-----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,
 LAFPk/QM5R7ce5So3MWIKi+9r32zxtdEbG4Ze1cFk2ny3hsUHIV0cjxaN341sR2M
 1sxIG28iy5KkUP4PHbuSng==

<SEC-DOCUMENT>0001193125-09-138717.txt : 20090626
<SEC-HEADER>0001193125-09-138717.hdr.sgml : 20090626
<ACCEPTANCE-DATETIME>20090626102542
ACCESSION NUMBER:		0001193125-09-138717
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20090626
DATE AS OF CHANGE:		20090626
EFFECTIVENESS DATE:		20090626

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:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-68239
		FILM NUMBER:		09911267

	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>497
<SEQUENCE>1
<FILENAME>d497.htm
<DESCRIPTION>497C FOR ING PRIMNE RATE TRUST (5,000,000 COMMON SHARES)
<TEXT>
<HTML><HEAD>
<TITLE>497c for ING Primne Rate Trust (5,000,000 Common Shares)</TITLE>
</HEAD>
<body BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse;">
<tr>
<td align="left" valign="top">
<img src="g88374columns.jpg"> </td>
<td align="right" valign="top">
<img src="g88374prospectus1.jpg"></td></tr> </table> <p> <font style="font-family: Arial;font-weight: normal;font-size: 32pt;line-height: 34pt;text-align: left;position:relative; left:10%;display:block;">Prospectus</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 15pt;line-height: 18pt;text-align: left;position:relative; left:10%;display:block;">June 30, 2009</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 12pt;line-height: 14pt;text-align: left;position:relative; left:10%;display:block;">5,000,000 Common Shares</font></p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 11pt;line-height: 13pt;text-align: left;position:relative; left:10%;display:block;">ING Prime Rate Trust</font> </p> <p
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;border-style:solid; border-color:Black; border-width:2px; padding:5pt 5pt 5pt 5pt;width:50%;display:block;">This Prospectus sets forth concisely the
information about ING Prime Rate Trust (&ldquo;Trust&rdquo;) that a prospective investor ought to know before investing. You should read it carefully before you invest, and keep it for future reference.<br >The Trust has filed with the U.S.
Securities and Exchange Commission (&ldquo;SEC&rdquo;) a Statement of Additional Information dated June 30, 2009 containing additional information about the Trust. The Statement of Additional Information is incorporated by reference in its entirety
into this Prospectus. You may obtain a free copy of the Statement of Additional Information, 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&#39;s Statement of Additional Information, annual shareholder report and semi-annual shareholder report are available free of charge on the Trust&#39;s website at www.ingfunds.com. The Prospectus,
Statement of Additional Information and other information about the Trust are also available on the SEC&#39;s website (www.sec.gov). The table of contents for the Statement of Additional Information appears in the back of this Prospectus.<br >Common
Shares of the Trust trade on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol PPR.<br >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&#39;s use of leverage. See &ldquo;Risk Factors and Special Considerations&rdquo; later in this Prospectus for
a discussion of any factors that make an investment in the Trust speculative or high risk.<br >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.</p>
<table width="100%">
<tr>
<td style="font-family: Arial; text-transform: uppercase; font-weight: bold; font-size: 12pt; display:none;" valign="bottom"> MUTUAL FUNDS</td>
<td align="right">
<img src="g88374ingk_logo.jpg"> </td> </tr> </table> <div style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999"
width="100%" align="center" style="page-break-after: always;" /></div> <div style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3"
color="#999999" width="100%" align="center" style="page-break-after: always;" /></div> <a name="toc1"> </A> <DIV
style="font-family:Times New Roman;font-variant:small-caps; font-size:18pt;line-height:22pt;text-align:right;border-bottom:solid 1px Black;width:95%;">What&#39;s Inside</DIV> <br > <div style="float:left;position:relative;top:40pt;">
<table>
<tr>
<td style="padding-bottom:10pt;">
<img src="g88374arrow.jpg"> </td>
<td style="font-family: Arial; font-size: 10pt; line-height: 13pt; font-variant: small-caps; padding-bottom:10pt;">Investment<br >Objective</td></tr>
<tr>
<td style="padding-bottom:10pt;">
<img src="g88374compass.jpg"></td>
<td style="font-family: Arial; font-size: 10pt; line-height: 13pt; font-variant: small-caps;padding-bottom:10pt;">Principal<br >Investment<br >Strategies</td> </tr>
<tr>
<td style="padding-bottom:70pt;">
<img src="g88374scales.jpg"> </td>
<td style="font-family: Arial; font-size: 10pt; line-height: 13pt; font-variant: small-caps;padding-bottom:70pt;">Risks</td> </tr>
<tr>
<td style="padding-bottom:60pt;">
<img src="g88374money.jpg"> </td>
<td style="font-family: Arial; font-size: 10pt; line-height: 13pt; font-variant: small-caps;padding-bottom:60pt;">How the<br >fund has<br >performed</td> </tr>
<tr>
<td>
<img src="g88374penny.jpg"> </td>
<td style="font-family: Arial; font-size: 10pt; line-height: 13pt; font-variant: small-caps;">What you<br >pay to<br >invest</td> </tr> </table> </div> <div style="float:right;">
<table ID="TOCTable1" style="font-family:Arial;font-size:9pt;line-height:11pt;" align="center">
<tr>
<td> <a name="link_88f65767_1"> </A> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 16pt;text-align: left;width:40%;padding-top:10pt;padding-bottom:10pt;display:block;">These pages contain a description of the Trust,
including the Trust&#39;s investment objective, principal investment strategies and risks.</font> </td> </tr>
<tr>
<td> <a name="link_50dd9042_2"></A><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 16pt;text-align: left;width:40%;padding-top:10pt;padding-bottom:10pt;display:block;">You&#8217;ll also find:</font></td> </tr>
<tr>
<td> <a name="link_f77e1e1f_3"></A><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 16pt;text-align: left;width:40%;padding-top:10pt;padding-bottom:10pt;display:block;"><strong>What you pay to invest.</strong> A list
of the fees and expenses you pay &#8212; both directly and indirectly &#8212; when you invest in the Trust.</font></td> </tr>
<tr>
<td> </td> </tr>
<tr>
<td> <A href="#link_b129d303_4"> Introduction </A> </td>
<td align="right">1</td> </tr>
<tr>
<td> <A href="#link_2c2a4d75_5"> Prospectus Synopsis </A> </td>
<td align="right">2</td> </tr>
<tr>
<td> <A href="#link_0b020d13_6"> What You Pay to Invest&nbsp;&#45;&nbsp;Trust Expenses </A> </td>
<td align="right">7</td> </tr>
<tr>
<td> <A href="#link_0ce188c2_7"> Financial Highlights </A> </td>
<td align="right">9</td> </tr>
<tr>
<td> <A href="#link_c8c7129c_8"> Trading and NAV Information </A> </td>
<td align="right">12</td> </tr>
<tr>
<td> <A href="#link_2949c51a_9"> Investment Objective and Policies </A> </td>
<td align="right">13</td> </tr>
<tr>
<td> <A href="#link_a5a52989_10"> The Trust&#8217;s Investments </A> </td>
<td align="right">15</td> </tr>
<tr>
<td> <A href="#link_8e90193f_11"> Risk Factors and Special Considerations </A> </td>
<td align="right">17</td> </tr>
<tr>
<td> <A href="#link_78206bb8_12"> Investment Management and Other Service Providers </A> </td>
<td align="right">24</td> </tr>
<tr>
<td> <A href="#link_6a9442c6_13"> Dividends and Distributions </A> </td>
<td align="right">26</td> </tr>
<tr>
<td> <A href="#link_3ed7d9ad_14"> Plan of Distribution </A> </td>
<td align="right">27</td> </tr>
<tr>
<td> <A href="#link_ea40013a_15"> Use of Proceeds </A> </td>
<td align="right">28</td> </tr>
<tr>
<td> <A href="#link_636dbec0_16"> Description of the Trust </A> </td>
<td align="right">29</td> </tr>
<tr>
<td> <A href="#link_bdc3cb7a_17"> Description of the Capital Structure </A> </td>
<td align="right">31</td> </tr>
<tr>
<td> <A href="#link_2054b2d6_18"> Tax Matters </A> </td>
<td align="right">32</td> </tr>
<tr>
<td> <A href="#link_ffdc8e14_19"> More Information </A> </td>
<td align="right">33</td> </tr>
<tr>
<td> <A href="#link_ca4c8435_21"> Statement of Additional Information Table of Contents </A> </td>
<td align="right">34</td> </tr> </table> </div> <font style="width:100%;float:none;clear:both;"> </font> <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <div style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999"
width="100%" align="center" style="page-break-after: always;" /><a href="#toc1">Table Of Contents</A></div> <p> <a name="link_b129d303_4"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; width:100%; border-bottom:solid 1px Black;margin-bottom:10pt;">Introduction</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 8.5pt;line-height: 11pt;text-align: left;display:block;">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 on the securities in which they invest. Please read this Prospectus carefully to be sure you understand the principal investment strategies and risks associated with the Trust. You should consult the Statement of Additional
Information (&ldquo;SAI&rdquo;) for a complete list of the investment strategies and risks.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 8.5pt;line-height: 11pt;text-align: left;display:block;">The Trust involves
certain risks and special considerations, including risks associated with investing in below investment-grade assets and risks associated with the Trust&#39;s use of borrowing and other leverage strategies. See &ldquo;Risk Factors and Special
Considerations&rdquo; later in this Prospectus.</font></p>
<img src="g88374side_telephone.jpg"> <p><font style="font-family: Arial;font-weight: normal;font-size: 8.5pt;line-height: 11pt;text-align: left;display:block;">If you have any questions about the Trust, please call your investment professional or us at
1-800-992-0180.</font></p> <p> <font style="font-family: Arial;font-weight: Bold;font-style: Italic;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-indent: 20pt;display:block;">Who should invest in the
Trust?</font> </p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 14pt;text-align: left;font-variant:small-caps;display:block;">The Trust May be a Suitable Investment if You:</font> </p> <UL> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> are seeking a high level of current income; and</LI> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> 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.</LI> </UL> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 14pt;text-align: left;font-variant:small-caps;display:block;">Description of the Trust</font> </p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-indent: 20pt;display:block;">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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-indent: 20pt;display:block;">Since the senior loans in the Trust&#39;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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-indent: 20pt;display:block;">Common Shares of the Trust trade on the NYSE under the symbol PPR.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-indent: 20pt;display:block;">The Trust&#39;s investment adviser is ING Investments, LLC. The Trust&#39;s sub-adviser is ING Investment Management Co.</font> </p> <br
> <br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg"> If you have any questions, please call 1-800-992-0180.</td> </tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Introduction</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">1</td> </tr> </table> <br > <br > <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <p> <a name="link_2c2a4d75_5"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Prospectus Synopsis</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The following synopsis is qualified in its entirety by reference to the more detailed information appearing elsewhere in this Prospectus.
</font> </p>
<table cellpadding="4" style="font-family:arial; font-size:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td valign="bottom" style="font-weight:bold;" rowSpan="1" colSpan="2"><strong>DESCRIPTION OF THE TRUST</strong> </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">The Trust</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Trust is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, and the rules, regulations, and
exemptive orders thereunder (&ldquo;1940 Act&rdquo;). It was organized as a Massachusetts business trust on December 2, 1987. As of June 11, 2009, the Trust&#39;s net asset value (&ldquo;NAV&rdquo;) per Common Share was &#36;4.87. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">NYSE Listed </td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">As of June 11, 2009, the Trust had 145,156,048.878 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 &#36;4.12. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Investment Objective</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">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. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Adviser/Sub-Adviser</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Trust&#8217;s investment adviser is ING Investments, LLC (&ldquo;ING Investments&rdquo; or &ldquo;Adviser&rdquo;), an Arizona limited liability company. As of March 31,
2009, ING Investments managed approximately &#36;32.9 billion in assets.<br ><font style="height:20px;"></font>The Adviser is an indirect, wholly-owned subsidiary of ING Groep N.V. (&#39;&#39;ING Groep&#39;&#39;)(NYSE: ING). ING Groep is a global
financial institution of Dutch origin offering banking, investments, life insurance, and retirement services to over 75 million private, corporate, and institutional clients in more than 50 countries. With a diverse workforce of about 125,000
people, ING Groep comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.<br ><font style="height:20px;"></font>The Adviser receives an annual fee, payable monthly, in an amount equal to 0.80% of
the Trust&#39;s average daily gross asset value, minus the sum of the Trust&#39;s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred,
commercial paper or notes issued by the Trust and the liquidation preference of any outstanding preferred shares) (&ldquo;Managed Assets&rdquo;). This definition includes the assets acquired through the Trust&#39;s use of leverage.<br ><font
style="height:20px;"></font>ING Investment Management Co. (&ldquo;ING IM&rdquo; or &ldquo;Sub-Adviser&rdquo;) serves as sub-adviser to the Trust. See &ldquo;Investment Management and Other Service Providers &#8212; Sub-Adviser&rdquo; later in this
Prospectus. ING IM is an affiliate of the Adviser. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Distributions</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">Income dividends on Common Shares accrue, are declared, and are paid monthly. Income dividends may be distributed in cash or reinvested in additional full and fractional
shares of the Trust through the Trust&#39;s Shareholder Investment Program. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Principal Investment Strategies</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Trust seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in U.S.
dollar denominated floating rate secured senior loans (&ldquo;Senior Loans&rdquo;). The Trust will provide shareholders with at least 60 days&#39; 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
style="height:20px;"></font>The Senior Loans in which the Trust invests either hold the most senior position in the capital structure of the borrower, 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 quality.<br ><font style="height:20px;"></font>The Trust typically makes its investments in Senior Loans by purchasing a portion of the
overall loan, <em>i.e.</em>, 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, <em>i.e.</em>, 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. </td></tr></table><br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">2</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Prospectus Synopsis</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Prospectus Synopsis</font></font>
<table cellpadding="4" style="font-family:arial; font-size:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Other Investment Strategies and Policies</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">Assets not invested in Senior Loans may be invested in unsecured loans; subordinated loans; and tranches of floating rate asset-backed securities, including structured notes,
short-term debt securities, and equities acquired in connection with investments in loans. See &ldquo;Investment Objective and Policies&rdquo; later in this Prospectus.<br ><font style="height:20px;"></font>Loans in which the Trust invests typically
have multiple reset periods at the same time with each reset period applicable to a designated portfolio of the loan. 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 style="height:20px;"></font>Normally at least 80% of the Trust&#39;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 style="height:20px;"></font>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 style="height:20px;"></font>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: loans to borrowers organized outside the United States and in U.S. territories and possessions or Canada; unsecured floating rate loans, notes and other debt
instruments; floating rate subordinated loans; tranches of floating rate asset-backed securities; short-term debt securities; and equity securities incidental to investment in loans. See &ldquo;Investment Objective and Policies&rdquo; later in this
Prospectus.<br ><font style="height:20px;"></font>The Trust may engage in executing repurchase and reverse repurchase agreements. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Leverage</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">To seek to increase the yield on the Common Shares, the Trust employs financial leverage by borrowing money and may also issue preferred shares. The timing and terms of
leverage will be determined by the Trust&#8217;s Board of Trustees (&ldquo;Board&rdquo;) in consultation with the Adviser or Sub-Adviser. See &ldquo;Risk Factors and Special Considerations &#8212; Leverage&rdquo; later in this Prospectus. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Borrowings</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Trust may borrow money in an amount permitted under the 1940 Act, including the rules, regulations, interpretations thereunder and any exemptive or other relief provided
by the SEC. The Trust&#39;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.
</td></tr></table><br ><br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Prospectus Synopsis</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">3</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Prospectus Synopsis</font></font>
<table cellpadding="4" style="font-family:arial; font-size:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Preferred Shares</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">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&#39;s total assets (less all
Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust&#39;s senior indebtedness plus the involuntary liquidation preference of all outstanding shares.<br ><font style="height:20px;"></font>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, &#36;0.01 par
value, &#36;25,000 liquidation preference per share, for a total issuance of &#36;450 million (&ldquo;Preferred Shares&rdquo;). The Trust&#39;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 style="height:20px;"></font>The 1940 Act also requires that the holders of the Preferred Shares, voting as a separate class, have the right to:<br
><font style="height:20px;"></font>elect at least two trustees at all times; and<br ><font style="height:20px;"></font>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 style="height:20px;"></font>In each case, the holders of Common Shares voting separately as a class will elect the remaining trustees.<br ><font style="height:20px;"></font>Since early February 2008, the Trust has not received sufficient hold
orders or any 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 amounts sold, if any, by each selling shareholder are
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. On June 9, 2008, the Trust announced the
approval by the Board of a partial redemption of its outstanding Preferred Shares. The Trust subsequently redeemed approximately &#36;225 million of the &#36;450 million of its outstanding Preferred Shares. The Preferred Shares were redeemed using
proceeds available through the Trust&#39;s existing bank loan facility and with cash held by the Trust. Redemption costs and the on-going costs of obtaining leverage through a bank loan facility may reduce returns to Common Shares and may be higher
than the costs of leverage obtained through the Preferred Shares. The Trust and the Board will continue to closely monitor the situation and evaluate 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 its Common and Preferred shareholders. There can be no assurance that any means for liquidity will be identified, and if they are, it is possible
that the Trust&#39;s leverage or its benefits from leverage will diminish. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Diversification</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Trust maintains a diversified investment portfolio, an investment strategy which seeks to limit exposure to any one issuer or industry.<br ><font style="height:20px;">
</font>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&#8217;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. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Concentration</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">In addition, a maximum of 25% of the Trust&#8217;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. </td></tr></table><br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">4</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Prospectus Synopsis</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Prospectus Synopsis</font></font>
<table cellpadding="4" style="font-family:arial; font-size:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Plan of Distribution</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Common Shares are offered by the Trust through the Trust&#39;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 &#36;100 to a maximum of &#36;100,000 per month. The
Trust and ING Funds Distributor, LLC (&ldquo;Distributor&rdquo;) reserve the right to reject any purchase order. Please note that cash, traveler&#39;s 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&#39;s Common Shares are trading at a premium to NAV. If the Trust&#39;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 &ldquo;Plan of Distribution&rdquo; later in this Prospectus.<br ><font
style="height:20px;"></font>Shareholders may elect to participate in the Shareholder Investment Program by telephoning the Trust or submitting a completed Participation Form to PNC Global Investing Servicing (U.S.) Inc. (&ldquo;PNC&rdquo;).<br
><font style="height:20px;"></font>Common Shares also may be offered pursuant to privately negotiated transactions between the Trust or the Distributor and individual investors. Common Shares of the Trust issued in connection with privately
negotiated transactions will be issued at the greater of: (i) NAV per Common Share of the Trust&#39;s Common Shares; or (ii) at a discount ranging from 0% to 5% of the average daily market price of the Trust&#39;s Common Shares at the close of
business on the two business days preceding the date upon which Common Shares are sold pursuant to the privately negotiated transaction. See &ldquo;Plan of Distribution&rdquo; later in this Prospectus. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Administrator</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Trust&#8217;s administrator is ING Funds Services, LLC (&ldquo;Administrator&rdquo;). 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&#8217;s Managed Assets.</td></tr> </table>
<table cellpadding="4" style="font-family:arial; font-size:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td valign="bottom" style="font-weight:bold;" rowSpan="1" colSpan="2"><strong>RISK FACTORS AND SPECIAL CONSIDERATIONS</strong> </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Credit Risk on Senior Loans</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">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&#8217;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&#8217;s NAV will decrease.
