5N+;2[9+.[QF6VE%NF/F&"8RWWU_$'(Y^'/&?A2;P5XBO[6V\R[TVQO
MG2"Z*MYMO&I5XQ,5SF,9"E^-N,XQT^Q_AI\3M.\4Z=;V-W(EOJD$$<;1NP'F
MA4"JZG`#!L<'KDX89P2`?'7BWP)JWA&_-IJ,0C=,BSO@"8;B'/RI*PP'0\;6
M^]&<^X/)PO(KON5D=-JO$W50>A4@X9&[..",\YZ?I?XG\*Z7XMTJ73=2@1MZ
M'R+C:#+;R$?*Z-P<$XWKG##WP:^'/&OP]U+PI?"TNXV,.6>SU%0?+DCSD([<
M!HV!`93AE/OU`/4OA5\2Y+<VFBZ[</\`9\+!8ZA+DF$;L+;WA)^:'HL4Q)*#
MY7.WYA]4216.L6S6TZ131O%AD(#+SG:5)SE3U##KZ]*_.6$FW(5HVCD"@[.2
M"AZ-&21YD;8Z]N0>0*][^&OQ'ET]HM+UJ=FLE`CL[Z0LSVI=E"PW#$DO:9X#
ML<P\C)`X`.@\7>![G09WO]/5I+!FW,H4DPC^Z<<[!GCGC&/6O.PWFZG;G[I1
M1D8Q][S3QGCMSCVX]?LF'[/J%D(Y=EQ')&-Q^5TD#C.Y2,J5(/RD9&".2:\+
M\8>!9-+ODU/3(V:Q#L\J*-S0Y4@8`&2@)/4$+]!0!\R^)%`U^]X!S(G;_87O
MZ=!GID9'K7H/A*'.B7#(0CB6<[AT8>6#ANQ7Z\C!(]*X?Q'&6UR]8*<!DW;>
M<?(O)/N`.21C.>H->A^$%_XD=UWQ).0!_P!<ES[8Q@<=3S0!PD0(?G!R[8]<
M@G/USTY_,<UZEK"_\2*T(ZXM\Y&.2G?&.^.U>71EC(3M;[Q//`R6R>I]NP[]
M!7JVJDMH%N""#BUR",$';U/.,''&/RH`Q]`!%_!@]R,'D<QG@CIQZX!!QW%>
MD6RGSI2?[J'I[MP,\?CUX[5YUX>&=0@SR<OG';Y&SVP#QUX_#D5Z9:IF>0#`
M/E(#_P"/?CUYZT`33H/+W9[)GCG^$>O_`-?'Z,N7,#6[J0#M8XXZ?+Z_7\ZL
M7'$1!X*[<CJ,9`SUZG^8'3DBIJ2_\>I'`V-C..P0_P"/KCTZT`=#:W"SQ#9C
M/&X<9!)SCCM[^]7-F[!7&0!GKA@"!C`ZCTS6%I7`DP,$8R>>O7(`XZ]0.>E;
MULZR`%>HR"/<?+G\?TXYH`FB8@@$8.2.>V.Q/!..N?0C.>ITXX^">-W<>WL?
M3/J?K[U/*#991R`/QS_7Z@_48JW`V>#UP`">/P(_#_/6@"["/NY/3CW!^7D8
MSGT]*T83@YY/0=.O7]?;WJI&O0CIQUSGGZ=_Q_2KD789[Y/;Z]\C@'T_K0!O
MZ:<B7K_RS_D^/THI-,^Y+_VS_DU%`'^<?^V>0?VW/VRPH9E;]JS]H@.`JML)
M^+OB[!Z!L,4/3N,DY.:\%\.(6U%N,DSY*.#O4;&W?*S;0A!&W;RV1@*<U]`_
MME%3^V[^V63N)'[5W[0P4JQ'`^+?B\`-C(;YCDY3"J%'))SX1X8A63595(_>
M%PR[3M.\H6V`[`';+(H!.=JGDY.`#?NX2NJZ<6`V-<0@,R$@@X7&5VDXX)QD
M#`/1J]I\2697P[9B1/+$-M`\6_#*2T:G).X*RR#KM+#=RH&:\?U**2/6])"G
M<?MEO@L<H6#(`H5F8':<;R`N#D;!A0/<?$$5Z_AV"01LB-;0[E`VJ0BJPY8@
M$*1L`^9I5VD=\`'<_!_3I9/!,E^D<KV\/VFVN)5&Q%-Q/(8XGVG`#(I&"">"
M2%ZG[&_8"M_LO[0,FU4>/[-I39!";`NOV2AR5.)-_F*,DL,$'KROB_[/]BC_
M``!\=@1AIH=5T&82/MWQ"2^U6.1`H)9E?<N"W/&.`O/O?["5LLG[0QA`BCQI
ML$\FYS&(S#K%A*WS!<!E523&%8'.T_PF@#UJ*)(/VGM(:/`6+XL(N`1OWIXA
M9?E&00-K!>Q;.",@5]<?M7K]D_:0\*:A%D/'%X!NGW#'[R&2U7[Q&3M$?H>5
M`W#I7R?XID2P_:;1HW>.*U^+)9VC7)B:/Q,4(#%`NX`97Y<J``3C.?L']M&P
MCM/C?X1U0/-Y=YH/AB>&3(PPM[Z>(N4`Q\ODX=MHP<<9&:`/IN\;R_VX_#A<
M)G4?!M];298@DW7AC4&554+@,3&"HR>0<G.17X<_\%+DNDUWX(2@LJ'X;ZM9
MKM<A]^G^-O$$#&7"[E*[$#[<''!]OW&\2QB#]MSX27S9']I>'].5F4@B19=$
MU>'^,G#8;@=02"<YP?Q\_P""G5GIL"?!JZG0^;#I_P`2M-&Y5)+6WQ!UF5%5
M1RQ`<`K]U>#D*:`/R`MY663S)B2T@9"VW[LFW.XDQ\DC:%.``I<EOF>M1&<R
MP1N6"*S.2`Q(49(SAC@DXPPPV&)/&6%.>^M7BA:*-HY4;=-A`@E#Y12-OWAN
M.0,@[2W)7)K>TJ)/+5V^=78N&5BV"Y"DHQR%QG&!E>H&0<D`=I\K))%A71DN
MMZC`4+\V]N02-S1D!LX"JPW/BO6-`G1UUE@ZF,6DA#>:O0D/M50?WOSGCC)R
M-I``-8^F6B7L$R);0J8R%8-S(RLH;>A7&,'C*$$G(((;%;.G::UG'</:QEH)
MK*563&TPLN%=21@X"X*JP'RYXX7`!W%MK"6+7Q(<+)!9;BT94$K;\;6/`+<#
M=@;R!C'09%E<7-_)$;:&240W;W1*J<LCL",/DXR.,\],`XR:)X'O;]+68L%\
MBT9\A0,Q1(L;,2<L!D$KQDD=>171Z19M;)-=VX=/LRLRX56C\Q2HC;D@XWNI
M8Y)&,X/(H`[W2-1NK3Q#>ZE)HMU:VM]9Q0);E#*T)C!5'#`@E=PR&&['U!!]
MO\/K!<V&DF2)Q]IUVR<H1&A*1&5F&PY+.-A8\<L0QQ\HKSCPJ^OWUE/=0NLC
M1230)O51MV@,_#@E021P#U[!L&OJKX)>&K'Q/XW^&F@Z_@66M^*["*\15`:2
MWFB<,JE0#\Y/EY5@1DG.10!Z=\.?#UY#H/A?79]'M9-%U+Q596J75Q*D>][?
M6(FG0%I(E:5(2'DC8L2,%L#)JOXB\(ZIXG\<V6IQ>%-;4:CXK\1WYU/3;8W%
MF?M,\T=J9&,31@$RH(P9OD7E3FM?XO?$V^\%V_A?X2?#R*RM[/PEJVMZGK&H
MSV1FNK34;G5[Z&TMK>24'8\6F)"Y=07!D5<Y2N_^$/[9%_X2\K3?$S2-92R)
M"UV+02;)1*I9W@*GS5`4[BH+*OS8]0#Y7^)=@VGZ)J<#VI+&>&PCEF+PO;R)
M,&>8(.K[8I$\MF(42,>P-?.5LMU`Y6*XD5CC^,G(("YP=P&T@'Z9QC((_9O]
MH3P_X"_:&^#=YXR^'VG:?=>-="O[">XL/#<'_$RU6&[F$$HGTNVC61KA%<3B
M8P_=64,[``C\L?'OPXUGX?MHJ:_IT^GS:SI$6IK'<P3VY5)9)45'690T<P\H
MB6+`V-G"X()`//XH'DF.^=GE;[S%@S%AR7"DDM@\$<`8`&?EST]MDQOY:(41
M0C\;F<#AB!@;>23TQM&,C(-<FEVD4I9%`V*>Q.X8!.1G[NTMC`R'P>A!&]9F
M!RI>YE03!781DGYRI=@%W`8`R2I49<$`YR*`.F2R#V\5S&P4(5W<9+J1U.<*
M&'KZ<<@@UTNFI:*4.&8DE6$:$G'.2K8ZXYQD$+UYVUR<=\P2*T#!HD=I&DP1
M@HH*@C)[\8!.YA^6]87DJ8+1R,"1R$R5S^0*]/F)!/8\<`'HUGM4I'#8R,,$
M`/A22#@'<<XY(^\`!D<COO(SA4_=);ECB3!\UCEN06!P0&!SC'H,CKQ5MK0@
M4%HI0_\`!P<@9&&."?O8QZ'U/0WX=0O+J3:BO$N7W-)DA6QDY!X))QA3C..`
M`,T`=-O7<0SL<%>!D#U&T=,<Y[YVC@5N:5>?99\JQ*3(4<`_,=P'4+@G![$'
MD>U<@99"55C+*40IE`4*C);`P.@`)&3\JDXZUL63%2D\<;NL1!E51\P!X^=L
M`*2<'@\Y[<4`?HM^S-\&O"/Q(TB^U_6]4DG&DW<5M)ID1\J5&>-Y1>R.,R);
MPG8L)QB256#$*`#]<>#I?$W@?5KG1-1O;34-$:=QIFM37]O&4LH`&C@N87?>
M\*1'8)-GF1OD(Q7Y:_.#X6>*_%/@;P7J/B_P]>/I<&H:ZOA^:0&-O.9+,WJH
MBYSMP3N)0C.T`@@U[%\/?BUXDUS4;N?Q#?R:U:II=[;F"81HB>9;RA%AD"[H
MF,NUW*`;A@,Q&``#[T\.:5::[XC\:MJMA');W)2"2TNE24&&[5766)L8:*54
MW0S(>><$'*CP?XA?#76?AY?KX@\+M/+H?G^;^ZRT^FLSY,<@7[\!Z9(VL@P1
MGBK/@WXE:_I4'AC5M2TZXN[+4=)CMKZ^M2MS-;>3>7/V=Y(HP"84@8+)#)\Y
M&)$*/MKZTT_4M,\1Z<&3R;JUNX?GB<"2*:)Q@X5ARIZ,I`>-OE<*XH`\T^&O
MQ.L_$5G!I^I21P:G&BHI9@$N%`P'1B>0<#*GYD)P<KAAZGKF@:9XCT]]/U.!
M9HG0['P/,A=EP)(VZ@CN/NL,@Y!X^6_B%\,+[PM>R^(O"`DDTY9%NKFQA#&;
M3)"Q820[<@PG!VC'3(;'?TCX:?%&'5X+;2M8D6.^"B.*9N%G(XQSC;(,'?'C
MC&Y>#M4`\1\>_#_4/"]V(I4:;368M97\2DF+)^X>.%7($D9[<\\$\+")8Y5A
MP$*H&(5OEE4GAHS_`!*3G<O4$$-VK]$-1TVPUFSDL[^".ZMIEY5@#C(X>-L'
M:PZAA]#D9%?)WC;X<7'AFYEGA22XTF5RT%S&,R6KDY`/7#*,!@1L8#(XY`!L
M^`/B%+HH@TW4Y7ETQL+#,Q+2:>20`%'5[8D_.AR8^60%>*^F;>XMM2M\@QSQ
M2(""K!XI8W'#HPX96![9Q7P.IDMI%6;&6/[IQ]RX'5=G!PX!S)&1D`]U&:]B
M^'_C>31'&G7[-+I<SY1E.9+*1FRSQ#.3`<YDCZ@#*#@@@!\3?AS+93W>O:5$
M7M)M[74*<F`DCYD09)3`(Z97/&.HYKP?&1HMRI!4B:<'/!!\M>O?./7]*^O(
MVMM0@/S17%M<Q`HP(D2:-U_%6!].HP<XKR#7_!(T1;Z^TM&-E,9)I;=?F,3L
MC!FC`YVG`..W-`'S-&,R'IQ(V.!QS@$#O@_X5ZQK"[O#MM(0"56UYY!Y0#J,
M=.>V`.37EPB*N[%B,2E<$'(!)(R>>G3GOC'&:]8U52?#,/8A+3''/0#IQVZG
MGWH`Y[P\,ZC;CIDGGC^Z?QZ8P/PKTZV`%TX'!$:<\CN?0Y]_Z'%>:>'XR-1M
MB&.=QY..04;MTQCH,`C\S7J%MAKEQC#"%`1_P(YSC![Y[#KS0!9O(PT#,H`9
M0#T]QD?C_GM5#4A\EJ<_\LSGMG(3Z\$@\]<]NM:UT"87`_NJ?;JOZ>_K^N9J
M@Q':<#[K?EA2!^&>GO\`F`6](!/F_0$C\\CC!]#G]/66WE>.3<I_B.<<@\].
M,9_+.1W[MT7E9@>H"Y)SCJ3_`/6SP1GWY2,8=NWS<X^O\\=>1S0!UD+;@"1@
ML`<?AGCVYZ_SJZ(P3E1CH3V_//-9KL8TMV&.@R,]1M!(XZ]^,^XK5MG$J@@]
M<9]<_ID=.G'-`%J-N`#QZ9_#CM[_`.':KD:\9`.<'."1S@^GX_H,]#5=(^1Z
MCD^_\^G&..U6HL=\@CIQC/7/';^N,]Z`-S3?NR]?^6?7Z-QZ\44NG=)?^V9_
M$AC_`)_SDH`_SEOVR4+?MP?MF-Q@?M4_M#;3CY=P^+?BX<<@94;,LP(+DKS@
MD>'>%"B:QMD<[C=1L[C&\DA\!6QD'Y2.I"Y4D*3S[5^V5#<C]N+]LN;[2;=?
M^&JOVB"B*GRNH^+GB[!8,5R7&'+`;?E!R<YKP70;!KS5<&25BDJ.WE$QLS("
M<D(,YX()QR`%`!(P`=UK3Q0:SI\C$NHNTD(R1\OF#(^:,'D'.X_Q@@^_OVI.
MD_A6Q$+AV:%7#(X8(%7.7P=LBE$^=%X;:?D)P:^<+S1UDU"QM7DNI+B>[BB9
M)3*S%99(]NS<!EMPVG!!)Y/<5[E>>#K.QT6*0?:+=A;()!%<SK&TFP`,L>]4
M#`CG+,`67C&<@'U%^S?/"WPA^(MN98UN$N-$9(I5P\@_M6Z+"-<N2(]Y+A3@
M$@`\@U[Q^QW(UO\`M%6`C:W4O9A6`,2F1!?69?<C*/,9R<X8@C^(X`%?)?P0
M\,V,GP_\67!%S'<37E@Z7T%S-;W$26NH7*M'YT,HW1SJP,B='94R/D!KW?\`
M94\+1ZQ^T+8V<]QKEW"\"/#<6-[<176G,M[;8O9&1U>5+;.&!+J^5W*_<`^L
M?BO$+3]I'6H\*C0_%:1=RC"QX\1(HWLO'1B3N&W=C)!-?9?[=44MAXP^&%W(
M!([>%(8O-&UE#VVLWA5B-O*D/G!/<$=\_GM\7-+UJ3XXZTMQXDO;F>?XD2*]
MS/!:BZE4ZZJ>?YL4<42R`A7QY0&X\CJ*^U_VW9O%>E6_PAL[L6NJ)9>&;I5U
M:2X:/4;Y6U0[C>P>1Y"2)P%^SL590'*J0U`'USXVF:/]JG]FW4&C4?;],T*%
M9-H96+V]VA!Q\H4),=I!`&1QD\_DA_P5*TZ2:P^%MPMLS2V/B_XTZ9,HQGY?
M%L%[&I`('W;E60C`PPK]2?B1XG@MOBQ^R+>ZK#+I>JRRZ)%<I%;W=Q;)"KZ<
MR31WHM4BGC=9&W"("2,N489Y/YT_\%3+$RZ)X4NK4((XOC%\7[4S,\H#B:'P
MS>H$VLC;@)=Y4D`9;;SQ0!^(<EO'L"NGEW"%0Z-@9P6'()P&7/1@1G.,XK3T
M\L('W?>5E?Y`.'$AR`0&&!G`P?X21P!45W9RQ1&>1HOE<JQ"G<Q=1GERP53\
MIRQP".<?,#-82*L!Y.6C`PQ'S,)`2`JX.,9^8.0.^.I`/0M`NME];$JH,Q,;
M!^5'FQA_F(0D#(<@#!)(]VKK(B$.KPNV#%&Q&U\*CLK*^T*V#D@`KD;B<9X%
M<1HVUI[0,X`^UVZED`PK-#DC&-S`@'J<DG&0!D=@C+OU;:"%,49Y7E0S-]X9
M)4[MH.#@YPN!DD`[K3=,\[5C$"0!IMI([X!*LL8E!/!X9EPW7Y`%!Z&NNT:P
M,FB:M*439%PVTLIYN$5LA@%*YVG!/&\@<\"#0$C.J7,FX3^7H=C*C@[N3$WW
M]OS+RIX.&&%R<`UN:)+Y_A36&#;<W-L,?-D[[Z+=U*_>;:74L1QN<;<"@#V?
MP)IR+9:Y#L3]WJ,VX1B-!@VZ.`@5R",!6V<C.1@@Y/UKX*T"/P7K_P"S]XHO
MKJVA34KQ/$,I&V-;>VL(9'$3.RLH,\<98\95WV`8Q7SQ\/O#^J:H/'=U86<T
MEKHMW#>7S[$_<VTUM:0QLRYQ^\DE6-/+R?E8@D#(^B?&.+OX<_`&\>1A)#:Z
MUIJPG<)(5LR(_F)4-A\L0"2J]`V.@!Y-XNNCXAU;Q3XFMX<'6O$.I78@SN,7
MGW3,H#CG"HP[%<C)`&*YS1?#\D^L3&X4&.SCQAMSE?D1FP_W02T@+!><X#`X
MX[:P@1='8L5RUY+E0`S$K<,F%Y89)7VSQWXKHO"UB3<:W)MW;YM2P&^<?N6B
MB8%LCYUQT!(QU4#B@#Z7\.>,8/A!\*O#%W8![;5]6N;W5;VYLYVMQ=P2RM!:
MVM_(&5MD*VY:%#]V-F(`,A-/^)?[1'PN^-WP#\>Z!XWT2PTKQ9X:L;.^\&:M
M&[7$]QJT5];QFQAFE3[3')<V[SO*GF/#-&)'*AX^>)_;0\,'P-\$?@K]DD9;
MCQ))<WEZ4E<9C73+2>*`+DA4C:X7<R8W-D'`R#^9(N#-&0)'W+M9DWL0"3D#
M)!!SN&QL@E>@H`M-Y;`%57[[+DE@``/3)'&XA20,\D`@$C:M;8-$1L9I2\01
M@24$93+8X&W#X"D`\$J,=1S4#H7",-RX"E#\K*<,O0JHW#=UPP4<#GKZ5`L,
M$EL"V(]MNL@Y7:2JEG'"J`,Y`XR1G@C)`-FPM3(K01*?*@3"1JJ,',)4233%
MF!()8A61F8G(P,'.HJ/:R(5#+$0(Y(V)(C8#`96]&/*@],X.<8I+&[73YW(9
M$5DD"R21/*C1R[20?+8,&5E#*.5R3G/?1,\5UOC1"S-#E^BE2VYXW(R0C<`;
M<'J1@DC(`TAI62)<KYAR><D!2?GZ<`9R!V`)R.:Z4NEC`G"O(W*`GG@+AV)[
MG!'S+Z>A%<]8OM5I)`I"Y"?=<[%)&"0."Q&#@].N.E:\=K?7&9"(R9\E0S`"
M-`>,;B&Y`4<'';N<@'1Z?:O=HKB=(BS;B[N1C(<DX`SA<`<;1C)P>17I'@#2
MTU&[U*WFPT<FD7$@W8QYJ@&-1@#!9D*K[L"&')'E-O'<VQ52H<?*I!8L,]2"
MP(R#DD9R">..:]+TG6;31M)GM[>1I=2OOFN9HMRI!&H7R85<`,2N=[E?EW`+
MDT`>RR:C+!\'E\'?97^U6OBPZOB*-GEWM9^1+NE3<?+6/)XXS@@D5N_"&YTV
MR36)M=BU2:WFL+NW6RTYUMKHW?EJ]JTDDD98VCR((K@1;7";F)`&UN6\/6%]
MK=A96MN]R)KN9Y42!V$TL3943W,IZ(@3@`,Q!)"D!J[S1-+O?"MQ-)JT=Q<6
M=K>65K?J942YC>[5Y('MY</NAGB5D67:,2X1U<'``-Q?'&NV4\DEE<36<1.(
MK2VE_=11`JJPA,KN`50&)3+,I9B23GUOP7\<_%.E1+%+*DD<9:13*NUD+(`2
M3G`+#&X!3D8Z\&O%O''AYM#U:W)L+N&ROM/BU:R<@E98;LJ]MEE4854=O.&P
M*)$)0%2N-7X?Z5!XGU_2-!CU."S6_NA#<3S2!H[:(+NGFDSDA8XT8Y'RYVY*
M@9`!]R_#+XM>*?'.O1:7_9UM=:?*,:C=M;XC@M8XV$F9$98R[Y`1&4E\D%3@
MXU_'OPJ>SFE\1^$XV1@QN+W2XR005&XS6FWE2IR2J\],9`&,Z+P3JOP>8:GX
M3GN-9\-S^2^K6LNPR[E`S<KY0PN`Q:&5,A0=K;E9MWNWACQ3IWB:QCN;2979
ME`>-L+*C[06CFCSE)%Y!'W7P2A(!``/+/A[\3/M'E:/KKE9U;R8KB3Y69P0O
MES*V"DJG@YP'YQAB`?<[BWM=0MG@N(X[BVN$*NC`,KHW<9!P1V8<J?>O'?B!
M\-$OVEU[P]$L&IK^]N;.,!([S;DEXP,;)^_RXW'IZ5G^!?'\MJ4T?76D5D81
M)-.&22%P0IBG#="",*[8!QACGYJ`.5^('PXFT>5K[3HI+G1G+RR1H"9;&0$;
M6W`$J`3E6488##8Q@^9PB2#&[D''E3#I)S@#:?NR#@,IQG&5XXK[K_<7D!4A
M)X)T*,I`9)$88*L.A!'4&O`?'GP]^P"74M(A:;37S+=V2@EK8@9,J'KM&2P8
M?=(YQP2`87@[QK=Z))':W#/<:69-TL0):6V)!Q)`2>!G)>/HP&5P>:^D[*\M
M-4LUDC>.>"XCRC*0T<BD<_0]F1L$$'([5\4VZ20D*?\`5R,=DIP6;G*)+QA9
M`!C'?&1SQ7HWACQ5<:'(L,FZ73Y6Q-;AN48X!FM^A60`\J,*XX(S@@`V_&_P
MV-NL^K:,I,>YI9[0`G;P27C`'(ZY`SQTXK"U(D>&XG5N52U7'&<@8(P1CCIS
MTKZ.TN^M-2L8Y8'6>VEC`0C!#*!C;(IY5UZ,IP<CFN`\;>#]^F3SZ6F`"DDU
MLH&&`8EFC`YR,@D#KST%`'B7A[_D)6V>1N)/.,_*W<]@><<>G&:],A0_:Y&0
M$GR4SU_O-P>QX[\=<CK7GNCPM%J=LNTJ0PW*0=P8J<@@\\'(Q^?2O18\K=G!