</td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Interest Rate Risk</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">Changes in short-term market interest rates will directly affect the yield on the Trust&#8217;s Common Shares. If short-term market interest rates fall, the yield on the
Trust&#8217;s Common Shares will also fall. To the extent that the interest rate spreads on loans in the Trust&#39;s portfolio experience a general decline, the yield on the Trust&#8217;s Common Shares will fall and the value of the Trust&#39;s
assets may decrease, which will cause the Trust&#8217;s NAV to decrease. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the
Trust&#8217;s portfolio, the impact of rising rates will be delayed to the extent of such lag. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Discount from NAV</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">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
style="height:20px;"></font>The Trust&#39;s Common Shares may trade at a discount to NAV. This is a risk separate and distinct from the risk that the Trust&#39;s NAV per Common Share may decrease. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Leverage</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Trust&#8217;s use of leverage through borrowings or the issuance of preferred shares can adversely affect the yield on the Trust&#8217;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&#8217;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 11, 2009 the
Trust had &#36;3 million in outstanding borrowings under one credit facility and &#36;225 million of Preferred Shares (issued and outstanding). </td></tr></table><br ><br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Prospectus Synopsis</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">5</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Prospectus Synopsis</font></font>
<table cellpadding="4" style="font-family:arial; font-size:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Limited Secondary Market For Loans</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">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.
</td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Demand For Loans</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">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&#8217;s portfolio, which could cause the Trust&#8217;s NAV to decline. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Impact of Shareholder Investment Program and Privately Negotiated Transactions</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">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&#39;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. </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Investment in Foreign Borrowers</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">The Trust may invest up to 20% of its total assets, measured at the time of investment, in loans, secured or unsecured, to borrowers that are organized or located in
countries outside the United States and in U.S. territories or possessions or Canada.<br ><font style="height:20px;"></font>The Trust may invest up to 15% of its total assets, measured at the time of investment, in investments denominated in the
Organization for Economic Co-operation and Development (&ldquo;OECD&rdquo;) 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. The Trust may not be entirely successful in implementing this hedging strategy, resulting in the Trust being adversely affected by foreign currency fluctuations. Investment in
foreign borrowers involves special risks, including that foreign borrowers may be subject to:<br ><font style="height:20px;"></font>less rigorous regulatory, accounting and reporting requirements than U.S. borrowers;<br ><font style="height:20px;">
</font>differing legal systems and laws relating to creditors&#39; rights;<br ><font style="height:20px;"></font>the potential inability to enforce legal judgments;<br ><font style="height:20px;"></font>economic adversity that would result if the
value of the borrower&#39;s non-U.S. dollar denominated revenues and assets were to fall because of fluctuations in currency values; and<br ><font style="height:20px;"></font>the potential for political, social and economic adversity in the foreign
borrower&#39;s country.<br><br> </td></tr>
<tr>
<td style="font-weight:bold;" valign="top" rowSpan="0" colSpan="0">Temporary Defensive Positions</td>
<td valign="top" style="background-color:#DCDDDF;" rowSpan="0" colSpan="0">When market conditions make it advisable, the Trust may hold a portion of its assets in cash and 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&#39;s assets may be held in cash and/or short-term interest bearing instruments. The Trust may not achieve its investment objective when
pursuing a temporary defensive position.</td></tr> </table> <br > <br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">6</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Prospectus Synopsis</td> </tr> </table> <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <p> <a name="link_0b020d13_6"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">What You Pay to Invest&nbsp;&#45;&nbsp;Trust
Expenses</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 8.5pt;line-height: 11pt;text-align: left;display:block;">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 Preferred Shares and has borrowed an aggregate amount equal to 30% of its
Managed Assets. For information about the Trust&#39;s expense ratios if the Trust had not borrowed or issued Preferred Shares, see &ldquo;Risk Factors and Special Considerations &#8212; Annual Expenses Without Borrowings or Preferred Shares.&rdquo;
</font> </p>
<table cellpadding="4" style="font-family:Arial; font-size:8pt;line-height:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td align="left" valign="bottom" style="font-family:Arial; font-size:7pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:7pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0"><strong>Shareholder Transaction Expenses:</strong></td>
<td align="center" valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr bgcolor="#DCDDDF">
<td align="left" valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Shareholder Investment Program Fees</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">NONE </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0"><strong>Privately Negotiated Transactions:</strong></td>
<td align="center" valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr bgcolor="#DCDDDF">
<td align="left" valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Commission (as a percentage of offering price)</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">3.00% </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0"><strong>Annual Expenses (as a percentage of net assets attributable to Common Shares):</strong></td>
<td align="center" valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr bgcolor="#DCDDDF">
<td align="left" valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Management and Administrative Fees<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup></td>
<td align="center" valign="top" rowSpan="0" colSpan="0">1.77% </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Interest Expense on Borrowed Funds</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">1.52% </td></tr>
<tr bgcolor="#DCDDDF">
<td align="left" valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Other Operating Expenses<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup></td>
<td align="center" valign="top" rowSpan="0" colSpan="0">0.21% </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(3)</sup></td>
<td align="center" valign="top" rowSpan="0" colSpan="0">N/A </td></tr>
<tr bgcolor="#DCDDDF">
<td align="left" valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Total Annual Expenses<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup></td>
<td align="center" valign="top" rowSpan="0" colSpan="0">3.50%</td></tr> </table>
<table style="font-family: Arial;font-weight: normal;font-size: 7.2pt;line-height: 10pt;text-align: left;display:block;" cellpadding="2">
<tr>
<td valign="top" align="left">(1)</td>
<td valign="top" align="left">Pursuant to the Investment Advisory Agreement with the Trust, the Adviser is paid a fee of 0.80% of the Trust&#39;s Managed Assets. Pursuant to its Administration Agreement with the Trust, the Administrator is paid a
fee of 0.25% of the Trust&#39;s Managed Assets. See &ldquo;Investment Management and Other Service Providers &#8212; The Administrator.&rdquo;</td></tr>
<tr>
<td valign="top" align="left">(2)</td>
<td valign="top" align="left">Other Operating Expenses are based on estimated amounts for the current fiscal year which, in turn, are based on other operating expenses for the fiscal year ended February 28, 2009, and do not include the expenses of
borrowing.</td></tr>
<tr>
<td valign="top" align="left">(3)</td>
<td valign="top" align="left">The Acquired Fund Fees and Expenses are not fees or expenses incurred by the Trust directly. These fees and expenses include the Trust&#39;s pro rata share, if any, of the cumulative expenses charged by the Acquired
Funds in which the Trust invests. The fees and expenses, if any, will vary based on the Trust&#39;s allocation of assets to, and the annualized net expenses of the particular Acquired Funds. The impact of these fees and expenses, if any, is shown in
Total Annual Expenses.</td></tr>
<tr>
<td valign="top" align="left">(4)</td>
<td valign="top" align="left">If the expenses of the Trust are calculated based on the Managed Assets of the Trust (assuming that the Trust has used leverage by borrowing an aggregate amount equal to 30% of the Trust&#39;s Managed Assets), the Total
Annual Expense ratio would be 2.08%.</td></tr></table> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Example</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 8.5pt;line-height: 11pt;text-align: left;display:block;">The following Example shows the amount of the expenses that an investor in the Trust would bear on a &#36;1,000 investment that is held
for the different time periods in the table. The Example assumes that all dividends and other distributions are reinvested at NAV and that the percentage amounts listed under Total Annual Expenses in the table above remain the same in the years
shown. The table and the assumption in the Example 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&#39;s Common Shares. For more complete descriptions of certain of the Trust&#39;s costs and expenses, see &ldquo;Investment Management and Other Service Providers.&rdquo;</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 8.5pt;line-height: 11pt;text-align: left;display:block;">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 cellpadding="4" style="font-family:Arial; font-size:8pt;line-height:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td align="left" valign="bottom" style="font-family:Arial; font-size:7.5pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:7.5pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0">1 Year</td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:7.5pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0">3 Years</td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:7.5pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0">5 Years</td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:7.5pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0">10 Years </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">You would pay the following expenses on a &#36;1,000 investment, assuming a 5% annual return and where the Trust has borrowed in an aggregate amount equal to 30% of its Managed Assets.</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">&#36;65</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">&#36;137</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">&#36;213</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">&#36;426</td></tr> </table><p><font style="font-family: Arial;font-weight: normal;font-size: 8.5pt;line-height: 11pt;text-align: left;display:block;">The purpose of
the 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><font
style="font-family: Arial;font-weight: normal;font-size: 8.5pt;line-height: 11pt;text-align: left;display:block;"><strong>The foregoing Example should not be considered a representation of future expenses and actual expenses may be greater or less
than those shown.</strong></font></p><br ><br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">What You Pay to Invest&nbsp;&#45;&nbsp;Trust Expenses</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">7</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br > &nbsp;&nbsp;<div style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <center
style="font-family:Arial; font-size:11pt;">8</center> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;" /><a href="#toc1">Table Of Contents</A></div> <p> <a name="link_0ce188c2_7"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Financial Highlights</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The table below sets forth selected financial information. The financial information for the most recent five fiscal years has been
derived from the financial statements in the Trust&#39;s annual shareholder report dated as of February 28, 2009. The information in the table below has been audited by KPMG LLP, an independent registered public accounting firm. A report of the
Trust&#39;s independent registered public accounting firm along with the Trust&#39;s 2009 financial statements, which includes the financial highlights for the most recent five fiscal years, is included in the Trust&#39;s annual shareholder report
dated as of February 28, 2009. A free copy of the annual shareholder report may be obtained by calling (800) 992-0180.</font> </p>
<table cellpadding="4" style="font-family:Arial; font-size:8pt;line-height:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" nowrap rowSpan="1" colSpan="5">Years Ended February 28 or February 29, <hr color="black" size="1" noShade="noShade" ></td></tr>
<tr>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" nowrap rowSpan="0" colSpan="0">2009<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">2008<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">2007<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">2006<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">2005 <hr color="black" size="1" noShade="noShade" ></td></tr>
<tr>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"><strong>Per Share Operating Performance</strong></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" nowrap rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net asset value, beginning of year</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.11</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.65</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.59</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.47</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.34 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Income (loss) from investment operations:</td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.46</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.75</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.71</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.57</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.45 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net realized and unrealized gain (loss) on investments, foreign currency related transactions and unfunded commitments</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(2.29)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(1.57)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.06</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.12</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.16 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Distribution to Preferred Shareholders</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.06)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.16)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.16)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.11)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.05) </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Total from investment operations</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(1.89) </td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.98)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.61</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.58</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.56 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Distributions to Common Shareholders from net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.41)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.56)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.55)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.46)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.43) </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Reduction in net asset value from Preferred Shares offerings</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212;</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212;</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212;</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212;</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net asset value, end of year</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.81</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.11</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.65</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.59</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.47 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Closing market price at end of year</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.50</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">5.64</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.40</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.02</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.56 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Total Investment Return<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup></strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Total investment return at closing market price<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup></td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">(32.03)<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(a)</sup> </td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">(17.25)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">13.84</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.82)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.04 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Total investment return at net asset value<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(3)</sup></td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">(31.93)<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(a)</sup> </td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">(13.28)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.85</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.53</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.70 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Ratios/Supplemental Data</strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net assets end of year (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">552,840</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">886,976</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">1,109,539</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">1,100,671</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">1,082,748 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Preferred Shares-Aggregate amount outstanding (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">225,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,000 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Liquidation and market value per share of Preferred Shares</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Asset coverage inclusive of Preferred Shares and debt per share<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup></td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">70,175</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">53,125</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">62,925</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">55,050</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">53,600 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Borrowings at end of year (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">81,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">338,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">281,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">465,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">496,000 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Asset coverage per &#36;1,000 of debt<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup></td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">10,603</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">4,956</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">6,550</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">4,335</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">4,090 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Average borrowings (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">227,891</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">391,475</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">459,982</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">509,178</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">414,889 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Ratios to average net assets including Preferred Shares<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(5)</sup></strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Expenses (before interest and other fees related to revolving credit facility)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.54</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.54</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.57</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.64</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.60 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net expenses after expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.38</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.05</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.27</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.02</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.21 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Gross expenses prior to expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.38</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.05</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.27</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.02</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.22 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.22</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.23</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.68</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">5.44</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.21 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Ratios to average net assets plus borrowings</strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Expenses (before interest and other fees related to revolving credit facility)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.54</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.60</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.56</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.58</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.63 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net expenses after expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.37</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.17</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.25</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.90</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.26 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Gross expenses prior to expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.37</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.17</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.25</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.90</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.27 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.21</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.53</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.63</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">5.24</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.32 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Ratios to average net assets</strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Expenses (before interest and other fees related to revolving credit facility)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.95</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.20</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.21</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.33</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.29 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net expenses after expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.01</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.36</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.62</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.27</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.17 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Gross expenses prior to expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.01</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.36</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.62</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.27</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.18 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.86</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">10.35</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">9.42</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.71</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.04 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Portfolio turnover rate</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">10</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">60</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">60</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">81</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">93 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Common shares outstanding at end of year (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">145,178</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">145,094</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">145,033</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">145,033</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">145,033</td></tr> </table> <br > <br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg"> If you have any questions, please call 1-800-992-0180.</td> </tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Financial Highlights</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">9</td> </tr> </table> <br > <br > <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Financial Highlights<font
style="font-size:11pt;font-weight: bold; font-variant:normal;">&nbsp;&#8212;&nbsp;(CONTINUED)</font></font>
<table cellpadding="4" style="font-family:Arial; font-size:8pt;line-height:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" nowrap rowSpan="1" colSpan="5">Years Ended February 28 or February 29, <hr color="black" size="1" noShade="noShade" ></td></tr>
<tr>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" nowrap rowSpan="0" colSpan="0">2004<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">2003<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">2002<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">2001<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">2000 <hr color="black" size="1" noShade="noShade" ></td></tr>
<tr>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"><strong>Per Share Operating Performance</strong></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" nowrap rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net asset value, beginning of year</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.73</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.20</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.09</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.95</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">9.24 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Income (loss) from investment operations:</td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.46</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.50</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.74</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.88</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.79 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net realized and unrealized gain (loss) on investments, foreign currency related transactions and unfunded commitments</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.61</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.47)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.89)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.78) </td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.30) </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Distribution to Preferred Shareholders</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.04)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.05)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.11)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.06)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Total from investment operations</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.07</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.03</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.15)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.10</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.49 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Distributions to Common Shareholders from net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.42)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.45)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.63)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.86)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.78) </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Reduction in net asset value from Preferred Shares offerings</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212;</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212;</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212;</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.04)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net asset value, end of year</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.34</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.73</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.20</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.09</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.95 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Closing market price at end of year</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.84</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.46</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.77</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.12</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.25 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Total Investment Return<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup></strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Total investment return at closing market price<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup></td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">28.77</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.53</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(9.20)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">9.10</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(5.88) </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Total investment return at net asset value<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(3)</sup></td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">15.72</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.44</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(3.02)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.19</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">5.67 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Ratios/Supplemental Data</strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net assets end of year (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">1,010,325</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">922,383</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">985,982</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">1,107,432</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">1,217,339 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Preferred Shares-Aggregate amount outstanding (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Liquidation and market value per share of Preferred Shares</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">25,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Asset coverage inclusive of Preferred Shares and debt per share<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup></td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">62,425</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">62,375</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">58,675</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:12pt;" align="center">53,825</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Borrowings at end of year (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">225,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">167,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">282,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">510,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">484,000 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Asset coverage per &#36;1,000 of debt<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup></td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">7,490</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">9,218</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">6,092</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">4,054</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">3,515 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Average borrowings (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">&#36;</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">143,194</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">190,671</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">365,126</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">450,197</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">524,019 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Ratios to average net assets including Preferred Shares<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(5)</sup></strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Expenses (before interest and other fees related to revolving credit facility)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.45</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.49</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.57</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.62</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net expenses after expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.65</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.81</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.54</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.97</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Gross expenses prior to expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.65</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.81</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.54</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.97</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.57</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.97</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.83</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">9.28</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#8212; </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Ratios to average net assets plus borrowings</strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Expenses (before interest and other fees related to revolving credit facility)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.84</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.82</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.66</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.31</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.00<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup> </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net expenses after expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.09</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.23</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.70</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.21</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.79<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup> </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Gross expenses prior to expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.09</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.23</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.70</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.21</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.79<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup> </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">5.82</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.10</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.24</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.50</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.12 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0"><strong>Ratios to average net assets</strong></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Expenses (before interest and other fees related to revolving credit facility)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.11</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.19</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.25</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.81</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.43<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup> </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net expenses after expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.40</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.68</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.64</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.45</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.00<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup> </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Gross expenses prior to expense waiver</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.40</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.68</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">3.64</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.45</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.00<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup> </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net investment income</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.68</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.33</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">9.79</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">10.39</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">8.77 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Portfolio turnover rate</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:32pt;" align="center">%</td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">87</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">48</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">53</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">46</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">71 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Common shares outstanding at end of year (000&#39;s)</td>
<td valign="top" rowSpan="0" colSpan="0"></td>
<td nowrap valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">137,638</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">136,973</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">136,973</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">136,847</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">136,036</td></tr> </table><br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">10</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Financial Highlights</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Financial Highlights<font
style="font-size:11pt;font-weight: bold; font-variant:normal;">&nbsp;&#8212;&nbsp;(CONTINUED)</font></font>
<table style="font-family: Arial;font-weight: normal;font-size: 7.2pt;line-height: 10pt;text-align: left;display:block;" cellpadding="2">
<tr>
<td valign="top" align="left">(1)</td>
<td valign="top" align="left">Total investment return calculations are attributable to common shares.</td></tr>
<tr>
<td valign="top" align="left">(2)</td>
<td valign="top" align="left">Total investment return at market value has been calculated assuming a purchase at market value at the beginning of each period and assumes reinvestment of dividends and capital gain distributions, if any, in accordance
with the provisions of the dividend reinvestment plan.</td></tr>
<tr>
<td valign="top" align="left">(3)</td>
<td valign="top" align="left">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, if any, in accordance with the provisions of the dividend reinvestment plan. This calculation differs from total investment return at market value because it excludes the effects of changes in the market
values of the Trust&#39;s shares.</td></tr>
<tr>
<td valign="top" align="left">(4)</td>
<td valign="top" align="left">Asset coverage ratios, as presented in previous prospectuses, represented the coverage available for both the borrowings and preferred shares expressed in relation to each &#36;1,000 of borrowings and preferred shares
liquidation value outstanding. The Asset coverage ratio per &#36;1,000 of debt is now presented to represent the coverage available to each &#36;1,000 of borrowings before consideration of any preferred shares liquidation, while the Asset coverage
inclusive of Preferred shares, presents the coverage available to both borrowings and preferred shares, expressed in relation to the per share liquidation price of the preferred shares. The Preferred Shares were first offered November 2, 2000. Asset
coverage, with respect to Preferred Shares, represents the total assets of the Trust, less all liabilities and indebtedness not represented by &ldquo;senior securities&rdquo; (i.e. the Trust&#39;s Preferred Shares and borrowings described above) in
relation to the total amount of Preferred Shares and borrowings outstanding.</td></tr>
<tr>
<td valign="top" align="left">(5)</td>
<td valign="top" align="left">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.</td></tr>
<tr>
<td valign="top" align="left">(6)</td>
<td valign="top" align="left">Calculated on total expenses before impact of earnings credits.</td></tr>
<tr>
<td valign="top" align="left">(a)</td>
<td valign="top" align="left">There was no impact on total return due to payments by affiliates.</td></tr></table> <br ><br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Financial Highlights</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">11</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br > <p><a name="link_c8c7129c_8"></A><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Trading and NAV Information</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The following table shows for the Trust&#39;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 cellpadding="4" style="font-family:Arial; font-size:8pt;line-height:10pt;border-collapse:collapse;width:80%;" >
<tr>
<td align="left" valign="bottom" style="font-weight:bold;font-weight:bold;" nowrap rowSpan="0" colSpan="0"></td>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="1" colSpan="2">Price<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="1" colSpan="2">NAV<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="1" colSpan="2">Premium/(Discount)<br >To NAV<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="2" colSpan="1">Reported<br >NYSE Volume <hr color="black" size="1" noShade="noShade" ></td></tr>
<tr>
<td align="left" valign="middle" style="font-weight:bold;font-weight:bold;" nowrap rowSpan="0" colSpan="0">Calendar Quarter Ended<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">High<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">Low<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">High<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">Low<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">High<hr color="black" size="1" noShade="noShade" ></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">Low <hr color="black" size="1" noShade="noShade" ></td></tr>
<tr>
<td align="left" valign="bottom" style="font-weight:normal;" nowrap rowSpan="0" colSpan="0">March 31, 2007</td>
<td align="center" valign="bottom" style="font-weight:normal;padding-left:24pt;" rowSpan="0" colSpan="0">7.44</td>
<td align="center" valign="bottom" style="font-weight:normal;padding-left:24pt;" rowSpan="0" colSpan="0">7.20</td>
<td align="center" valign="bottom" style="font-weight:normal;padding-left:24pt;" rowSpan="0" colSpan="0">7.65</td>
<td align="center" valign="bottom" style="font-weight:normal;padding-left:24pt;" rowSpan="0" colSpan="0">7.53</td>
<td align="center" valign="bottom" style="font-weight:normal;padding-left:24pt;" rowSpan="0" colSpan="0">(2.38)</td>
<td align="center" valign="bottom" style="font-weight:normal;padding-left:24pt;" rowSpan="0" colSpan="0">(4.51)</td>
<td align="center" valign="bottom" style="font-weight:normal;padding-left:0pt;" rowSpan="0" colSpan="0">24,173,486 </td></tr>
<tr>
<td nowrap align="left" valign="top" rowSpan="0" colSpan="0">June 30, 2007</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.90</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.33</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.68</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.61</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">3.40</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">(3.93)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">28,919,700 </td></tr>
<tr>
<td nowrap align="left" valign="top" rowSpan="0" colSpan="0">September 30, 2007</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.65</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.23</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.63</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.02</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">0.39</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(12.38)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">34,681,500 </td></tr>
<tr>
<td nowrap align="left" valign="top" rowSpan="0" colSpan="0">December 31, 2007</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.07</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.16</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.28</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.90</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">(2.35)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(11.24)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">27,286,400 </td></tr>
<tr>
<td nowrap align="left" valign="top" rowSpan="0" colSpan="0">March 31, 2008</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.41</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">5.25</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.92</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">5.87</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">(4.33)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(13.08)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">38,127,200 </td></tr>
<tr>
<td nowrap align="left" valign="top" rowSpan="0" colSpan="0">June 30, 2008</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.05</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">5.58</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.53</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.08</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">(5.02)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(11.33) </td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">22,528,000 </td></tr>
<tr>
<td nowrap align="left" valign="top" rowSpan="0" colSpan="0">September 30, 2008</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">5.69</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">4.23</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">6.44</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">5.60</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(11.65)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(26.31)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">28,055,900 </td></tr>
<tr>
<td nowrap align="left" valign="top" rowSpan="0" colSpan="0">December 31, 2008</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">4.39</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">2.59</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">5.56</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">3.22</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">3.68</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(35.03)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">45,017,400 </td></tr>
<tr>
<td nowrap align="left" valign="top" rowSpan="0" colSpan="0">March 31, 2009</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">3.99</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">2.98</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">3.85</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">3.35</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:24pt;" align="center">7.14</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(17.91)</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">26,200,000</td></tr> </table><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">On June 11, 2009,
the last reported sale price of a Common Share of the Trust&#39;s Common Shares on the NYSE was &#36;4.12. The Trust&#39;s NAV on June 11, 2009 was &#36;4.87. See &ldquo;Transaction Policies &#8212; Net Asset Value.&rdquo; This represented a
(15.40)% discount below the NAV (&#36;4.87) as of that date.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust&#39;s Common Shares have traded in the market
above, at, and below NAV since March 9, 1992, when the Trust&#39;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><br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">12</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Trading and NAV Information</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br > <p> <a name="link_2949c51a_9"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Investment Objective and Policies</font> </p> <p>
<font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Investment Objective</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust&#39;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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><strong>1.Senior Loans.</strong> Under normal circumstances, at least 80% of the Trust&#39;s net assets (plus 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&#39; 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;margin-left:30pt;display:block;">The Senior Loans in which the Trust invests either hold the most senior
position in the capital structure of the borrower, hold an equal ranking with other senior debt, or have characteristics (such as a senior position secured by liens on a borrower&#39;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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;margin-left:30pt;display:block;">The Trust typically makes its investments in Senior Loans by purchasing a portion of the overall loan, <em>i.e.,</em>
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, <em>i.e., </em>the risk that the party from which such instrument is purchased
will not perform as agreed. The Trust seeks to minimize such counterparty risk by purchasing such investments only from large, well established and highly rated counter-parties.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>2.Other Investments.</strong> 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 (&ldquo;Other Investments&rdquo;):</font> </p> <UL> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> loans to borrowers organized outside the United States and in U.S. territories and possessions or Canada;</LI> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> unsecured floating rate loans, notes and other debt instruments;</LI> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> floating rate subordinated loans;</LI> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> tranches of floating rate asset-backed securities, including structured notes;</LI> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> short-term debt securities; and</LI> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> </LI> <LI style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> </LI> <LI
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt; margin-left:2pt;display:block;"> equity securities incidental to investments in loans.</LI> </UL> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>3.Cash and Short-Term Instruments.</strong> 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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><strong>4.Other Investment Strategies.</strong> The Trust may lend its portfolio securities, on a short-term or long-term basis, in an
amount equal to up to 33<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">1</sup>/<sub style="font-size:75%;vertical-align:baseline;position:relative;bottom:-0.3em;">3</sub>% of its total assets.</font></p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Fundamental Diversification Policies</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>1.Industry Diversification.</strong> The Trust may invest in any industry. The Trust may not invest more than 25% of its total
assets, measured at the time of investment, in any single industry.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>2.Borrower Diversification.</strong>
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&#39;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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">These fundamental
diversification policies may only be changed with approval by a majority of all shareholders, including the vote of a majority of any holders of Preferred Shares and any other preferred shares, voting separately as a class.</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Investment Policies</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Adviser and Sub-Adviser follow certain investment policies set by the Trust&#39;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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>1.Limitations
on currencies.</strong> The Trust&#39;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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>2.Maturity.</strong> Although the Trust has no restrictions on portfolio maturity, under normal circumstances, at least 80% of
the Trust&#39;s 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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>3.Limitations on Other Investments.</strong> 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;margin-left:30pt;display:block;">
<strong>a.Unsecured Debt Instruments.</strong> The Trust may not invest in unsecured floating rate loans, notes and other debt <br ><br ></font>
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Investment Objective and Policies</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">13</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;margin-left:30pt;display:block;"><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Investment Objective and Policies</font>
instruments, in an aggregate amount that exceeds 20% of the Trust&#39;s total assets, measured at the time of investment.</font> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;margin-left:30pt;display:block;"> <strong>b.Equities.</strong> 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;margin-left:30pt;display:block;">
<strong>c.Subordinated Loans.</strong> 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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>4.Investment Quality; Credit Analysis.</strong> 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 loan, 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 &ldquo;Risk Factors and Special Considerations &#8212;
Credit Risk on Senior Loans.&rdquo;</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>5.Use of Leverage.</strong> The Trust may borrow money and issue
preferred shares to the fullest extent permitted by the 1940 Act. See &ldquo;Policy on Borrowing&rdquo; and &ldquo;Policy on Issuance of Preferred Shares.&rdquo;</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>6.</strong> <strong>Short-term Instruments.</strong> Short-term instruments in which the Trust invests may include: (i)
commercial paper rated A-1 by Standard and Poor&#39;s Ratings Services (&ldquo;S&amp;P&rdquo;) or P-1 by Moody&#39;s Investors Service, Inc. (&ldquo;Moody&#39;s&rdquo;), or of comparable quality as determined by the Adviser or Sub-Adviser; (ii)
certificates of deposit, bankers&#39; acceptances, and other bank deposites and obligations; and (iii) securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Policy on Borrowing</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s total income available to holders of its Common Shares.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s assets. The terms of any such borrowings will be subject to the provisions of the 1940 Act and they will also be subject to the more restrictive terms of any credit agreements
relating to borrowings and, to the extent the Trust seeks a rating for borrowings, to additional guidelines imposed by rating agencies, which are expected to be more restrictive than the provisions of the 1940 Act. The Trust may borrow money in an
amount permitted under the 1940 Act, including the rules, regulations, interpretations thereunder and any exemptive or other relief provided by the SEC. See &ldquo;Risk Factors and Special Considerations &#8212; Leverage&rdquo; and &ldquo;Risk
Factors and Special Considerations &#8212; Restrictive Covenants and 1940 Act Restrictions.&rdquo;</font></p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Policy on Issuance of Preferred
Shares</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s total assets (less all Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust&#39;s senior indebtedness plus the involuntary liquidation preference of all outstanding Preferred
Shares. See &ldquo;Risk Factors and Special Considerations &#8212; Leverage.&rdquo; In November 2000, the Trust issued 18,000 Preferred Shares for a total of &#36;450 million. In July 2008, the Trust redeemed approximately &#36;225 million of the
&#36;450 million of its outstanding Preferred Shares.</font> </p> <br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">14</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Investment Objective and Policies</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br > <p> <a name="link_a5a52989_10"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">The Trust&#8217;s Investments</font> </p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">As stated under &ldquo;Investment Objective and Policies,&rdquo; 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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Senior Loan
Characteristics</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 stocks 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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, 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s collateral if the borrower becomes insolvent (subject to the limitations of bankruptcy law, which may provide higher
priority to certain claims such as 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 (&ldquo;LIBOR&rdquo;). 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, <em>i.e.</em>, they change as market rates of interest change.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Loan agreements may provide for the termination of the agent&#39;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 (&ldquo;FDIC&rdquo;) 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&#39;s or entity&#39;s bankruptcy estate. If, however, any such amount were included in such person&#39;s or entity&#39;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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Investment by the Trust</font></p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 (<em>i.e.</em>, in the primary market) or after the initial loan transaction (<em>i.e.</em>, 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. <br ><br ></font>
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">The Trust&#8217;s Investments</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">15</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">The Trust&#8217;s Investments</font> Investments
through the use of such derivative instruments involve counter party risk, <em>i.e.,</em> the risk that the party from which such instrument is purchased will not perform as agreed. Unlike an assignment as described below, the Trust does not have a
direct contractual relationship with the borrower. The Trust seeks to minimize such counter party risk by purchasing such investments only from large, well established and highly rated counter parties.</font> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Except for rating agency guidelines imposed on the Trust&#39;s portfolio while it has outstanding Preferred Shares, there is no minimum
rating or other independent evaluation of a borrower limiting the Trust&#8217;s investments and most Senior Loans that the Trust may acquire, if rated, will be rated below investment-grade credit quality. See &ldquo;Risk Factors and Special
Considerations &#8212; Credit Risk on Senior Loans.&rdquo;</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>Assignments.</strong>&nbsp;&nbsp;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 (<em>e.g.</em>, declaring defaults, initiating collection action, <em>etc.</em>). Taking such actions typically 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 usually 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>Acquisition
Costs.</strong>&nbsp;&nbsp;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> <br > <br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">16</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">The Trust&#8217;s Investments</td> </tr> </table> <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <p> <a name="link_8e90193f_11"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Risk Factors and Special Considerations</font>
</p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>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 &ldquo;Additional Information About Investments and Investment Techniques&rdquo; in the SAI.</strong> </font> </p>
<p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Borrowings under the Credit Facility Program</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s total income. The Trust currently is a party to one credit facility with financial institutions that permit the Trust to borrow up to an
aggregate of &#36;125 million. Interest is payable on the credit facility 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 11, 2009 the Trust had &#36;3 million in outstanding borrowings. Collectively, the lenders under the credit facility have a security interest in all assets of the Trust.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Under the credit facility, the lenders have the right to liquidate Trust assets in the 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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Changes to NAV</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The NAV of the Trust is expected to change in response to a variety of factors, primarily in response to changes in the creditworthiness
of the borrowers on the loans in which the Trust invests. See &ldquo;Risk Factors and Special Considerations &#8212; Credit Risk on Senior Loans.&rdquo; Changes in market interest rates may also have an impact on the Trust&#8217;s NAV. See
&ldquo;Risk Factors and Special Considerations &#8212; Interest Rate Risk.&rdquo; Another factor which can affect the Trust&#8217;s NAV is changes in the pricing obtained for the Trust&#8217;s assets. See &ldquo;Transaction Policies &#8212;
Valuation of the Trust&#8217;s Assets&rdquo; later in this Prospectus.</font> </p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Credit Risk on Senior Loans</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust&#8217;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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#8217;s Common Shares. See &ldquo;The Trust&#8217;s Investments &#8212; Investment by the Trust.&rdquo;</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;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&#8217;s investment when the loan is acquired or may decline below the principal amount of
the Senior Loan subsequent to the Trust&#8217;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 undercollateralized. Therefore, the liquidation of the collateral underlying a Senior Loan may not satisfy the issuer&#39;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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#8217;s rights to the collateral.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Senior Loans in which the Trust invests are generally rated lower than investment-grade credit quality, <em>i.e.</em>, rated lower
than &ldquo;Baa&rdquo; by Moody&#39;s or &ldquo;BBB&rdquo; 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> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Demand for Loans</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 Trust&#8217;s portfolio, which could cause the
Trust &#39;s NAV to decline.</font> </p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Discount From NAV</font></p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust&#39;s Common Shares have traded in the market above, at, and below NAV since March 9, 1992, when the Trust&#39;s shares were
initially listed on the NYSE. The reasons for the Trust&#39;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 <br ><br ></font>
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Risk Factors and Special Considerations</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">17</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Risk Factors and Special Considerations</font>
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&#39;s NAV may decrease.</font> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Equity Securities Incidental to Investment in Loans</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Subject to the aggregate 20% limit 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&#8217;s NAV. The Trust may frequently possess material
non-public information about a borrower as a result of its ownership of a loan of such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information the Trust might be unable to enter into a
transaction in a security of such a borrower when it would otherwise be advantageous to do so.</font> </p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Impact of Shareholder Investment
Program and Privately Negotiated Transactions</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The issuance of Common Shares through the Trust&#39;s Shareholder
Investment Program may have an adverse effect on the secondary market for the Trust&#39;s Common Shares. The increase in the number of the Trust&#39;s outstanding Common Shares resulting from issuances pursuant to the Trust&#39;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&#39;s Shareholder Investment Program at any time when Common Shares are trading at a price lower than the Trust&#39;s NAV per Common Share.</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Interest Rate Risk</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#8217;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&#8217;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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Market interest
rate changes may also cause the Trust&#8217;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&#39;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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#8217;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&#39;s value based on changes in the market spread on loans in the Trust&#8217;s portfolio may be of longer
duration.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Lending Portfolio Securities</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">To generate additional income, the Trust may lend portfolio securities, in an amount equal to up to 33<sup
style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">1</sup>/<sub style="font-size:75%;vertical-align:baseline;position:relative;bottom:-0.3em;">3</sub>% of the Trust&#8217;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> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Leverage</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust
may borrow money in an amount permitted under the 1940 Act, including the rules, regulations, interpretations thereunder and any exemptive or other relief provided by the SEC. The Trust may also issue preferred shares so long as immediately after
any issuance of preferred shares the value of the Trust&#8217;s total assets (less all Trust liabilities and indebtedness that is not senior indebtedness) is at least twice the amount of the Trust&#8217;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 &#36;450 million. In July 2008, the Trust redeemed approximately &#36;225 million of the &#36;450 million of its outstanding
Preferred Shares. Borrowings and the issuance of preferred shares are referred to in this Prospectus collectively as &ldquo;leverage.&rdquo; 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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#8217;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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#8217;s Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in <br ><br ></font>
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">18</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Risk Factors and Special Considerations</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Risk Factors and Special Considerations</font>
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&#8217;s lenders and Preferred Shareholders will have priority to the
Trust&#8217;s assets over the Trust&#8217;s Common shareholders.</font> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 11, 2009) is 1.26%. <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The current dividend rate on the Preferred Shares (as of June 11, 2009) is 0.38%.</font></font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Since early February 2008, the Trust has not received sufficient hold orders or any 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 amounts sold, if any, by each selling shareholder are 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. On June 9, 2008, the Trust announced the approval by the Board of a partial redemption of its outstanding Preferred
Shares. The Trust subsequently redeemed approximately &#36;225 million of the &#36;450 million of its outstanding Preferred Shares. The Preferred Shares were redeemed using proceeds available through the Trust&#39;s existing bank loan facility and
with cash held by the Trust. Redemption costs and the on-going costs of obtaining leverage through a bank loan facility may reduce returns to Common Shares and may be higher than the costs of leverage obtained through the Preferred Shares. The Trust
and the Board will continue to closely monitor the situation and evaluate 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 its Common and Preferred shareholders. There can be no assurance that any means for liquidity will be identified, and if they are, it is possible that the Trust&#39;s leverage or its benefits from leverage will diminish.