M_P"6*X&2"<-SSG!Q^&/0T`79R#;OG@@#C/N!^-9NJC,-D,<[6]L\(<9Z=L_X
MCBM.Z7?;..C!058C)[<'U!Q@_P#UJS]4Y@LB1R%]_P"XOH/7&.,_A0!:T.//
MGX."%0@]B!G@^QX/KUXX&6J,2-TSO8'\&';KC.?_`*_:;0!N,Y[!%X/U/'3G
M@5&,F5^.!(W_`*$<_P#Z^OY#`!TEP"8+<YZ>G3)7'T]<=/TJU8#Y^IX`X/U'
MZ_RY]:K3_P#'O#US\I*GKRF..GUZ'D^Q%6]/'SGW4^OKCC\OK^E`&U'R<^H_
MPJTJ_=(_'\CD_P`OI[]:J(,$8X'3].G^%7HOX?Q_K0!KZ?G$F?2/\L/12V'_
M`"U_[9_^ST4`?YTW[995OVV_VQ1D2$_M3?M";P^UMJK\7/%_"XZ*$C*DABRX
MP5&3CPKPDI?6MHRF^XC"@*%"D]]QP!M)#$G(R.<8R/??VQ`5_;9_;'(!7R_V
MI?VA7WGYRV[XN>+WPJ8P=K$C&,$':=Q^]X9X0+C6'*R%6>1<%5+$9"DD'"C&
M_@(5("X#$X.`#L=71WUW14=]X;4[97G#`L5,Z(SLVXX`!+$8&/F(8\"OHG6H
MMOAF$1HDD<2`GSXXVX5MR(F2"X9%!`"-T9"3C)^>M4A9==T)6>)P;^S3S$SY
M)=9TW!MS2.K%V`90H!/)R,U]$:[(&\/(A7;''#$A0+DEB/+<-T4\]"2!M.0`
M,4`>Y?`*S@F^$_B)MB,?/3SE`C5U(U64*4"D$':WS8)+8`.!POOG[%>E0#]I
M&U"R31F33KUV?`=2B7-JZG(^7!/RLI+$`Y;&W-?/_P"SA"/^%<>,Y%8,=D6Z
M/S"I&W6T1F2/?A@/,7<2N%#`J<\U]!_LBR"V_:1T>99I$273M46-"H!D"QHS
M0DY)^;80%&,$@G!`(`/1_C'IS6WQ\U])4`$'Q'G\MMN]1MU]L'*@;D.<D#)&
MW.3UK[F_;VTY%A^%[OT_L"^(D0`DK'=Q2;HP3M(4,H!!R,D]^/CO]H)9X/CS
MXN4^8J/XXN95VC;L!U49=5X!;`W<#)^4`YK[J_;DL!/HGP?GWM+OT758B\JK
ML;"V$A'&"7(<%@!QR.Q-`'H?Q;CBC\8_L>7@<%#<>%C&[`%)/-;0C@NRDC@X
MX)PQ!'I7YG_\%/+`V&E1Q_:+QXH_CO\`$@QQ/<326\<DNB^%I5:VCE9A#(P8
MB0KQ)&B`@KD#]+/C.6BA_8\U<E'A6?P@S*#F,J#X<=V4*20_RD<`JHW<`U^?
M/_!5")Y=/UY-I4:5\>-=9"-WRQZKX.T&6)E89VL7LFP=V0<_=QR`?AS?-</;
MRVDC,7E>*.,`DH[NP4;L!MIX()VE<Y]*S(Y%MXY8V&)%3RU0L"=V_!7!9FW%
M@R?*NT9Y&.1M,)[DR12,([4"+S)Y5*993O1%8!<ODC)Y8Y`#9K;T_3+8^6;6
MU>?+9,UV!%&7=@YQO8O@D[MQ<[LDG'8`AT^6;S82D$I=9[=XQ&H(Q$"I;@':
M2QZGLA.Y0"U=UIEOKMS)-/;64Y61HO,239^\"R*?F#9P&.!OR#M8YP:OZ/92
M7$D8:6TMLMM86L<;2!5&,*,'<?O#(V\#@@[L>HZ-I%K(/*%[+)(RXV@!&#$X
MVLH?<@"[1G!VX.$R<T`8L;>)KC5=3O8M*6R34]\(@^V6^VUB=9-BH[_-Y2B0
M`[54@94C)!KJ='TGQ7:Z?/I)LX)$F:VG=I-3@C*A)XYTR<X8R")0I8G`R0#D
M&NQL="T5YO)E2)9$(<JY??DDI_$5<@DJ>`1R>5PIKNH?"VC0LD4HACDF\LQ%
MH\%_ND+'G`R,L`>,]R>*`/KW]FKQ1\,M!\%?$6R\9ZM>:/X@\=P/8/81PR:C
M;V<44-N+6\748I,^;',C3B!E*[L+E5P1WEMX#\,:[9^%;/P_\>='LET-9H[*
MTU?3[ZS%P][=R.\5U+^]B1E\\E9BLGR(BN0`<?&=EX>TJU0%S%$C$;6/F1A1
MA0"Q4J,;L_-V(`!/`KO[3PQ811I.)0H+!U9;F9%5/E;?LR5888%26(Z-V&0#
MZ['[,/Q4U35)HM'U+P/XFB&HF5;K2/$FDBUEM[EA+"L<3M;NDFT!)%:*,F5&
MSDDD^H>#?V:O']M>:LFN^%(=&CTNRUC4KFY:\4PW]O%=PRB*VDCDNH)[B2`L
M4C7RL@$,VXDU\4Z5%J^GRI<Z/K^KV#+DAXKUBI4X*;=I0\8XPW/;&,'Z$\#?
M'[XT^#R$M_%3:[9*`KZ;J_\`I",F1N54N5;Y>.0LBY'('6@#UC_@J'HY'@;X
M3"QLRUAI5SJJGR5`CL[5['2H[?<!@A2$V`+D`]0,<?B4L9C=98MQ4*2R+\K8
M;E>/F!Y"GG^$=03S^Z7C+QUX&_:]\)V?PJ\<2R_#[X@VDDE_X5U:.0_V+J&I
MQVSQQV-_%+@10WC`1`K(RQNX*/GY:_$/5=/GTG7M4TN?RXI+#4;VQF19-Z++
M:W$L$B*P?)3=&0A+-N!R#TR`5X4WN7)**H3D+U)(;G:HZE25QP3T/-=O86T5
M[;7D@O=S6-M'<R0S#9)<*T\,!CMAUF=//#E,Y,2$@\9',VE@3+'&)0?,5"26
MVY`_A(#`$G(4#)"X))P`#Z;H>EV<<3>=$CM$!D-DE%++N;(!W8SG.,9)(%`#
M;*YTA+9(A;:C<W[2!4$S@6R9PH*1JH<N<XY<`EAQU-=4EG'%&+B,I'*&431;
MR`=K'Y2"Q4E&##@X!SQTK;73M!EB@-O;E(&4>==M$682[<*R8.Y%4DY8=6"Y
M!"C-;3M(2&^FTZY#3PP31,)%#-YD%PV8'\KABK$J7SR%#9Q0!'IML+D2/(5$
M$"X'(`+AS\Q!)Y))P<'@9'7BQ+)/M$JC]VSF($-C&W;N#8/RA492I(QP,'J!
MIZK;0Z?&\5HQ>1Y/*D4*45I/F.(UZ%@A0;@#DYYZ5J:9X0OGMX9KEE19V618
M'W<X^4C)Q\^`>2-H'RY&.`"MH%Z+6]26<-)"!ET9!+N4\JWEN5!7D#);H2PX
M`!]?;2+6>73-3GLX+'3YC%"P9G5YY922H(4,J;4P78$A!UQP#1T?P1IL_,CR
M/)&$25$(^48``<*N=P^8;<\#;D8S7U=KWA/P%I?PE\%:RVO0W6MVUSJGVO0?
M-6YD:'S-\$[B&17LW@C1D\Z?S3(711&P7``,6TE\;>(X_"\OA+P='IVG^'-%
M33-.O+:2QMWU!K:^N)3JDOVR91>&YDFEC>)E`:(*$Z8*:XGBNT\[3_%]O<:=
M=WNI6>H7<]];"WGN8]/39;6MI#"K0+;QMO=I59U.,'+-FO&;;Q?%K7B"P2[N
M=<LM(-W:6WD6E]$&@L/,$;)'.T2QQLJD%&:)U'S,^XD9^IO!,GC'4]%&A^-?
M"^J^,?!-Q`SV&MP;=3U'PU!.[+;W5M=0@-]IA0![BS+-%*HVNJ$T`/\`',GB
MWXI:9X4U;3K%["P\-:3%X<GU"/S`E_.LKM8VL,"[I+J>*S5#,(U(!<E@O&.#
MC\.>(-*U*T^W:9(MY;$727*PS6R7,-GLDG653Y3*PB/[U1@O&WRC@U]/VL\7
M@GP/HEH!>:CI&DW?C7['X@MK<;'O]3L98]$FOX5/F65RL\AB'G*B(ZJZ$J%K
MK;E-+\1^%?"U^B7+QBRN)9KN]C>.Y(33+L7D+F4%VBAD0_OF8I(60*Q`%`'I
MOPC^+^C^+;*#P_JJQ6&J1Q""U65\VVI08VI$CR%L3K'A/)<D2(`$+'*UK>(_
M!NH^%[]_%/@M2$!,FIZ*N3%+&&W,T$8YP.6`!W1L-R$"OSPLIY]*NHY()WB5
M)-\<B%AL=6)4JP.Y67`VD$8(Z]*^Y?A)\:8=8AMM!\47"I>$1P6.JRD*EV2N
M%@O2QPDS#`28_+)G;)AOF(!['X1\96'B:TWQOY5U%M2YMI2%F@EZ,LBX!*[L
MA)0`K=&VO\M9?C3P%!KRMJ.F".VUB-<\?)%>@#B.;`P).FV0^@R1U.?XI\#W
M$-X?$WA)Q9ZG&"]S91#;!?1]7"H#M+2+D-&05?.5P3@]%X3\60ZU`8+E6M=2
MML)=6DV5DC8'!9=V"\&>C'YH^%DR,-0!YMX.\6WNAWTFD:YYL441%NT4^XM!
M(#C=N)R8CT1U!`7J2OW??$DM[R`21&.:"9""/E961A@@CD$$'D'/!&.,5Q_B
MSP;:>)(?.BVVVJQ(1!=*!B48R(;@`?/&2.&SE<GJ.GFGA[Q+JOA/4&T;68Y%
MAC8QM')EBF3P\1X,L+9)!4DH",<96@#1\:>`/LPFU/28`]LQW75D!GRQWDC(
MYV@G(QDJ>X'(\?,!ADR^6A!PK'JC9&(Y>^<GA^`<<\\5]E6=W;:A;K/`Z30R
MJ#QAEPP&5(Y!'7@_E7EOC'P(KF74](B&6RUU9@?*RG.YHP.WJHY7/`QT`.#\
M*^)+G0YR,F2UE_U]L2-K8',D6>$E4=#T?&UN.1]`Z;J=IJUBMQ;R":)PHSP7
M4G&4E09V.N<,",$>W7Y8,#6[-PRJ"5(8?/`1GA^<E,\!^PP#ZUV?AO7;K0Y?
M,1@T3@">!B=DJYZ@=%D'_+-QSV.0>`#T'7/!<<EY%JFFHJ3++OG@``#@YRRY
MR`P/)&!GK7.RPGS'C<&.6-L*<;2C`9(/3CL1R#C)KU;2-5M=4MUN+9]R-@$'
M&^-\<QR+V89P#T88()ZU0UO0DO/])MP%N%!++T60#G)]QC^G3H`>>.S&WDCD
M&)57.>,2#@;E/XYV]1GOFJNJX%K8D\'&,'O\J]ASVQGMWK4N5:..1)4PZ@@9
M&,=.G<`\<CKZ\5G:JN;6R8@8Y[9P`HR?7'^'7U`+7A_!:<Y!.U?KU.?H.>G^
M%-P/.D'/WVXYX&[I@'/;I]>:704#-<8X.Q<8'3))[@<#KC^5*1B:0=?WAYQ_
MM=_S_''M0!TER%-M;D@]%]R,KTXZY/H/?@U+IX^<]?NG^8'^??BHK@$VD'OM
M'_CIXS@]O\XJ73ER[9)R%SWQG.,>G//'7GH:`-F+[N?=OYBK<7WN!QR>F">.
M.Y]#CGZU6@`93VP>1TQD].^.^/7L,=+<?#@>WL/[W8?7L*`-BPZ2^OR<?]]8
M_K12V/27ZI_[-_C10!_G9_M?H?\`AM;]L==P,;_M4_M#'S&!58RWQ:\7D`LN
M-P63.=Q)52`"#T\6\#!1K4ZS*2VY&`7+#.],D%,@(H^_ET)&`&P`#[E^V`@;
M]M+]L;<ZD?\`#4W[0S!2FY8_^+M>,`6`)P[@!FW8/EL6!*JN*\3\#9&MSQJ"
MK;XV;!5G(&%8L-O&0&R0,9#`9#,"`=;K%L#XAT/)A\LZO:[T!9>7N(QO<%%P
M)#_=R6VA@2>GT;KMN4T--\K1%X<9`!4!B5.58%'9@JMD@[0>`,UX!K*&'Q#X
M?7RY6=M3TW+[0QDQ<#.U"H0$;@2"26())Y%?2>O(%T`,R.&`?:QVMOP1P!PJ
M]/F!..`1V%`'K?[-5@#\,_'<LK[%\M#!(BC$SQZ[:*Z,.<-L<,2-@8#C*8S[
M%^R;=16_[2?AW]V93'%JX5&B\T%WM9"I#DX##*D[2=IR,DG%>1?LU1L_PZ\<
M1Q82$AW+-%P=FJV1Q&3PA1F))`Y"D'@$GU_]F4+#^T=X793"F?[6SO0,JHNG
MS%BP4K^\=5;:02>C;>2*`/H#]I$L_P`<_&5U(C6LS>+;IS`'WA66^+Y4[0`2
M#N.!@E@,#:"/N[]L@9\'?!Q&+2"32[^42,P<LS6>E%P&48+@L3@'#<#&1FOB
M?]JBS"?&[QB4V*SZ^]S&N,.?,CMY0&8X!W*V=V5/UQ7V]^U^F/AQ\#+@6X9W
MTR_#,9,[2^FZ*ZJ&/.,,2!CCYB3T%`'1_&01K\-/V2+AC@QS>&'61"I"K]GT
M8?,#\X(*8));#9&,X-?#_P#P5$A:UTSXE&[(6%OC;X?N(IL#A+[P/*,$8#8W
MVQ0N/E)VX'>OM3XT!8_@7^RW=,@\R,Z#('!3]T%M;%F4')WAO+7&6ZCU!KY/
M_P""KUFUSX/^)\L6TO!\3/A==")4(#1WW@_7T9R>6W[H0#L7#8.2"!0!^"*Q
M)!NN=BRQ1J)$+8>%I<85F!&TXY8=1D#C%7-/O&N+FU668Y9V:1?E6/"9.TC.
MT(V,-Q\PSQSSR5MJ$T,,T"N?+D``1OXN&("EPV'!/`Q@`[C@C%;VB9^U6JL"
MQ.27;!=MQ."P*KDA1AE(!)^4A1@$`]3\(R+_`&K=2G"1HK^4H^4*Y5L*`5.`
M<G'`X)X)Z^E>!6=_$&HK($,C-&V2S$*"C[B"#P!PI0L-QZCCCS;PA"_]H7Q`
M:3`^ZP1MV%V`\X!#$AOE.0`1Z9]5^&Z!M=U4'!*SQ\9``RDH(;D*%).1P",C
M)ZX`.WTMI)/&L:J#)%)#,69B2,*8MQ'&%5"P`3[PR#NVE17H'C&1HKC3`24_
MT_3X_E^4F,SQQX9MK'I@D@?,I()ZBN-TM-WCZUC4%%^S7)P&4#<TD2.Y`X8X
M50-O.T(2.>>U\?AO[0TM%VEQJ5B-YWL$_P!)A`+!1Q@$$L1E0&P><T`>H:O!
M&FC*RQ#`$F1E5<D@':I`.X9R,,%Z@GG`KT'PWIT=_P"%=,D<(7DTV.4.N,9`
M(*LP9L=.=V"2`"!D"L+5;1/[#9U`=E\_*JK8)"`D@MD,I!R&&6&<X."*]`\"
M:=?#X<Z7?R6TALWMY;-)B,1O)"Q=XT<Y+%%<'CY<-M'/0`KZ!HYN_#!FD9BT
M5[>1,-^6"V['RPN.NT$'J.6X[Y]%TCP=XJ&E>#M1N-)NOLWB>>:+2Y7M7WZF
MRW@LO+MY#DS,C%%VK_RT8*"W%>V^&_"MC/\`LP6&L66B)_:,7C;5_P"T-4@@
M5[HV8,\*^?(,/';(7C11C:9",\D&O>-(\/2WGP5^`^O12HJ>$_%;VDT3,QE<
MW?B4,AC./NQB`L^>@(QTX`/S\^+4C?#_`$^>;4[&>TUNPU*>PTV"YCDM[N+4
M[.2,7`5P`0MNL@:=1(<EE#8)6O@O4;5+UKB_$OFW,[-<RDEBTDLD@DD=^<JS
MD\DYP6().!C]C/\`@I9X?M=+\%:!J,"[C)\4/%$[%E7</[:T/2;R8!AM(430
M.4!Z*3P1FOQLA8@28;&22RG<"26^8\`@*<#.6_W<YP`"W8PRJJL[QD0\[LL2
M8V8`(N3QCG/8DCD_-7J.FR,H2-2Y$UJ%VY&&8KR1@9()^8+D]0,#FO-;<HID
M0)@LI7.Y5`YW%BK*2-O3(XS@`XZ^IZ&J#4-$0@CS;7+,7Y,A)4-T.Q5&<[AG
M`R.&Y`.[\-V$MW8W=LQ*A8H9EDSL6(NC,Q#L<`95OEPW/3.>;S6,=Q/II>.9
MY3ILT)EC=XW3[!*Q!=4(#G8<`L#@X&TD@UH>%@)W:-IE`32H`X)VA6668("0
M!N&U07*YP3\WS<ELTTMK=Z0+67R2=2U*T,ENL<Q<3B)FB*S$#GY5W':`064T
M`6=/T6.XO](D*SR-/#)J2RSN05"%(E!@(*G#NI7H<+G<><>EJ\KQ3RQ`;K20
M64?R_P`<FQ%8<C+)EF(`8;@3R*P]`>2XUZ]BFN'G:QTR*)0UO%";8RR&?RCY
M9=)2Z1J2PP1[8-=9HELLFGQJF9&?4+R<X4XVPP2N"P&,F,Y/'``Z\XH`ZC2;
M0VFCQ-&72YO7SYI&65'.]YB0,_+&'=@."1WSFJ^OZ=>7.@W":2T;&6:VMC;R
M.R74\<OS,UM"ZDNF`IF<,`-_.3D#N)K`QV-L0AE>/2KN:.-`49G2R=/+&"`"
MQ89)(3)))"YS:M+.$W0D-I?6\UI")$AO8U7R9+N-+=5B8,\<D:Q02LKQ,PS(
M<MEN`#A="\'V>FQ6SWLBO<QE9'15##SD(;:B_,9E1CACC&<@_*17T[X0^.GB
M'P7)I]MJ4PN-!+00X:$+)#:HP3Y61?+V+DA_ERHP"5(X\AL[O2K'4_M.J1I-
M%$6,=H\BQ"X"Y*1RJ7$H@.#)/Y9!DXC)`+5Z?K_Q>\-ZO\/?$7AK4_">BQ06
M^EM'H%Y86ZQ7-CJCS"2#8\K.621V=9XXR"%;=@@4`=%XK^*^@0^-M7;PVUK?
M^&]:MK*/7-)MV,VFWIOK>)KQ/+'RK<1N[LLJ`/#<H2&!7FKK/Q(T72M'N_"'
MARWN%@>5HIM2N;^XU:=[8J"EK9YB5;2'RL(T2YP=P.2QKXPM=3O]L9MWBLU`
MV;[9%@9P.<NT8#N>.K$_3J:T(-3U`,#)+-,K-\K/(V&R<Y')!)SD9QGGG/4`
M]S@U.`L!(KK&<$O(0@'?.UV#=L<+DD_3/2:=K$1FV0L&QA@ZJ=HQSDN%QGC@
M9SWYKP^QN[YMOE0(#NPI8!LD`'&3AN?7)`/OFNGMCK$S"-IG7>`?E7;\O?GJ
M`!W!'Z9H`_0#X4_&P0?9_#_BJY#V>5@L=5D8F2V).U(;MG^9X,\+(27BZ'*=
M/?/$7AZ"]`US2+J#3]1@C6=+T2)'9W<;#>OFR@["'`P)#\K!L-D$X_*"&TDB
M97GNW8C#'=(W!R"0`">@QGC()ST%>@#Q3JTMA%ITFK:C-9QQ)'';-=SM;HB9
M"($9]@`R<!1CT`H`_1[PKXM@U"WBCNKBV-RL:M.8YHC&)&SO$/S?/&A!+*,E
M0<J2A`7<\1>&M-\2PI'.NRY1&>UOX<&2)APH)'^LC)(RA)!&<$'&?SUT/4)F
ML8F6<*X#``R.A4H64`GU/7C@9]:]T^'%SK6J:Q9P7.LW=A8H5F=OM,H%PJ,I
M-M;L3Y9=\8PQ4;<@9;:"`>AZ??ZSX'U+[!?JSVSOD*-QAN(\@&:W;INQR\8Y
M!]Z]KTW4K75;9+FU<.CCE?XE/0@CKUR.?Q`JMK&C6&OV)M;M`ZXS!.O^M@DQ
M\LD;<$$'[R\`\@@'D>0(^L^!]1$,VY[1G^24<072$X!SG"2@8W*0,XP>,9`.
MT\6>#8[]'OM,18;Q0S20JH"3@_>(4#`<@9(QAB.`#7BUS;RVTAA9&3RB1)$R
MG?$5."1G&Y"021@[3TR.*^F=*U:UU:V2XMW!)`WQYPZ-@;@5/(P?7MCDUA^)
M?"L&L(;BW"PW\8R&``$X4<1N<?>/0'OT/K0!Y!H>L76DSI/"V5<8DB)S',N>
M-PSUP2588*G'.*]RT;68-4MEFB88!`E1SB2`G/RL!DLI.-C]".ISQ7@MQ936
MEP\$L3PR1DB6+;@@C.9(P,<$XRH^H))`K5TV_GL9HYK:0@G:,#[DB9^97&<,
MN1WY!Z<B@#V?6M%COHFEA`6=5)4]G!YVMZG/W3^'O7F6M0R10VL+C:\;%74@
M\G`R>>,$]"/8=*]6TG6+?4H5:,[755$L1^_&QQR!_$C$_*V?8@'@T]?T./5H
M`\0V7$>YD8#&X@?=8<9R1C)SSCK0!YUH`Q)*#P=@'3_:Z>G?'0_AW8P/VB7@
M`>:PR3D\-QZ?D0.HJ]I-O+;W5S%*A1U4'!&#RW/;..,_K5:3(N)`#TD;MCOG
M&,?S_P#K4`=!<$_8[<$`',9XXXVGOW_GVYSQ-IN-Y_W#_/'7C')_^OQRRY`%
ME!TX\O.,=<9_+)SCWXJ73,;WZ?<X_P"^NW3\>![<4`;,2\9X')(],Y_'(]3[
MU93[_IP/_9O_`-?]!VBBY&/5F_G4ZIA\\9VGIZ#.?_K_`$H`U[+I)_P#_P!!
M-%%ETD_X!_(T4`?YX_[6\1_X;4_;'9U5L?M1?M#-Y9'RNI^+GC#:6`[Y89^<
M!MI)(W,H\2\`6YDUV=HMGFQB)D+(N<L0&0<C9C);=SM(YP:]S_:T0/\`MI_M
MC,"BX_:E_:%7>"WRL?BQXO`#,WR@[SDD@(IP-V%!/B'P_C(UV[+?(T:I@[0S
MCYB``J\N=V2`HVA1RIZ4`=?K.^?7M!:.,^8^KVB`R`O\S742CYU50"?FWY.#
MD*N20!].:Y!_Q(0"S2[8I$9",;I-S9(`V@`=`2W.!@\!C\WZW+(NMZ$X`!CU
M6PD#$$E-UQ"0=I5@4?ICC820R@\5]0:G"LGAQ69ECED#JVXLT0;YP&)7)!(`
MR0HW?*.IQ0!ZC^R^A3P-\08DE<K]BNE*>7A`JZOIA())(+*S$%@H'RX4C)KU
M/]G42VG[1'@XN21/=:A`B+\K3>;I]VA8AE()4/\`,O`(QR#P/-_V94"^"?B.
M%G;>MC<R,%C*QLIU;2@4VD=5)!*>826RV21BO1_@+'O_`&A?`VYBSK?WJQ*S
M*L@'V"Z=BA.%(&#@ABVU1U.10!]5?M;P.OQO\6."8R;W33N3DJ7TJP+$#)P>
M2"#QSP6/`^SOVJ0\WP:^"-W*SR`:=&N[GGSM!TMR1C)+,$!XZ`$'DU\>_M7(
MS_&7Q,()F",=,DVS+T#Z-82'!))W;C\K`\*<^A/UK^TQ(S?L^?`V<@F-]/L$
M8D%B&?P[:G=D,3D[>2!G!&T<#`!O_%U6F_9D_9PNV(*P2::5Y`<;(W*C<V>B
MQ'*G.WC/08^<O^"I@\[P+\694B9S:ZQ\$M0>0D@JMSHWB:UR!D!]PE09`(R3
MGJ0/HCXD`2?LA?`6Y0.#:W$"?*YP=C7R,=K9;<6A`R#D].F17B/_``4WM$O/
MAG\9IV8H\7ACX!:D@(XE4SZO;L`"-R[/-^:0+M^;&1@"@#^;>>*"6W,R94HI
M;<`0"2I!+8/+#/0CE>1UP>@T+/VZS(CW]`5`*JNT-G!SP2-K$=N<=#7&#<H?
M+E5"L756R3EAM4JF[D'[IZA<C)Y%=WX;"_;K8L03Y1=#E@#D-E2""6(^Z%!Y
M``XRV0#UCP4J2ZK?A@X)5R@`4L,!=Y;!4?,=V"3E,D`DBO3/A]N?Q#J[\*HD
MC9TVJJMM24@'A>H/0CH`3D$UYWX"BW:EJ&\,&"Y0\%C)N!/4<94YP?ERH)R<
M`^H_#]!'KNMDI(\K3QH"_7&R3=N!`W+RJKR=O/)&"0#M+%&C\>:;*F?FAN'$
M0<`A<1E05)7(90HQDJ6&=V%KT+XCP!9K.3YHAYUG,X)&YF\^,JN<8P1]X@]0
M,#'(\_T_)\?Z>Z%`[6]T"IRQ(^5%*J1M`P`#D'J<$,<5Z5\0B)&L^#E9K;ST
M;#(")4)&&R<L.,;<`*W3@@`]O>`S^&5F61BR;T*`@LIVG._.-P(_)2<5]3^&
MO#QNOV=_"&LB-4MK"YELYD5PKR3WAO3'*!MP0WV-E?[S9"D[L_+X-JF@S6'A
M#2;N1=D>L6+7UD!M`>!9I[1N%+9)DMY`0Q4\#Y0,5]A_#JV$W[)-HDV'\CQ#
M8O&K,2Y!N-8C48Y(*[B&VL%'S$C)!H`]0^"T2S?LK^.K.0J/LM_K`(R!A%OM
M/N0>GW@&Z';GO@5VOAB5)OV;M#(9473O&JB,D@Y$>L,XRV3C#39QQGH..1R_
MP+C6;]GSXL62HZF"[U>3+!GC(%KIL[%`!T`B9F(S@#/0#=O>"&CN/V;-84A4
M^P>+)9%*C[N+NSE!(VY"G><,5/&3G/(`/+?^"E6GMJ'PB@N$"%[#Q]IMVPW'
M*Q7OA:3<%X^9F^S97'7Z<5^%$;.JAH\$8;/)/S,01CGD#//7&,8SFOWP_P""
M@ERL7P.U*YG1C"VN>!V78%=Q)J'AG6(HG.XKM42(%)`)P"<''/X*Z?:O<NH7
M&T'E0HW=-XR>G][`Z94]LD@%\+L=61]_G0QL2N<*[+GRR/X=N/F/'!Y`KU7P
MJ\-YJNCQR3*B16DA<EQU"RD#!&-YX&"0`!G/0US^C6MA/)'9R1Q-(S;U:5SM
M)2-P8AY94IO)R"QVY`S@9%=MX?T*&WU.VN8@`8IMD\(?Y=K)E&1Q\V<\$G@<
M<X-`'H'AQH;=[5U:1PVCD!@A5$474B9+%0@R20"2PWL0"#7.OK"33Q+'&\RV
MVJS7(.TY$>%3`X`W97<6'S'`Z`FK7EW(M]-M(WDV7EB(6\MP2(Q=LY563[N2
MN,$@C.3GK6IIVF0V%Y)%;QHLL,#R&)TWC/EEW)$N3LVJ"S<#/3.,T`=)H6L0
M_P!J:G=I:SV\=[9VJ*"KL?.BM/)F<[2WR/*TD@)8A4/..@]C\(6DT5II?2=I
MDU1EV[W+$6Z\-$H^4HK$,0W().W@5P_A6TGOK:XG"QAX650B0(I42PQR$E6(
MP/FP".,'.2.:^L?@?X3U&XU'2-3GTPW-E-8^*XK6-&BS)=QZ*'<(C%5`B$JL
M7!`S@*=PQ0!]#:%X(LM)N+*3[#:RZ?K?PEUN[L9)F/VAK[^R(4OMBR*,'SF8
M(P0%4<%21FO`+7P[J"3^()SIFKVUM:R6LH-U"TEL+2*&./$$I$:LC3S$E55L
M9))VAFK?\3?&OQ7:ZEINDZ"UHFC>%]-LM/CN!$XN+N7[/;MJ5M)(69Q:^<@@
MD6-T23RLD<FO:?!O[4.F7B0Z9XKT%;994\J8VT:ZA9/&RG+R6TW[V-"H(8$R
M#E2!V(!^??CZ*6#79@\$A$5O;JKA@J!'C\T<CY@3YG3/''.,5P4L\TYCCD>0
MQAOE5Y79%#?W5)(!)YSGD``]<U^AOQG^"L?C/5-.\9?#G3;B?P_K>@:GJ-\E
MO:N(+>^TVWD:VA@@E"R>5J.P)%&BDI*&,9*[5/YV7MI>V-U-:WEO+;7$,C1R
MV\H:.2&1259'1L,&#'[I`8=",D"@#5MWC8,"K'(`C(W8X7H,'Y><YR/S'-=A
M:M!_9H,CJ)?/3;&3RQ3(8E2"<#&#D<G(ZXQP]C+<+G'"+\@8*20YS@';CD]0
M#S^==5;V,[^3)+)'`9T$B1NQW`'[NXX.T'^$]UZ\F@#L]+F:7:5D@C(X`"9X
MR>,MSD9.">375K"QVM+=N1@$KE4&,C(PHSP,<>V/2N#M+%HF\MY7CD"ABI``
MVM@HR,&(D4C!)&/<9K3/GLPC%P[XQM7>1_%@[?;UY```QD'@`[3=9J,A@#D`
M.S[SG.-Q4G..YP!CCIQ5V*\V_*JB0*<"1%.&`/!R>?3KR#WX-<O;0"$;I&+2
M'`RW(Y!`"@\'J.2"/RS6W;EP,[VR`<J5`5@""PX)QTR#D`CD]L`'H_AF[0'=
M/#)):P31R3")SYGE,V70*5.XD*<<C;G=TZ?=4OB?P0_AO1XX4L+2U>"W%C#]
MKACU"SDR`XEC6-WW<,9'=B&/S$Y-?"?A31VNM6T&*XG,&G:K?1Q3LC.`J+*H
ME5PI#89#\I&!R3D$5V>NO!IGB+4-/MEVP6.H2K;A6\PQQ+-F-<L26(3:`6R<
M]>M`'W?I/B:RC=K*:987A2&2'S'9_M=I-_J[K>\46TEV*EMNT\9)7!'4W]A8
M:W9O;74:S0R#(.!OC8CAT/\`"ZY['!Z'(KY=&H2:08;K6[67S+_2;2V@@DF"
M2R6<@$IN=BLQ5#@"/=M(.6V]*[_PO\0-/LHQ;2S7#V\8Q#Y["22-<\1&0X+H
MO(0L69#CYBI(H`DN[/5_!.HK)%(TMC*W[JXY*.N<B*<`821<X##GOR*]5T37
MK768`\9"3J!YL)(R#ZCU!Z\?XXRO^$F\+ZW&+&6ZCD2Y'EF&>)US(Q4($;:0
M)`Q^4@C!SSTSQ>J:)J'A6\6]L7E?3BW[N4$E[<YSY4P&,IGH3U`'(-`'I.M:
M!::Q$=ZB.Z4?NKA0`P(Z!_52>_4#/7I7DEWI5SI]Q)!+'LF0C*'[LH&3YD3#
MC<?[O(;CH37JGA[7X=6A1)&6.Z4#<A(PXX&]>>03Z'/4<8YUM2TJWU.!X9E`
M=<F&91\\;]1@]2,XW*2?SH`\=TZ[EMIDFAD*LC9!!(.5Q\I7^('HRL.GX$>N
M:7K,.HQ#("7"C$D.?O<@;X\_>7U'522".Y\MO=+N=.G,4Z;7/S(Y_P!7,O`&
M&'`8C`#<>XY.'V5Q)"ZR(6#H2$P<-&_0'OC'?JK#CD=`#U.\TN*Y(GB"K.$Q
MN'\0X.#CKWQGH:\VN+>2"YF212KB0CG/<]N/Q!'//2O1-'U1;N-89=J72IEE
MSA9,'!>/KS_>0#CJ.*?JFDQ7Z%P%69<LK`8W;>@)'7/K_/B@#E9Q_H,''`\L
MG_OD_4>^>U2Z:O[QL#&4&,@YY8=_J>>OI1>1O%:)%(N'4HI'KCC.3[_T]#3M
M.!$ISQQ@?]]>WX]>,'B@#:AZ#_?/\ZMK_K!_NG^M5XEZ@^IY^A'3\:L)_K!G
M^[U]N>W^>GO@`&I9C`<>@0?^A446G_+3_@'_`+-10!_GE?M:F0?MI_MC-$K%
MO^&I/VA@5*@)M/Q9\6JS-D#*DJV3R#D'!SEO'?A]&LNO7Z%2)$>,$94`D$A0
MC%LJ6.X;@"-ORDFO;OVL3M_;7_;%/51^T_\`M`EU(RIC'Q7\5L3T'`D;:Q/!
M9L?-MY\<\`P^?KVHF,;7#H`S.459$=B^]1@G'S;%!R"6"@]0`=?XBBD.OZ*%
M"E)-3L(PTBJ5207D1*@*0S`.65^H9L%3LX'TSJ.8M"#ER!*A7Y&SY:DL$(]"
M,%@PP54$'D"OFW68MFN:$TD+,8]8L8V;_5PLK7,6P0,OSL,!69W57!Y*[FW5
M].ZC&)-#5%8%'C=R#D893(&5&^;(P5RIY4$@YR<@'J?[,4<G_"'_`!$3:+A#
M87:DF0H^(M7TDB5E&W>K!PRYW`*2>J\>F_`@QK^T3\/L%(S)J5[;L[E2(W-A
M=@#Y67EP?EQ\RDA2""0/./V:8(QX1\>A4(,=EJQ#EG90IN-)\M44"/.S+KG&
M0&R00@KM_@G((?V@OAV^614UN56P,@M):W*EQGYMS#C/*8Y.,<@'V7^UHFSX
MR^(71H_^/71Y'"@G@Z%IP4,F>N/G!YY..PQ]9_M$VR7_`.RY\#[R'<P1=&W@
M$QLYD\,1M@_+NP/+;@E1R<C@"OES]KJWC;XJZE,BXDFT;PS*Q9HV+./#NG%<
MXQN;&WYN#T`ZG/UG\:FFG_9$^#9VJHDC\/K)(OR&-T\.W"`%1\Q#+N)[C;EC
MNP:`&?$:U\W]BGX,7`<!H=15'.2"?WNLH%#!@,^8H&0,<'&#T\U_X**6HD^#
M?Q@NY8EE2X^#GP1OX<<EA;>(887(9ANCV_:<[B!QP!G+5Z3XG<7/[$?PW1")
M/LNNW$.T=6\O4=9!(7&?X\YSNR"1GD5RG[>$2WW[/WQ(D\L!IOV8_AIJ`(SR
M+3Q?H)/1MS%?,(7<ORY&3UH`_ECC('FL1\BN0N=K-\V"5+``EN!@G:0``0`*
M]!\,*LM_"KD*JP,I&W)X'.<$,K#`4<=<9P.1PMNH^QOGLQQG=N)QC=@[L,2`
M!D'D\YY%>@^%D`OHA(5`$#-\P`,C*&`!]=V3M))Y)R`.2`>O>`8]^HZHR,X5
M58`9VL%RN5YYR&'!VG)`/&,UZ5X!8KX@UK`8IOB>-)#ERQCD`VL%^9AD$'=T
M!)'IYMX!NK:WU/58;B\MK,_.=DS[58*0&0,W[O!R1DD-V7))->B>`M2L[;7]
M5,CS7$;LDHDM8);E4548<M;+,J,"1E6PW(XY:@#K[-E;QYI[!52()=[1D>9N
M*IN<\%SA][;6P.!T/7UGXBJLIA<1HJB2UW8!7<PD3$F,AF)!&XDJ`">,]?*[
M;4;-?&&GR1V]_<-NN50I8RQ,4,6=P^U>0@1"27`W,0V6`^4GTKXBZC!Y"3FQ
MU'?&(6\MK8JI6-LX:3>4`R#D*S*W&W<RX(!]Q^*"S_#3X=!UC8+X7O(XG@<;
MB(]=U,;9\Y"L&;!*#:5P<;B#7T1\,997_91NH@(I'M-;MF(56!7&KZI&S`G*
ML3YA&%.`,'`.:^2]0\3P7GPV\$)>:5J=H;31-02*62S9H;M3J]Y+NCDM7FP(
MV<QLK*F2@SQS7T?\&O%VG2_LP>+;"]L;[3Q::U;_`&>\DM+HV\X;7&8J\JHR
M0F,.T;;Q'\N%R7^4@'T%^S('N?A#\7K1G5BTVKM'$"S,JRZ!'N.1D`$Q#(&1
MP<BM'X2JD_[/WQ'MCAOLFN2S!0`PR(-,D10V"Q!()YRH(('.*Y+]DCQ%H]WX
M4^+&D#48(R\%Q.HFE6&+YM%O(G96D*@`;4'.-Q(VY/7I?@;);M\(/B[:P-O6
M.\5Q\PD0*VGPX;*LV[<8<@XZ<]N`#F/VZHSJ'[.6JWNWS52P^%>INI&Y%3;J
MUHSC'O*H9E(.2.<=?P5T]BDJ-$02Y*L"!@#H<@D`@'&.N1D\DXK^@/\`:I@&
MI_LU:ZC*'27X:>![P``[0;+Q!'`K`;<#:MQDX'&.O:OY_+3Y9U_V9<#A0`J@
MYP2"""`?8<X[Y`.JTLB"ZM9MQ5DN$()4$';.BGG<3C:QX/`([`XKW/3K:.#6
M76&5)4N+/SR[I@,X=,I@,0H().X9.0<@\5X%9R!`9.["9L'YOXXSD#HI(&,C
MG/MS7M>DZ@)M;T]MQC@-A,"5(*AF5'92XR"Y^7=D`@`#/0@`Z_3+,-#X;<E7
M29KU?E.?FCD/R@AB.A(*D8*@;@:Z73[%9->\0D@XAL)0KX'^K\AR`H;`&$7:
M!D<#'2L?0HR8_![$NB^?J!"R@@,K@%7`&"5(P0Z@D\$@#KWNGK'+>^*KK$6Y
M=.NMHR-H*PR("Z@#D`,,D=!SC&X`'?>#=-CAM=26%-I*:?(SE@P"R:7;/NY&
M=N..&YY(&#BOM?P2VG>$/#WPNU9Y9#:2Z)XSN[A-S1XNGTN'8RL-H9I'`B`)
M8$%<`FOGCX7>$6UC2/'=\6"R:5X=T"\A'FA"6-I;PS,X++E/*#@N05&%.>E>
MF737U_\`#_X9Z>L4(%E#K\,3)=6P><+*D#$H9@=ORJ`4R,\!NP`/)8(3?Q_:
MRFU9[F5G'L9W89(R3D\$D9YY&:L:#I)EN8I9%RESJUO;E5^^\6XR21JHPQ61
M%$>5X(.<YXK0L(I+:TTZT>)H[AKV6.:-L'RY(YY-P8@D'IR>0H!QP`:]J^&'
MA234M;\*%[>1;(Z];-)</"SVYEM[26\\@R!0F]_*P5!R`_``&"`2>-OVA?$/
MPZU*70[!;/3XK*4BWL)H$DEBM"4:W@\MLK`D<9"@@#`!.2>1\F?''Q[HWQ&\
M66_B/2M-M[&\FTFSAUV2UP+._P!7AW^;>0HJKC=$T0E+9+2HS;BI!KI/VN81
M:?&_Q(>626WTR88!V*\UA"[I@?+@G@=P2#P>#\UQL=X53G!&"2"`.!MXPHXP
M,\],@8S0!V=OIQB$`D?,<XADVC)R=I.XDCD@,V./3//->DP6<<MQ<,\B1)YN
MS>0I)B2&(6T"`C"(_)8J,O@BO-EO+F01CRF7)C2+@$!@JJ`O./KSG))P.<=P
MLFHI!:F416LS*L1<W`9ITC'R"2$"0AD!VB4'"\#<2!@`V[F)(XD902]NV\<Y
M7R,;67=SQDJ<'CG@U6MVW,TNW()`&1]Q,C)(')!(`!Z8/4\8B1V2.=;DA9)`
MX2.-B4,1B4`^8<,Q+``*3D_,QZX$MI'E%F<,L*J$`YP^."<=-N[/5>W)[T`:
M$%P'F60DC;(`J\X5<,,].&^7G&>O''3L[&:W9(V\N-9$;>SAP9)3RJQQH.<D
ML"Y=<+@]1UY2*]@`"):1-D<,058YSSD$<=N,CJ,\5VFB:8TUN;RVNK>*1=Q)
MG`S$Z8.4+9^8KRK8(`((P>@!Z#I\T5O'I6GLKB[A4W((8`1/+)\P!R"3Y>.Q
MP03[5MG1S=74E\T0;?*7+173M-(ZD%A^\4([#Y20C;A_"#6'X%TFUU:?5;_6
M=9CLOL.EW5S9F9LR7UXF!%9QDX):52VTCD`Y'3-=]-XFL7L;.RMH4#QS),US
M%,DBRQHYDB5+<(94O"I6"3H``QYZT`=#]GOKG3K>ZENGN(R@BBEN)HY)"L&U
M?);=\R^4F-B'@)\RBG6<;2.D<46]W8(I4G<[,0%"XSG<3\N!ELX[C&WX.M_[
M8\/ZUI"P[]?O+F&^TZ"0KY4$*.1)YS%E6)?+D.]VQA48=0!5:YT37/#]S:WY
M2"*>&=&M[G3[J.]LVG@8,H<(S!'W+PDB@,`0"<&@#UO1/#6H^%Y[+6=9L1<6
MWRL8U?S9-/D."DTT8`5B``=A)V^H<"O;89[/5;4$&.XM[A,E3ADD0Y!Z]<'(
M/\2GJ`:Y#PEXNM/$=JEC?/'_`&FUNIGADB$4=SN7,HCC)92R'(=,Y(^91V"W
M5A=^&9VOM,\R?2Y9-US8AB6M]QYDA)X`Y/(!!'#@@YH`R-6T"XT.;[=IWF-9
MAMQ"<R6Q/K@$F/KP01MSGTKL/#_B"._A$5PP2X4<,QP)!TR#TR,<@X/]-33[
M^VU.W66%EDCD&U@0.<@;T=#G:PSAD/(ZC(YKD]=\.RVA>]TH,(RQ>6W3[T9Y
M)>'T'JHSSSC`R`#M;ZPMM1MS#.@8$91_XD8CAE/KTSZUYO>Z-<V%PVX?(.(Y
M@/ED'4*Y'`/.,GD'@GFNDT#7UG5+2Z8B1`$21N"Q4`8;."'SU!Z\$<<5ULL4
M5Q&T<JAXW7!!]#W'H>X-`'E,,SQL'!975@1C@HV21C!&/]DC@@<<5W6CZI]I
M"PW!"W!!(/19>^1V#X'([D\>E<]J>C26C[T4M!DF.4<E!UV2``9]!D<=0:IP
ML4/<,".0<D8/!!!Z>X].E`'?:A8I>0E<`2*0RMZD<X/KGWKF[>"2WN7CD4@A
M1R1P?F'0]/R-:NFZEY@6*Y;Y\!4D;(#'H`W8,1GYNC?6M>:WCFP2,..C#K]#
MZCT]#0!DH2N0?NDG![`GL?\`)_"IT'SY]L?^A?\`UJ88VB8HXXP,=2#G&#^/
MO_A3T&&'^?7_`!H`U+3H_P!5_P#9O_K446G1_JO_`+-_C10!_GN_M6-(O[:G
M[8H"C8/VH/VA"RL@<,/^%K^+&!)9LX+88*`!TY&0!XS\/%2;Q#?1``AWC9A&
MP4L-S@OC#,`&R2?O$'&<`U[1^U?$P_;0_;"VG!;]I_\`:%8891N#_%GQ>S*`
MP&25W9"_-C(!X!/COP],1\0:B!&P$K0`%3M5`IY+,5W!&!)`'7/.0#@`[SQ#
M&IUO2O*#%1K&GQ`#<KLZ741)!3Y,Y`&22,+PP;&/H_5(47PU&40Q[$G5S)\J
MY#=FP7R-XW9X!4?,>0/G?6TE?5]'B58U1-5L6:6/@,GVI,D[B-S-N/F88#?A
ML`X4?1FMFYA\/`L^Z.8/&@CR7$R$%L@#*!02"751D\]Z`/7_`-EQ);KP[\18
MV61A%HNMRPM*P"M-OTID(#88_NB>!C&[)Z+GIO@[#CX^?#?:@8R>)$!41[I`
M&AND*M&LH)'(+8(("!@"017*?LM+,^E?$+[0MP)$T+79K<P\*&BCTV3YFD9B
M1)%S@$G'R@9`SUOPENI!\?OARX4Q2MXNLXBRA6"&0R(W7"C.YQENC'/2@#[9
M_:G%R?B5=I)&$8Z9H!\S`"K%_8-AL`R6;#*J$_=)R1@8-?77Q43S_P!C+X17
ML8D,<3^&RX+[LM)I-_`3M.67E.!QPPSD#-?,'[7$:1?$6&=%W)<>%O"B@2\2
MM*=(MHW5A&PQNZ@XP<\<<5]6^-(8YOV&_`,\2,S6DOA=FPV`I_XFEN[NQR2"
M&QA=S`GEL`T`5[L-/^PQX4EV1A[;Q'>*LF$!5&UG4E9R>"KY<@`D<@9P#7%?
MMC1OJ7[//B5(B7-S^R%H%ZS8!5DT_P`4^%R=Q.<MG.,$*/O9((!]`T,B^_84
MVOMD.G^(]0&TX.<:V6.,$$$F?(;`*Y.`2.>._:29;S]GL-(#MOOV+=:CR"P+
MRZ9K?AV8XVL,K&L3$E@1CG&0:`/Y7+?>+*9QRJR,.54-G<GR'&[DCD`YP.3G
M!SVGA^`37MMY[221,FY47<C;L,`KE&!9`2,C<H*`D#/!Y%$SI<S9^[+EN20.