</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust&#8217;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 and 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 &ldquo;Risk Factors and Special Considerations &#8212; Restrictive Covenants and 1940 Act Restrictions&rdquo; later in this
Prospectus. In the event of a default under a credit facility program, the lenders have the right to cause a liquidation of the collateral (<em>i.e.</em>, 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">In addition, the Trust is not permitted to pay dividends
on, or redeem or repurchase, 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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust is subject to certain restrictions imposed by
lenders to the Trust and may be subject to certain restrictions imposed by guidelines of one or more rating agencies which may issue ratings for debt or the Preferred Shares issued by the Trust. These restrictions are expected to impose asset
coverage, fund composition requirements and limits on investment techniques, such as the use of financial derivative products, that are more stringent than those imposed on the Trust by the 1940 Act. These covenants or guidelines could impede the
Adviser or Sub-Adviser from fully managing the Trust&#8217;s portfolio in accordance with the Trust&#8217;s investment objective and policies.</font> </p> <br > <br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg"> If you have any questions, please call 1-800-992-0180.</td> </tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Risk Factors and Special Considerations</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">19</td> </tr> </table> <br > <br > <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Risk Factors and Special Considerations</font>
<p><font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Annual Expenses Without Borrowings or Preferred Shares</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 cellpadding="4" style="font-family:Arial; font-size:8pt;line-height:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td align="left" valign="bottom" style="font-family:Arial; font-size:7pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:7pt;line-height:9pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0"></td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0"><strong>Annual Expenses Without Borrowings or Preferred Shares<br >(as a percentage of net assets attributable to Common Shares)</strong></td>
<td align="center" valign="top" rowSpan="0" colSpan="0"></td></tr>
<tr bgcolor="#DCDDDF">
<td align="left" valign="top" rowSpan="0" colSpan="0">Management and Administrative Fees<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup></td>
<td align="center" valign="top" rowSpan="0" colSpan="0">1.05% </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">Other Operating Expenses<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup></td>
<td align="center" valign="top" rowSpan="0" colSpan="0">0.21% </td></tr>
<tr bgcolor="#DCDDDF">
<td align="left" valign="top" rowSpan="0" colSpan="0">Total Annual Expenses</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">1.26%</td></tr> </table>
<table style="font-family: Arial;font-weight: normal;font-size: 7.2pt;line-height: 10pt;text-align: left;display:block;" cellpadding="2">
<tr>
<td valign="top" align="left">(1)</td>
<td valign="top" align="left">Pursuant to the Investment Advisory Agreement with the Trust, the Adviser is paid a fee of 0.80% of the Trust&#39;s Managed Assets. Pursuant to its Administration Agreement with the Trust, the Administrator is paid a
fee of 0.25% of the Trust&#39;s Managed Assets. See &ldquo;Investment Adviser and Other Service Providers &#8212; The Administrator.&rdquo;</td></tr>
<tr>
<td valign="top" align="left">(2)</td>
<td valign="top" align="left">Other Operating Expenses are based on estimated amounts for the current fiscal year which, in turn, are based on other operating expenses for the fiscal year ended February 28, 2009, and does not include the expenses of
borrowing.</td></tr></table><p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Effect of Leverage</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The following table is designed to illustrate the effect on return to a holder of the Trust&#39;s Common Shares of the leverage created
by the Trust&#39;s use of borrowing, using the annual interest rate of 3.61%, assuming the Trust has used leverage by borrowing an aggregate amount equal to 30% of the Trust&#39;s Managed Assets and assuming hypothetical annual returns on the
Trust&#39;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><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 0.10% on its amount of Managed Assets as of June 11, 2009.</font></p>
<table cellpadding="4" style="font-family:Arial; font-size:8pt;line-height:10pt;border-collapse:collapse;width:100%;" >
<tr>
<td align="left" valign="bottom" rowSpan="0" colSpan="0">Assumed Portfolio Return, net of expenses<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup></td>
<td align="center" valign="bottom" rowSpan="0" colSpan="0">(10)%</td>
<td align="center" valign="bottom" rowSpan="0" colSpan="0">(5)%</td>
<td align="center" valign="bottom" rowSpan="0" colSpan="0">0%</td>
<td align="center" valign="bottom" rowSpan="0" colSpan="0">5%</td>
<td align="center" valign="bottom" rowSpan="0" colSpan="0">10% </td></tr>
<tr bgcolor="#DCDDDF">
<td align="left" valign="top" rowSpan="0" colSpan="0">Corresponding Return to Common Shareholders<sup style="font-size:75%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup></td>
<td align="center" valign="top" rowSpan="0" colSpan="0">(14.54)%</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">(7.87)%</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">(1.20)%</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">5.46%</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">12.13%</td></tr> </table>
<table style="font-family: Arial;font-weight: normal;font-size: 7.2pt;line-height: 10pt;text-align: left;display:block;" cellpadding="2">
<tr>
<td valign="top" align="left">(1)</td>
<td valign="top" align="left">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.</td></tr>
<tr>
<td valign="top" align="left">(2)</td>
<td valign="top" align="left">In order to compute the Corresponding Return to Common Shareholders, the Assumed Portfolio Return is multiplied by the total value of the Trust&#39;s assets at the beginning of the Trust&#39;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&#39;s net
assets attributable to Common Shares as of the beginning of the fiscal year to determine the Corresponding Return to Common Shareholders.</td></tr></table><p><font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Limited Secondary Market for Loans</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Loans usually trade in large denominations (typically in &#36;1 million or larger units) and trades can be infrequent. The market has
limited transparency so that information about actual trades may be difficult to obtain. Accordingly, some or many of the loans in which the Trust invests will be relatively illiquid.</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#8217;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><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 <br ><br ></font>
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">20</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Risk Factors and Special Considerations</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Risk Factors and Special Considerations</font> 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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Non-U.S. and Non-Canadian Issuers</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 in 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&#39; rights, the potential inability to enforce legal judgments, fluctuations in
currency 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><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Prepayment or Call Risk</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">During periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled,
forcing the Trust 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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Ranking of Senior Indebtedness</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The rights of lenders to receive payments of interest 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> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Restrictive Covenants and 1940 Act Restrictions</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The credit agreements governing the credit facility program (&ldquo;Credit Agreements&rdquo;) include usual and customary covenants for
this type of transaction, including limits on the Trust&#8217;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 Act (&ldquo;ERISA&rdquo;) affiliates to cause or permit to occur an event that could result in the imposition of a lien under the Internal Revenue Code of 1986 or ERISA. In addition,
the Credit Agreements do not permit the Trust&#8217;s asset coverage ratio (as defined in the Credit Agreements) to fall below 300% at any time (&ldquo;Credit Agreement Asset Coverage Test&rdquo;).</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Under the requirements of the 1940 Act, the Trust must have asset coverage of at least 300% immediately after any borrowing under a
credit facility program. For this purpose, asset coverage means the ratio which the value of the total assets of the Trust, less liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of borrowings
represented by senior securities issued by the Trust. The Credit Agreements limit the Trust&#8217;s ability to pay dividends or make other distributions on the Trust&#8217;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 Preferred Shares: (i) at any time that an event of
default under the 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> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Short-Term Debt Securities</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;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. Because short-term debt securities typically pay interest at a fixed-rate, when interest rates decline, the value of the Trust&#39;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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Unsecured Debt Instruments and Subordinated Loans</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 under &ldquo;Credit Risk on Senior Loans&rdquo; 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&#39;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&#39;s assets are insufficient to meet its obligations to its creditors.</font></p><br ><br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Risk Factors and Special Considerations</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">21</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br > <p> <font
style="width:100%;font-family: Times New Roman;font-size: 18.2pt;line-height: 22pt;text-align: left;font-variant:small-caps;border-bottom:solid 1px Black;vertical-align:bottom;">Transaction Policies</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Net Asset Value</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The NAV per Common Share of each class of the Trust is determined each business day as of the close of regular trading (&ldquo;Market
Close&rdquo;) 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 of the Trust is calculated by dividing the value of the Trust&#8217;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 Shares is made available for publication.</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Valuation of the Trust&#8217;s Assets</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The assets in the Trust&#8217;s portfolio are valued daily in accordance with the Trust&#8217;s Loan Valuation Procedures adopted by the
Board. A majority of the Trust&#8217;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 &ldquo;Risk Factors and Special Considerations &#8212; Limited Secondary Market for Loans.&rdquo;</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 Trust&#8217;s Board and in accordance with the provisions of the 1940 Act.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Under these procedures, fair value is determined by the Adviser or Sub-Adviser and monitored by the Trust&#8217;s 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> <UL> <LI
style="font-family: Arial; font-size: 9pt; line-height: 12pt;text-align: left; margin-left: -18pt; margin-bottom: 10pt;display:block;"> 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&#39;s debt structure;</LI> <LI
style="font-family: Arial; font-size: 9pt; line-height: 12pt;text-align: left; margin-left: -18pt; margin-bottom: 10pt;display:block;"> the nature, adequacy and value of the collateral, including the Trust&#8217;s rights, remedies and interests with
respect to the collateral;</LI> <LI style="font-family: Arial; font-size: 9pt; line-height: 12pt;text-align: left; margin-left: -18pt; margin-bottom: 10pt;display:block;"> 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&#39;s business, cash flows, capital structure and future prospects;</LI> <LI
style="font-family: Arial; font-size: 9pt; line-height: 12pt;text-align: left; margin-left: -18pt; margin-bottom: 10pt;display:block;"> 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 toward the loan and interests in similar loans;</LI> <LI
style="font-family: Arial; font-size: 9pt; line-height: 12pt;text-align: left; margin-left: -18pt; margin-bottom: 10pt;display:block;"> the reputation and financial condition of the agent of the loan and any intermediate participants in the
loans;</LI> <LI style="font-family: Arial; font-size: 9pt; line-height: 12pt;text-align: left; margin-left: -18pt; margin-bottom: 10pt;display:block;"> the borrower&#39;s management; and</LI> <LI
style="font-family: Arial; font-size: 9pt; line-height: 12pt;text-align: left; margin-left: -18pt; margin-bottom: 10pt;display:block;"> the general economic and market conditions affecting the fair value of the loan.</LI> </UL> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Account Access</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 Services Representative, you may call the
toll-free number listed above and select Option 2.</font> </p> <br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">22</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Transaction Policies</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br ><font style="width:100%;font-family: Times New Roman;font-size: 18.2pt;line-height: 22pt;text-align: left;font-variant:small-caps;border-bottom:solid 1px Black;vertical-align:bottom;">Transaction
Policies</font> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Privacy Policy<br > </font> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <strong> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Householding</font></strong> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">To reduce expenses, we may mail only one copy of the Trust&#8217;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 a Shareholder Service Representative at (800) 992-0180 or speak to your investment professional. We will begin sending you individual
copies thirty days after receiving your request.</font> </p> <br > <br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg"> If you have any questions, please call 1-800-992-0180.</td> </tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Transaction Policies</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">23</td> </tr> </table> <br > <br > <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <p> <a name="link_78206bb8_12"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Investment Management and Other Service Providers
</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The business and affairs of the Trust, including supervision of the duties performed by the Trust&#8217;s Adviser
and Sub-Adviser, are managed under the direction of the Board. The names and business addresses of the Trustees and Officers of the Trust and their principal occupations and other affiliations during the past five years are set forth under
&#39;&#39;Management of the Trust &#39;&#39; in the SAI.</font> </p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">ADVISER</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>ING Investments,</strong> an Arizona limited liability company, serves as the Adviser to the Trust. ING Investments has overall
responsibility for the management of the Trust. ING Investments oversees all investment advisory and portfolio management services for the Trust.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust and the Adviser have entered into an investment advisory agreement (&ldquo;Investment Advisory Agreement&rdquo;) 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&#39; written notice.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">ING Investments is registered with the SEC as an investment adviser.
ING Investments is an indirect, wholly-owned subsidiary of ING Groep (NYSE: ING). ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 75 million private, corporate
and institutional clients in more than 50 countries. With a diverse workforce of about 125,000 people, ING Groep comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. ING Investments became an
investment management firm in April, 1995.</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">As of March 31, 2009, ING Investments managed approximately &#36;32.9
billion in assets.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The principal office of ING Investments is located at 7337 East Doubletree Ranch Road,
Scottsdale, Arizona 85258.</font> </p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Adviser bears the expenses of providing the services described above. The Adviser currently receives from the Trust an annual fee,
paid monthly, of 0.80% of the Trust&#8217;s Managed Assets.</font><br><br></font> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">For information regarding the basis for the
Board&#8217;s approval of the investment advisory and investment sub-advisory relationships, please refer to the Trust&#39;s annual shareholder report dated February 28, 2009.</font></p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">SUB-ADVISER</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">ING
Investments has engaged a sub-adviser to provide the day-to-day management of the Trust&#8217;s portfolio. The sub-adviser is an affiliate of ING Investments. 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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 12pt;text-align: left;">ING Investment Management Co.</font></p>
<p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">ING IM, a Connecticut corporation, serves as the Sub-Adviser to the Trust. ING IM is responsible for managing the assets of the
Trust in accordance with the Trust&#39;s investment objectives and policies, subject to oversight by ING Investments and the Trust&#39;s Board.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">As of March 31, 2009, ING IM managed approximately &#36;52.3 billion in assets.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The principal office of ING IM is located at 230 Park Avenue, New York, New York, 10169.</font> </p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">For its services,
ING IM is entitled to receive a sub-advisory fee of 0.3600%, expressed as an annual rate based on the Managed Assets of the Trust. This sub-advisory fee is paid by ING Investments, not by the Trust.</font><br><br></font> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><strong>Portfolio Management.</strong> The following individuals jointly share responsibility for the day-to-day management of the
Trust&#39;s Portfolio and have co-managed the Trust since 2000.</font></p> <br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">24</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Investment Management and Other Service Providers</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br ><font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: right; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Investment Management and Other Service Providers
</font> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Jeffrey A. Bakalar, Senior Vice President and Group Head of the ING IM Senior Loan Group, since November 1999. Mr. Bakalar also serves as
Senior Vice President of ING Prime Rate Trust and ING Senior Income Fund, both closed-end funds sub-advised by ING IM that invest primarily in Senior Loans.</font><br><br></font> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Daniel A. Norman,
Senior Vice President and Group Head of the ING IM Senior Loan Group, since November 1999. Mr. Norman also serves as Senior Vice President of ING Prime Rate Trust and ING Senior Income Fund, both closed-end funds sub-advised by ING IM that invest
primarily in Senior Loans.</font><br><br></font> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Additional Information Regarding the Portfolio Managers</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The SAI provides additional information about each portfolio manager&#8217;s compensation, other accounts managed by each portfolio
manager and each portfolio manager&#8217;s ownership of securities in the Trust.</font> </p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">The Administrator</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Administrator of the Trust is ING Funds Services, LLC. 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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Under an administration agreement between the Administrator and the Trust (&ldquo;Administration Agreement&rdquo;), the Administrator
administers the Trust&#39;s corporate affairs subject to the supervision of the Trust&#39;s Board. In that connection, the Administrator monitors the provisions of the Senior Loan agreements and any agreements with respect to interests in Senior
Loans and is responsible for recordkeeping with respect to the Senior Loans in the Trust&#39;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 necessary to administer the Trust. 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 herein). The Administration Agreement also requires the Administrator to assist in managing and supervising all aspects of the general day-to-day business
activities and operations of the Trust, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Administrator 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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 of 0.25% of the Trust&#39;s Managed Assets. The Administration Agreement may be canceled by the Trust or the Administrator upon 60 days&#39; written notice.</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Transfer Agent, Dividend Disbursing Agent and Registrar</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The transfer agent, dividend disbursing agent and registrar for the Common Shares is PNC Global Investing Servicing (U.S.) Inc.
(&ldquo;PNC&rdquo;), whose principal business address is 301 Bellevue Parkway, Wilmington, Delaware 19809.</font> </p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Custodian</font></p>
<p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust&#39;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> <br > <br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg"> If you have any questions, please call 1-800-992-0180.</td> </tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Investment Management and Other Service Providers</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">25</td> </tr> </table> <br > <br > <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <p> <a name="link_6a9442c6_13"> </A> <font
style="font-family: Times New Roman ;font-weight: normal;font-size: 18.2pt;line-height: 22pt;text-align: left; font-variant:small-caps; border-bottom:solid 1px Black;width:100%;margin-bottom:10pt;">Dividends and Distributions</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>Distribution Policy.</strong> 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 the Adviser. 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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <strong>Dividend
Reinvestment.</strong> 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 PNC written notice or by contacting the ING&#39;s Shareholder Services Department at (800) 992-0180 and selecting Option 2.</font> </p> <br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">26</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Dividends and Distributions</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br > <p><a name="link_3ed7d9ad_14"></A><font
style="width:100%;font-family: Times New Roman;font-size: 18.2pt;line-height: 22pt;text-align: right;font-variant:small-caps;border-bottom:solid 1px Black;vertical-align:bottom;">Plan of Distribution</font></p><p><font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Shareholder Investment Program</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The following is a summary of the Shareholder Investment Program (&ldquo;Program&rdquo;). Shareholders are advised to review a fuller
explanation of the Program contained in the Trust&#39;s SAI.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Common Shares are offered by the Trust through the
Program. The Program allows participating shareholders to reinvest all dividends (&ldquo;Dividends&rdquo;) 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 &#36;100 to a maximum of &#36;100,000 per month.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust and the Distributor
reserve the right to reject any purchase order. Please note that cash, traveler&#39;s 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><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Common Shares will be issued by the Trust under the Program when the Trust&#39;s Common Shares are trading at a
premium to NAV. If the Trust&#39;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 PNC at market price. Shares issued by the Trust under the Program will be issued without a fee or
a commission.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Shareholders may elect to participate in the Program by telephoning the Trust or submitting a completed
Participation Form to PNC, the Program administrator. PNC will credit to each participant&#39;s account funds it receives from: (i) Dividends paid on Trust shares registered in the participant&#39;s name; and (ii) optional cash investments. PNC 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&#39;s distribution policy, see &ldquo;Dividends and Distributions.&rdquo;</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 PNC 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&#39;s Shareholder Services Department at (800)
992-0180.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Participants will pay a <em>pro rata</em> share of brokerage commissions with respect to PNC&#39;s open
market purchases in connection with the reinvestment of Dividends or purchases made with optional cash investments.</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s standard &#36;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><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 PNC written notice or by contacting ING&#39;s Shareholder Services
Department at (800) 992-0180 and selecting Option 2. Shareholders may elect to close their account at any time by giving PNC 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 Shares will be held and aggregated with other fractional Common Shares being liquidated by PNC as agent of the Program and paid for by check when actually sold.</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The automatic reinvestment of Dividends does not affect the tax characterization of the Dividends (<em>i.e.,</em> capital gains and
income are realized even though cash is not received). If shares are issued pursuant to the Program&#39;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><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Additional information about the Program may be obtained by contacting ING&#39;s Shareholder Services
Department at (800) 992-0180 and selecting Option 2.</font></p><p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Privately Negotiated Transactions</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s Common Shares; or (ii) at a discount ranging from 0% to 5% of the average of the daily market price of the Trust&#39;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 <br ><br ></font>
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Plan of Distribution</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">27</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><br > 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> <a name="link_ea40013a_15"></A><font style="font-family: Arial;font-weight: Bold;font-size: 13.8pt;line-height: 16pt;text-align: left;">Use of Proceeds</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;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&#39;s outstanding borrowings under its credit facilities. See &ldquo;Investment Objective and Policies &#8212; Policy on Borrowing.&rdquo;</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">As of June 11, 2009, the Trust had &#36;3 million in outstanding borrowings under one credit facility. By paying down the Trust&#39;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.<br > <br > </font></p>
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">28</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Plan of Distribution</td> </tr> </table> <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <p> <a name="link_636dbec0_16"> </A> <font
style="width:100%;font-family: Times New Roman;font-size: 18.2pt;line-height: 22pt;text-align: right;font-variant:small-caps;border-bottom:solid 1px Black;vertical-align:bottom;">Description of the Trust</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 (&ldquo;Declaration of Trust&rdquo;). The Board is responsible for protecting the interests of shareholders. The Trustees are experienced executives who oversee the Trust&#39;s activities,
review contractual arrangements with companies that provide services to the Trust and review the Trust&#39;s performance.</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 11, 2009.</font> </p>
<table cellpadding="4" style="font-family:Arial; font-size:9pt;line-height:11pt;border-collapse:collapse;width:100%;" >
<tr>
<td align="left" valign="bottom" style="font-family:Arial; font-size:9pt;line-height:11pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0">Title of Class</td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:9pt;line-height:11pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0">Number<br >Authorized</td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:9pt;line-height:11pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0">Number Held By<br >the Trust for its<br >Own Account</td>
<td align="center" valign="bottom" style="font-family:Arial; font-size:9pt;line-height:11pt;font-weight:bold;border-bottom:solid 1px Black;font-weight:bold;" rowSpan="0" colSpan="0">Number<br >Outstanding </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">Common Shares</td>
<td align="center" valign="top" rowSpan="0" colSpan="0">unlimited</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:70pt;">0</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;">145,156,048.878 </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series M</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">3,600</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:70pt;">0</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">1,800 </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series T</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">3,600</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:70pt;">0</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">1,800 </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series W</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">3,600</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:70pt;">0</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">1,800 </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series Th</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">3,600</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:70pt;">0</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">1,800 </td></tr>
<tr>
<td align="left" valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series F</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">3,600</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:70pt;">0</td>
<td align="center" valign="top" rowSpan="0" colSpan="0" style="padding-left:50pt;">1,800</td></tr> </table><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 Shares. 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><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;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&#39;s legal counsel, legal counsel to the Trustees who are not &ldquo;interested persons&rdquo; 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 expenses involved in registering and maintaining registration of the Trust and its Common Shares with the SEC, including the preparation and printing of the Trust&#39;s
registration statement and prospectuses for such purposes; allocable communications expenses with respect to investor services, and all expenses of shareholders&#39; and Trustees&#39; 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&#39;s business.