M02N1CAAE<@@@X)[UV_A2.*6^A#;F7:H^7+<D+NV`8W@*Q``X&.0.<`'L'P^L
MX?[7U#;'$T80$I*['>N\!`&8DLP`X+XVYW8)KV#P;!')XCU58Q$@18L1*%"+
M(R..FX*S'CC#`@\D`"O./AO`/[5U1S&ZK&4"LYP2HVDKABP+ID,Q!!Y'X^G>
M$%7_`(2C5]J,QCEA4LP!'ELLC@!LDEFW.R\D'@^H`!V?V65O%FC*55G,DY9P
M`,`0-O\`E"C'8A3@9&>>*]#^(:,NCNKQ,LC;%'RY8*&7!.PG@Y#+C&"0>@R.
M*96?QAI@1MI9;E&8!QP8Q\S9(7.0VP(03D[AWKT'Q^7723'*\>]1D1ALR;56
M("08&W``4%@1TQ[T`?5U]:$_#GP-%+%Y;0:#?QHI8AW`U.Y<F0EF!;<20P!R
M`!7T'\%;.5_V9?%D3(CQMKRA"#AC&NL*65OX7(9B>5X#`8!!%>"7<GVGX9^!
MGN.2-(U+G<JN%&H2GYL,7##(P2"0.02O-?2OP'07'[-7B]&"^3'KEP8R&=9-
MRZOIK1CH02WG'YE(&,9'(H`[C]F&PLF\*_&R*:TLYP=,#%)H(FW_`/$GU)5!
M#*Q`!`*D@LK?,-O%;7P/T.$?#/XT0V"'3;LQ0XEM!'N,<>GS.J@&.3Y6*.&7
M;@Y]0,0?LN,%TCXS6TB+(?[(28AB2!ML-70@G&"..<@'`P,\UT/P%F+>#_C1
M%AD<6-O.K!EP5:TU--RD\*/EZ`Y'?YJ`."^.FIW[?LYW&G30O>QM\$]-NWU2
M29(F\Q/&VGPF`6R0#S!#L"JRN&1&RPY(/X.QLOFQ&U,KED#2(%&8IE+!HA@$
ME6X*,1D[LM\H-?OW\9;4W7[-UXK;@C?!C68&9.6QIWCK1965`<\E&(&,XW9.
M,5^&L-BT6S_46,:G?LCVRW?'`+OT3H25&",D?PT`5M*T?5;QHH/(6`-N)EF9
M(U$<ASDDG#$`9`'+=LGFO3+#P_>JP,^JVD/DHL4/E(9MZ'"OYJ@\MMP`G!8`
M$@D9%32+2R6YLA)%)<R3CY3-,Q7<PRA$9PH&"&&0<+@9KUNR:VM[F'3OLT!E
MD7S5,:C:61E!7*\?*&+'KP&!P30`S3-(,L.F>;J]Q<#2;;R;7R[;8B@[R,G&
M7*A\#<&"A0F#S74:7HS6R76Z_P!0F-Z72[D2!%#K("K`$QD*"I(R",[3CJ*T
M5NH+&\@LC!$#<?*I13P^TOD]`PPI'R]^@-=;=S_V8+>1HH98G,>1Y>W/F.!D
M`$89-R^N>&(/6@#V'P%\3[?PI8SV,7AFQNGN]*&CZE>S?;5N-2LVRH2X5;@P
M%EB(53'!&Z!0P(;D^GV7C#X0ZQ:Z?;:QX/\`$-A'IJN+"72M88"T,TPGG5(K
MJ.2*1)GW$A\CG![&O!Y+40VBWJQQNNP@C#9P#G`*X4YSP<>H.1766<4;Z?#>
MVUK\DENDK*9,';*N>?7"Y4=.N>M`'M/A_2/@?<S1I%XT\4Z0(9VE@@U/3;69
M5,KLQ62:V8[V!<KD(O'7C)K[9\&-X2_L/2-'\+ZUI&I0V$VF2*(9(8[F9K:-
MH[JZDA8B3[3-&S,P^=LY3=CBOS;AM[00VUT$S%-&CER%;9CY2"&ZX8$$@Y[@
M'@5T5E9FRNEDLYY[2YB`F22TE>*1,C<K@`@9&0P"D<'&030!SO[:.B'3OBJ]
M^[SO_;&GV,ZQF!U@1((%MD6*X95620O"QD5=P3*`,<D#Y"MHI-Y0(2QP5VDL
M_)!/`!S\I(R,`=ASBOLGXZ?$N;7OAU:^%O%,4>K:[9ZK9W7AO6V`%_;62"5=
M1M[F48D>)U,2@.3^\"<L0#7R;H&XZE:&0`(\I4(22",@;`5(*Y/RC.>H8\F@
M#H],T74+N".U9S%$URL@,N4*/Y13?D@Y4H#E1D9]*Z^+PQ>V&Z[A*7KQQR(L
M<GS*CLFU9D#,?,,08NG!4.JDY(.;SPJD$EORKQS(P`;+K\ZIL8X!`(<'()Q@
MY]NRA6<:?')A/,@8#.21B)BN``""Q12#GC+8ZCD`Y/3[6\U;[+"[P_ZAVW!,
M3(%`C93EL$Y!8C;A>3W(JQ=M+:O;6&V&8PLJA(U)\P(P7;(H!SO.=X!.X'`/
M&:TK.,P:W?K$`6DE,,'FX1$-\HE4`IDMR3P0#VX)XW/#.G1M?WUW.&D-JQ@0
M.FT))&`'VABVX9.T$D'`YYS0!S]IH]W<R92!H0\FY%=6`&XL`@9ASC<0.1G`
M)SC%>P_#KP3JFH^(]/TWRD)O)!`&+X"[\[G)`8855/S;>%Z9Q@Q@-++!;1#`
MD*L6"8P&)VJ#G@$!F..H4CC)%>AZ*EU'J%O%IM[%I]XI4Q7,MW]C_>L#MC6Y
MWIL+#.<$9!QP#0!BZIHMIX>O=5T[5W@@O+:[F:UL;EY5&Y28W962(AHY3@QL
M2B@KRH.2>T\+WMI%;1:;K&@:;>:28$O3J^DPLE_IJW@.W?>)%Y;2*5&89\KV
M!^8FN#\4^'/$-SXJFMM4MS"\<,,OVB2X2XC:"8&99VGCDD$DDQ+-U+#^(#''
ML7A3Q'IOAR*.V31+6\MX5B24RL9928T".YEE5H_GP65,[4S@<4`=KX/T:UTJ
M+7]1LK]-3TB]ALXXKV)U>]MK`W\"WB7EO'N>V(M]RL0"C+N;.<BNPADTS4]+
MEN[)Q/<QWDT,UO!$B16Z07#FT&SRT0(42W:(DNS%B0WS,*P;OQ-X9735\3>%
M)(=*OH+F*WU+3!L2WO(IPP>.XMD/E2C(Y95(8,>AP:KMXRT#PWIZW6G0W%Q+
MKD+WL-@)HVL=/NO,*3J8POG_`"2+NA#L5\LIM(P:`,:^G-CK=XD+&)H+N7RI
M$;8\3!\@`C`!4^AZ_2O:?"7CB'45CT[5Y(X[HJ(X;EB!%=G&`DN?E28CC)PL
MA."`V<_+4FL2W,\MQ*<RSR-(Y)1`7=B6)^9CR2<C&1P1UK?L]7MT5?,EC#9_
M@9F((Z#.`0>,Y]1P>Q`/J:[TBXTZ=M0T;Y58A[JPYV2@8)>(?PL!D\8(SQD9
MK=L-5@OHEVD"0X5HWQN5\X*NO!!SG!`PW/0@BO)/!OQ(M#Y>FZM,Q1%Q!?%6
M8H%'$<^`2Z\81P"PX!!&*NZEXL\/'4;:YTQYGFR3=,D9BMI"JD@E6(+,6P3\
MH!'(YH`[G5?#L<K-=V"B.X!+/$"%27OE>ROZ=C4.CZO)&S6U[N7#[`SC!C9?
MEVOGUP/F`P<CKG-16'C72YHT$S2QL0.2H(!QGJ",KZ$\]CD@U;DBL]?@DNM.
M8K<1-L\UDV),1SL;LPQCYARN<'K0!T[+'/&58!XW&"#R"/\`/0]JY+4=):V8
MRP`M!DGU:('J.^5/UQ2Z=J,]BWV6[5@JMM*M]Z,YX(/\4>.F.1Q]*ZQ'CF0,
MI5T<=L$$'UH`X*,E<9&"/J01TW#G],@@]<9%=/87YPL4Y_V4D/Z!O4=@WX&H
M;[3`N98%)0'<R#JF3RR?[//3M]*S`"IP1CW]3D\=>"/3&><]*`.P>)95P?O=
MCZ#V]?Y8S5!HFB?!!QV/M@U#8W93;'(<H`"K'DJ?0]RO_H/TK;95E7!QG@Y!
MZ^X(ZC'3^?>@"&UZ/]1_6BI88S'O'4':0?SS^5%`'^>W^U?"7_;1_;##':#^
MT_\`M";?O%21\5?%TF1M7.<$>8H8GDG"DJ!Y3\/?FU?4MT+/NE@*.NS,9S)N
M.W(=3LW*%/`!`.XA=OK_`.U>D8_;,_:^<K*,?M1?M`2;%.V-F'Q;\7;I'VL"
MRX!')`&3QU%>2?#A2FNZD^5<,45?G4%7)<E@#D?*%PK``*SG(;&X@'<ZPBIJ
MVCQK&\*KK-I*%9^3FXC+*,AR<L-Z[@`",D<<_26M0.WAQ'@$C.#,F[:=CJP^
M]O&%RKG[QQTP1@\_.>O2!M3TE!!A_P"UK%3+YHF(/VB(D/DD!\D<''RJ<D`8
MKZ2U61(_#Z*JMN0R;GWAPRAAA<JV?[@(!'.,+U-`'I'[*4<SZ=X_6.4Q(^A:
M^D^''S;;2P,BKO(=V)&TJN[&"1N4$UT?PY9X_CA\/&$C.\7C#3`7&2RA[CE5
MC521UVYW;@<D9(KF/V7M0@A3QM#N>-9]%U\1`*P`G>QMBJARN0R$!W8GID!L
M')ZWP,UW;?&3P!);NHF3QAI+(^[*NS7:*Y`+*H5/G+`M@@'IC!`/OC]JRWFB
M\>Z>[\&[\)>&)A)(6:/<U@D?`?YAA859@RY#,PZG-?5VL.9?V$_#3EF>.&/0
M3\N=Y":G?H5"D$NG)/('`(/`R/FG]KN??XM\+7=P@2:\\`^&7="`2YVWD#2`
M#<.#".C$<$YP>?I&X!'[".A;6$H$VCH>"&C6/6]0CV-N#*0,!<J%&.@P,4`6
MO`I\S]AOQ$I!D\CQ)?!,X!4'5;`G!+;<@2=L`?>'?/._&?;<?`+PW;!<_:/V
M/_BLG(R/+M([.9AG!&=T.<C.<>G)Z'X=9E_8?\:Q@%!'X@U,D\$`_;=+<(,$
M\,2`P)')P,#`K,\?1?;?@+\/1-'LGN?V7OCG9*XYS#;:5/*BL&(`#>4C'T)'
M/3(!_*'%&HTZZ)8JZS%2G5&'F(%!X^[MPP/]X#CD`^B>#8`VH0KR46.0%@NY
MBVUB2NSE2N>H`P!U`KA8P%TV[8NS!;HY!W$DK*@"X!`!VY([\?=R.?1/!:[[
MV)-[[F0<@@,=VYR"3D#()!!Y//89H`]M^'.!/JHW$2-.6.55<*$VJ7P0<.N-
MIW###)8[LCT7P-^Y\0:PQFV/YUL"&3)=51V4E"6.!@*26VCT"FN)^'T"PWVK
M1[5#>:X.]TW\E2,G=EAUY(`!9<'`KT7P=#&/$&KH6`(EA)(QAAL922_);:,%
MB1ACE>0,T`=DI#>+](<,7+B[DW@`<B%ACEMF2<J@`.[`/'4=SX_B5M.C8DA3
M"/G&<#.P;2N[.3GD8PV`5(&37(1E1XPT=(U"QJL\1=R`H_T=PRXVL`&/W%7`
M&?\`@0[GQ_`6LF,3!D`!4/EB!L4';@X&5"CDX/'M0!]<:DIB^'OA)3;B.(:5
M?A)`A4S+).)`=@)*$%F7``&%7K7TK^SE.G_#./Q"CE1=B:W>,AV[I'=;G1I!
MN52"$5FP#UR#@8-?-UZI'PU\%Y\S<VF7>UI`RA0LT;'RRY;<OS(=W(8Y(;'%
M?1G[-L<LG[/_`,3F,A9(M7O'$?RA!L.ALX(QN#-D$G?\Q!)QF@#TS]ELO,WQ
M;M4V![C01)D*6&!#J<2C/*X9GS@@L1T/6M?]G_\`?Z/\9;8?+N\/6[J"2JG:
MFJ*YS@84L>.I.3Z$5C_LF-MU?XFJ3Y@E\/IPN`"5DO1C!`.,.0#G/').:Z7X
M!0';\6H%;Y7\,L2,;\;6OQM4'@D;BH!(P#QP:`,_XBK%+^SA*TH)$?PO^(L;
M?>"%;77=*N#D*<_*8]R=1\N37X#/>L\USY3L4,A0NO20;F(8\$!CG:`&'3@8
MXK^@CQ5;_:_V>&MXPSB;P)\8+,(1DMY=J;M0=IXPT&0`1T!8#`K^>JWC*&=9
M,B1)PC(1R2IP<\?+M)QG.!DXR`:`.\TTRS:MI:^8YVL`%R,D#`4``G)*C@X)
M()`^[7KUIN_X233U*D9A<''RY)\O(/0#:001QSR>,5Y'IP7^T]/*+\PW#Y5)
M.5&4?DX'.#PW!W#.>*]=LYG_`.$CTLL&+-`8P@P<L0N=VX]"1CCKGUZ@'H=W
M;AM>TC?G)F!7!](G!`Y'RM@<'Y3GW!KM/$ZE;2U(!.?**8(RK^8G0G)('<X.
M",Y)KD=0!?6='8`L5G3:#M`5F1@5R%ZL#DG/WCQR*[_Q/"CZ;999!L1&`8Y#
M@,"1C'#<8)/'08%`'H-_&?\`A'W<G!>/:`H8G'E;N,'`R.>N2W4BNJT.%CX-
MM9!R1IT1X8<ML.02<G.>?3K^&+?*LOAT$81O*!4*!P#$NT$G`P!@$]<@G)KV
MF#PO;V7PG\(ZE;(2]]II>ZG4.=]PZJR0L<%`L2;MH')&2Q.2:`'-X+?3?A_X
M2U:6XCG&NZ=<7`C567[.L5RT85F(`9V4C.T$+CG)->XZA\./#X\5WFEVT5Q'
M:?\`"N)-7LE2X8RG4UL+>82M(069,[R8QA23@#`%4)].BN/@;X'NY5+SZ?'+
M9Q!64JL4LUTTF[<-V_=$H'(``Y!Y->Z&&&;Q#X4F*J'OOA[>VS,<!G0Z>'4/
M\O.`"`<XZ<&@#\@OCE8W>E?$/7-"N)S<1Z7)#!9DKY:B":VM[A25P,N3*0S8
MP2#C@`5P&C-%')82>6W[N[3S'<HP&6&T*N2Q)(+`D;3@$]Z]D_:D3R?C%XB.
MUAYD.C2$DDYWZ18[B/48!('<CWKPV',-Q((298([@/%.%8+(J.")#UV[AD[2
MW''>@#VN"0/<:RF1D!&4LIW@[E^7:1@YP2Q[<#`ZUW%J!'IFH@EB8YKDG<"I
MC(&<C)`'!Z=,\>E>9:5=)=SZQ,)`Q-O%M8;NN8@_`QG!!"CA2>,8KM[G4;>T
ML=6BDD.6N2B%E8/+(\4>T;2<G.XD8XP:`-"Q:4ZY=)#%;SI]FM+X22Q22LLD
M<.U&RK`J.`2#UQE0>AZ;P\TDNFW%W+L+WEY*\C(H"EGF<<`\JI"J!R<`<G.<
M\-HUY=R73WD5G<2PM:0VS*F%)\O)9023N!+##$'OTKN?#T-]'8V=E/9RQ%;@
M.[-&?*,;L2"7&2#EB#P,8!SWH`[[2;=9;X9_YZX]L00QY&!W!<YZ#)K5E:!+
MO=,LOEM#>R^:L;RF(Q/#`C,%#,#A9-AV[5(YP,FI_#EDUW=CRU#A9-0N)&(8
M".))8X]TIPP16("AB"!GOGCO]1\&2RZ?ILUCI.H7,M]IUO.TMFPNC&L^IW#2
MG8$4K&(47('W@=QSF@#BH83;6:0AG=VRTK2,2Y+'."S`D9W!"`?E7(`P..WT
M3Q#X.T^UET_4=#CUJ2Y3RKBZN)VBDC:4$'[%&H*1B,D%'+%VV[F/.*Y_7/,T
M"VN;ETE@F%LT<<5[;-&RR72M"I52Q7>B.TBLV`K(,@?+7CEI>M"\O+,9%V@L
MQQEL')YSCU`SP/3.`#JY3!#<7,-@7\K[1(MM))DD+N.`KJ0K%5P#\N<[BIJ=
MH[E9@EQ*^=JG<SMT[#DG;D'..F<$BL2VE($>94Q&1(@P>6'\+'/(ZXXR<<GF
MMF2^:[=7*+'L14``(#8YR2>"3SN)/3`XP*`-ZSMH6P7E!YZ!B3VS@=,\YQ73
MVD=JG*H7]<(1CCL3QSW_`$S7-:==F/\`Y9,1@'Y8SVQGG`ZXYX.1C';&\E^Q
MV^7"<-E<DC/'...1[CT''4T`;43A)%,:;.0PR<=NA&?Q((P3@YK4AD;>&/(W
M`\$X.?I[=>?Z8P8Y'.WS#C.!M49((QR"><XSP/4].*TX"..I/H>O<9^F.O0]
M\F@#U;PUHMUKK.(1%#%`@,DK.VQ=W"J,'.YB.G&!DL1Q7LVCG[';K8F!(?LW
MR-L8%78\ET.26+8)<$D@]\<#P'0GU*&VN=0LMZV=KY:W"&0F(O*&6-FB^[(=
MV221\IZ#T[31=4O)Q%OF57-U$WF!54*"2LA.!R`F002!ZYS0!ZM?Z=#?Q9R$
MF49BE'7/!`8CJIQCG./3BL&TN+K3)S;W*'9GL<@CCYX^W?)&?ITR=:PNIAN2
M5HYD#'9-&R_,N>-R9R&(QR!ANY!.:T+FV@O(]C@$]4<?>4^H/7ZC],T`3Q2)
M*BR(0RL/K]01^A!'J#T(K.N[$-NEB`!/+1XX/7)7T/MGW[<9L9N=-GV/EHR3
MM;HLB^H[!\``C/7Z9'0PS),@=#Q^H/H?>@#GT&WKGCC)XQTX/IVY_P`C3LYR
MGRMDJ2<>J\'D<]_?^=6+FR$BF2/ASR5_A;)'0=,^GO\`E6<JE>",=!@]1C/7
MV/8_0<]:`.B!#`$'(/((HJI9MN5QZ;?S(.>.W3M10!_GQ_M9WUM!^VA^U_N<
MK)'^T[^T&9$4?+Y9^+'BY<[PI.6(+E`>J$8^48\@^'VH2IK6H"W@ENH)V@4^
M0F0HS)M$KLRJJG.-O\90]#M->W?M7P@_MF?M>[@L2O\`M._M`!I&SN"M\5O%
MVXMM(9=RJ&B#$A\KM&&^7R?X<JL?B.Z,;$J[H&1ACY"9.=H^Z>F2I)R1MQP*
M`-[7KB2;5-)`M+M+DZE81-%)&\2!OM,.WYWW!LG<-ZG:H/<#:/H76KG7!X?A
M@@L)9$$4I:0%&3`*C:"[*I?;U'^K5<G'S<>8>(9=^I:49$59#J=BD1PJRR*)
MU+?*%`&!\RL6X(9C\V"?I00,?#5I`8SYA\U9&#AR0NX@DY4X`Q@C=EL#`H`=
M^RLVO-=>,YH-.5WA\.>*R]G)<1;\+I4*EXXS&Z2,F=P"L"?+8+(H!STO@N]U
M>Z^,/@2Q_LRZ@N'\6Z,B?:I8;*`2MJ$8!-VTOE0H=W,A`C5CL88YK8_9<BF_
MX2'QDT<11?[!\5Q.TAV`C^R!O)#H68DG)C!R[Y(VJM=-I,!7XN^"C:Q22W$W
MBG1%1-R*SR/>0Y$38(&UA\K-QN*[@>E`'V?^V1X@M;/Q+X2MKN&ZM;JT\!>'
MH9%GMYI%#+<ZCO6WN8HVMKJ';SYT,CQGUW$BOJK0+^2__8(AEN%6VMX/[,DM
MI[N"6V6YMQXHN=DMNSA5N`58_.N5"`\;L9\0_:_TZW?5/``9O-6[\!::S,[)
M+(RVU_J48$A(.YEV_P`/RMQ@]37U!X*LK>?]A&[M[Z..[M$\,2M&EQ"LJ1O'
MXEF*JJ,I$>TJ%4CA20=V`<@%+X)NFK?L9_%"SCEC(M]3U]U:-ER56#2;DLR@
M@C#*6'K@8YS@\2VBWWP4^$$"@3I+\#?C_IK_`#$!Y!X8U5F`:/*YW1`A>N,C
M'8V/V>-$@O\`]DOXI:=91/9_:+[Q1B33Q%!<E1I-E((I&:%W$2!=Y1\C:"JE
M2"1ST0US1O@5\"98HKG78U\*_';3[L336D%Q`+[PEXF$26Z^5&D]NI@:4AI6
MF(78JDE:`/Y5%C5=-OR2Q:+4&*HIV@,'0G(P`-HZ=-IQDGDCT+P/L.IVSEER
M0%?:"2,KTR,9(&%.2!EMPSR#P2AVTW6"<A?[3#.CG:0QN$!"X;:PP.$/3&X`
M@D5Z/\/T0ZDA=5*PQ;PK?>+$85L@X/(XP<$#.,`&@#V_P.$BO];**S-&_E@@
MCG:@9NY(4,6P<C*KDG^&O1?!1)\2:AN8(KR0D':#M.)%`'<CGYFW`[AGUKSK
MP/$8+K5Y)5)D>21=V74X"C#*N>2V"I7^,,IP"#7IG@-`WB+4(W#!E%NRG@_+
MLD');+8!Y*;C@\`$C-`'91+N\8:2@4*C37/WA\[DVTA7[Q/.W$F-P/&1D')[
M_P`=PR16$B.=NV'/F8W*Q*#`0X!#,1]W!`'/3!K@V`'BW2'#!\SW`+[@`7^S
MRHI8JI`^8X"GYL$9.*]'^(",VGF1FDD$EKD*,(%*Q@$'D,%##((/I\V&Q0!]
M0DR2_"[P5<3M]RUOD);Y2T9%H0`@&1M)QQD>W3/TK^S$T<GP*^*]L6)`O-1,
MNTQA26@T5EQQN'(8`L`!P/6OG'[,$^%?@DLR@O#?-(F"S$O!82#Y@=H0*X*K
MC(STSFOHC]E]A#\&/BX3$VUK^Z0.KL2S?8],."G"X4\EB>3P0,`$`]4_93=4
M\6^/;<J427PR&)RI"E;B4-N(`92H<[<'D,?J.K^`,:Q:U\2K?@J_A:X);)+/
MMN)MK,#R"PDYX.3QD\&N)_95E#>-/',**0__``BTQ50P()6\"@-SG:-W<=<$
M8XSW7[/X#^+/'D014>Y\,7O0`X`NHU^?!R3EADC/'3&>0"T4+_`VWA5#)(=)
M^,%JN]R,%_#&HRXS@X0K&I"'`!`/`SG^=R=0^H7\J[B/MLH(;&=A<YR."IQD
MC`/7J1Q7]&EE&6^#WD2`/)'>?$JV!R5&Z;P=JIY(!SN`V^K``D=<_P`Z3#%_
MJ*G>N+^7[H7J9"&.``%P,$*F.!T'!H`[71XPFKZ<%0!>^\KAB4(!);C^[G=P
MIW<G->OV\87Q)I!8*RM'(=I8.2RKE6SW[$Y'49/4"O+],A*:SI@(D;</E8[@
MVTKQT`+!AC*XQC'(R"/5XX2OBC265"I"3$D8P4,8PP#?(N&!X4!@>2#G-`';
M:C&\>LZ,3N027<6=N,G".RD`=23VP>O09X]&\5QJ=+MV)4LD:\8^=B0"<$#)
M4@!BH(&3GKFN'U/>=6T5E&X+>1,"5&TKN.%#+G!_B+$9RQY`KT7Q6A_LBU+9
M+"%<OA=Q)``([KC)P`>>,X-`'J4MN[^%;1PNP36P82$;59#$`2H/&`054]0P
MY).*^G[("3]GSPF&4*$:'+!?E^2TN$&2&;DE>3M&2N?KX/>0JWP^\)2_*6DT
MRX5PQ\P,@N9L<JWRG!'WN0./NX%>_:$';]GW0L!L0WJ)N;D*C)?*`",C`;(^
M8Y!&&Q0!VMHOF_`;PZP524NW4*!\QVSZBI7USZ]R">_`]8LD,E[\-)V`+R^%
M[JW+9&3NT=&"C/)!/)&1VR#S7E>AH9_@+:'/F+!J<S$JP5D5;VZ7)XYP9`=H
M['@9%>JZ<5,?PCG4@J]B\(D;!.7T@+C(."6QC\/7-`'YA?M3VBM\7M1E^4O+
MH_A^78PX+'2K92>P897!Z\C)''/EOAYDDB%LL4(D"&5<QJ?-7`+!3\V`!CJ!
M@^]>P?M:Q,GQ521OE,_AC1V7WV0O"1Z@*8\#@G(X&:^?_#<UT-3TY5"MR8SD
MJFY"9!@L2,$@$9YY_*@#T:RT^UACO+RUVKYT,T4T)W`)(A5A@#;@C&>1M(Z"
MM9++[9J<LMRHDBC"L4QN4-]G0*<'.&*J!N`X'0Y&:S1*BC5H]KM$HCDVX.8V
M;Y2I)XP2#R`">O0&N]L+3S;N](PI6RMF([*3`<D@XR<CKCJ,_0`J6%Q<1P&2
MW`0>>8U7&4"I&[G:,@\A,'ICMZUZCIRW[?V<LDHV32('."<JZY..I[\`YZ]#
M7"Z7`'L854C'VRX7YB"-ZVERV?4-UQUQZY&1[)X>M8KC4/"4,P#Q7%[8"0A@
M%9``QCR`.6P1DCH3CN*`/2]/8^%?!L.N:.YCUG5;G6M)%P0LGD>:\!B+(VY"
MT(ADE!*G+.%/'3CM%\=>)_#EVMP=7OKYS)&LJ7;>9'(%("Q)'PJ1CLB`8SD\
MYK=UO46F-EHD>Y+6SUK7;C8`!AY))&17`P,HH`'`ZX!XKD%L4N+^S4Y*-,XS
MP`QR`,\$D@X(^4@=.AH`^D?[7T?XL>']6T74-.BBU!+:.6VNWC9A:7A`\MA(
MJ^8H8[OW>6)7/R]Q\X?$+X9ZAX)33+O:EQIM["L(O(7=HGO%),JE7PT1VE3&
MK##!3@G!KNG9O#/@>37%EDC>?67LG2([)9MT+.N6&,[0-H&<`8R.Q\]U+XBW
MVM>';;PW,S26AU)=0D:Y`8P&(NL<5L^XL%9')ES@$@`#@Y`./L8!NA,D;A4+
MO*06PZJ-P7OP<;0>@R/:NMM(V<;MNX;07B*`1+D!A&A4!@=I&"!C<<$=#60M
MY92W"KDK$4>)BHR,DY5@.I`;:".XSC-:-I<^6?O,R#=D@#;@`<@CY@6`QMQC
M/)S@T`;0*1*0BD*PRA_BPW4$YZA@5XP0,YQR3IV@$2^8Y.0.@Z[B`<=!@`8R
M>G3GC-9<9601/\HVR.VTDC`PK@>_/T'4DX-:D<;W"AV`1,G#GJV2/X<@#`.<
MCG!&<T`;%IF5_FPF<!3CH.H[]^W/Y5T-E$OVF%-V070,?4'EL\]LD9X!X`[5
MS4*(NT1R[B2`,YQR,8&>._'3\2172VS-;*)'C<R.FV,E=J)D8W+C@L1G&.@H
M`]$LKZ.QT+5M-4#_`$QHY$<D$`++\JL`,XVY[=L]*M:6S)9M"J1/(TN]9D):
M0J5VM&AX"@\L<C)[9Z5DZ#:B6.);J1;5+CS"DDQ"I)LZC=("N6)8=N1C([]%
MIL42:O%;I*@AFDEA=\*%V+]R4`C:FYL`$8SC(X(R`:5I)*F"'<.#Z\#M@X/\
MQGV].HLY+M]CRRS1V[MM:7#[.W&[&!VP03MZURNR='YCEB!=E5Y$;RY"&;#*
M^!G=UZYYX'6O2-(OH;VU2UD2.-XXPAB#<.J@*7`;').>!D]\GK0!KM'%/$(W
M&]-H`R1D<?*P(SSWR.#648I;!PR$O%Q\V.`"?NN!C!'0,>N?3-2B.73V)4M)
M:$].K0Y/3W3\OSK35DE0$8=&'3J#_G\Q[&@!]O<),@(."."#^G_UJ2>V67+#
MY7]>Q]C_`(U0E@>V(DB),1.2.I3..">I7O[8^E7[>X$HP>&&._7W'^?_`*X`
MRT38)`00<KG/L#S^-%7,#)/<XS^'3^=%`'^?7^U<5F_;0_:\B9P"?VF_CX$&
MP2`NOQ7\5J%"G:"VPC(`X4??WD&O+_A[]G/B*[)4%?-C(1L-@MOW,\A&XG=@
MX#$`;@#P0/4OVK(=_P"VC^UMMV(#^T[\?]T@VH48_%CQ=\SDL&.0&&X,`"`5
M`W`CR;P2'C\2W4&U)2TL,N=Z>6%7<P("#:&Y92C$,V_+'Y.`#U/68MFIZ9,?
M+,AU33MH?<4W"Y(8%1NQE20HVXPH8@G.?I>^DC'AV+<%6<*Q^4`.,YVE0``&
M/!PW3D`X(%?,^M,@U'2$"J7;4[!C\R@AOM"[1E59DW*QQN.=O3/;Z-UDJOAZ
MV(R"5^<DG)<`JJJ>_.""5(.>&.!0!ZU^R+(O_"0>,(KJ,RL=`\81;RH5B[Z!
M,\<BG!&Y0GS\HP!PIZ"MW14#_%CP.T;R((_%>AQEBVUTE;4H0"7!X9,_>PIW
M8[<UPG[+T<]SKOB>2!_*D_L_Q#)]\J2%T&X,C\DCRRJ#"KM)8MD@8(ZCP]-+
M'\3/!T3W">6GBO14DW;V*N^IP%?,V98\E"^&`*G.>@`!^E'[8GDO<_#'9&`X
M\#HDLJDJ@\K6-34`,GR[7VL2,$EF)4CYL_27P_8C]A'4?*D+$Z'?P[@KL\?_
M`!5#*5920&4!B3D``-D]*^=?VOX/LQ^&I$>XKX.V*2K!A(NLZJ7X8[6`W\8/
MRG&1R`/HSX6R+<_L-ZW$%<21:1KD8+*%!4>)"`>ARPR<,"1D#GDB@`_9NG9O
MV9/C#%$2DMM>>(R67@J9M!M"V`"3L.#A3SC=C'4QZ/#+=_!'X&6_E*RR?\+7
MT\&0!MKS>&?%<41X4KL<R%?F(;MM.XX7]F#;)^S]\:X%._\`TG5-XV[R0WAT
MKR?XBWED$L,@KG=CI)X$G+_!GX&RR$>7!\0/'UD54'&ZXTG6Q$N%4L,&3+$,
M,`L0#QD`_DUEMXTLO$,;+B0:YY192"L:K<D,&7:&&2#M)`],@+7?>`E7[:H+
M?,5`.XY.T;R%?/WCN"$;2<$Y.X$BN4U6,&+Q=M``3Q7.JY?;DB]D`V@Y#;2<
MD'YNK'!R:ZSP"R+?(K28`4!NI)<').55FW`D;=O''WCB@#VWP.9)+G5CLDW"
M5@%5OD6-57YMP.W:<9&&!R3P"<'TSP@0=>U%HP1MEM]Y)+$;5E+*6<@[,%#@
ML<@`@@]?//!;0O/J;G<0]S,JK\P8C8%&W!QR.2IW;0QR1GCT;P8COK]YMC(0
M-`@D.QMWR2$EQP`P[`#&!DY(%`'91,5\6:,-D9MQ-/O$8(+2^1,5;#-DC`'"
M[3N7!#`G'I'CF)9=,9]\958@%X^;:5^Z1]_$C`GC.,#&<UP00Q>+-%F)(1;F
M==X/WG^SR_*!A\'('!Y)/7&17IWCQ$-@\I3):UC$:*X\Q<1@,S'Y00<E0>&S
MT`%`'TW`D@^%'@EYA_K8+P[R`P5!:Z6R(#C>ZDD@E^0?N\*17T!^RVTTGPK^
M,%LF&7[3<;8\AE5SI]HQ9``01B,,3N!RH'/6O#8O,3X1^"XC<>>OV:<QC]UO
M19-/TMRO!_A9@F7PV<YKW#]E)3%\//C"AP'`G('503I9SD;BAW9`.#U&/6@#
MT3]E'$7Q*\2V^X9?PY>*Y!Y9DU&U`#@_?"EOE'0@]#@@^A?`=&C^(?C&V;I+
MX>UE`0"H'EWULH`QC&`3CITSUQCS_P#995%^+6M[=N9/#U\F5XZ7UBP."?7C
M..%XS7H_P4:9?B[XI@=E51IGB*,)M`8A=0M?F'/()!/0\$#@<4`;OA>(2_#&
M2V6528_%/BZVDYW;3=>$-23D8R6);=USUYYK^<N>+&JZJ"2"FHW"8'/65E."
M`,_-Q][H2#UK^C_PFMM)X.U.W9B1#\1IH>%*;C=Z-<1,H/IY;NI/(9AUZ@_S
MEZI&R:YKL48`_P")M>ID@C:%NG[8VDC`Y)ZC'3`(!W^G(6UK2F.X8"D$DD%0
MB[5P5.",\@N0``.,#/JSB%?$6D22RI&1'.NV1T102,]7/5B`H`89.5&:\AT>
MV-[>::MY)-(Q4DA&$0&-H*G8J'!*\X.=H!!)KUJ73[,:_I96!2ZHQ4R,TGS*
MH)8K)N`8$$@Y7G/0]0#O-4NH4U#2))+B((+R!MQ=1\K,23C[N1DYX.``?<>C
M^([VQN-$MQ'=0N?)4LX=>`%7<=N<A0P'/!P,=>O!:OIUL)]%D6*)G-Y;\F-`
M_P![@NP"D$`_WL=.".:]2UFV@/AR*01)Y@MUB'[M=S`1C)W8`)P,^_3J:`/8
M1=Z7+\.O"G_$P0LMG=QG)$:JWGK@(6PS#.[)7(#`DGD9^@_"=U8W'[.]JD5P
M)&M]0A\Y/E+1N9[]=R?-EU*X;/.`3D"O#K"VB;X:>&@T:.JP:E'&=BR8_>0N
MV[<,JI8\%0,>M>X>!].@G^!%NDT,03^TIB8RH*%EO-1(X(/?&`N>3DX/``.^
M\&;;CX$:DD+&1[>[O"Z`J2`NH(YQD$#Y6ZG'<`\XKT32Y@=!^$5P#A?MUK;M
MDJ&S);S0E6'`SE-K8YSZ9S7E/@;3XO\`A2?B>&`>2O\`:5_@P2/'(I$]J>71
ME/`R`#E=I.0<XKH])6^A\(?!Y;>Z;_D9X?.^TJUQN47MPH"L74IC=M`SMZ'&
M<4`?$/[9,'D_$G29@,"3PW"-P`!_=7VH1`<]<;,9_P`*^9=)=8+O3Y5VX#6[
M2%^@S,RD#.WC!^8\<8P3S7U9^V#;76J>-M$G:);+R]*O[:9IYD,;>1KNIHKQ
M["<(5.<'!&3D``$_->G>&H&"[]1,Y8+M%JCD`)DY#%<$J<D9.,Y].0#L[><+
M+JRE8P9[>VC)+#8'=R(V)(^4#(Y)`XQWQ7I-K=QPWNJ1S-&'CTVU213QN=(I
M4(W`8QTP1V]<C'`:7X8LFD1WBNY]I4LUQ+@28.55U#+D+V!7`!/UKOX=$B#/
M_H,.97!<R2%W.!PI8,20%R`.0`3VXH`T]%>U,&F;40&6[N"4!X939SJSA6PN
M1G&XX(8\<GGZ(T?2;#3/#/@#Q))*RSG6T%V'21E2*WD3R550N58IO8N>"&&>
M`!7B&GZ/Y/EM':0)Y?W>'/E_[2G:0-Y/)&,YZXKVO2_B!XSM;.WM!<6MQ#;[
M0D%U;P2J@`P,!X2``JKC&#@8!H`K-<P:CJ;WD-W:$R:SJ3O`V^.4?:#,R#]Y
M&J-L"Y8%EP`,9/`V['1YGNK5DA\T^:^TP*LASYD0.W82>2PQ@XSZ'@V(/%<5
MS=F\U;P9X?O[F617DFA1K-V=1LW8MYDB+L"03Y>3DALUZ-H7COPG87*SOX0N
M-)D8`-/:2_:8U!DCD)2.7&T;XE.4;=@8S@T`<K\3M)^P_!O2O,0)/)X@%TQ"
MD,/,%TBJY(R&"HH*D\'CZ_)MNP7!P&(;&,=1G`.!U`SVX_&OO?Q])IWC;P#J
M%OX?6#5Y[.8ZC)92%K>[AA0RS7$D,#8\UXHY'P%8CC(R1M/Q'I,5K)=LDL("
M9RBOD`$$`@XQWSQ]2/<`L6TS^9!-%$AD0$/'Y0*`AB%RO\65P23GD=>F.EBN
M[B:0-=A8P-B)%'$$'H<`!1QCYBV2S$`5;MS%;F-X(XT!)#@(&RJ<$@GE2!R>
M<#&>2#7175NDD&&`#2(SQR%>5=%W+@[20#C!QU].HH`R8HR6RL<I@67Y^`,;
MN2O!([#O@?+^&DTP=@J`JBG:%(Y&..0,`=>_/'3L([::86A161@6,K,O`1``
M&&2,DDX.<$]>>U=)HVEPR0)<SJ)))#E58_+ZYX([=^A)QC`R0"A:JVX':QP>
M,C&?<^O7@\9SDCK7H>GZ?<7UDEQY3RQ6\\<<C[@B(TBDJ'+<8^7.>P'/!YKV
M5C'+,7,2QP1@C"J`K;1U).3QSC''`[DY[*T_M)/#VHI90(]C,2[K'Y33IY*_
MZUQN\U(]IW9"8(!`S0!!%<Z>QBAN[2]N/LR!9);:=ML2[P6:--K1`!V!&#AF
M(RW-=?8Z9%<7%G<6,S2V9N(DN/.W+>QH9`5:92,;`3M+J2H)&0":\_T.WFCF
M29B\4+*0Q4*7*Y!_=HYP#D<,1CO@XKUG28-*E0OI\[VVIQJTF;B4_OR/F977
M*QNK$`'`'7)&!0!O!%O8[@/*K$+OV!RRC,DB1A4SM3RQ$`2HW%B23C`/.W?^
MA7S>26CP(W7;D;2ZJV/S/KGDYQT,MG?V$4TNIRLL*2B2*2U1=Y,Z_,_DL2/+
MCD)##(P#N&:QKF_%W=2W!VJ)&RJEA\J@X4';Z*!R<].@H`]&TK5TNT6&X*I,
M5`#'&R8$#@YX#'/3`!QV(R=$PM`Q>#)C)+/#Z9Y+1DGJ/3G(R#D5YE;W.S@$
MLPY&T=/3&3GN#^OO78Z=KGR>7=*S!5^208+<#"JV3\PP!@]1ZXZ`'4QRQRJ%
MX.1@@C\P0>0?7(YZBJLUN8CYD6<#DKZ'U^@S^'3WK,&HP-.'AC9!@!B<?.?=
M1D#KR<YS[BM6._B=1G</KU('7Z]_J/<T`6+>0R)R#D8SGGJ/S_.BI(PH&Y!@
M.`<=/QQ[BB@#_/S_`&L("/VSOVM9#%'(A_:<^/SMN7(*CXK>+2"2<#[Y9><'
M`*AB-IKROX?V[S^(KR7+,J^26C`7R]Q.$;,8.YMJDJ`2N6YP0"?7_P!JM&E_
M;,_:W)!Q'^TY\>5"1(<D'XJ>+#N=E&22<9!&5)!SCKYC\._,B\1ZE&58J)80
MA#KN)"R`(NT$@;0!L`)(P1@@X`._UFVB75M,E<!6_M+3S(S`$EDN5V!CMY5%
M8CABV2JA<$X^C]1$4GAZ.0QJ-K-L)&PAM[<D!0J`H6.3A1]Y2<5\\:\P.H:6
MO*G^T;(D.1CFZC4`'#!BNTC!Z@`G!/'T9?M*WAX+&,]W=]K9'.XC((QG:1M`
MX``SB@#TW]EJ=7\2>*%6(M`VB>)8@`V`9O\`A'KPH)-H8R!B!A2V"3NR%(PZ
MRX^)7A9V,D<2>)])E8*ZE@HOX&,<<>1ARWW1D'((&:O_`+*2J_B'Q''O&U=*
M\1L^V01(I'A?422RKDD@`+NP<9"@9.*17C_X3WPY*L:LZ>(-(*RE5`9EU"!A
M@D9*R$X)"ENF!M(H`_33]KRX6XM/AI<^<S_:/!NT$<,JKK.I+\T?1'R.2>I&
M#ZCWKX2O*W[#WB%0-IBT[Q`H,:Y9D_X21&)*!<;?F+'DD#)'&,^$_M?0!;'X
M8%HU51X3NQ*J':BR+KU_@$@*S*"21\@!/!&"<^^?`YDO?V*?%D$957M['Q<F
M=Q4_N=3ANL%@"2020<]<CC;@``F_9-_TSX.?&^V2,*#+.%503YA;P[=*QP>A
M+`C*L>26Y((JQ\-5B'P5^#R,1&4^+WB.U3<,QJ9M-U0ACD<JI95!8$;F(..#
M3/V.B+GX=?&JSBX3,.2N#MFET748\```YPJD*J\DX.-PJ;X;C;\&OAFS%W2U
M^/J6K#82RF['EE)"@)BWM*0`N0&=58G)R`?R@>(;<1ZCXTY?='XRO;=5!PF6
MU"8YVG@`'.1@XR#P#QV7@V+;<*-Q5O*4L$PI9CN8ISM7:FT'Y2&.23NR*R?'
M<1M/$7Q+MMA18OB)J4(0R@E<:I>`)L*AF*!1N?@=MI^4UM>"MHN8TV@D1%MQ
M<;2RJ22C<@[LX3!P"1GG&`#V;P5;E9+YBBNRW1=^<Y(1-P#ELMD;AD``\X+<
M&O3/!Q`\07Z[0BF:#"C(R2C8<MDE@!G`P#D@=CCS_P`$AUDU#=\T8F92BLCA
MR%5BR@98'^\2`0>.HKT#P<I?Q!?%!LW2QG:5#`E4DXW\$<Y&".H`S_#0!W0:
M3_A)])(`):[FVJQW*=D#EAC;R2W*\!F`P3FO1O&<,DMH[NP1U@`Z':X\L+GH
M-VTD\8'/'.,UY@DCR>*M&+%DC-W</C&TY6*8`!`3@J%R.A*D9;M7KOB[?<6*
M,4V@6;]2%&/E=6(&"K;>1PPX.<<B@#Z>TNS(^$/A"3;'(C&Y\R1P0X"Z7I#J
MN!ACAN`<E5`!YSBO?/V3\7'@CXSVY)$A221`58(5&E7!*;@.#E`3SV)SBO#]
M",H^#7A8S$<W+^6`N"0^C:5G+\EB`%.W(`'0<YKW3]DYHU\+_&6!%*.;4,2K
M`C#:3J8)RS8Y"D$<<CGL*`.V_9AB:+XNZBK`8/A_45&,DDFXLWV\C*A%'!S@
MYY!)X]%^$!*?&W75VDEK+Q+'N&,KFYB=(SD#G"':2<'DUY]^S:`/C(R@MF30
M=7ZC`)1K9@3N(X`5APV#U&<`5Z1\,1Y'QXU&W`#&5?$R2.K#(*.Q0$YPV5!Q
MU*XP,@4`=!X61V\,ZU$FP,GQ5T0,V5^7[0DMN2`V03E@N"".O3@C^=K7T>+Q
M9XAA;)\O7-31@3D[H[Z4'(/!P<YPN.02.`3_`$6>$$6/2O%B!.$^)_A9\-\P
M)DU9H2%.-N!R`Q''<DU_/3XX@^S?$7QC;`!3!XKUY,]"-NJ3A2I)ZJ>3@$8Q
MG..0#HO#HDCU/3]S'#>8J!2?FRP[$G#`8WDC&!RI/->S;=VLZ4K$`-'-N/.,
MA/F'0$$J,CMEOFKR+0HQ_;5DA&,%G)Y9"0>,$@[@2"2#M!8_>XKV54!U[3`0
M=HAE;D<D$!!CC(.">"1P!SM(-`';ZI&'N]),!?8+F`*I/!"D'>3R"<'`QSUS
MC@UZ9KJJN@PHI9BT`;_=81@8!(SDY)&0!D8.>*\XU.+;=:2@+#=>V[#HN`S#
M))R`#C^'@@_F?4/$$&=%MRF<)`2Q4YXV[0!GMNYYQGMUQ0![9IS@_#70#M)*
M6]\S?*VX<P$G=R.AYS@^E>V^`&!^!EKE?,"ZK<*@8@9'VW4,L<@\)G..,XZU
MXEILA/PVT1<;3MO#G!VME+<[6!^;Y<Y(R!V'7->V?#HJWP,"C>2NKWH"J?F#
M?VA=-MY.0!G`')(+=C0!W7P^*R?"+Q9&!N*:M>`?1S8L"0`#E<]!D$<<Y..D
MTA`?!WPR;Y=EOXGCR,\@KJ4V#WP<@Y//&`<&N7^&Y/\`PJWQF,%0NJ3CCKN\
MNR;C&!CCGN/>NDT9P_@/P5(?E^S^+"".><ZI,,@9SW![`<>M`'R-^V';0QZW
MH<PC3?Y.N(C/N/S+KMTS*H.`&_>9.#W'T'S)X?O!/?Q:>KA8X4$K2(<$Y`SM
M'4$XQC(P?4U]6_MHQ'^T_#4FU2AOO$4?&<Y2_AE(.._[PG&.2>.<U\?>$B/[
M<DRI&8"HZ#OG)Z\`C!Z=0.:`/7M!D\_4[FVR-D*AN6^8$HQ"L<8Z#H">.1Z5
MV6DR/)JLUL06BB5'4=P6+;@"1G@+CL!CH*X7PQ&#KFH9!_U2X`)P,;P3Q[=!
MTQ@=*[C0%(U^=2K?ZI"#NVY&YL9)4YYY^N2"`:`.@TVZF;6/LBO(8O*=B"2P
M(4ID$$XSR1QC&.P%=;`TL&JP6R.3%,DF8VRWW%9EV\94C'RG./7BN-TX[?%2
M1+P6MIRP)!SAT/4D;OX>!SGH3S7=QP3W?BC2[:WA,L[R2)'$H)+EHV&`.IP!