</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 &ldquo;Description of Capital Structure &#8212; Preferred Shares.&rdquo;</font></p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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 <br ><br ></font>
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg">If you have any questions, please call 1-800-992-0180.</td></tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Description of the Trust</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">29</td></tr></table><br ><br ><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><br ><font
style="width:100%;font-family: Times New Roman;font-size: 18.2pt;line-height: 22pt;text-align: left;font-variant:small-caps;border-bottom:solid 1px Black;vertical-align:bottom;">Description of the Trust</font> 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><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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: (i) all accrued dividends on preferred shares or accrued interest on borrowings has been paid; and (ii) the value of the Trust&#39;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 unpaid 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><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust will send unaudited reports at least semi-annually and audited financial statements annually to all of its
shareholders.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Conversion to Open-End Fund</font></p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;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. Conversion 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&#39;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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Repurchase of Common
Shares</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">In recognition of the possibility that the Trust&#39;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: (i) 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 (ii) at the time of such purchase, redemption or acquisition, asset coverage requirements set forth in the Declaration of Trust and the Trust&#39;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.</font> </p> <p> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Fundamental and
Non-Fundamental Policies of the Trust</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <br > <br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">30</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Description of the Trust</td> </tr> </table> <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <p> <a name="link_bdc3cb7a_17"> </A> <font
style="width:100%;font-family: Times New Roman;font-size: 18.2pt;line-height: 22pt;text-align: right;font-variant:small-caps;border-bottom:solid 1px Black;vertical-align:bottom;">Description of the Capital Structure</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Common Shares</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The
Trust&#39;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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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: (i) all accrued dividends on preferred shares or accrued interest on borrowings have been paid; and (ii) the value of the Trust&#39;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 would be 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 asset coverage tests more stringent than under the 1940 Act. See &ldquo;Preferred Shares.&rdquo;</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Borrowings</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The
Trust&#39;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&#39;s assets. See &ldquo;Risk Factors and Special Considerations.&rdquo;</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Preferred Shares</font></p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Trust&#39;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 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&#39;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 &#36;25,000 per share, classified as Series M, T, W, Th and F Auction Rate
Cumulative Preferred Shares. The preferred shares will have such preferences, voting powers, terms of redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Board may determine and as are set
forth in the Trust&#39;s Certificate of Designation establishing the terms of the preferred shares.</font> <br><br> </font> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Any
decision to offer preferred shares is subject to market conditions and to the Board and the Adviser&#39;s or Sub-Adviser&#39;s continuing belief that leveraging the Trust&#39;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 or Sub-Advisor (subject to applicable law and the
Trust&#39;s Declaration of Trust) if and when it authorizes a preferred shares offering.</font> </p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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><br><br></font><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The Preferred Shares would 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 would 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><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;"><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Since early
February 2008, the Trust has not received sufficient hold orders or any 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
amounts sold, if any, by each selling shareholder are 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. On June 9, 2008, the Trust announced the approval by the Board of a partial redemption of its outstanding Preferred Shares. The Trust subsequently redeemed approximately &#36;225 million of the &#36;450 million of its outstanding
Preferred Shares. The Preferred Shares were redeemed using proceeds available through the Trust&#39;s existing bank loan facility and with cash held by the Trust. Redemption costs and the on-going costs of obtaining leverage through a bank loan
facility may reduce returns to Common Shares and may be higher than the costs of leverage obtained through the Preferred Shares. The Trust and the Board will continue to closely monitor the situation and evaluate 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 its Common and Preferred shareholders. There can be no assurance that any means
for liquidity will be identified, and if they are, it is possible that the Trust&#39;s leverage or its benefits from leverage will diminish.</font></font></p> <br > <br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg"> If you have any questions, please call 1-800-992-0180.</td> </tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">Description of the Capital Structure</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">31</td> </tr> </table> <br > <br > <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <br > <p> <a name="link_2054b2d6_18"> </A> <font
style="width:100%;font-family: Times New Roman;font-size: 18.2pt;line-height: 22pt;text-align: left;font-variant:small-caps;border-bottom:solid 1px Black;vertical-align:bottom;">Tax Matters</font> </p> <p> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">The federal income tax treatment of the Trust&#39;s Preferred Shares is not entirely clear, but the Trust believes, based on the advice
of its counsel, that the Preferred Shares will constitute stocks of the Trust. However, it is possible 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 stocks.</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s Common Shares or Preferred Shares or whether the shareholder elects to receive distributions in cash or reinvest them in additional 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. Dividends from the Trust are not expected to be eligible for the reduced rate of tax that may apply to certain
qualifying dividends on corporate stocks.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Each shareholder will receive an annual
statement summarizing the shareholder&#39;s dividend and capital gains distributions.</font> </p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">There may be tax consequences to a shareholder if the
shareholder sells the Trust&#39;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> <font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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&#39;s U.S. federal income tax
liability.</font> </p> <br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">32</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Tax Matters</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br > <p><a name="link_ffdc8e14_19"></A><font
style="width:100%;font-family: Times New Roman;font-size: 18.2pt;line-height: 22pt;text-align: right;font-variant:small-caps;border-bottom:solid 1px Black;vertical-align:bottom;">More Information</font></p><p><font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Distribution Arrangements</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">Pursuant to the terms of a distribution agreement (&ldquo;Distribution Agreement&rdquo;), ING Funds Distributor will act as the
Trust&#39;s distributor for the optional cash investments under the Trust&#39;s Shareholder Investment Program and for privately negotiated transactions. The Distribution Agreement provides that the 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. The Distributor&#39;s principal
business address is 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258. The Distributor, the Adviser, and ING IM, the Sub-Adviser, are indirect, wholly-owned subsidiaries of ING Groep. See &ldquo;Plans of Distribution&rdquo; in the
SAI.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Legal Matters</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font
style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Independent Registered Public Accounting Firm</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <font style="font-family: Arial;font-weight: Bold;font-size: 10pt;line-height: 13pt;text-align: left;">Registration Statement</font></p> <p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 11pt;text-align: left;display:block;">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> <br > <br >
<table align="right">
<tr>
<td align="center" style="font-family:Arial;font-size:6.5pt;line-height:9pt;" colSpan="2">
<img src="g88374smallphone.jpg"> If you have any questions, please call 1-800-992-0180.</td> </tr>
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">More Information</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">33</td> </tr> </table> <br > <br > <br > <br > <div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div> <a name="link_ca4c8435_21"> </A> <p> <a name="link_81887dae_20"> </A> <font
style="font-family: Arial;font-weight: Bold;font-size: 18.2pt;line-height: 20pt;text-align: left;display:block;border-bottom: solid 1px Black;width:100%;">Statement of Additional Information</font> </p> <p> <font
style="font-family: Arial;font-weight: Bold;font-size: 18.2pt;line-height: 20pt;text-align: left;display:none;">Statement of Additional Information Table of Contents</font> </p> <a name="link_74934abd_22"></A>
<table cellpadding="4" style="font-family:Arial; font-size:10pt;line-height:10pt;border-collapse:collapse;width:60%;" align="center" >
<tr>
<td align="center" valign="bottom" style="font-weight:bold;font-weight:bold;" rowSpan="1" colSpan="2">TABLE OF CONTENTS </td></tr>
<tr>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0"></td>
<td align="center" valign="middle" style="font-weight:bold;font-weight:bold;" rowSpan="0" colSpan="0">Page <hr color="black" size="1" noShade="noShade" ></td></tr>
<tr>
<td align="left" valign="bottom" style="font-weight:normal;" rowSpan="0" colSpan="0">Change of Name</td>
<td align="center" valign="bottom" style="font-weight:normal;padding-left:8pt;" rowSpan="0" colSpan="0">3 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Investment Objective</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">3 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Investment Restrictions</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">3 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Additional Information About Investments and Investment Techniques</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">5 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Management of the Trust</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">13 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Compensation of the Trustees</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">21 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Investment Management and Other Service Providers</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">23 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Distributor</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">28 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Proxy Voting Procedures</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">29 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Shareholder Investment Program</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">29 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Code of Ethics</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">31 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Portfolio Transactions</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">31 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Net Asset Value</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">35 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Federal Taxation</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">35 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Advertising and Performance Data</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">39 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">General Information</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">40 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Financial Statements</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:4pt;" align="center">41 </td></tr>
<tr>
<td valign="top" rowSpan="0" colSpan="0">Appendix A</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">A-1</td></tr> </table><br ><br >
<table align="left">
<tr>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;">34</td>
<td style="font-family:Arial;font-size:10pt;line-height:12pt;text-indent:50pt;">Statement of Additional Information</td></tr></table><br ><br ><div
style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center" style="page-break-after: always;"
/><a href="#toc1">Table Of Contents</A></div><br > <div style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999"
width="100%" align="center" style="page-break-after: always;" /><a href="#toc1">Table Of Contents</A></div> <p><font
style="font-family: Arial;font-weight: Bold;font-size: 14pt;line-height: 16pt;text-align: center;text-transform:uppercase;display: block;">ING Prime Rate Trust</font></p><p><font
style="font-family: Arial;font-weight: Bold;font-size: 12pt;line-height: 13pt;text-align: center;display:block;">7337 East Doubletree Ranch Road<br >Scottsdale, Arizona 85258<br >(800) 992-0180</font></p><p><font
style="font-family: Arial;font-weight: Bold;font-size: 12pt;line-height: 13pt;text-align: center;display:block;">5,000,000 Common Shares of Beneficial Interest</font></p><p> <font
style="font-family: Arial;font-weight: Bold;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16pt;text-align: center;padding-top:4pt; padding-bottom:4pt;vertical-align:middle; width:100%;font-style:normal;display:block;text-transform:uppercase;">Trust
 ADVISORS AND AGENTS</font></p><p><font style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Adviser</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">ING Investments, LLC<br >7337 East Doubletree Ranch Road<br >Scottsdale, AZ 85258</font></p><p><font
style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Sub-Adviser</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">ING Investment Management Co.<br >230 Park Avenue<br >New York, NY 10169</font></p><p><font
style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Administrator</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">ING Funds Services, LLC<br >7337 East Doubletree Ranch Road<br >Scottsdale, AZ 85258</font></p><p><font
style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Custodian</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">State Street Bank and Trust<br >801 Pennsylvania Avenue<br >Kansas City, MO 64105</font></p><p><font
style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Independent Registered Public Accounting Firm</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">KPMG LLP<br >99 High Street<br >Boston, MA 02110</font></p><p><font
style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Distributor</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">ING Funds Distributor, LLC<br >7337 East Doubletree Ranch Road<br >Scottsdale, AZ 85258</font></p><p><font
style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Transfer Agent</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">PNC Global Investing Servicing (U.S.) Inc.<br >301 Bellevue Parkway<br >Wilmington, DE 19809</font></p><p> <font
style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Legal Counsel</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">Dechert LLP<br >1775 I Street, NW<br >Washington DC 20006</font></p><p><font
style="font-family: Times New Roman;font-weight: bold;font-size: 13.2pt;line-height: 15pt;text-align: left;font-variant:small-caps;">Institutional Investors and Analysts</font></p><p><font
style="font-family: Times New Roman;font-weight: normal;font-size: 11pt;line-height: 13pt;text-align: left;display:block;">Call ING Prime Rate Trust<br >(800) 336-3436</font></p><p><font
style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 12pt;text-align: left;display:block;"><strong>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.</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 12pt;text-align: left;display:block;"><strong>When contacting the SEC, you will want to refer to the Trust&#39;s
SEC file number. The file number is as follows:<br ></strong>1940 Act File No. 811-05410</font></p>
<table cellpadding="4" width="50%" align="right" style="margin-top:100pt;">
<tr>
<td style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 12pt;text-align: left;display:block;">PRPRO-UPRT5M</td>
<td style="font-family: Arial;font-weight: normal;font-size: 9pt;line-height: 12pt;text-align: left;display:block;"> (0609-063009)</td></tr></table><font style="width:100%;float:none;clear:both;"></font><div align="left">
<img src="g88374ing_bw.jpg"></div><div style="font-family: Times; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 13pt; text-align: left;padding-top:10pt;padding-bottom:10pt;"> <hr size="3" color="#999999" width="100%" align="center"
style="page-break-after: always;" /></div>
<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>STATEMENT OF ADDITIONAL INFORMATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>June&nbsp;30, 2009 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ING Prime Rate Trust </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Road </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,
Arizona 85258-2034 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(800) 992-0180 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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;). 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. There is no assurance that the Trust will achieve its investment objective. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Statement of Additional
Information (&#147;SAI&#148;) does not constitute a prospectus, but should be read in conjunction with the Prospectuses relating thereto dated June&nbsp;30, 2009, a copy of which may be obtained without charge from the Trust at the address and phone
number listed above. 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 Prospectuses prior to purchasing such shares.
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;28, 2009, are incorporated herein by reference. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Prospectuses and SAI omit
certain information contained in the registration statement filed with the U.S. Securities and Exchange Commission (&#147;SEC&#148;). 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. The registration statement is also available on the SEC&#146;s website (www.sec.gov). Capitalized terms used in this SAI have the same meaning as in the Prospectuses and some additional terms are defined particularly
for this SAI. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_1">CHANGE OF NAME </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_2">INVESTMENT OBJECTIVE </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_3">INVESTMENT RESTRICTIONS </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_4">ADDITIONAL INFORMATION ABOUT INVESTMENTS AND INVESTMENT TECHNIQUES </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_5">MANAGEMENT OF THE TRUST </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>13</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_6">COMPENSATION OF TRUSTEES </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>21</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_7">INVESTMENT MANAGEMENT AND OTHER SERVICE PROVIDERS </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>23</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_8">DISTRIBUTOR </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>28</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_9">PROXY VOTING PROCEDURES </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_10">SHAREHOLDER INVESTMENT PROGRAM</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_11">CODE OF ETHICS</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_12">PORTFOLIO TRANSACTIONS </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_13">NET ASSET VALUE </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>35</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_14">FEDERAL TAXATION </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>35</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_15">ADVERTISING AND PERFORMANCE DATA </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>39</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_16">GENERAL INFORMATION </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>40</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_17">FINANCIAL STATEMENTS </A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>41</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><A HREF="#sai88374_18">APPENDIX A</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>A-1</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_1"></A>CHANGE OF NAME </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust changed its name from Pilgrim Prime Rate Trust to Pilgrim America Prime Rate Trust in April 1996, and then changed its name back to Pilgrim Prime Rate Trust on
November&nbsp;16, 1998. Effective March&nbsp;1, 2002, the Trust changed its name to ING Prime Rate Trust. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><A NAME="sai88374_2"></A>INVESTMENT OBJECTIVE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust&#146;s investment objective is to obtain as high a level of current income as is
consistent with the preservation of capital. The Trust seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets (plus 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Senior Loans in which the Trust invests either hold the most senior
position in the capital structure of the borrower, 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 in 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; 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 STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_3"></A>INVESTMENT RESTRICTIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The Trust operates under a number of investment policies and restrictions. 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. 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. The following investment restrictions have been designated as fundamental policies. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust will not: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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 permitted under the 1940 Act, including the rules, regulations, interpretations thereunder, and any exemptive relief provided by the SEC; 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;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">invest more than 25% of its total assets in any industry; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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; </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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. 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. 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; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">purchase shares of other investment companies, except in connection with a merger, consolidation, acquisition or reorganization; or </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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"><SUP>&nbsp;1</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">3</FONT><FONT FACE="Times New Roman" SIZE="2">% (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). </FONT></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With regard to paragraph number 2 above,
the Trust will consider the 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 consider each interpositioned bank (a lender from which the Trust acquires a loan) to be an issuer of the loan.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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 STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust has also adopted a non-fundamental policy as required by Rule 35d-1 under the 1940 Act to invest, under normal
circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in floating rate secured Senior Loans. 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. 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
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_4"></A>ADDITIONAL INFORMATION ABOUT INVESTMENTS AND INVESTMENT TECHNIQUES </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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
Prospectuses under &#147;Investment Objective and Policies.&#148; Additional information concerning certain of the Trust&#146;s investments and investment techniques is set forth below. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Equity Securities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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.
The Trust normally will not hold more than 20% of its total assets in equity securities. 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 net assets
(plus borrowings for investment purposes) that normally will be invested in Senior Loans. Equity securities are subject to financial and market risks and can be expected to fluctuate in value. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Interest Rates and Portfolio Maturity </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Interest rates on loans in
which the Trust invests adjust periodically. The interest rates are adjusted based on a base rate plus a premium or spread over the base rate. The base rate usually is London Inter-Bank Offered Rate (&#147;LIBOR&#148;), the Federal Reserve federal
funds rate, the Prime Rate, or other base lending rates used by commercial lenders. 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. 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.
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
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Loans in which the Trust invests typically 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. The maximum maturity on any loan in which the Trust can invest is ten years. The Trust&#146;s portfolio of loans will ordinarily have a dollar-weighted
average time until the next interest rate adjustment of ninety (90)&nbsp;days or less, although the time may exceed 90 days. 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. If the Trust does so, it will consider the shortened period to be the adjustment period of the loan. As short-term interest rates rise, interest payable to the Trust should increase. As short-term
interest rates decline, interest payable to the Trust should decrease. 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Loans usually have mandatory and optional prepayment provisions. Because of prepayments,
the actual remaining maturity of a loan may be considerably less than its stated maturity. 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. In
such a case, the amount of interest paid to the Trust would likely decrease. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 next scheduled reset date. 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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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&#146;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&#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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Market interest rate changes may also cause the Trust&#146;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&#146;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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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.
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.