MGD#`!)..H!O0K+%J"VI!D$T;NN_`"E!OX`ZCM@Y'(Z=N@M;6YD@N9?(DDCM9
M8%EEC3;'&)PQ0.P!4$[3M!QDG':NA\':9%/X[M;:]MTN5&G:FJ13?.%N4M7"
MG;C!*.ORYX!QUKM?#^F2/H7CFP;,3I+83A67&#;M.=H&`03LP.V>>E`'CGBG
M4[CPI:2O`TMGJ,D;V]O]^&;$T1$A=1C<ABE#<C#9QR":\0TM_,N;7+L6<O&Q
M(./F.0,\#/4DC/.2`2>/H_\`:'M%6P\/70"AI+AE=C@_>TS33\V.J@!N`3R>
M*^9]/<6UW"K,I6"YY;=E#AL%AWVC&<CGGMUH`]#LX]UL@`!V7#J<]LK(.N<=
M>>>HXZ'CJHW\VVLRQ`)VJ0W3!4ALX/&<]>./4].6TR9#$QWC:^HJ5YX(.><X
MYSVR0/05JM=K':VK`J-L^""<#B1N@&21@#`SG`QGM0!):X6VE!$89?-@!/FA
ML-*1P,;68Y^7)P`,]:])LXA'';+CB.W+`[<`_+SG@$\`<>I]#QYS;,)()P5;
M>]PDD*;6PZF4.[=,$`<X]?P->B6<PF6612I5(`F"W/.%/!YZD\],_E0!T-O#
MMM92<@LP3J!C<$4@=>I8G&,^N<U/:1&5XPK.B@OO3YD#(A*!2W`9"-O3@@'/
M%:FF67VK[,A5F@>_5'<*&1@FUV1L'GA?F`.<?A4T$`6XDV[A'Y<:HKHZHI9G
M9MI.Y<'@'TQGF@!UE<V$-V6U!'ECC`Q;QN(S(2/E5F'**H&3M&6)QP.:CU6Y
ML&O%N-+BFMXVC`>.60N(I2>=AR&VD`$!LG)Y]*Y?4&8:A<`$'8Y7*G(^4`$C
M`YYS_GI)"PR.6R"#@YX((/3KSGM^%`'0H69E$C[L8(X.`#[=.>_&3^=;,$<?
M9#VQD=>GY#\^A_#!B:1V5RH&`,`8```(R1G(SCG.*V89'4#@,.HRWI@<C)^G
M8^U`&W&`.!'VZDG@^OT.>>GU];R$C/7C`X'/.>O?CW-9$4LCD#.>.3@=LYZ]
M>W?![8K2C)X[]LD]><=OIW[T`:UN?F7GJ`#D9!/`&>O?K72V<"E1(S*IP2J[
M2P)'&3V`SQCKBN8MSR#C..HZC/Z#'?/3U.3FMZ%Y[9(B6(212R@L<8)(Y';\
M..>XH`Z.,Y49Z\<>F0#_`/JHJ*U9GC#,#R!@GN`.#10!_`G^U"\8_;+_`&M5
M9GB\S]ISX^9.-NYH_BIXKP0S(<*`WS$,`4PYR,5Y)X&F!\07XA,0*211M,-I
MWS"21@4+'<KJIV;D*@J`3DD&O9OVIHT;]L']K7YE0M^TO\?PQ=48$GXJ>*4!
M0\8?`R">A.<D\UY3X`4#6]250),B'?(WE$C`E\MA\HE+M@*S8!9F^;Y2&(!V
M&L+&FHZ;),X94U&VD\LM(T9<W$2J7`ZC=DMD/DX)#`9'T9>3?\2,&(9,L>"=
MQ545FQQC)QR.JAB#D#T\#OB/MMC'C:IO;-UW)PA%R@PV`2&`;DJ<X7)).U:^
MA+^2*'1D1E4G(D)"[@P+$JG.`J,0_P`V#[]@0#TK]E>0)XJUI'#N9[+Q!'N8
MLIVMX;U7:O1%`/+G.YCL*X.<U%)-%_PGGAYXW=_(\3:.)MRG:K)?VXV*<`8.
MP$%1@#@!<5O?LH$W/BS5XS&@,EIK,GEN`SA!X9UA7`((56+$9*\*VWCD@5YX
M((/&FA[`$']NZ6\FW)9@E_$6&3C;(5"@CYL=5H`_3S]L"&0>'?A7/,I1I-#U
M^,'H#'%XAN'1B@Y/RN`"P.5;.`<U[M^SMF7]C?QJC.#FV\:OP"I!0Q/GGC;D
M*02>`,'(Q7E/[9<,DGAOX5W"1B2,:%KQ"C_6!5UA64E57*DJX)+<@@K[GU[]
MES_2_P!DCQY!*WF*L7CH(AVLRK]AAD(*G&T[N1G@D=,\4`2?L1'?X3^,T83:
MA?32&"`[Y#IVJAV;:3N^8[<=<J1R*L?#>0#X-^%L@R)%^T3IJ.&3RE$G]H:<
MZ/U&,G.#@?2HOV&9B^E?%J+9A5AT9ONJ&W&WU6,Y`R&(P2.`<@\?-5CP7)M^
M"1VJKBU_:%T-&R"C,)-6T<?NQMR"2R[`,#&1GF@#^6#XMHUO\1OBU9[E61/B
M=K?0GRV":SJ(.`<YSDG<S9PHQ\N<7?`Z%KZ#S_F#0Y5&(VH-GRYP?W>3AGPV
M=^%/;.I^TCI4%G\;_BC'"GDR?\+)\2K)"X,08?VW?!7$>0'0@Y+``_>ZYJAX
M&6/[;!Y@4;;=6.>5*\Y+?*V0$"C!!P1D],4`>[>#(]DNIYP%-R[$1G)"X0@*
M"!AN.`3D^K<M7H?@]57Q!>1`L0\B2!WY1OW<F[&,8;)Y!&.!CGKYWX2"M)>[
M,,);N1CDD-T106X`&<`;0#M'*\]/0O"DQ36[M&4#:T*\J5"$I(5!)!W`D<<D
M`X.!0!VMT''BG0E&U8UNI'=B,YV6LJ`,"JX)+-US\W(;`!'KOB^.,Z:2CD2/
M:$Y^Z2GEJ59<'G<"25&3GG/KXL1+#XCT82(7!NYA@@G/[F0`,<[A@-DX&>.6
M`!S[9XI99-,@=D`)ME!"CCF)2HYQ\@^8D@,/7B@#Z7\/W4,OP0\(E7:22VOI
M8)-Q!`']C:8,(=S-DE>K*!P%4G''N?[(N9K#XNV0`_?::7W%2Q!.G:N<$`8#
M;%`#9!!P<8QCYY\#W44OP2TJ'RT26+5Y5\U@!E?[+M%50P))P8CM```Y##!&
M??OV-YP]W\6+-!N:;28G##!8_P"@:RK#G!&>GRGG(Z"@#T3]GAC'\9K-3("'
MTG6DR?FW,88VXSR"`#MSR",D5Z=\/D$7[0&H,-J>9J/B>-D(VL&6*YP`I.<X
M4DYSR20,&O(O@`2GQIT=6`4RZ?K19`,A#]C8JI7HN1EOO>@'&:]K\-QQ0_M'
MW*[AN;4]>8@C#$R6%X^"#@DA6!&0<C'&.@!L^&DB6T\?PN'"6_CSPC<$\CYU
M\2,OR@'IDXP!WP>`:_G^^)ML+?XL^/(6X:/QMXA4C'SJ!K-RI`YR,@8(/M7]
M"6CP&$_%4+SY7B70)U4EF`,7B(D-@K@8P#@8P!GGJ?P/^.%G]F^-_P`3H=IS
M!X^\2<@;6P=9G8;MV0`<X/.""#UH`LZ1$B:[8!<<1DN2.#N"$DJ><G@%23MP
MV,]1ZO:Y?Q%8CYL>1,,D_*0-N-P`R3CHF[;QD]Z\JT13'J^GL-Q#1,1G#`AL
M$*2!DA23P.#@=N!Z]9Q%M?L`P!(AF7."""=HW$\YP3D=>,9'%`'7ZO&Z7^F(
M55P+VW(QM+$A@><X7`ZD$CGC%>J>(HC_`&%%)N*YMT&U2=OS`@C&<;@>.1D8
MX[5YOK$*K?:6&W?\?-L-J@KDCN>['CJ,Y'<D&O2=>!70H^&+/%W`X`3Y0!DA
M@"..@ZDY.:`/8K!67X=Z(JE3NBN203]TF.TV[CGN<C@;NF>.1[9\,V#?!*]`
MWJXUJZ7"`,P!O9"2!P>A(!R>"=WJ?%=)P/ASHA8-DBYVGD@`06A()Z9(/3&<
M=,8%>Y?"@%_@WJY900FKW8&T?-_Q^`9X!_O%1DGW`H`[3X9J3\-O'0^Z@U&8
MC'!`6UM"7Y!&3C^Z<<_AKZ/N_P"%=^'G`*"#Q7*68$*<&_<@D8P22<@#'!SU
MS67\+"&\"^/8P-J)=.V">`?LD9)^8GL.<C`Q^>KI)=OAE:E&4F'Q3)M."5`6
MY^ZPRP/?KC'8#J`#YU_;/@7S?#+*K;SKGB"/>,D9<:=-CJ,8+L>H7DD\G%?%
MGAL;-<G.%.$`!Z?Q$%@,\\Y).3MP/[U?=7[:4).F^'9D'W?$.J*QR=VZ73=+
M<[1GH=I+'&<@\Y`KX5\,_-JTQ9&7]R#G</XG&3DD\<-ZG/0`Y``/6/"[%=<O
MWW9VPQL<9W$E7!.W(&6P0>.3GN,#M-#P_B"0*&R8EY.XD`.Q`QSZ^GYFN,\+
MQA=;U`DE1Y2C&#D@QOD9S@$'.3P,$YR>G;:`,^(96!)'DC&T_P`18@`L,X)'
M'KD<Y'0`U[57C\70'Y23#<@L1G`)4@@#IR,<^H[\UZYX523_`(6%X>56"EYK
MA=Q;<>;2<G!]<'U//MQ7FNB6BW'CW2(90#'<3-$Y()`61T!`Y'(/<$DD=>]>
ML:);_9_B-H`C*CRM1G"[>3@03+R23C('3DD$]>E`'JWARU-E\3+9&<%A)J<8
M/]X>1,1@$9!.,'))!)]J[72`K7/C^,C&8BV!][Y'N@,\^HZYXSZ9QS%J<?$Z
MTPP_X_[T@8P/FMY\KP..G&#W[YKK]+5?[<\;PJ%4O8RMCAAD2S`DXZ\L/?Z\
M4`>2_'V$7/A?PW(=H!FMY&R">'TJW4\CD@;`>,\X&3BOFRRM;*6$P^0S2*JN
M9!M0GJ<J3G.$QQG)^N,?3GQKC,_@?P[+G.QK#((&&)L)D)`'7'EXQT(/!X%?
M->D1@SQG@B2!@>O!VY!(Y^4`<>O7!ZT`:^F6YAB6-'\R/[7;R(64;B&R"&//
M((P3W.#CJ*TDM#+%+(RY*.RQ@D[48OV&<$DYR>>.`!2:?&?)A#'E;U4)`R1B
M1MN0#DCGC/S#)X&":Z2WMD-G<<`G[4P`"XZ2DYP#^9S[>E`%[3UEC-G;R+%B
M3:H8IDC@G'IGCKZ\8S7;6MDBRW*%/^6:G*KCY7VC)`)!P0W)Y'&<=^?$16>S
M8`#8+1N0.CO,HQT/48//7'45Z/I4413Q!/(,R0Z7`8\XP`\V"5&`<\`9YQS^
M`!UU[>P^'+4V-E#')*][%<P&4DB$K:0,TV.K%GD(4<KDD=!@1Z3XQ)E^S:G9
M1S1.!\T44>5&-JXC("D9.`%PQ/<Y!K!U:YCU#5)Y8R2D<%I'EB#\RP(CD<#J
MRD?R//$^E6H:^@*H&87ELJCL<,#CG/4@9]:`-O7/!'VNXN]0TH`1O;^:MGDI
M,LY`+K@ADVX'"!LY.T$'%>?00%)EBD&TJYR#G.5QE3SD8(P/Z5TVI^*=1T[7
M;J.&1T2UGD0(')1B#D`J`05'<$$G&.#7-">::<SLIWO(SG:,+EV+''XY_`>G
M%`&Y%&0!)D$C&3R2V023Z!>@P!T]L&KJ@*V!CYN1CL3CC&><'DYX^AK.0R'`
M8KP,A<@MUS@D#CGD`\@8Y(K10EMAXW`\>_S#COC&"?3VH`THV"X"_7/U_#J1
MC`[Y[5IP8XR2>1R"#T/X^X_+GJ:S8P%V@C+=3GCD\XQZ?YX)`&G;[6P,8Z8/
M/7W'KQZX_2@#8M0!G/`VXS_M'C'UY_2M@%IEC5LE8U*@J5X!.>A).`3U_G61
M"K%TC)4`LIR2`!DCDG)SC&>3GCCWV4(3]VHW%6(#X.",>F!]<Y(P10!N6>?+
M.3D`@+[`*.,=OIZ44ED?W9]FY^N!GL/S[T4`?P8?M2+%_P`-@_M7%O+,B_M*
M?'LJ6!++O^*?BK!RW4'Y@55@0`H"E<UY!X1E9=<NF.QI!);LJ1QLT2-O<,%;
MRE&#@'<Y!/&0>H]H_:>M?-_:_P#VL3*[D_\`#2GQ[90\8*;#\4O%*C!^4@!&
M(+!B3L4C`)KR[PC91V>I:B0\DAD,0`D08(5WR$"=-^=Q(5<9P3QD@'0:G/"=
M1T[#RR2-?V0:->%4BZ4'!.T%L9(&<.RIZDU]&:JL?]E29\RVW*3%NB`7AQNW
MN,@8Y8#!"GCC'/SUJ[A[NP5(<$W=GN$<3[Q']ICS*6R@4[0=ASN+#E6/(^C=
M05CH"F)_.0AB!(NZ4#@NKHSJV#C)P>YZ@$$`]5_9,%T_BW7)+/[3+)#8:PK.
M(3]G59?#6L?ZZ3;M7<!N7)!8C@YR1F:K(Z^*-,<APXUBR<F/Y58F[A"[6!^6
M/.`7&"!NZ\FM?]E*ZN8_&6KQ03+`;BRU0>5"&1)%_L+5A^\B)*E?+RF';:N2
MP`Y!S]6D0^*-,Q8$J-1LW8LS$,?M48B5`2%())^4;MW&TXS0!^JO[7,\MKX&
M^$142B1]-U^"2,S&3YC?6[D;MP+J&/7&TJ`"WK[1^R3;-=_LK>/DE<H\O_":
M(0A994_XE5NXQV((P>N3R".1GQ_]KY6N?`'PBG,269=/%$)C.4^19K!R45F=
M5P6!\OH-W&%R*]?_`&,O,E_9M^(MN9!+NO?%J#,@W!FT"V.X@G*AC@G(QQMS
MP:`%_8;?,_Q8@2Y!B-AHX78#E6!U%-_WADXP3P/F;;VJSX8F9/@9XG\EO..E
M_'GPS,79<-M&L:([NI4D\,&Y//7)K&_84C5->^*L(E+^=I&E298$$`7ETF0"
M=I!\P\X!''8UL>'%$'P2^*9#J/LWQ>T:XW,1PG]J:<@YY"G"$J23T'/.:`/Y
M]OVRK"SB^)?Q'OC%#]I@^*.O1O/@-,H?5[]I%8YW-@CD/D8&0<D5\^^$[R=[
MN`V,33+]F03DD0CDN?+!>,;F4D'HW'W3G!'TI^VY"@^+7Q+D5EE6X^)VMEU4
M"3:ZWUXRD2QG9(H9BI60;T`RK<FOG_P08[>_M]RQCS(&0)L+QC$4@*9Y7<S8
M8@\8SA@"<@'J7@FVU6274)%F6'=/(%0K]H(RO\;,8Q\I&"%!^Z3N.1CT3P_I
MEU>ZK>^=>SK)-]F4?8]D"L/+EWMAS(S?*,,=P">A8BN;\)/^]NQE8RSDH@)P
M`=A4E0>-V>NX[0<'&37=^#E_XG5XYDX:6&,J[$!E,<H++@+L4@;N,]0N:`-.
M33)H->T$-J-XZP7+H`9U:1U>)UPTL8WG<2"P)#$=<!B#[GXDL$72H?)NM1"/
M8CS(GG8J,Q)@(65I%R2^%#87/`'&/+9@K>*=#W[51+QPSK^\.##(H<8!+'JI
MPIP"":]Z\5")=*1A^\5+>$@D;23Y:DC;Z$\GJ0,=.M`'KG@'3+2Y^"FELCW5
MI=6VJ#S+F*[E=IHY].`"E9B\8*M$`Q\L'L&`P*]L_8^T&'_A-O&DT6K:E;7,
M>G)$L2SJ!?"ZT_5$9YK<QF*06ZH'1BA1&.3G=QYGX#CMA\#M-:#S'<:I;BY!
M!(69M/NBJA_E!4A01P^UAC=G!KW[]CJ)&\7^,G:&-I#9V$<<C99T+V^IK(%<
M84[QM!!&2``N,<@$WP1M-0@^.7AYY-3E+#^UT<""",M'_9]P&7(C93NP,?(O
MJ"O!KW=5U*W_`&IHMJV?V5[ZZ9FS,C,T^AR/R"6'F`$A<':S8)VK\H\B^"^4
M^/.A>:6`_P")Y%MV#"R&QN>3GL"`ISNVX`]:]XO(VB_:8T]P7*2W)8D``;GT
M)\*200<$X[XYY!%`&M#J2P7GQRCF2>S%M<:3>"2Z$:VZHNJA\^8LCH"VX$`'
MIR2""!^'7[0J0O\`'SXIO!)'/$_CK6Y5FB`>-E>^>3)(&"A+',G/S#"D\U^[
M:HD/BOXVPRPH\;Z9IEWY<OSI(BR;SNSG`+'/(XX/;)_#7]H^)(_C[\43#;K!
M'_PF%XZP1D",":5)/EQP,DE\#&`<=,F@##TK!U?3@B@!D9L`Y8+L`!!_V3AL
MX"^N"37JEM&4\0:;\YRJ2D[QR>!U8#:"`0!NXP#SZ^;:3&3K6G;=A`BRWSX8
MJ2B[E'(`QG(Y`!.>>!ZO:QX\16:LIP(9`00>A52><<MG')*J""!@<T`=AKD>
M;[3'W[@UU;JI!SM.1D9#=1DY`R/I7IFOJK>'X,@ML@50VTD<%B6P>!R<<$9R
M03V/G.JQ0K?:6%(8->6^0N20V_:5.,@$$!26Q@G@>GINOAUT"%0%PT.7#<X4
M$DCJ`>G4YP!QCC`!ZQHP5OAMHQ9CD>?@.=JL#:VA8*F2<*<<@+NSWKVSX0@M
M\(->12V4UFZZY"\W<#;5`&"OKD\=<]*\=T>`#X9:%-+OW;[@*5)X46EKCC.<
M,OS%1T;C`(Q7L_PD\MOA#XC0+P=9N\$9#$&:TX'&1UZ9)"XH`[CX3H#X.\?A
ML#]ZX(QP1]B9L\]FZ?G]!IZ)_P`DTN2GRB'Q.7QCL6A)"],9)!Z]>#@\50^$
M:AO#'CZ([E`D.<8'']GS$``=,;2,D^Y'IK:''GX<:PF2OE^("P/<`K;-R=W/
MW@>N2>^*`/&/VR81+X=T"4$!O^$GD4,1PIDT:R;DCYL';@XP,$\5\&^%8&&L
M7:,RY$(!&<Y(;=A3C.#@\8Z\=A7W_P#M@QL_@O0Y50OL\063@`C!\W0\_,6X
M&[RCR>PZ\XK\_/"PU#^U+F2VCMTR@WK<;W#+N905=<%"#QGG/Y4`>L>%UW:S
MJ(P<F-`V#DAF5@<<#`(Y]SGFNRT4)'X@<8(_=`<`;B3)RV/48YSQSUYKAO#=
MK?'6[V1;I8]PB+".)2CA@=P=GRPQM.-FW.><UW&DVDS>(P/M+QD0Y#QK$C9W
M=,LK@@XQ@`9(Y/<@'4Z%NB\?:1("RM]M38N/O?.G')SEL'..F/6O6[(;?B+H
M;@$?\3>1OF.<D12@Y`/&0,8SC)SG->3Z9I[R>-M#\RZN%_TM0KQ,J."60<,%
M(!R6P.1QGIBO2UT^Z_X3O1D34+Q'.M;?."Q++A?-YW;,9<#!^7D9X]`#VHHB
M?%"R7`Q_:<I7YCDA[:1NAXS\QSUX('T[73<_\)EXIB`VM)IET>G'^N3&1P#D
M,#QW/Y>?:C!>1_$[3"M[G.KPHK-#&64?9N00N`Y(SG*]#Q@\UW-A-=KX^\0L
M\43QKI%T08F8/(J/;E557`7S"<D[G"@Y`;B@#SSXOE6^&^ER$?-'_9^">Q']
MH0G.>.V/8_A7RWI<RK-;X./N!LMV,+YR,X`ZGH<8YKZC^)S1:A\,[4$O`9/L
MS(D@`E*QZC>H=J*78\-V.<=0!BOENTTF#`.+J0@C!XB4X.,_-SG#$#N>.N>`
M#I;&X`D$2NI<ZDOWB`3C+9.3CUY]?7MU-M?Q+92F1E#-=N!C/.96)QC@#CJ>
M"/J:YNRTN-0K+`%;=R9)"S#UY``YY[Y.<C(KI+6Q4*%%O%@%LAE+J,\$CN#C
M\<]!Q0!UEK(ES<PPQ!I&$=@P509)-HN)"V%4$D!23@9`&&[&O5WAM+"Z\10A
MY!#+H:B%S"[$OYL,@5F52,Y;&!RN#GN:\ETN.6PF2XLBMM<*&420IL<`@AE#
M$XQ@\`8]S7:V>NZ[$Q=+V61L;2)460%>A!W!AM/<'@@<4`:$*0--,R7$;ETM
MV`VRQ[28UR#N0#((QP3DG/O7HGA[16$EOJ$C1F/[7&Z(I)9CNE3<3@`;7`.#
MU&?K7'6GB2^4H9[/2[@*`,R642-M48Y9$7D>OMQZ5V5CXPMV"I<Z<UNH='W6
MK;D#!BX;83P"QY`8?ATH`\L\2QL/$6JJ!R;R5@%'!!/0#'T]^O)R*9:0_)M9
MBN[!VD<[AG'.>G)'X]QFN@\76T2ZE;ZG;7$=Q;7V]T9%VNC!\R+*I^8,&;@D
M]"`.E9T+`O(H'W'7!XP<G&,=../Q[T`78K1XQYBL-P7)!SP!UQG@D#@]<#)Z
MFM.",8,F_#`D`=,=&_$GDY]0,<\4D84B!NH8$$>I92".QZXZ8R1G':K$$*!#
M@9RIYYP&W;3GKSC'T`[T`6K>&249`R&).3GKSTSGW'IQUK4@MW!"YP>,_P"1
MZYZ=>Q]:=`H5`HQ\J@XYXXP`.ASTX/([8XK3C79'N'!;GUX'_P!8$GW]Z`+I
M2.&&&4,K.8P&12<JP/5@00/IP<CIGFK-M.[8.2YWX\LJ"&7!X/<=,#G''-4U
MC$A49.T9+C`Z\8(//'4<CC\16G;HX#>5D!>3A@"?O'H2"3G)[_A0!M6P4(Q"
M&/+9*$YP<#./;GBBFV<C2P[F'S!BI_`+R??GFB@#^#O]J>%5_:^_:M+W$>)?