However, unlike changes in market rates of interest for which there is only a temporary lag before the portfolio reflects those changes, changes in a loan&#146;s value based on changes in the market spread on loans in the Trust&#146;s portfolio may
be of longer duration. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Interest Rate Hedging Transactions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 &#148;notional&#148; principal
amount, for an obligation to make fixed rate payments. For example, the Trust may seek to shorten the effective interest rate re-determination period of a Senior Loan in its portfolio that has an interest rate re-determination 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
re-determination period of such Senior Loan to be the shorter period. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined
interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a
predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. The Trust will not enter into swaps, caps or floors if, on a net basis, the aggregate notional principal
amount with respect to such agreements exceeds the net assets of the Trust or to the extent the purchase of swaps, caps or floors would be inconsistent with the Trust&#146;s other investment restrictions. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 New York Stock Exchange (&#147;NYSE&#148;) 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The successful utilization of hedging and risk management transactions requires skills different from
those needed in the selection of the Trust&#146;s portfolio securities and depends on the Adviser&#146;s or Sub-Adviser&#146;s ability to predict correctly the direction and degree of movements in interest rates. Although the Trust believes that use
of the hedging and risk management techniques described above will benefit the Trust, if the Adviser&#146;s or Sub-Adviser&#146;s judgment about the direction or extent of the movement in interest rates is incorrect, the Trust&#146;s overall
performance would be worse than if it had not entered into any such transactions. The Trust will incur brokerage and other costs in connection with its hedging transactions. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Lease Participations </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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 LIBOR or the Prime Rate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Office of the Comptroller of the Currency has established regulations which set forth circumstances under which
national banks may engage in lease financings. Among other things, the regulation requires that a lease be a net-full payout lease representing the noncancelable obligation of the lessee and that the bank make certain determinations with respect to
any estimated residual value of leased property relied upon by the bank to yield a full return on the lease. The Trust may invest in lease financings only if the Lease Participation meets these banking law requirements. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Lending Loan Interests and Other Portfolio Instruments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:3px;"><FONT FACE="Times New Roman"
SIZE="2">To generate additional income, the Trust may lend its portfolio securities, including interests in Senior Loans, in an amount equal to up to 33</FONT><FONT FACE="Times New Roman" SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.4ex"></SUB></FONT><FONT FACE="Times New Roman" SIZE="2"><FONT SIZE="1"><SUP>&nbsp;1</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">3</FONT><FONT FACE="Times New Roman" SIZE="2">% 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. 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. 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></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. The lending of financial instruments is a common practice in the securities industry. 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. 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. 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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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 pledge
and maintain with the Trust collateral consisting of cash, a letter of credit issued by a domestic U.S. 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. The Trust may lend its portfolio instruments to member banks of the Federal Reserve System, members of the NYSE or other entities determined by the Adviser or Sub-Adviser to be creditworthy. 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
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust may pay reasonable negotiated fees in connection with loaned instruments. 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. 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. However, the loans will be made only to firms deemed by the Adviser or Sub-Adviser
to be of good financial standing and when, in the judgment of the Adviser or Sub-Adviser, the consideration which can be earned currently from loans of this type justifies the attendant risk. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Originating Senior Loans &#150; Reliance on Agents </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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. 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. An agent for a loan is required to administer and manage the Senior Loan and to service or monitor the collateral. The agent is also responsible for the collection of
principal, 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. 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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Typically under loan agreements, the agent is given broad discretion in enforcing the loan agreement and is obligated to use the same care it would use in
the management of its own property. The borrower compensates the agent for these services. Such compensation may include special fees paid on structuring and funding the Senior Loan and other fees on a continuing basis. The precise duties and rights
of an agent are defined in the loan agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. The agent may enforce compliance by the borrower with the terms of the loan agreement. Agents also have voting and consent
rights under the applicable loan agreement. 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. 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 therefore, frequently require the unanimous
vote or consent of all lenders affected. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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. Generally, loan agreements will
hold the agent liable for any action taken or omitted that amounts to gross negligence or willful misconduct. 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. Instead, lenders will be required to look to the borrower for recourse. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In a typical interest in a Senior Loan, the agent
administers the loan and has the right to monitor the collateral. 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. The Trust normally
looks to the agent to collect and distribute principal of and interest on a Senior Loan. 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. At times the Trust may also negotiate with the agent regarding the agent&#146;s exercise of credit remedies under a Senior Loan. The agent is
compensated for these services by the borrower as set forth in the loan agreement. 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
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 Federal Deposit Insurance Corporation (&#147;FDIC&#148;) receivership, or if not FDIC insured, enters into bankruptcy or if the agent
resigns. 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-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Additional Information on Senior Loans </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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. Senior Loans usually include restrictive covenants which must be maintained by the borrower. 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. 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. In addition, loan covenants may include mandatory prepayment provisions stemming from free cash flow. Free cash flow is
cash that is in excess of capital expenditures plus debt service requirements of principal and interest. The free cash flow shall be applied to prepay the Senior Loan in an order of maturity described in the loan documents. Under certain interests
in Senior Loans, the Trust may have an obligation to make additional loans upon demand by the borrower. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust 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. The Trust may incur additional credit risk; however, when the Trust acquires a participation in a loan from another lender because the Trust must assume the risk of
insolvency or bankruptcy of the other lender from which the loan was acquired. However, in acquiring loans, the Trust conducts an analysis and evaluation of the financial condition of each such lender. 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 Standard&nbsp;&amp; Poor&#146;s Ratings Services (&#147;S&amp;P&#148;) or &#147;Baa&#148; or better by Moody&#146;s Investors Services, Inc.
(&#147;Moody&#146;s&#148;), or has received a comparable rating by another nationally recognized rating service. 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. In the absence of such rated long-term debt or rated commercial paper, the Trust 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. The Trust also diversifies its portfolio with respect to lenders from which the Trust
acquires loans. (See, &#147;Investment Restrictions.&#148;) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Senior Loans, unlike certain bonds, usually do not have call protection. 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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Senior Loans frequently require full or partial prepayment of a loan when there are asset sales or a securities issuance. Prepayments on Senior Loans may also be made by the borrower at its election. 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. Prepayment would cause the actual duration of a Senior Loan to be shorter than its stated maturity.
Prepayment may be deferred by the Trust. This should; however, allow the Trust to reinvest in a new loan and recognize as income any unamortized loan fees. In many cases this will result in a new facility fee payable to the Trust. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. (See, &#147;Portfolio Transactions.&#148;) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">preferred stocks in its subsidiaries, trademarks, copyrights, patent rights and franchise value. The Trust may also receive guarantees as a form of
collateral. In some instances, a Senior Loan may be secured only by stocks in a borrower or its affiliates. However, there is no assurance that the liquidation of the existing collateral would satisfy the borrower&#146;s obligation in the event of
nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Loan Participation and Assignments </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust&#146;s investment in loan participations typically will result in the Trust having a contractual relationship only with the lender and not with the borrower.
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. 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. As a result, the Trust may be subject to the credit risk of both the borrower and the lender that is selling the participation. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">When the Trust purchases a loan assignment from lenders, it will acquire direct rights against the borrowers on the loan. 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. 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. 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. The lack of a liquid secondary market for assignments and participation also may make it more difficult for the Trust to value these securities for purposes of calculating its NAV. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust may be required to pay and receive various fees and commissions in the process of purchasing, selling and holding loans. The fee component may include any, or
a combination of, the following elements: arrangement fees, assignment fees, non-use fees, facility fees, letter of credit fees and ticking fees. Arrangement fees are paid at the commencement of a loan as compensation for the initiation of the
transaction. A non-use fee is paid based upon the amount committed but not used under the loan. Facility fees are on-going annual fees paid in connection with a loan. Letter of credit fees are paid if a loan involves a letter of credit. Ticking fees
are paid from the initial commitment indication until loan closing if for an extended period. The amount of fees is negotiated at the time of transaction. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Other Investments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Assets not invested in Senior Loans will generally consist of other instruments, including loans to borrowers organized
outside the United States and in 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. Short-term debt instruments may include: (i)&nbsp;commercial paper rated A-1 by S&amp;P or P-1 by Moody&#146;s, 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. 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. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Repurchase Agreements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">The Trust has the ability, pursuant to its investment objective and policies, to enter into repurchase agreements. 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. Repurchase agreements will be considered borrowings by the Trust and as such, are subject to the restrictions on borrowing. Borrowings by the Trust create an
opportunity for greater total return but at the same time increase exposure to capital risk. 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. The Trust will receive payment for such securities only upon physical delivery or evidence of book entry transfer by its custodian. 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. Repurchase agreements may involve certain risks in the event of default or
insolvency of the other party, including possible loss from delays or restrictions upon the Trust&#146;s ability to dispose of the underlying securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Reverse Repurchase Agreements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Such agreements may be considered to be loans by the Trust for purposes of the 1940 Act. Each reverse repurchase agreement must be collateralized fully, in accordance with the
provisions of Rule 5b-3 under the 1940 Act, at all times. 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. 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. 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). 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. 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 are less than the repurchase price under the agreement. 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. To mitigate this risk, the Trust only enters into reverse repurchase agreements with highly rated, large financial institutions. The Trust may only enter into reverse repurchase
agreements that qualify for an exclusion from any automatic stay of creditors&#146; rights against the counterparty under applicable insolvency law in the event of the counterparty&#146;s insolvency. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_5"></A>MANAGEMENT OF THE TRUST </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Trustees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust is governed by its Board of Trustees
(&#147;Board&#148;). Set forth in the table below is information about each Trustee of the Trust. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:82pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Held With</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Trust</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT><br><FONT
FACE="Times New Roman" SIZE="1"><B>Time Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal Occupation(s)&nbsp;&#150;</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>During the Past 5 Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number&nbsp;of&nbsp;Funds</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT
FACE="Times New Roman" SIZE="1"><B>Complex&nbsp;Overseen<BR>by Trustee<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Other</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Directorships/Trusteeships<BR>Held by Trustee</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>Independent Trustees</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Colleen D. Baldwin</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 49</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">October&nbsp;2007&nbsp;&#150;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT FACE="Times New Roman" SIZE="2">Present</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consultant, Glantuam Partners, LLC (January 2009 - Present); President, National Charity League/Canaan Parish Board (June 2008 &#150; Present); and Consultant (January 2005 &#150; Present).
Formerly, Chief Operating Officer, Ivy Asset Management Group (April 2002 &#150; October 2004).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158<BR></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">None.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>John V. Boyer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 55</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">January&nbsp;2005&nbsp;&#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">President, Bechtler Arts Foundation (January 2008 &#150; Present). Formerly, Consultant (July 2007 &#150; February 2008); President and Chief Executive Officer, Franklin and Eleanor Roosevelt
Institute (March 2006 &#150; July 2007), and Executive Director, The Mark Twain House &amp; Museum </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (September 1989 &#150; March 2006).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158<BR></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">None.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Patricia W. Chadwick</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 60</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">January&nbsp;2006&nbsp;&#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consultant and President, Ravengate Partners LLC (January 2000 &#150; Present).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158<BR></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Wisconsin Energy (June 2006 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Peter S. Drotch</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 67</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">October 2007&nbsp;&#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Retired Partner, PricewaterhouseCoopers LLP.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">First Marblehead Corporation, (September 2003 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>J. Michael Earley</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 64</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">February&nbsp;2002&nbsp;&#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Retired. Formerly, President and Chief Executive Officer, Bankers Trust Company, N.A., Des Moines (June 1992 &#150; December 2008).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Bankers Trust Company, N.A. Des Moines (June 1992 &#150; Present) and Midamerica Financial Corporation (December 2002 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Patrick W. Kenny</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 66</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">January 2005&nbsp;&#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">President and Chief Executive Officer, International Insurance Society (June 2001 &#150; Present).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Assured Guaranty Ltd. (April 2004 &#150; Present) and Odyssey Re. Holdings Corp. (November 2006 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Sheryl K. Pressler</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 58</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">January 2006 &#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consultant (May 2001 &#150; Present).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158<BR></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Stillwater Mining Company (May 2002 &#150; Present).</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:82pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Position(s)</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Held With</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Trust</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>and&nbsp;Length&nbsp;of</B></FONT><br><FONT
FACE="Times New Roman" SIZE="1"><B>Time Served<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal&nbsp;Occupation(s)&nbsp;&#150;</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>During&nbsp;the&nbsp;Past&nbsp;5&nbsp;Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number&nbsp;of&nbsp;Funds</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>in&nbsp;Fund</B></FONT><br><FONT
FACE="Times New Roman" SIZE="1"><B>Complex&nbsp;Overseen<BR>by Trustee<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Other</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Directorships/Trusteeships<BR>Held by Trustee</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Roger B. Vincent</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 63</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chairman&nbsp;and Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">February&nbsp;2002&nbsp;&#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">President, Springwell Corporation (March 1989 &#150; Present).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158<BR></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">UGI Corporation (February 2006 &#150; Present); and UGI Utilities, Inc. (February 2006 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2"><B>Trustees who are &#147;Interested Persons&#148;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Robert W. Crispin<FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Age: 62</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">October 2007&nbsp;&#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Retired Chairman and Chief Executive Officer, ING Investment Management Co (July 2001 &#150; December, 2007).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">158<BR></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">ING Canada Inc. (December 2004 &#150; Present) and ING Bank fsb (June 2001-Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shaun&nbsp;P.&nbsp;Mathews&nbsp;<FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)&nbsp;</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337&nbsp;East&nbsp;Doubletree&nbsp;Ranch&nbsp;Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Scottsdale,&nbsp;Arizona&nbsp;85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 53</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">June 2006 &#150;<BR>Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">President and Chief Executive Officer, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (November 2006 &#150; Present). Formerly, President, ING Mutual Funds and Investment Products (November 2004 &#150; November
2006); and Chief Marketing Officer, ING USFS (April 2002 &#150; October 2004).</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">199</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">ING Services Holding Company, Inc. (May 2000 &#150; Present); Southland Life Insurance Company (June 2002 &#150; Present); and ING Capital Corporation, LLC, ING Funds Distributor, LLC
</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2">, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT
FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2">, ING Investments, LLC</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (6) </SUP></FONT><FONT FACE="Times New Roman" SIZE="2">and ING Pilgrim Funding, Inc. (December 2005 &#150; Present).</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2">
</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee is 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></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">For the purposes of this table, &#147;Fund
Complex&#148; means the following investment companies:&nbsp;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 Prime Rate Trust; ING Risk Managed Natural Resources Fund; ING Senior Income Fund; ING Separate Portfolios Trust; ING Variable
Insurance Trust; ING Variable Products Trust; and ING Partners, Inc. The number of Funds in the Fund Complex is as of May 31, 2009. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">Mr. Mathews is also Trustee/Director for the
following investment companies: ING Series Funds, Inc.; ING Strategic Allocation Portfolios, Inc.; ING Balanced Portfolio, Inc.; ING Intermediate Bond Portfolio; ING Money Market Portfolio; ING Variable Funds; and ING Variable Portfolios, Inc.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Boyer held a seat on the Board of
Directors of The Mark Twain House&nbsp;&amp; Museum from September 1989 to since September&nbsp;19, 2002 to November 2005. ING Groep N.V. makes non-material, charitable contributions to The Mark Twain House&nbsp;&amp; Museum.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">Messrs. 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></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">ING Investments, LLC was previously named
ING Pilgrim Investments, LLC. ING Pilgrim Investments, LLC is the successor in interest to ING Pilgrim Investments, Inc., which was previously known as Pilgrim Investments, Inc. and before that, was known as Pilgrim America Investments, Inc.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">ING Funds Distributor, LLC is the successor
in interest to ING Funds Distributor, Inc. which was previously known as ING Pilgrim Securities, Inc. and prior to that was known as Pilgrim America Securities, Inc. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">ING Funds Services, LLC was previously named
ING Pilgrim Group, LLC. ING Pilgrim Group, LLC is the successor in interest to ING Pilgrim, Inc. which was previously known as Pilgrim Group, Inc. and prior to that was known as Pilgrim America Group, Inc. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Officers </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Information
about the Trust&#146;s Officers is set forth in the table below: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:82pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Positions Held with the Trust</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Term of Office and Length</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>of Time Served <SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal Occupation(s) During</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>the Last Five Years</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shaun P. Mathews</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 53</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">November 2006 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">President and Chief Executive Officer, ING Investments, LLC</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">
(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (November 2006 &#150;
Present). Formerly, President ING Mutual Funds and Investment Products (November 2004 &#150; November 2006); and Chief Marketing Officer, ING USFS (April 2002 &#150; October 2004).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Michael J. Roland</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 51</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">February 2002 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Head of Mutual Fund Platform (February 2007 &#150; Present); and Executive Vice President, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> and ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (December 2001 &#150; Present). Formerly, Executive Vice President, Head of Product Management (January 2005 &#150; January 2007);
Chief Compliance Officer, ING Investments, LLC</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2) </SUP></FONT><FONT FACE="Times New Roman" SIZE="2">and Directed Services LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (October 2004 &#150; December 2005); and Chief
Financial Officer and Treasurer, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (December 2001 &#150;
March 2005).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Stanley D. Vyner</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">230 Park Avenue</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">New York, New York 10169</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 59</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">August 2003 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (July 2000 &#150; Present) and Chief Investment Risk Officer, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (January 2003 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Joseph M. O&#146;Donnell</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree
Ranch Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 54</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Executive&nbsp;Vice&nbsp;President</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Chief Compliance Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">March 2006 &#150; Present</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">November&nbsp;2004&nbsp;&#150;&nbsp;Present</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chief Compliance Officer of the ING Funds (November 2004 &#150; Present) and Executive Vice President of the ING Funds (March 2006 &#150; Present). Formerly, Chief Compliance Officer of ING
Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (March 2006 &#150; July 2008); Investment Advisor Chief Compliance Officer, Directed Services LLC</FONT><FONT
FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (4</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (March 2006 &#150; July 2008) and ING Life Insurance and Annuity Company (March 2006 &#150; December 2006); and Vice President,
Chief Legal Counsel, Chief Compliance Officer and Secretary of Atlas Securities, Inc., Atlas Advisers, Inc. and Atlas Funds (October 2001 &#150; October 2004).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Curtis F. Lee</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 55</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President and Chief Credit Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">February 2001 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President and Chief Credit Officer, ING Investment Management Co. (January 2001 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Todd Modic</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 41</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">March 2005 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3) </SUP></FONT><FONT
FACE="Times New Roman" SIZE="2">(March 2005 &#150; Present). Formerly, Vice President, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (September 2002 &#150; March 2005).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Daniel A. Norman</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 51</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Treasurer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">April 1995 &#150; Present</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">June 1997 &#150; Present</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President and Senior Portfolio Manager, ING Investment Management Co. (November 1999 - Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>William H. Rivoir III</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 58</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President and Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">February 2001 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President, ING Investment Management Co. (January 2004 &#150; Present).</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:82pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Positions&nbsp;Held&nbsp;with&nbsp;the&nbsp;Trust</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office&nbsp;and&nbsp;Length<BR>of Time Served <SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal Occupation(s) During</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>the Last Five Years</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Kimberly A. Anderson</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 44</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior&nbsp;Vice&nbsp;President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">November&nbsp;2003&nbsp;&#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (October 2003 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Jeffrey A. Bakalar</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 49</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">November&nbsp;1999&nbsp;&#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President, ING Investment Management Co. (January 2000 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Ernest J. C&#146;DeBaca</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree
Ranch Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 39</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">May&nbsp;2006&nbsp;&#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chief Compliance Officer, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">) </SUP></FONT><FONT FACE="Times New Roman" SIZE="2">(July 2008 &#150; Present); Investment Advisor Chief Compliance Officer, Directed Services LLC </FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> and ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT
FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (July 2008 &#150; Present); and Senior Vice President, ING Investments, LLC</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (April 2006 &#150; Present), ING Funds Distributor, LLC</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (</SUP></FONT><FONT FACE="Times New Roman"
SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (July 2008 &#150; Present), and Directed Services LLC</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (July 2008 &#150; Present). Formerly, Counsel, ING Americas, U.S. Legal Services (January 2004 &#150; March 2006).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Elliot A. Rosen</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 56</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior&nbsp;Vice&nbsp;President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">May 2002&nbsp;&#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President, ING Investment Management Co. (February 1999 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Robert Terris</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age:&nbsp;39</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">May 2006 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President, Head of Division Operations, ING Funds Services, LLC</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">
(3</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (May 2006 &#150; Present).
Formerly, Vice President of Administration, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (October
2001 &#150;May 2006).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Maria M. Anderson</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 51</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">September&nbsp;2004&nbsp;&#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (September 2004 &#150; Present). Formerly, Assistant Vice President, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)
</SUP></FONT><FONT FACE="Times New Roman" SIZE="2">(October 2001 &#150; September 2004).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Lauren D. Bensinger</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 55</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">August 2003 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President and Chief Compliance Officer, ING Funds Distributor, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (August 1995 &#150; Present); Vice President, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> and ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (February 1996 &#150; Present); and Director of
Compliance, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (October 2004 &#150; Present). Formerly, Chief
Compliance Officer, ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (October 2001 &#150; October 2004).
</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>William Evans</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">10 State House Square</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Hartford, Ct 06103</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 37</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">September 2007&nbsp;&#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President, Head of Mutual Fund Advisory Group (April 2007 &#150; Present), Vice President, U.S. Mutual Funds and Investment Products (May 2005 &#150; April 2007), Senior Fund Analyst, U.S.
Mutual Funds and Investment Products (May 2002 &#150; May 2005).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Robyn L. Ichilov</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 41</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">November 1997 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President and Treasurer, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (November 1995 &#150; Present) and ING Investments, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT FACE="Times New Roman"
SIZE="2"> (August 1997 &#150; Present).</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:82pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name, Address and Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Positions&nbsp;Held&nbsp;with&nbsp;the&nbsp;Trust</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Term&nbsp;of&nbsp;Office&nbsp;and&nbsp;Length<BR>of Time Served <SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal Occupation(s) During</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>the Last Five Years</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Denise Lewis</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 45</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">January&nbsp;2007&nbsp;&#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (December 2006 &#150; Present).&nbsp;Formerly, Senior Vice President, UMB Investment Services Group, LLC (November 2003 &#150; December 2006).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Kimberly K. Springer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 52</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">March 2006 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (March 2006 &#150; Present). Formerly, Assistant Vice President, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"> (August 2004 &#150; March 2006) and Manager, Registration Statements, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (May 2003 &#150; August 2004).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Susan P. Kinens</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 32</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Assistant Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">February&nbsp;2003&nbsp;&#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Assistant Vice President, ING Funds Services, LLC </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> (December 2002 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Craig Wheeler</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 39</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Assistant Vice President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">May 2008 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Assistant Vice President &#150; Director of Tax, ING Funds Services </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (March 2008 &#150; Present).
Formerly, Tax Manager, ING Funds Services</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (3</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (March 2005 &#150; March 2008); and Tax Senior, ING Funds Services</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (3</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (January 2004 &#150; March 2005).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Huey P. Falgout, Jr.</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch
Rd.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, AZ 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 45</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">August 2003 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chief Counsel, ING Americas, U.S. Legal Services (September 2003 &#150; Present).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Theresa K. Kelety</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, AZ 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 46</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">August 2003 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Senior Counsel, ING Americas, U.S. Legal Services (April 2003 &#150; Present). Formerly, Counsel, ING Americas, U.S. Legal Services (April 2003 &#150; April 2008).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Kathleen Nichols</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">7337 East Doubletree Ranch Rd.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Scottsdale, Arizona 85258</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Age: 33</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">May 2008 &#150; Present</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Counsel, ING Americas, U.S. Legal Services (February 2008 &#150; Present). Formerly, Associate, Ropes &amp; Gray LLP (September 2005 &#150; February 2008).</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">The Officers hold office until the next
annual meeting of the Trustees and until their successors shall have been elected and qualified. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">ING Investments, LLC was previously named
ING Pilgrim Investments, LLC. ING Pilgrim Investments, LLC is the successor in interest to ING Pilgrim Investments, Inc., which was previously known as Pilgrim Investments, Inc. and before that, was known as Pilgrim America Investments, Inc.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">ING Funds Services, LLC was previously named
ING Pilgrim Group, LLC. ING Pilgrim Group, LLC is the successor in interest to ING Pilgrim Group, Inc., which was previously known as Pilgrim Group, Inc. and before that was known as Pilgrim America Group, Inc. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">Directed Services LLC is the successor in
interest to Directed Services, Inc. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2">ING Funds Distributor, LLC is the successor
in interest to ING Funds Distributor, Inc., which was previously known as ING Pilgrim Securities, Inc., and before that, was known as Pilgrim Securities, Inc., and before that was known as Pilgrim America Securities, Inc.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Board </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Board
governs the Trust and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who oversee the Trust&#146;s activities, review contractual arrangements with companies that provide services to the Trust,
and review the Trust&#146;s performance. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Frequency of Board Meetings </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The Board currently conducts regular meetings seven (7)&nbsp;times a year. 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. 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. Each Committee listed below operates pursuant to a Charter approved by the Board. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Committees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Executive Committee. </I>The Board has established an Executive Committee whose function is to act on behalf of the full
Board between meetings when necessary. 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 1940 Act. The following Trustees currently
serve as members of the Executive Committee: Ms.&nbsp;Pressler and Messrs. Boyer, Crispin, Mathews and Vincent. Mr.&nbsp;Vincent, Chairman of the Board, serves as the Chairperson of the Executive Committee. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Executive Committee held eleven (11)&nbsp;meetings during the fiscal year ended February&nbsp;28, 2009. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Audit Committee. </I>The Board has established an Audit Committee whose functions include, among other things, to meet with the independent registered public
accounting firm of the Trust to review the scope of the Trust&#146;s audit, the Trust&#146;s financial statements and interim accounting controls, and to meet with management concerning these matters. The Audit Committee currently consists of four
(4)&nbsp;Independent Trustees: Messrs. Drotch and Earley and Mses. Chadwick and Pressler. Mr.&nbsp;Earley serves as Chairperson of the Audit Committee. Messrs. Drotch and Earley have been designated as the Audit Committee&#146;s financial experts
under the Sarbanes-Oxley Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Audit Committee held seven (7)&nbsp;meetings during the fiscal year ended February&nbsp;28, 2009. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Compliance Committee.</I><B><I> </I></B>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. 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. The Board also
oversees quarterly compliance reporting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The functions of the Compliance Committee also 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Compliance Committee
currently consists of four (4)&nbsp;Independent Trustees: Messrs. Kenny, Boyer and Vincent, and Ms.&nbsp;Baldwin. Mr.&nbsp;Kenny serves as Chairperson of the Compliance Committee. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Compliance Committee held four (4)&nbsp;meetings during the fiscal year ended February&nbsp;28, 2009. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Nominating and Governance Committee.</I><B><I> </I></B>The Board has established a Nominating and Governance Committee for the purpose of, among other things:
(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 changes and &#147;best practices&#148; in corporate governance; (5)&nbsp;conducting an annual review of the membership and chairpersons of all Board committees and of practices relating to such
membership and chairpersons; (6)&nbsp;undertaking a periodic study of compensation paid to independent board members of investment companies and making recommendations for any compensation changes for the Independent Trustees; (7)&nbsp;overseeing
the Board&#146;s annual self evaluation process; and (8)&nbsp;developing (with assistance from management) of an annual meeting calendar for the Board and its committees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">In evaluating potential candidates to fill Independent Trustee vacancies on the Board, the Nominating and Governance Committee will consider a variety of factors, but it has not at this time set any specific minimum
qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination. 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. A shareholder nominee for Trustee should be submitted in writing to the Trust&#146;s Secretary. Any such shareholder nomination should include, at
a minimum, the following information as to each individual proposed for nominations as Trustee: such individual&#146;s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a Trustee (if elected), and all
information relating to such individual that is required to be disclosed in the solicitation of proxies for election of Trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:3px;"><FONT FACE="Times New Roman" SIZE="2">The Secretary shall submit all nominations received in a timely manner to the Nominating and Governance Committee. To be timely in connection with a
shareholder meeting to elect Trustees, any such submission must be delivered to the Trust&#146;s Secretary not earlier than the 90</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> day prior to such meeting and not later than the close of business on the later of the 60</FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> day prior to such meeting or the 10</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Nominating and Governance Committee currently consists of four (4)&nbsp;Independent
Trustees: Mses. Baldwin and Chadwick, and Messrs. Kenny and Vincent. Ms.&nbsp;Baldwin serves as Chairperson of the Nominating and Governance Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">The Nominating and Governance Committee held two (2)&nbsp;meetings during the fiscal year ended February&nbsp;28, 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Investment Review
Committees. </I>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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Investment Review Committee for the Domestic Equity Funds currently consists of four (4)&nbsp;Independent Trustees and one (1)&nbsp;Trustee who is an
&#147;interested person&#148; of the Trust, as defined in the 1940 Act. The following Trustees currently serve as members of the Investment Review Committee for the Domestic Equity Funds: Mses. Chadwick and Pressler, and Messrs. 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Investment Review Committee for the
Domestic Equity Funds held five (5)&nbsp;meetings during the fiscal year ended February&nbsp;28, 2009. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Investment Review Committee for the International/Balanced/Fixed Income Funds currently consists of four
(4)&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 currently serve as members of the Investment Review Committee for the
International/Balanced/Fixed Income Funds: Messrs. Boyer, Kenny, Mathews and Vincent, and Ms.&nbsp;Baldwin. Mr.&nbsp;Boyer serves as Chairperson of the Investment Review Committee for the International/Balanced/Fixed Income Funds. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Investment Review Committee for the International/Balanced/Fixed Income Funds held six (6)&nbsp;meetings during the fiscal year ended February&nbsp;28, 2009.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Contracts Committee. </I>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. The responsibilities of the Contracts Committee include, among other things: (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, including, for example, proposed schedules of meetings by the Trustees. The Contracts Committee is responsible for making substantive recommendations whether to approve, renew, reject or modify agreements or plans. The Contracts
Committee operates pursuant to a Charter approved by the Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Contracts Committee currently consists of five (5)&nbsp;Independent Trustees: Mses.
Pressler and Chadwick, and Messrs. Boyer, Drotch, and Vincent. Ms.&nbsp;Pressler serves as Chairperson of the Contracts Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Contracts Committee
held eight (8)&nbsp;meetings during the fiscal year ended February&nbsp;28, 2009. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Trustee Ownership of Securities </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Share Ownership Policy </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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;). 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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. A new Trustee must satisfy the foregoing requirements within a reasonable amount, not to exceed three years, of becoming a Trustee. 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></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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, 2008. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:56pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name of Trustee</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity<BR>Securities in the Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity<BR>Securities&nbsp;in&nbsp;all&nbsp;Registered&nbsp;Investment<BR>Companies
Overseen by Trustee in<BR>Family of Investment Companies</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Independent Trustees</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Colleen D. Baldwin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$10,001-$50,000*</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">John V. Boyer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$50,001-$100,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Patricia W. Chadwick </FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$10,001-$50,000</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT FACE="Times New Roman"
SIZE="2"></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Peter S. Drotch</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$50,001-$100,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">J. Michael Earley</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Over $100,000</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Patrick W. Kenny</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$10,001-$50,000</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$50,001-$100,000*</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Sheryl K. Pressler </FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Over $100,000*</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Roger B. Vincent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Over $100,000</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Over $100,000*</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Trustees who are Interested Persons</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Robert W. Crispin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Shaun P. Mathews</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Over $100,000</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$10,001-$50,000*</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Funds held in a 401k/Deferred Compensation Account. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">As of January&nbsp;9, 2009, Ms.&nbsp;Chadwick owned over $100,000 in equity securities of the ING Funds. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Independent Trustee Ownership of Securities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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, 2008. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:56pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name of Trustee</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Name&nbsp;of&nbsp;Owners<BR>and&nbsp;Relationship<BR>to Trustee</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Company</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Title&nbsp;of&nbsp;Class</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Value&nbsp;of<BR>Securities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage&nbsp;of<BR>Class</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Colleen D. Baldwin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">John V. Boyer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Patricia W. Chadwick</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Peter S. Drotch</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">J. Michael Earley</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Patrick W. Kenny</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Sheryl K. Pressler</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Roger B. Vincent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_6"></A>Compensation of Trustees </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Each Trustee is reimbursed for expenses incurred in connection with each meeting of the Board or any Committee attended. Each Independent Trustee is compensated for his
or her services on a quarterly basis according to a fee schedule adopted by the Board. 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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust pays each Trustee who is not an interested person of the Trust, a pro rata share, as described below, of: (i)&nbsp;an annual retainer
of $200,000; (ii)&nbsp;Mr.&nbsp;Vincent, as Chairperson of the Board, receives an additional annual retainer of $75,000; (iii)&nbsp;Mses. Baldwin, Chadwick and Pressler and Messrs. Earley, Boyer and Kenny, as Chairpersons of Committees of the Board,
each receives an additional annual retainer of $15,000, $40,000, </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">$60,000, $30,000, $40,000 and $30,000, respectively; and (iv)&nbsp;out-of-pocket expenses. The pro rata share paid by the Trust is based on the Trust&#146;s
average net assets as a percentage of the average net assets of all the funds managed by the adviser or its affiliate, ING Investments for which the Trustees serve in common as Trustees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Each Trustee is reimbursed for expenses incurred in connection with each meeting of the Board or any Committee meeting attended. Each Independent Trustee is compensated for his or her services according to a fee
schedule adopted by the Board, and received a fee that consisted of an annual retainer and a meeting fee component. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following table sets forth
information provided by the Trust&#146;s investment adviser regarding compensation of the Trustees by the Trust and other funds managed by the adviser and its affiliates for the fiscal year ended February&nbsp;28, 2009. Trustees and Officers of the
Trust who are also directors, officers or employees of ING and its affiliates do not receive any compensation from the Trust or any other funds managed by the Adviser or its affiliates. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Compensation Table </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:56pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name of Trustee</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Aggregate</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>Compensation</B></FONT><br><FONT FACE="Times New Roman"
SIZE="1"><B>from&nbsp;the<BR>Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total&nbsp;Compensation</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>from&nbsp;the&nbsp;Trust&nbsp;and<BR>Fund
Complex Paid<BR>to Trustees<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Colleen D. Baldwin</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,127</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">208,791</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">John V. Boyer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,614</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">240,852</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Patricia W. Chadwick</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,599</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">240,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Robert W. Crispin</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Peter S. Drotch</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,999</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">200,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">J. Michael Earley</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,449</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">230,000</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">R. Barbara Gitenstein</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,680</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">133,333</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Patrick W. Kenny</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,449</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">230,000</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Shaun P. Mathews</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">n/a</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Walter H. May</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,100</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87,333</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Sheryl K. Pressler</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,899</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">260,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">David W.C. Putnam</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman"
SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,841</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">429,670</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Roger B. Vincent</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>
</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,124</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">275,000</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Trustee compensation includes compensation paid by funds that are not discussed in the Prospectuses or SAI. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Represents compensation from 159 funds paid by funds (total in complex as of February&nbsp;28, 2009). </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">For the fiscal year ended February&nbsp;28, 2009, Ms.&nbsp;Baldwin, Ms.&nbsp;Chadwick, Mr.&nbsp;Kenny, Ms.&nbsp;Pressler, and Mr.&nbsp;Vincent deferred $50,000; $180,000; $57,500;
$30,000; and $68,750 respectively, of their compensation from the Fund Complex. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Crispin and Mr.&nbsp;Mathews are &#147;Interested Persons,&#148; as defined by the 1940 Act, 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. Officers and Trustees who are interested persons do not receive any compensation from the Trust. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Represents the second of three annual installments of retirement benefits. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Represents the third of three annual installments of retirement benefits. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $400,000 in retirement benefits paid. Mr.&nbsp;Putnam retired as Trustee on February 28, 2008. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Retirement Benefit </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust has adopted a retirement policy under which any Trustee who, as of May&nbsp;9, 2007,
had served for at least five (5)&nbsp;years as a Trustee of one or more ING Funds and who is not an &#147;interested person&#148; of such ING Funds (as such term is defined in the 1940 Act) shall be entitled to a retirement payment (&#147;Retirement
Benefit&#148;) if such Trustee: (a)&nbsp;retires in accordance with the retirement policy; (b)&nbsp;dies; or (c)&nbsp;becomes disabled. The Retirement Benefit shall be made promptly to, as applicable, the Trustee or the Trustee&#146;s estate, after
such retirement, death or disability in an amount equal to two times the annual compensation payable to such Trustee, as in effect at the time of his or her retirement, death or disability. The annual compensation determination shall be based upon
the annual Board membership retainer fee (but not any separate annual retainer fees for chairpersons of committees and of the Board). This amount shall be paid by the ING Fund or ING Funds on whose Board the Trustee was serving at the time of his or
her retirement. The retiring Trustee may elect to receive payment of his or her benefit in a lump sum or in three substantially equal payments. For </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">22 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">the purpose of this policy, disability shall be the inability to perform the duties of a member of the Board because of the physical or mental impairment
that has lasted or that can be expected to last for a continuous period of not less than 12 months, as reasonably determined by a majority of the Board. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Control is defined by the 1940 Act as the beneficial ownership,
either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. A control person may be able to take action regarding the Trust without the consent or approval of other shareholders. As of
June&nbsp;11, 2009 no person owned beneficially, or of record, more than 25% of the Trust. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As of June&nbsp;11, 2009, 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As of June&nbsp;11, 2009, 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As of June&nbsp;11, 2009, 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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:64pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name and Address</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Class&nbsp;and&nbsp;Type</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>of&nbsp;Ownership</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage&nbsp;of&nbsp;Class</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage&nbsp;of&nbsp;Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cede &amp; Co.</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">P.O. Box 20</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT
FACE="Times New Roman" SIZE="2">Bowling Green Station</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">New York, NY 10274-0020</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Beneficial&nbsp;Owner</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">83.09</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">83.09</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ING Prime Rate Trust</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Attn: Rich Lavold and Dave Podolak</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">7337 E. Doubletree Ranch Road,</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Scottsdale AZ 85258-2034</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Beneficial Owner</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">5.96</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">5.96</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_7"></A>INVESTMENT MANAGEMENT AND OTHER SERVICE PROVIDERS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>ADVISER </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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). ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 75&nbsp;million private, corporate and institutional clients in more than 50 countries.&nbsp;With
a diverse workforce of about 125,000 people, ING Groep comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">On February&nbsp;26, 2001, the name of the Adviser changed from ING Pilgrim Investments, Inc. to ING Pilgrim Investments, LLC. On March&nbsp;1, 2002, the name of the Adviser was changed from ING Pilgrim Investments, LLC to ING Investments,
LLC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ING Investments serves pursuant to an investment management agreement (&#147;Investment Advisory Agreement&#148;) between ING Investments and the
Trust. The Investment Advisory Agreement requires ING Investments to oversee the provisions of all investment advisory and portfolio management services of the Trust. 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. ING Investments oversees the investment management of the Sub-Adviser. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">23 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Investment Advisory Agreement requires ING Investments to provide, subject to the supervision of the Board,
investment advice and investment services to the Trust and to furnish advice and recommendations with respect to investment of the Trust&#146;s assets and the purchase or sale of its portfolio securities. ING Investments also provides investment
research and analysis. 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On
August&nbsp;1, 2003, 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. 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. 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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Investment Advisory Agreement
is terminable without penalty with not less than sixty (60)&nbsp;days&#146; notice by the Board or by a vote of the holders of a majority of the Trust&#146;s outstanding shares voting as a single class, or upon not less than sixty
(60)&nbsp;day&#146;s notice by the Investment Manager. The Investment Advisory Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Approval of Advisory and Sub-Advisory Agreements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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;28, 2009. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Advisory Fees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ING Investments receives an annual fee, payable monthly, at an annual percentage rate of 0.80% of the Managed Assets of the
Trust. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For the fiscal years ended February&nbsp;28, 2009,&nbsp;February&nbsp;29, 2008, and February&nbsp;28, 2007, ING Investments was paid $10,457,618,
$15,097,475, and $16,030,822 respectively, for services rendered to the Trust. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>SUB-ADVISER </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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. 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-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">24 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ING IM serves as Sub-Adviser to the Trust pursuant to the Sub-Advisory Agreement between ING Investments and ING IM. 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. The Sub-Advisory Agreement also
requires ING IM to use reasonable compliance techniques as the Sub-Adviser or the Board may reasonably adopt, including any written compliance procedures. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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. The Sub-Advisory Agreement also may be terminated by: (i)&nbsp;ING
Investments at any time, upon sixty (60)&nbsp;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)&nbsp;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. 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. The Sub-Advisory Agreement will terminate automatically in the event of an assignment (as defined in the 1940 Act). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In this capacity, ING IM, subject to the supervision and control of ING Investments and the Trustees of the Trust, will manage the Trust&#146;s portfolio investments,
consistently with its investment objective, and execute any of the Trust&#146;s investment policies that it deems appropriate to utilize from time to time. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Sub-Advisory Fee </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For its services, ING IM is entitled to receive a sub-advisory fee of 0.3600%, 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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Total Sub-Advisory Fees Paid </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For the fiscal year ended February&nbsp;28, 2009,&nbsp;February&nbsp;29, 2008, and February&nbsp;28, 2007, ING Investments paid ING IM, in its capacity as Sub-Adviser;
$4,694,428; $6,812,477; and $7,213,870; respectively, in sub-advisory fees. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">25 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>PORTFOLIO MANAGERS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><I>Other Accounts Managed </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following table shows the number of accounts and total assets in the accounts managed by each Portfolio Manager
as of February&nbsp;28, 2009: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:63pt"><FONT FACE="Times New Roman" SIZE="1"><B>Portfolio Manager</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Registered&nbsp;Investment&nbsp;Companies</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other&nbsp;Pooled&nbsp;Investment&nbsp;Vehicles</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other Accounts*</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Accounts</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total Assets</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>(in billions)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Accounts</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total Assets</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>(in billions)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Accounts</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total&nbsp;Assets</B></FONT><br><FONT FACE="Times New Roman" SIZE="1"><B>(in billions)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Daniel A. Norman</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,628,411,912</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,558,709,884</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jeffrey A. Bakalar</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,628,411,912</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,558,709,884</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">None of these accounts have an advisory fee based on the performance of the account. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><I>Potential Material Conflicts of Interest </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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. Potential conflicts may arise out of the implementation of differing investment strategies for the portfolio manager&#146;s various accounts, the allocation of investment opportunities among those
accounts or differences in the advisory fees paid by the portfolio manager&#146;s accounts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A potential conflict of interest may arise as a result of the
portfolio manager&#146;s responsibility for multiple accounts with similar investment guidelines. 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. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A portfolio manager may also manage accounts whose objectives and policies differ from those of the Trust. 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. For example, if an account were to sell a significant position in a
security which could cause the market price of that security to decrease, while the Trust maintained its position in that security. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A potential conflict
may arise when a portfolio manager is responsible for accounts that have different advisory fees &#150; the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access
to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As part of its
compliance program, ING IM has adopted policies and procedures reasonably designed to address the potential conflicts of interest described above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Compensation </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Portfolio managers are also eligible to participate in an annual cash incentive plan. The overall design of the </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">26 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">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. As with base salary compensation, individual target awards are determined and set based on external market data and internal comparators. Investment performance is measured on both relative and absolute performance in all areas. ING IM has a
defined index, the Standard&nbsp;&amp; Poor&#146;s LSTA Leveraged Loan Index and, where applicable, peer groups including, but not limited to, Russell, Morningstar, Inc. (&#147;Morningstar&#148;), Lipper Analytical Services, Inc.