MVC_CN`8_GV?\71\4MM"F12)P2J,NW:'^;(%>7^#0IU2_:-VD5A"C2`[B@#2L
M0Y!9AG"CY=H&",L1QZ'^U-*)?VQOVKH6&_9^TC\=W&]FCC)'Q1\4H$R,X!(^
M:0%`2%R0`2WE/@^<KKEV5V+'OCBDBC92&Y+8;:H9O+W-DN3N3!7(((`/0M8C
M*W%I@EXDO[78FT!@&GCW%B6*DKP(U8#E20<DBOH&]A#Z%F#=+&%(*`AG&"A\
MP@A0S8)9BI/`('7GYYUY]TMI(%=6EN[=BJ;APLP*8(;[P;'.3M(!*Y!S[E>W
M#:9HD)*,[O"T>S<I9592V[S"-NX+@,`,G`R<@"@#VW]D^''Q`O8(#;R3-#=Y
MA;)E=3HNJ[]F?W8_=EB4W<D=-QQ61XA=QX@AF:7;)!J-OY)1"71EGC(B6,9Z
MDY7"C((P1Q5K]D+4#9_$Q;[8K2"*\RCE7YFT?4XVQ@H?D$F5;=DX!&X8`@\2
MW*KKT'0LFH6XQM5L$7"E<G!PZD+M))P2O((P`#]7?VL9#<?"CX.32VYBN$G\
M2(X=B6!:'2-S,64'YB=Q#`,#P%X)'J_[$[(/@%\242-MT5]XF=Y"59&5O#4#
M``#*@#:7R1EBV#G&:\N_:PE,_P`(/A#>R,T9DO-?B^;;L#?9M%<H6`9<@J`K
MECOY&[DBO2_V$IWD^"?Q/AF9CYE]K"AUVD#_`(ID;R(PN"0`O*_?_'!`&_L*
M7`E\8?$6,%BTGAJQEVX`#`:D4X(QG!?D8SSG'3&KX?,;_"'X^6\4$O\`H/Q%
MT2Z90WS,8[^W9V5&V\+Y39&.QX/`K'_8=('C[X@(H7</"T(2144$!=5BP#@#
M).X$$':2.G'&MX-=[;X:_M,M+'O,'B>Q/S!@-QN+M`X*C=N#<DL>H/;F@#\)
M/V[]+CT[XR?$6<!H9KKXD:@\RQ-B$F62:;?LR5,FTCE4&YA@GD`_.WA(.+ZS
M8AC$($9W8,Q4&,9./X3T5M^,IC&!U^HOV_8<?%_QTRN)`_CY6$D>XJQFLUD.
M`P+%@>N67+*^,#&/F3PDV+VS+%?G@</C<%`:)@#@@@L<_*KD'.%R2!0![%X5
M1!)?2;8BLLCQ>8%&"%*Y^8$[L*QY/R]\=,^A>$(@VL706,2!7B,>0``6CE*[
M2S%F)P>,?+P#BN#\)"0->1+&A5)I,.I`5U*IR5(VCIG`4$DL=M>E^#D8ZQ=H
MVT*AMOE55`5A$Z_>V@LS*2<DD<9R*`.JD15\3^'Q)E%>[*N@W9`,4I+;4!8$
M$;MW7:O)`KW;Q>D4>E(WEY4VBE<,/O>4>3D\[ADE3WR!VKQ%5`\7>&PZX#7I
MSAD57_=3=5R"&&1@DG/((XKV_P`5KNT]=S`@V\:[<LHR$V`'(V$G[P```4@@
M]!0!]`?#N&%?@!;O;J'=M8T[<R'`C9M-U!F&#U(*+N(SDDX?&0/>_P!C.Y=/
M%/C.+:,O;:21YA1"2C:@F]4+`]6R`%(&<,!D&O!/AA;!/@3O:=E1]7L6#(QV
MQLEEJ.`QRJ[_`)N0@R5!R"1BO=OV-`C>-O&*D$B2RTLJPP"6,]X#N+#<.N`(
M^Y^;MD`Z'X3,!\;O#[J27^WZM'(0&`#-8WI^4#UVG.1@#IVKW+6Q+%^TAHLC
M$!'OK-4#8X\S1]AP,@_."0,GJ>!R37@GPI=8/COX=@'RG^UM23`!+%397R@G
M)X#GJ?FXXZFO?_%`"_M#>'F&XL;_`$LD!>"#8*G+$;>!V.3V&*`.DU1UA\7?
M&IS_``>"5G9LD'$,2.,$YP%+9)QGH.`3C\/?VC9-_P`=O'S1.66[UNUNT;^!
MA/9VDH8$D$'+,Q'`/7/8_N7J<:OXX^+T>P8F^'\K,6`P<6<1.[)&<GGL!@C.
M37XA_M,1Q)\</%$\(_=2IX>D50>-TN@Z86(8?[Y()P!G\0`8&EEEUJR88!-J
M,-M*D`%2&*YX^7<ORXW%>,YS7J5H[_V]:!V<_NY2K'H.%Z]>#CIC.,9Q@UY?
MHK1RZS8A&9E6`+C#`<[`0H)^8$Y)89QR<\<>I1!(_$%FI.5\EP5&!@Y7D'J<
MJISW(.>10!WNM+_Q,-*545&:]M-QP?WC-(,'@`;>!GG.3TSG'I'B+=_842L`
M"(-H4$@%B&R,C)P>#DC'UP*\WU56^WZ+(@>2,W5J02<E@9`0`"1C!X)/()(S
M@D5Z?XB4G1(@Q8?NBQP1M4C(PQ].G!YQSCB@#UW0V#_##15+G<KSY7;@(HL;
M(@CJ"3G:2,@D`@8;GU_X0R_\6H\31J#A=;N0<YPF6L"2,\@'@=2#R?6O(/#B
M,?AGI:X&PO)N?@GS5L;5F7/)V?<`.3SG)&2*]>^#2%_AAXJ165MFO7#3*2=P
MC9;#('`^4$C&<G@\"@#T+X0D-HWQ`C/RC9&R@<DJ;*Z&_?QDYX('/;ZZNAML
M^'OB1`,E-:0@,2/O16C#)ST.WKWYSSTH?"="EAX]`;`^SP@#DL&-M>@#G(Z`
M9[YYZ<5:\.;V\$>+$E9G":Q;G+<'!A@.05Z@D#I0!Y]^U0H?X<Z7,PR(]4\-
M3,03C,NDW:'!P<YV#D@G!K\_O"V3J4ZX4$QQO\S8)!8X#9"@@YW#KZ<9-?H+
M^TZID^%UF<CBY\(NN,X&ZPU"+/3GZC/'4=:_/OPSN_M6[SRPCA&.QR3T(V@]
M`0",`GDT`>I^&E#ZSJ`8`CRXL;<C&5?/0#@'IT]<9KJ])7/B&3G!2`H%PV2-
MXR5QWZD>_/4BN6\+L?[:U+:6.V-1D=CL8@'@AAC&03D9'7BNLT%,^(Y"6#?N
M"^>A&944X([]N>@/?)%`'::'&G_";:'ORR_:E"@XRIW*0>1SG'7.<9'<8]-7
M`\?Z*'5@$UU`>"6^_(O`(&`#T'&!Z'%>9Z/MC\;Z&S8.ZZ(&X]#GCDCC.,\<
M^_%>H3-N\?Z6"2%_X2*(*0?F)^T,<C`(YQR#C_=&*`/3M7!7XE:4V%4+K-JX
M(X^9XDY)..S`#!]0>XKM;55'CS5U).9=+NQMQCY3]F<$8ZY'?/KD9KC/$#!/
MB%I;C@G5-,!!/&2L0SG`P<<<9SC&!S7<H<?$"55`^?3)PQP<G,$3#&1SR!TY
MXSWH`\]\?QAOA=&P&TPR`<`979J[IR>PQ)VY]<@G/S%8,)+UXAN,:+NP6/)V
MX8\X!`..,=>.*^IO&\8/PQO5)),<UT`"<'*:O`P/4$XW#OGGG%?*VDK_`,3"
M?'W=@'M]<=`3]W@\$#N>0#K=&S)-<"1<B-F"C&<#@Y'7UX/3M].AT?YKFY4@
MN$?"@]!E`3@'(P">1TSCGTY_003/>X'W7;DY/RA$`XP,$?ASFNET1<7%X<C/
MF^G))C&#P3CL>1P`>/4`VM+&^]N$(!52#M/(!8'@#G'0=N?48K<TY!)=WD(4
MA%V$*N<Y;<"/8G'T_*L/1U;^T+O&,A8SQZG<>-W4=/IR.V:ZO0K.2>[U.52%
MBMHHI')X9F=G"J`._4G/;N>:`+EC;EX+@+O*0RE2^.%+#*J200#G..>AX%=-
M%H]V?*S$N7LDO5VLNXQG:H[]<G&WKGJ*MZ#;&?0]9BR!Y-ZMQD@G<!"HVY^I
MZ$$'GN<5V=E&OE:5+CYWTB6(]QB-49<=.G//!YZ\"@#P&\NI)[R17W(D,OEI
M'P-NUMKG`[L02??';%:]J0L\P[;X<>@RXY(!'M6?J,#QZIJ05@N+J=2">QE)
MQU!)&!C`)Z]:O6D<@WM(W+O&QQSG#@#KTZ`]<=A@4`;\<G[F'CG?T'&`&/3'
M;C/U_`U;@(`8@+DS@`GKR^[U[8.?Z8K&B:5CLC)PI?<?9B<\<]L9Z\G\3MVT
M*94;CU!Y/5NI./P/M^?(!OP\D@=]@_'(_KGJ1_*MJ.!G08'*QLY'HH(Y!]1D
M8/UYK)M(]\B(KD[FC3YNQ)//`]3]#SDXS74>=!!#&A?$OE21$*,L,OM#DX`"
MC;D#DYR1DYH`JQY5&;J1G&?0<=AZCG''O2PR/D8P.3CG'&#D=_Q_0\<Z45M%
M/%E)268$<[6!)YP1U`/3CIS[FJ0B:,[6`SR.!W!(..WUQU]!TH`V]/SY!SC/
MF-T_W5_SZT4^R_U//]\_R6B@#^"_]J:$_P##8?[5;AF=6_:0^/Y9<%5#M\4O
M%4?WV0J55-G0!E891N<GR?PBA?6-02-1*LGDKM#[B`GF,9&9R&*L%4*Z@$L#
MDX(KV[]J.VC;]KK]JR2/$C']H[X\QN%#!HF?XI>*B'(/7#DKGH3M8$``5XOX
M)<P:U?0/&C")H%4'Y6./-+G.6+[SM4E6QL0`<X-`'9:KYOVBSC4`HES;J[')
M*-YR*H"D$$$,23D$8.#CD>^ZDID\.QK,2R;#Y11%X*@`8;)R$53D<9);NV#X
M3K.!<1.1,A2>#Y.5!S/&0K[ARQ7Y\A0-NY23G!]QO&\W08V>*01>4=I4J4^0
MJ!@D``,"<#:1G;][!H`]+_975IOB"4C1@769C(&B1HRNF:CM9MX<+N"@*`6)
M;`!]6>*&V:D77"R&]@0';D,?/4ER1@EBN1A6!!^]G`!M_LKH/^%E:=(R7`Q<
M1ATCA,[R1-IVH!HBFY02H(?.,':2"<56\511F^:51YL2ZF75P7#B3S55ADL%
M"C;DK_=X'08`/U>_:=\VZ^`'P:WL[?\`$SU]79A&27.G:(^UE#8#9S@@9!ZD
M=_7/V`G=_A/\0[<LNT:G?HR;`9=S>&R67<&.5*X7`7J#SNKR?]IF7'[/GP=$
M9@XU;5BJVTHF4&31-%E",V\YDV9+?,`&P3QU]0_X)UW0G\#?$>`_-C6$;>Q!
M&7T.=&QG!RV!N((.1CMP`6?V)U6/XE^/54%6;PK^[BW@!=NK6VY53)&`Q`RV
M2."1FM+P^MS#X`_:S0H\KVFI6UP(M@1CMO\`4B[H-P8B(`D`D;@G``XKF/V+
M+AD^-?CBV\O`/AK4]Q#*5'E:U9C(.6P.<`9Y8$CT/J'A2!YM*_:SLW(+-<NX
M+'<#&&UEU60],`,O7#!>O.:`/PH_X*"PA?BWXJ,43`3>,--E_>`*=UQHD,Q/
MJ`S%@C`$D`%CEAGY>\'!Q>(Y*RB*']V7`"C:A+J"3@Y4E0!N*LHXYY^M?^"B
M2@?&;6`514DU;PW=>4@<Y,OA2PD\S+$')W/A58@_+MPO3Y6\+QP13(SL&C*(
MJLS#/F.H=<1@9!/(^=3RHRN<*`#UCP@%'GSH#C[1,X1,*&7`&0N<#+8&1QD'
M.2:]+\&8.OSX)CD=X68,QVXVOA1\W()4EOE.UCU&1GS/PJLL=W>CY6C\P!N/
MG&X#[RJ``N.5.!N/7!XKU+P.8Y=8O%;>TCS6["5%!PH$HQCY3NX9L`X&3ZXH
M`Z>ZA5_%7AZ8@2$:@X8+N"Y$,@P&!SC)QQG!Z\$U[9XN@DETN%L*&2V0QY(&
MPA?E)`.023G/<>V*\:G$<?B;0&&65-097XVY++(`VWM@G)&!D<$C->V^*54:
M>A!<B2VA"$@$?<.2!@Y!*X7)Z<XSQ0![]\-1YGP"@$C@HVLV,;1Y&<BSU)G8
MA1G#8.PL!A1PQ)X]N_8\L(S\1_$C8=EAT[39<E@IPUY,J@#/S!L<[5!Z$'KG
MP3X8R%O@A.JX!_MG3"H'!_X]M9VMW7@Y&W@_,.F`#]`?L<R21_$/Q1&2S--I
M.E@=2%*W[IDXRHSEBF2O((X!Y`-3X>D)\>O#\Q'E%O$%W&H&7+(;>[13D_>R
M.QQCJ>1S]">-83%\?_"<X&?,N]%![E<Q!3D[AP>@P3@8X[#YU\#%HOC[X:5B
MSJOB22,*=N$8+=*#D@X.2.1DCIW)/T-\19O)^//@OYQAKW0`03D_-(5`P!QD
MD8R>WX$`[?4(V/C[XG1CG[1\/;EB`!E3]DC55'<A@-V"<<<8)K\-/VF$DB^,
MNKDAU$^E>$)2LG+$2>&M+/`*@,K$;@.,XX.>O[LWD3'XF>-%/"R_#N\7:3][
M]U``2!DG!+#!((!Z"OQ&_:AME/Q<,T2,/.\)^!IOF)+-G0+!689!91\F"2>B
MX4<F@#@]!W1ZQ8,VX;+<$XQ@`E6#D[FY`)Q[X'3!/K$63K]G("&#)(,E=PYV
M,%/''3.21@`],$UYSI-L$U?3G(5E:",#=U&`H&6)W'@$#+=>3SP?4(8!_;5D
M%&T,&+`X'`*#//JIZX]..E`'9:K&XU'1S&Q*->6GRA3@?O$W<`9QV(!"]#SS
M7J6NH)M$7YONP#!!('?`Y(R<D')..<=37!:O`([K1PQ((O+;@J&R#(A#-C;D
M$8]B17I6N(JZ`.1M,&[Y>JX&,GKG#$\#)'J.*`/5?#*2-\+-'+`;1<,@"CY_
M^/*UWN23@`D?*1TYX'.?7_@JG_%O/&BH2I&J7))(!/"Z<P8DD#&`0.AY.*\H
M\'2++\,M/)8[([DG!7#,386['!&>"5&.">,GN:]6^"1+^"/'2!.#=7CAAG.1
M!9MCN3T]..5'0@`'>?"<O*GCZV=MVZT@;(^7@Q7JC&<=AD]>:T/#`QX+\9`.
M'9+ZUDR5'&(XAS@8)VJ>V/3CIF?!UR;WQI#)T>PM&88!)S]M'7&#U(YZ`"MC
MPAND\+>.(P<<V[#(X4^6PZ'@@%1CD\9YS0!Q'[0ZK/\`">&3`RL/@Z52.Y*W
MR$+^?'`[`X%?GGX74OJ]T,\A5Y&"1AB2<]AUQQCGDX`%?HU\<XUF^$;@AB8]
M+\+2G!QRNHSQ<=@55SV^O45^>7AC_D,7RA2I*`#.=N`'499LCH,@<Y)]#P`>
MA>&A_P`3;4`J[5_=[B",YV$#`(R00<<9]2.:[+0`/^$DF&=N+8\(,;@)5!RO
M3^0/WLUR?AA?^)Q?#<,,L8/"@`[3SM[8&`,8'/OFNMT1EC\32%0"&MW`;!XV
M2IR2.>?NCGECUR<T`=9IA7_A,]"?()%T^"<@*0,Y/!QC!Z<],FO3KMG7QWI;
M8&3XC@)P1@!KO#`8Z')/&,XZGI7E5LX'C+1&4DXNB",<`LOMUZ@^_<D5ZIJ;
MX\;V"X*A=?M,XZ@&^0'D9.2.O/!'.#F@#U?Q3A/'6E,",)J&ENW(SN(@POMU
MQUZ'WKM-RK\18U!;+V<JL.V/L0.,=<G;G`'8$YKB/%XV>,-,8'I>:,Q+`G(8
MVXX(X.??USVKMKD$?$2R<'`:)E`(X)-A(>#VX`SZ\8]@#F?&2!OA]K28SY4^
MJ@#/&5U&TD!)`QT[D8ZGH:^2M-D"ZE.AX+1%E`Y"X`)QC@^^2!GGBOK[Q,AE
M\$>)T."5NM9'/3I!*.XS]W/.`2.N:^1-*BSJD[D#'EA06X7GN!^!Z?4>M`'4
M>'V(N+X`?=/S`^I"@].A/WLX&,_45TVAG%Q>`@#YP>""!\@Z=^!G/'4GWKG-
M#`%S?@;NH(YR#PIR2!QC!/)[&NET,K]HO0YX+ACG('W6SC//;.1^N,@`W-&&
M_4+PK@XB1AQR!\^23U[Y)Z^^>GI'@91)?:Y"ZHRR6.2K8(W*DQ7G/)].X(!]
M<</X4"'6K\,I8?V?.<=.5CE(/OC`/IQ@XKO_``/@:UJ:?*H:Q8[<`$C;)T['
MJ>F>O6@#IO#``L=>C4`$G=T]86&?3MG&/I726`S9Z/SG_1[J+([_`+M^.N>B
MG`_05SOA8EH]>1L#A2%'0?NY0>N3R>O]3G'0Z:<Z?I!_NW%S'^8N`/R'Z=Z`
M/$M:7'B#4!C(:[G&2.F6)S]/QYY]JEM3E&')"S*N<\\NF`.<C!./ID?5_B4;
M=?ON,*9MW3LP!!XZ<G/OUZBHK'!RI!.9X\X'JR#@`]N?7CWH`V((]JR9/(=@
M.N3@GDX^@]!QQD]-ZU4!T_W4]<$$-U';KD>W8BLE%VQS\@_OF'7&,L<>@Z=O
M;J<FMZT4L\:`@,?LZCD<LP8'/3&#CK].:`-_3T4-)(0-PN(%''3+KDXSGT'M
M4TFUYY7&<%SMR>@!/;C'KCWZ5%$K11W2'AA/$,#&=P.&Y],@GVQSP:EB#`X(
M(.XGGKWYY&#W'3'\Z`+EHK)\P8C:I?@GD@#CKG!_+M5_[4)E9709X*.!Z$Y'
M7H1^5):Q$1S$K@>0VW<,9W9Y''0$54B/3VSV/O0!O67^I/\`OM_):*++_4G_
M`'V_DM%`'\%7[6E[K%K^U]^U:D.FP/$_[27QT:)S=M&S`_$_Q0?-E98I``X"
ME8E)=<,,=<>-^#;36[C4KR[MQ:V4D3Q,UNF+MI8PC%F>:5(2JJ`R!4!R6WY;
MBOO[]I#]EG]IS7/VG_VE=?T3]F[XZ:OH?B#X_?&?6-#US2_A!\0M3T?6=&U7
MXC^)+_2]9TS5+309[/4-.U*RFBO+"[LI9;6YM;B*X@D>"9&/EGA']D;]JFSO
MM0FF_9G_`&B+4S2PJQG^"WQ&C1P`Q<Q,?#Q4J0`I;./N@D`!2`>&:P->N$AD
M:\M8UN+NU5Q#8L\@03+@Q2O<LF[(RRM`V["X`&:]FNM.\0RZ5&J:HYMQ%&IB
MFMHWW%0J$H\:1J@0D;E^\"0?F!KN;G]E3]J.1K:%/V:?C\A:[@>1E^#7Q$,>
MQ9U9B[#P^8XP$PVYONE20`037L.H?LT_M+I;M;I^S]\<'00D)Y/PE\>R,S!Q
MEG,>@GDJ!M7:2>21G.0#S[]FNUU9/'IG;5KFWDMHP;5K);:)_-CT_4&0LTD,
MP;:RDDG(\O*E>A%+Q:^OP300#48#'=7'F.XMP74R31F20G?DS$!L-M`8<@#/
M/TK^S?\`LZ?M#:5XZN;CQ!\!?C'I%AY-P1/JOPO\;Z7:R.VG7T2>7/>Z);0[
M]SJ!AQF1PFTY7/-^+?V;/VB9]2MFM/@%\;;R'[7;L73X5^.G2&)'3=G;H#+C
M`.205``+'B@#[7^.UKXA_P"%!_"FTAU9M2LO^$@\0YAUC3H([A7MM`T2)"ES
M8-;@P,A!1'B+DMOWL0`/5/\`@GG<^)M/\,_$L0V>CS6T=]&39&6YM9+B[&BW
MCXBN3]HBMP"%#"2V<2-P&4<G>_:"^%7Q1U#X4?"W3/#GPY\;ZEJ%EJ6J2:E8
MZ7X3U_4KVP$^B:(JS7EM::?-+;!YTFMU::-$=HI(UY0J.Y_82^%OC_PAX;^)
M?_"8>"/&?AN\O-86>R@\1>&-<T26_B&C7,:26=OJ5E;/=@2D1%X$;#LL9.2`
M0#R7]BK6[H_'GQ>]QI,ULT_A76I)U\])O*0ZO8MF`+B6Y<NA^2.,R,O*J>E>
MZ_#_`,5>'=;U3]JG3[6X>)GLYIY;>YM;FUEVQ/JL,S2BXAB*R*V08I"LBKDA
M>#GD_P!DSX9_$7PS\;_$^J>(O`'C70M)U#P[J\<.I:WX3US3M.>=]1L)HH(K
MV[L8+?S759'AB#[G5247"DUOV_PJ\;3VO[7=M<^"_&,0\66-Q_PCDB^&]=CD
MUB=-2U"XA_L)TM4DU)UW1M&M@TK,C@J"&!H`_'/_`(*4V\<'QD7Y(D>:+P1<
M1",@LT$G@NP*@Y``+D;CEF.XAB"`*^./#F7W.6*,$C;`)#`")EXP,,=V>02%
M?;[5]W_MH_LZ_M"^)OB#HEWX7^"/QM\8:?-H?@F>:]L?AIXZ\0-87-KX+L;"
MYL9=1L](O$4VMS"\4]M/*)[6=1$PC;Y*\!\._LN_M-QR&2Z_9R^.EN5V9#_"
M'X@(I`XPHDT`;F8C<V`0"<_+G@`Q?!VQ;FZ$89A(YRQ!89`!)#<XRIVY;G(`
M.0#7K/@B!6URX)^ZLL0YSN'RR+@G*J6R2V.K-\HXYJYX:_9I_:(M[F]ED^`?
MQPM_GR"WPJ\=6XD7+'$8?0%60#ICJV00PVX/H_A/]GW]H*'4IGN/@5\8[:-I
MXU62X^&?C2!2`C;I"SZ*%*EN1@?(2`.HH`YN[0IXJT'`"(M^V/NN=X63*D,0
M%(X9`=PZD`G@^V^)61=+C+[G/V6)01@-EHTP7QM"]]W<<X'.*PIO@!\>O^$B
MT64?!CXMF)+T-+./ASXR=(`-_P"\DF_L8QHC="6<8!`/!P?9?$7P3^,-S8H(
MOA+\3I95@0.D/@+Q0RM($*CY4THOD#[WR]<Y')P`=+\-Y(4^`[`)^^.L6#D[
M]X55@U92&PN4"EE)((S@MDG@^V_L<R_\7/\`$)#C8='TE2B,<._]HJ-Q#,`Q
M`;"XSMP2>,XX+X=_"3XH6/PDN=,OOAE\0[2_?4+*9=/N/!OB*WOOE74UD/V2
M73(Y]@+Q$MLV@-'RH92WM/[+'P_\?>&_B;K-WKWP^\8Z%ILVC:>L.H:QX5UV
MPMIKI-31WC%S>:?##N2(;V$;[E3)D&T4`4/#1`^/WAMT<#/BSR_O9(82W2L&
MSD<@D-UQ@@9S7O?Q6<Q_&WP2<#:;KPVV4.UMWVM4W%_F.0,?(0!@\Y)Q7DN@
M>`/B!!\:="U6;P/XOBTN#Q8+B?4)/#>KQ:>EO]KDW7+WALOLT<`1@_G.ZHP.
M[.,&O=/BQX3\3ZA\4_!NJZ;X>UZ]LK6XT(W5Y8Z-J-U:6Z0ZD))OM%W;VKPQ
MB*,%G$CA8T(9RJG-`';7X*_%CQ$-N?.^'=ZQ`VD[DC3!Q]X9QCT/0=J_%_\`
M:@$$7Q(TR=Y0%E\%^"996(VH`ND1(%<NS]"H!;A<C``K]M-1T76G^*=_?IHN
MJ/I\O@:^L5U!;&Y:RDN6C+):_:%B,1G=@%2'?YC'HG2OR<_:1^"?Q4UOQSX9
MU'2/A7\1M<ME\$^%+>YFTCP=XGU&UM[VSLY89K:=K33)X8KF%E'G0R%70L@D
M0<4`?-VG7ME_:EHJ2([+")<0JTI"Y0<K$-VW<>"1\A)'&:]$BU-#K-HL5M=2
ME8G^54>`C!0XW2^6GS8SC)Z\'(%6M.^"?QG768C+\'?B>D`@C4RO\/O%BQ[A
M*A.7.CJN5`/!8#:,J.<UZ#9?"#XO#789&^%'Q%2V6,JTS^!_%"J"63D-_9>W
MY0,`$CY0<'/-`%/5=1GGO-(":?,K+=6J_P"DO`B>873`9UD<[1G.]5([C.17
M?:W?:B^AK&UA%&%C.66Z1B0-P(`:)68X.?NX`QU.:EU+X3_%234-,,?PW^($
MD*7MN9'7PAXAVQ1APQ=V&G':B@8;/`'7W]`UCX8?$632Q#'X!\:R.(FRL7A;
M79)-Q!.,+8%L9`P`,DX'(Q0!I>$-0OU^&]A"EK'.J2[F,5R$=%-I"%#"2%4.
M0O.QR2W!&`"?7O@7K-TGA'Q[$]C$\8FN9(UCG476XP6P"HK+L:(8!W&8$\X0
M]:YOPEX#\;6W@*WM+CP9XKMKL/&7M9?#NKPW1"VBIAH'LDEQD;2=@^8E?X<5
MZ9\'/!?B72_#?C(ZEX8US3KZ[GG2UAOM'U&TGN(7MX,>1%<6L;3+O4JNQ6`(
M(!X(H`VO@IJ+SZWXQ,MG<V\9TZV9]T<4BH$DNN&$,C/O*M@!$8MSG!Q6[X$U
M&UGT/X@HCL([>.!V:2&6)0K)<$_ZY%&0%Z=2>B\5)\)O#^OZ7K?BB74="U>P
MBN=/ME@ENM,O+:.=TFG/EPR3P*KN%8%DC+'&,C!%:W@KP]J\%KX]@O-'U2W2
M_M8A;1W>G74:W<GDWJD0":!5G*ET!$6\C<IQD@4`<A\756Y^#%S,A#_\2+1W
M4DC)2/6D'')`P78'N"<9'-?G;X6#MJ][D`\(,MC&/WAP<?W3TZ'ZXK]'?'/A
M37[OX0RZ58Z)K,M^/#:Q'2[73KV6X>>#Q!!.L*644#3M</"TD@C$9D,2[]NQ
M37P]X;^%WQ*M]3O))OAUX[A5D&R27PEK\:,?GX#OIRJW7D`DX(Z$#`!H>%8X
MEUG421N8JN,<J"58<C`/'7&1G!QCG/3:)Y;^))L$#,!!Z;1B52`1@9XY'?/.
M#4WASX=?$"#4KUI_`OC*".0(8Y)/#6M(I^5\@.]B!D$XZYP>0<UT>C>`O'4.
MNM++X*\5I"T9#2R>'-81"1*A'[PV2H&V@]\=SGDT`0PH1XLTC`5<7B@8)X_=
MMPPSG)`/3`QZ<5ZEK(9/&5FQ`4C7[,LAY7(O8^N#R">3UZG/MS*^"?&:>(=,
MN1X3\4^5'=*TDPT#5-B##99W^R;`A!QEB`!QGGGT?7_"_B5_$MO<P^'==G@7
M5K29Y8=(OY(_+6[C9W,BV[($"C<S9P`"Q(%`':>.0W_"2Z<<J!YNCDXZ'#P@
M#CG(YZ$X]:[?4`R?$#1V[/'QVZV<ZGC^O<UROC?2-;N-<L;FUT;4[N)7TTL]
MMI]W,B+$8]VYHXG"E.=^2-@!)Z5VNIZ??OXTT:\CL;U[9(X1+<I;3O!%^[G5
MA+*L9C0_,`=[+C(SR10!AZY%GPIXN4\E;O62,#H&LM^.1QC&#U[<^GQUIC(N
MHW!9@K-$,`GC.#Z\8.>`/?J,5]MZAIFHS:+XNMDL;QI+BZOVME%K,6N%ETZ5
M%,"[,RAGPBM'NW.54'<0*^1M/\!>+DO96D\)^)@ACR'DT'5>6(.55FM,8!SQ
MU`Q@9H`?HMU$ES>(SIG=U8\8VCD$]A6_I=U"MY=C>O)!W`$J1ANZ@JN#D>O3
MC)I^D^#?%,5U=,WA7Q!&K$;&DT345#`#!PS6P!/\^.:WM,\*>)([NY+^'-<1
M&"[6;1[]5(&\8^:V`8@8X&>H]:`+?ABYCCUNY4N<RZ?<[2(V?CR91@X!('/4
MG`]!CCO_``9=VZ>(+I)9`K2V+K&<<;@6R#[#..>Y(/K6'X=\.:W!K<DLNB:M
M!"UE<*)9=-O8DW-!(HC+M"J[BS`!<Y/8=JZ[PGHVJ6WB.2>YTN_@A-I*@GN+
M*XCBW%EVJ)'C";B-W&XDCM0!M>%)XVN-;@$BEC;B11E22%64$@=P._/3UKH=
M)DSINF\[MFIO'SV#229SCCC=D=*QO#FEW<%YK#3Z?<1++;E8WEMI8TE):3Y4
M+HH<D$'Y>0,9QFM'3+"Z@TR&/[->0R+K2S.GE2*QB+KF0HR@^6%)^?&%P3G&
M<`'F7BVW;^W[K:ZA2(">N2WE(?R[=/7GK5*T@PP;S&SN5\HO1D.?0<9Z^W;O
M75>(M)U>;6I7BTV^GC=4_?0V-R\?"A<;TC9=P"_WN>.,8JG9Z3JYE8/I.IQH
MIR";"Y4'CH"T0!Y`Z9S]:`&PPDAE+.07WG/K[#Z]NG?DUT6GL+:42-$)B-I4
M2,V`RXVGY2.1T&<XSR.]06VF:F6</IU\@4_*3:3@D8)X)C&><#(]O3-:5M8:
MAN</978`("LUK,/J>4P?KU]Z`-0W<,_F&2S4-)@EXY'4EAT;&<<'T'KD<YJQ
M:F%3F8S`CIL"D=QR&Y]>F/Y56AM+S!#6EP"#P3!(N00#W4=.GOBKB6UUA2;:
M?((R/*DS]?NY_$]Z`.@CF@G4K'("3$4"M\K<YP"2,$\]/<UF!-KD8V[2003G
M'7OWY_G2+;3*#^YE&TC'[ML]NF`?T)&/QJ5(IR26BFR>NZ-\\9ZG'\^OKZ@&
;O:`"$>[$_C@44MLK+$`P*G)X((/0=C10!__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>j08110323_aa002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j08110323_aa002.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`*0"0`P$1``(1`0,1`?_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A)#,7
M4G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R
M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8
MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X^?H1
M``(!`P($!`,%!`0$!@8%;0$"`Q$$(1(%,08`(A-!40<R811Q"$*!(Y$54J%B
M%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)59756
M-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'EZ>W
MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:
M``P#`0`"$0,1`#\`W]/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW6CO_-U^1_S#^>O\PGLGX#?$/M[N.GZSZ3RF
MS>L]^;9^,78FQ]BIU_NQ]LX[LG<OR0^2^Z<[!7KE^I>O=U31[>J\,F6VZM%4
MX.I6>9*ZHI:>N]U[JG39/PD_G3_&S%3?*_+_`#,[]WI2_'S:6Q<SUOCOC%WW
MN;MCL[)_&C?N]:BG;NS9FRMXTL^WNP/CK@<I@TFR6U!'45&4T04U71T./C>N
MI_=>ZWL/Y+/SUJOYA'P0ZU[9WGO?8N\N\=I56=ZP[YEV3D,`\1[`V3EZW#+N
MBOV[@3'#M!>R,#34FXJ2@>GI?%29)`D2*`J^Z]U9/VEV9LWICK??7;?8N1KL
M/L'K;:N;WMO3,8W;NY-V5F'VOMN@GRN=RR;=V?B,]N;*QXS&TTD\L=%1U$PB
MC9@A`/OW7NJG?A5_/U_EK?/3NQ/CUTAVMN3'=J9AZ]^O]N]E;+R&QI.UL?B]
MNQ[IKLGL!JV>IDJXH<)YIOML@F.R+K25&FF(@D(]U[JY[W[KW6FM_P`*6D^<
MW\O?I&B^;OQ7_F7_`"_VY1]@_(ZEV3NSHO<VX.N<AUUM#%[_`,!O7<^'AZAD
MP76>`SV`PNU:S:HHTH,O5YB6:DJ0_P!XKT^BH]U[H-O^$TN3^?'\S'K[L3Y5
M_*'^9S\Q:C;G3/?&V=D[3ZCV-N3KC%;=WI6;9P^WM][FI>UIMR]7;KK,QLW<
M-'GZ/'FBQ4V*K#%]R35(6B(]U[J_#^<=T#\FM^_&/LKO'XH_-[O[XH=L?'_J
M/L7>^!VQU[6[/;JGM&?`8H[H?$]CXK+;5K=S19&IAP;45!DZ'*P1XT54DDE'
M6<1^_=>Z^>9\$_\`A3?_`#*?CI\E=@]B?(OY`]B?*+HQ*S^#=H=1[[J\-+'E
M-J91XX:_+;6R%/AZ>JPN\L``*O'SJWBDEB\$ZO!+(A]U[KZJ7Q][^ZD^4O3'
M7?R`Z+WCC=^]4]I;<I-S[/W/BV815E#4ZXIZ2LII0M3C,SB:Z&6DKJ.=4J*.
ML@EAE59$91[KW6JM_P`*4X_GK\,-J;4^8/Q'_F-_)_K[%=M=Y[1ZPW5T'7Y?
M9%3UELS^\V`&,P^3ZJ>AV5CL_A*!,E@EEKJ#)564:>>NFGCJ80H@;W7NMB#X
M"?&/M[XU]14])WE\P/D)\O>S-[X?9^:W?N+N_*;)J<%M/<=+AI%S6-ZIP^T]
MF[<KMO;5R%96DR0Y*OS51(U/&XG2[*?=>ZUK_P"<%_PI*[9VG\CO^&W?Y1VS
MZ#MSY2Y'=U%UCN#N2##X_?N.P79.1J$HFZ]ZBVC5QU6W-V;MP58_CRF6RPJ,
M+C)HI86IIS%-+3^Z]T+?4O\`(?\`YL_:&SO](7R__GZ?.G8'>.\<?!E<KU]\
M;NR.P\%U?UYF*N/S2X=1A>SME[;W&M$T@29,1A,#1I(K)`\T029O=>ZK4_F9
M=D?\*#?Y.G6V)ZX[(^:-3\L?ACVOOGKW:>%^7R[;S6T^_NIJO&;LQ6XJO;&X
M=Y;8W#3=A[3RF]Z#$2TCU>2S>Z:7)8[ST]/54T\LD'OW7NM^?9>9_O%L[:>X
M/(DO\=VS@<SY8A*L4G\4Q=+6^2-9V:8(_GN`Y+6/)O[]U[I0S2QP12SS.L<,
M,;RRR,;+''&I=W8_A54$GW[KW7R=O@/V=C^VOYK7S!@S'7U7V/D_FWC?E'T9
MLS+93M_*=-Q5O:>^.SJ7?.V>PDWMCZ:+N3:6VMG4.QWFKQMBFRV9D:):66*9
M:MH??NO=7K?*_P"4F^MO=7?(/M7O_P"+'R8V'@OCI\).U/Y7O6X[5^1-'23[
MS^366H-V=?[B[)V=UQ@]QY_8'?-)NW;F_3!5YROH9_L1@X_L:NMR,\4=![KW
M53?_``DU^04GQK_FK9GH_<^3W)U[LOY2]6;LZ\Q6T-]468QE=NGM'KG*R[BV
ML]2M+MJ3&T^6P%-@MU4*QU<U##%4U<E,)Y*H)#+[KW7U%JBG@JX)J6JABJ::
MIBDIZBGJ(TF@J()D:.:&:&16CEBEC8JRL"&!((M[]U[K4K[N_P"$HG6><^0F
MYOD/\5/F_P!T?$3*4N6VWO3IC8.Q-A;.GV;T]OS9=3D<ELZHQK;=R&QJG-[6
MVQE,@[4,%5&V81)J@U.3K)JB65O=>ZM#_EK?/WNOL7M+M;^7E\_]I[;ZY_F'
M?&;;6&W1FLELQZG_`$5?*WI&OFIL/A_DUTH]9C\5,F'K\M-%39['?;Q+B\E4
MHBQT\AJ<=C?=>ZK._P"%E/\`VZ:V=_XN#U%_[P7;_OW7N@E_X13?]N[/DG_X
MN'G/_?/=3>_=>ZV=_G5_V17\L_\`Q7+N;_WWV?\`?NO=?-KE_D3U'RI_D.?&
M#^8?\3]I5.0^2'6^W^X6[UZWP%,9\AW;UMMGN/L"*+=6W\;"!)D.S.OL+`;P
M1AZK-8B$4\0EJJ6CIY?=>Z"7_A.U_/)S_P#+$[HBZ/[PSV3R?P@[GW+`^]<>
MZU&3;IC>^1CI\93=N;7HQ.&I<=(L4$6Y*:G1VK<?`DRQR5%+`I]U[K;I_P"%
M66X<#N[^6W\=MU[5S6*W)M?<_P`L_C[N';>XL%7TN5PF>P.:BK\EA\UA\I0R
MST62Q64Q]3'/3U$+O%-#(KHQ4@^_=>ZMB_FX_+?*?"'^5U\D_D+MJNBQV^-N
M=0Q[>ZZK)X&J8*;L#?$5%M+:E3+$DD3%:/)Y=9A9AZHQR/J/=>ZT6_\`A''T
M-B^Y_P"9#W#W]O=9]P9CH3I?+;HPN1S*OE99]]]G[AAVQ+FJJLK7EDDS28J;
M(S+4.7F$KE[ZCJ'NO=?3Q]^Z]T4OYU?$38WSP^)O=WQ/["KCA,!W'LVLVY#N
MF'$4F<R&R\\LD-=MW>>'QU;/20SY;;69I8:J%?-"7,90NJL3[]U[HPG7FU'V
M'L#8VQY,K-GI-F;/VSM23.5,`I:C,OMW"T6(?*U%,LU0M/-D6H_,\8DD",Y&
MIK7/NO=*]E5U9'4,C`JRL`RLK"S*RFX((/(]^Z]U\3OY54V__CG\X_E#%D.R
M<IM3LGK/Y9[XK,=C]QY>HW5OG=&6P._-V4M;)O/?>WX<#DXHJ*?%T\<T.2;'
M15M/DGGIT">1V]U[H??F=\\MU_,'$[9P'7/Q4^/WP)ZMVDF3W7V5A/CAB<%@
M<1\@,U19*2@P.Z>PME;<3:&S>ZZG:-!YEIYWP^1J46;+U9J&IY&I8/=>Z([\
M9_D5V3\-N_.DOECU5%B5W1T=O>DW9M>BW6-Q4%!E\G]IC:_/[`JL#@MVS9:F
MV3DJ'<M4L-3KQ8R5)/.QD\UZ=/=>ZV5_E[_PIP^1G\R/"="_'O!]-YKX1[*S
MVX*[=?9/9/7GR:W_`(;,=@4^WMI;TPLDF-WMMS:W553LC8.W-PN^7EI*S(UF
M/_B.(I?XI7+0053-[KW5[/\`PE^_FS=T?)BG[7^`'S"[#C[.[[Z%VSC.Q>HN
MTZK>^"[+S?:'1U748W%Y*DW%V+MK)YS#;[W#U]D\WBU;+M73UU?3998ZF]30
MU,K^Z]T=[^>Q0M\;MX_R[?YI>RHI,7OCXC?+WKKJGMO)XZGACJ-V?$GY-Y$]
M;]M;.SDR4[RY..ER5;0OADJ3)3XVNR%14PHM0X;W[KW15/\`A93_`-NFMG?^
M+@]1?^\%V_[]U[H)?^$4W_;NSY)_^+AYS_WSW4WOW7NMG?YU?]D5_+/_`,5R
M[F_]]]G_`'[KW54O_"7H!OY)7Q#5@"#+W0""+@@]W]A`@@\$$>_=>ZUA_P#A
M47_(8EZ.W!NK^9'\0-FZNFMVY>7+?)[K';E&H'5F[,Q4:INVMN8>BI41.O-S
M9"0G.)&2V*R<XJM)HYYWH_=>ZU]=A_S0.Z=Y?!G8'\M#LW[K?/7.S_DCU3VC
MT=NS(Y9VR_5]#BLY51[BZYBII::0Y+9N9GS35M(AG5L;5(ZQ*8IW">Z]U](7
M_A21UMN;LW^2+\GZ':U,E54;0VOUOV3EXV8ADVSL'=FV]P[BJ8PH8N])BZ22
M6WT"H2;`$^_=>ZU2O^$57;^V]J?-[Y+]09BNI:3-=M]`463VC32(_P!UE,CU
MYNVER>7I*>3S"-4@P65FJ'4QLQ$5P0`0?=>Z^E'F\-B]QX;+[>S='%D<+GL9
M7X;+X^<N(:[%Y2EEH:^CF,;)((JFDG=&TL#9N"#[]U[KY7G_``J(^(W6/\O+
MYK]6;8^)E?OSJOKGMCI&CWS7=<X_LCL+,;?V_N+&[GS.W*ZIP%1N?=>=RU)2
M9>"BBE:D6=:2G=;01QH=/OW7NM]/^2)\1^BOC;\"/CWO#JS:^3H=[]Y=+]8;
M\[=WIN#=NZ]W;CWWNROVU3UL^5R53N3,Y*EQR++6R".EQ\-'1Q*;)"OOW7NK
M@_?NO=?(P_G19W!=I?/_`.;'R:Z[V-UW6]593Y"YK;^$VGO&I[,BVUV?F>F5
MVYMS?W8NTLSC,YM?9F:W;NZNH!597;QKUW)%A*U:FCI32M+-#[KW5.&)W-08
MJJ^PVCU3U5E=X;DW#T_G-D4>8=^U=PXW-4]/4U-908K%TBU'5>5P&^Z[)PPY
MO;.Y<?73T;QT]-%!!)'5F3W7NGWLWK/L#KONCKW%]Q;V;;=5N/#['K6SE/0;
MYBFZTVAF8_X3CMO9/:6]Z38.[=LT&T<7`]*,64I:>/'0C[)Y:4PN_NO=+NLS
MM%4=T_&S$;"VQB-_;I:@ZTJI]N=?[%QVZ,-EZGL5VR\>Q<?UMN+;7<$>Y]_;
M4V7N+&;:BK),?DJU*O#17IJZLA2ID]U[JVW^3+WEF.NO^%!'Q)_AL>0P>'K-
MR;CZ(S>WJJ@HH=Q_PW>G5F\,94[6W_DDV-UCN;<^8VEOW)PZJC<&.CS5&,53
M4M0"E%'`ONO=;I?_``JAR])GOY:&W/C7CY1-V+\POEM\:.@>LL13J*O*UVY:
M[?L&\VJJ3%K+#)5TU)3[0\$C,\4*SU<$32H\T0;W7NJLO^%@'\PKXB=@?$;;
M7PIZV[IV?V)\C]N_*O`9WL+KS9]><U6]98WK?:?9.!W/%ORLHXI<;M_/0;CS
M]%1QXR>9*Z0R22B/QPNWOW7N@E_X1Y_S"?B-TGT1W9\1NYNZ-G=5]T]@?)/!
M;OZOV_OG)QX&'LU-^;3VAL'&X#9>0JU2@RFZ*?<>VDB?'^5:J45\#0QR`2F/
MW7NMH7^<]\]/B]\*?A/WK0=]]I[=VEO?N'HGNG;72O7%1/4S;S[8W2-I#!C"
M[2P]!1UU5-'3YC=>-AK*V5(Z#'+61RU4T45V'NO=54?\)0_GI\6M\_R[^DOA
M;0=K[9QWR?ZKRW;<65Z<S%<N/WEG<%7;RW#V'%NW:N.J$C&X-O0X7/%:B6E>
M5J66ED$RQ@QE_=>ZVK]Q;>P6[L!FMK;GQ&/S^V]QXNOPF>P>5I8JW&9?$92F
MEHLCC:^DG5X:FDK*69XY$8$,K$>_=>Z^5E_/4_D:[@_EA?+38/='1N'RN<^$
M?<O:FW9MG5D<-=7S]';PK=QTE34=2[LR$GW'DP\@+2;<R,TGDJJ56I9_\HIO
M-5>Z]U]2C+[,VQV+UE7[!WKAZ/<.T-Z;)EVON;!Y")9J++8+.84XW)T%3&P(
M:*IHZAU/Y%[BQ`/OW7NOE_\`SC_E1?/;_A/S\W]N?.+XC[7W=VA\9NNM^2;Y
MZY[4VUCLMN6CV=M:IEF_BO57R$QN)-7D\#B'P]3)BY<K7+_"<I!)&ZU`K"U/
M'[KW6V_\4?\`A5S_`"F.]NKL3N7NGM[+?%3M&#'4S;QZN[(V+V%N.&CRBPQB
MOEVCO7K_`&CNC;NZ,"U66%*TCT.4>,:I:&'W[KW6H]_/K^3&V/YZW\P'IW"?
MRN^NN\OE`>M.HGZ]KJ_:W4>ZJ2'.UM3O+)YE]QXK&Y"F@W)A-E4$&3C2JR>X
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M='4-`/=>ZM/[&^('P[ZOV+1=2X@5>![2V1O;(;.W;\D\[2[:S^PNT]Z5E%N`
M[%Q\N5WOW;U]MKI;K;/S=;Y3)OF%H<WCJO:N?I1/#63(K2^Z]U4;WO\`(6F[
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MS_\`YQ?\P#J'^:)_,=Z)S'Q,^+7Q`&3RWP>^(.ZX,S3[CR79>;%%/3]K;EH=
MUX#;^Y,G!A9:*CRBYZIQN#&4R.,P_P##J04--5-+[KW5J/=7_,V^QO\`P[\W
M_P"YLOOW7NFCK+_F8VP__#PVY_[MZ3W[KW1N/G'_`,7#K'_J#WG_`-;MJ>_=
M>Z"GXD_\SDQG_:GSG_N!)[]U[JUWW[KW5>W\T'_LD7<W_B0.G_\`WYNV/?NO
M='_H?^`5'_U"T_\`UJ3W[KW7.J_X#5'_`"PE_P"M;>_=>Z^._P#SL/\`LOFO
M_P#$A9S_`-[!/?NO=?1?_P"$_?\`V0CC/_#MR/\`[CT_OW7NKR/?NO=5,_++
M_F=N<_[4FV__`'7^_=>Z+8_Z&_X*W^]'W[KW0Y[P_P"/(K_^UWLO_P!XNF]^
MZ]T!WOW7NA/R/_'M57_:FVA_[SVV_?NO=&F^#?\`P)[/_P"6&R_^MF[/?NO=
(6!>_=>Z__]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