(&#147;Lipper&#148;) and Barclays Capital, and set performance goals to appropriately reflect requirements for the investment team. The measures for the team are outlined on a &#147;scorecard&#148; that is reviewed on an annual basis. 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. The results for overall ING IM scorecards are calculated on an asset weighted performance basis of the individual team scorecards. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Investment professionals&#146; performance measures for bonus determinations are weighted by 25% being attributable to the overall ING IM performance and 75%
attributable to their specific team results (60% investment performance and 15% net cash revenue). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Based on job function, internal comparators and
external market data, portfolio managers participate in the ING Long-Term Incentive Plan. Plan awards are based on the current year&#146;s performance as defined by the ING IM component of the annual incentive plan. 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Portfolio managers whose base salary compensation
exceeds a particular threshold may participate in ING&#146;s deferred compensation plan. The plan provides an opportunity to invest deferred amounts of compensation in mutual funds, ING stock or at an annual fixed interest rate. Deferral elections
are done on an annual basis and the amount of compensation deferred is irrevocable. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Ownership of Securities </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following table shows the dollar range of shares of the Trust owned by portfolio manager member as of February&nbsp;28, 2009, including investments by their immediate
family members and amounts invested through retirement and deferred compensation plans. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:63pt"><FONT FACE="Times New Roman" SIZE="1"><B>Portfolio Manager</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Trust&nbsp;Shares&nbsp;Owned</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Daniel A. Norman</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$100,001&nbsp;-&nbsp;$50,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jeffrey A. Bakalar</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Over $100,000</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ADMINISTRATOR </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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;). In connection with its administration of the corporate affairs of the Trust, the Administrator bears the following expenses: 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
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">27 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Except as indicated immediately above and under the section entitled &#147;Adviser,&#148; the Trust is responsible for
the payment of its expenses including: 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 Managed Assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Administrative fees paid by the Trust for the fiscal years ended February&nbsp;28,
2009,&nbsp;February&nbsp;29, 2008, and February&nbsp;28, 2007, were $3,268,006, $4,717,961, and $5,009,632, respectively, for services rendered to the Trust. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_8"></A>DISTRIBUTOR </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Shares of the Trust are distributed by ING Funds Distributor, LLC (&#147;ING
Funds Distributor&#148; or &#147;Distributor&#148;). 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. The Distributor bears all of its expenses of providing services pursuant to the Distribution Agreement. 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. The Trust also pays for supplementary sales literature and advertising costs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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)&nbsp;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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Common Shares will only be sold on such days as shall be agreed to by the Trust and ING Funds Distributor. The Common
Shares will be sold at market prices, which shall be determined with reference to trades on the NYSE, subject to a minimum price to be established each day by the Trust. The minimum price on any day will not be less than the current NAV per Common
Share. The Trust and ING Funds Distributor will suspend the sale of Common Shares if the per share price of the Common Shares is less than the minimum price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Settlements of sales of Common Shares will occur on the third business day following the date on which any such sales are made. 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 STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">28 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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. 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 STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_9"></A>PROXY VOTING PROCEDURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:3px;"><FONT FACE="Times New Roman" SIZE="2">The Board has adopted proxy voting procedures
and guidelines to govern the voting of proxies relating to the Trust&#146;s portfolio securities. The Trust&#146;s procedures delegate to ING Investments the authority to vote proxies relating to portfolio securities and provide a method for
responding to potential conflicts of interest. 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. 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 Trust&#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. Information regarding how the Trust voted proxies relating to portfolio securities for the one-year period ending June&nbsp;30</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> is available no later than August&nbsp;31</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">st</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> of each year through the ING Funds&#146; website (www.ingfunds.com) or by accessing the SEC&#146;s EDGAR database (www.sec.gov.)
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_10"></A>SHAREHOLDER INVESTMENT PROGRAM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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. 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. 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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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), PNC Global Investing Servicing (U.S.) Inc. (&#147;PNC&#148;) will purchase Common Shares on the open
market through a bank or securities broker as provided herein. 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. If the Market Price, plus estimated
commissions, exceeds the NAV before PNC has completed its purchases, PNC will use reasonable efforts to cease purchasing Common Shares, and the Trust shall issue the remaining Common Shares. 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. 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 PNC will purchase Common Shares on the open market or the Trust will issue the Common Shares for the Program. 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 PNC will purchase Common Shares on the open market. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">29 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Common Shares issued by the Trust under the Program will be issued without incurring a fee. 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%. The DRIP Pricing Period for a dividend reinvestment is the Valuation Date and the prior Trading Day. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 5%. 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. 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. The discount for optional cash investments is determined on the last business day of each
month. 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. Optional cash investments received by PNC no later than 4:00 p.m. Eastern time on the OCI payment Due Date to be invested on the relevant OCI Investment Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">See &#147;Federal Taxation&#151;Distributions&#148; for a discussion of the federal income tax ramifications of obtaining Common Shares under the Program. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Privately Negotiated Transactions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Common Shares may also be
offered pursuant to privately negotiated transactions between the Trust and specific 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Common Shares issued by the Trust in connection with privately
negotiated transactions will be issued at the greater of: (i)&nbsp;NAV per Common Share of the Trust&#146;s Common Shares; or (ii)&nbsp;at a discount ranging from 0% to 5% 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. 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 STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_11"></A>CODE OF ETHICS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Distributor, the Adviser, the Sub-Adviser 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. 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. The Code of </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">30 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">Ethics also prohibits short-term trading of the Trust by persons subject to the Code of Ethics. 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. The Sub-Adviser has adopted its own Code of
Ethics to govern the personal trading activities of its personnel. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Code of Ethics can be reviewed and copied at the SEC&#146;s Public Reference Room
located at 100 F Street, NE, Washington, DC 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at (202)&nbsp;551-8090. The Code of Ethics is available on the SEC&#146;s website (www.sec.gov) and
copies may also be obtained at prescribed rates by electronic request at publicinfo@sec.gov, or by writing the SEC&#146;s Public Reference Section at the address listed above. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_12"></A>PORTFOLIO TRANSACTIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust will generally have at least 80% of
its net assets (plus borrowings for investment purposes) invested in Senior Loans. 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. 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. Costs associated with purchasing or selling investments in the secondary market include processing fees paid to agents. These costs are allocated between the purchaser and
seller as agreed between the parties. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Adviser or Sub-Adviser for the Trust places orders for the purchase and sale of investment securities for the
Trust, pursuant to authority granted in the relevant Investment Advisory Agreement or Sub-Advisory Agreement. Subject to policies and procedures approved by the Trust&#146;s Board, the Adviser or 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In a situation where the Sub-Adviser
resigns or the Adviser otherwise assumes day to day management of the Trust pursuant to its Investment Advisory Agreement with the Trust, the Adviser will perform the services described herein as being performed by the Sub-Adviser. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>How Securities Transactions are Effected </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. In transactions on securities exchanges in the United States, these commissions are negotiated, while
on many foreign securities exchanges commissions are fixed. 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. Transactions in certain over-the-counter securities also may
be effected on an agency basis when, in the Adviser&#146;s or 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. 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. On occasion, certain money market instruments may be purchased
directly from an issuer, in which case no commissions or discounts are paid. The Adviser or Sub-Adviser may also place trades using an ECN or ATS. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">31 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>How the Adviser or Sub-Adviser Selects Broker-Dealers </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Adviser or 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. In selecting brokers and dealers to execute trades, the Adviser or 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. 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 Adviser or Sub-Adviser (consistent with the &#147;safe harbor&#148; described below); and the firms&#146; general reputation, financial condition and responsiveness to the
Adviser or Sub-Adviser, as demonstrated in the particular transaction or other transactions. Subject to its duty to seek best execution of the Trust&#146;s orders, the Adviser or 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. These credits are used to pay certain expenses of the Trust. These commission recapture payments benefit the Trust, and not the Adviser or Sub-Adviser. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>The Safe Harbor for Soft Dollar Practices </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In selecting broker-dealers to execute a trade for the Trust, the Adviser
or Sub-Adviser may consider the nature and quality of brokerage and research services provided to the Adviser or Sub-Adviser as a factor in evaluating the most favorable overall terms reasonably available under the circumstances<B>. </B>As permitted
by Section&nbsp;28(e) of the Securities Exchange Act 1934, the Adviser or 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 Adviser or 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 Adviser&#146;s or 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; Section&nbsp;28(e) is sometimes referred to as a &#147;safe harbor,&#148; because it
permits this practice, subject to a number of restrictions, including the Adviser&#146;s or 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Brokerage and Research Products and Services Under the Safe Harbor &#150;</I> 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 securities analysts, as well as in the form of meetings arranged </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">32 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">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, software related to order routing, market access,
algorithmic trading, and other trading activities. On occasion, a broker-dealer may furnish the Adviser or 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). In this case, the Adviser or 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 Adviser or
Sub-Adviser from its own funds, and not by portfolio commissions paid by the Trust. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Benefits to the Adviser or Sub-Adviser &#150;</I> Research products
and services provided to the Adviser or Sub-Adviser by broker-dealers that effect securities transactions for the Trust may be used by the Adviser or Sub-Adviser in servicing all of its accounts. Accordingly, not all of these services may be used by
the Adviser or Sub-Adviser in connection with the Trust. Some of these products and services are also available to the Adviser or Sub-Adviser for cash, and some do not have an explicit cost or determinable value. The research received does not
reduce the advisory fees paid to the Adviser or sub-advisory fees payable to the Sub-Adviser for services provided to the Trust. The Adviser&#146;s or Sub-Adviser&#146;s expenses would likely increase if the Adviser or 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 STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Broker-Dealers that are Affiliated
with the Adviser or the Sub-Adviser </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Portfolio transactions may be executed by brokers affiliated with the ING Groep, the Adviser, 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 STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Prohibition on Use of Brokerage Commissions for Sales or Promotional Activities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The placement of portfolio brokerage
with broker-dealers who have sold shares of the Trust is subject to rules adopted by the SEC and the Financial Industry Regulatory Authority (&#147;FINRA&#148;). 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
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Principal Trades and Research </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>More Information about trading in Fixed-Income Securities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. The 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 STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">33 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In purchasing and selling fixed-income securities, it is the policy of the Trust 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 STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Transition Management </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. This type of change generally will increase trading costs and the portfolio turnover for the Trust. The Trust, the Adviser, or the Sub-Adviser may engage a broker-dealer to provide transition management services in
connection with a change in the Sub-Adviser, a reorganization, or other changes. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Allocation of Trades </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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. 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 STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Cross-Transactions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 17a-7 under the 1940 Act and conditions of the policy. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PORTFOLIO TURNOVER RATE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 Trust 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. 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 securities during such year, all excluding securities whose maturities at acquisition were one year or less. 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. 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 Prospectuses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The annual rate of the Trust&#146;s total portfolio turnover for the
years ended February&nbsp;28, 2009,&nbsp;February&nbsp;29, 2008, and February&nbsp;28, 2007 was 10%, 60%, and 60%, respectively. The annual turnover rate of the Trust is </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">34 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">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. The annual turnover rate of the Trust also includes Senior Loans on which the Trust has received full or partial payment. 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 STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_13">
</A>NET ASSET VALUE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The NAV per Common Share of the Trust is determined each business day as of the close of regular trading on the NYSE (usually 4:00
p.m. Eastern time unless otherwise designated by the NYSE). The Trust is open for business every day the NYSE is open. As of the date of this SAI, the NYSE is closed on the following holidays: New Year&#146;s Day, Martin Luther King, Jr. Day,
Presidents&#146; Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. 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. The NAV per Common Share is made available for publication. </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_14"></A>FEDERAL TAXATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
following is only a summary of certain U.S. federal income tax considerations generally affecting the Trust and its shareholders. 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. Shareholders should consult with their own tax advisers regarding the specific federal, state, local, foreign and other tax consequences of investing in the Trust.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Qualification as a Regulated Investment Company </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 of 1986 (&#147;Code&#148;). 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In
addition to satisfying the Distribution Requirement and an asset diversification requirement discussed below, a RIC must derive at least 90% of its gross income for each taxable year from dividends, interest, certain payments with respect to
securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, net income derived from an 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In addition to
satisfying the requirements described above, the Trust must satisfy an asset diversification test in order to qualify as a RIC. 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. 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 STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">35 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In general, gain or loss recognized by the Trust on the disposition of an asset will be a capital gain or loss. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Such distributions generally would
be eligible for the dividends-received deduction in the case of corporate shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Moreover, if the Trust failed to qualify as a RIC for a period greater than one taxable year, the Trust may be required to recognize any net built-in gains
with respect to certain of its assets (the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized if the Trust had been liquidated) in order to qualify as a RIC in a subsequent year. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Excise Tax on Regulated Investment Companies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust intends to make sufficient distributions or deemed distributions (discussed below) of its ordinary taxable income and capital gain net
income to avoid liability for the excise tax. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Hedging Transactions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Under certain circumstances, the Trust may recognize gain from a constructive sale of an appreciated financial position. If the Trust enters into certain transactions in
property while holding substantially identical property, the Trust would be treated as if it had sold and immediately repurchased the property and would be taxed on any gain (but not loss) from the constructive sale. The character of gain from a
constructive sale would depend upon the Trust&#146;s holding period in the property. Loss from a constructive sale would be recognized when the property was subsequently disposed of, and its character would depend on the Trust&#146;s holding period
and the application of various loss deferral provisions in the Code. Constructive sale treatment does not apply to transactions closed in the 90-day period ending with the 30th day after the close of the taxable year, if certain conditions are met.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">36 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Distributions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
Trust anticipates distributing all or substantially all of its investment company taxable income for the taxable year. Such distributions will be taxable to shareholders as ordinary income. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
Trust may either retain or distribute to shareholders its net capital gain for each taxable year. The Trust currently intends to distribute any such amounts. 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%. Distributions are subject to these capital gains rates regardless of the length of time the shareholder has held his shares. 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. In such event, it is expected that the Trust also will elect to treat such gain as having been
distributed to shareholders. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. The rate reductions do not apply to corporate taxpayers. 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. 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. Distributions from funds, such as the Trust, investing in debt
instruments will not generally qualify for the lower rate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 or December with a record date in such a month and paid by the Trust during January of the following calendar year. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 if: (1)&nbsp;the shareholder fails to provide the Trust with a certified, correct
identification number or other required certifications; (2)&nbsp;the IRS notifies the Trust that the taxpayer identification number furnished by the shareholder is incorrect; (3)&nbsp;the IRS notifies the Trust that the shareholder failed to report
properly certain interest and dividend income to the IRS and to respond to notices to that effect; or (4)&nbsp;when required to do so, the shareholder fails to certify that he or she is not subject to backup withholding. Corporate shareholders and
other shareholders specified in the Code are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder&#146;s U.S. federal income tax liability if the appropriate
information is provided to the IRS. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">37 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Sale of Common Shares </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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 STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Repurchases
of Shares </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As noted above, the Trust may take action to repurchase its shares. If a shareholder tenders all shares of the Trust 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). If a shareholder tenders less than all of the shares of the Trust 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 Trust&#146;s earnings and profits and the shareholder&#146;s basis in the tendered shares. 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 Trust&#146;s purchase of tendered shares, and all or a portion of that deemed distribution may be taxable as a
dividend. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Foreign Shareholders </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">U.S. taxation of a
shareholder who, as to the United States, is a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership (&#147;foreign shareholder&#148;) depends, in part, on whether the shareholder&#146;s income from the
Trust is effectively connected with a U.S. trade or business carried on by such shareholder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. withholding tax at the rate of 30% (or lower treaty rate). 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. 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 February 2010 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. 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Such shareholders that are classified as corporations for U.S. tax purposes also may be subject to a branch profits tax. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">In the case of foreign non-corporate shareholders, the Trust may be required to withhold U.S. 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. (See, &#147;Distributions.&#148;) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">38 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different
from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Trust, including the applicability of foreign taxes. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Effect of Future Legislation; Other Tax Considerations </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The foregoing
general discussion of U.S. federal income tax consequences is based on the Code and the U.S. Treasury Regulations issued thereunder as in effect on the date of this SAI. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Income received by the Trust from foreign sources may be subject to withholding and other taxes imposed by such foreign jurisdictions, absent treaty relief. Distributions to shareholders also may be subject to state,
local and foreign taxes, depending upon each shareholder&#146;s particular situation. 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-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_15"></A>ADVERTISING AND PERFORMANCE DATA </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Advertising </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">From time to time, advertisements and other sales materials for the Trust may include information concerning the historical
performance of the Trust. Any such information may include trading volume of the Trust&#146;s Common Shares, the number of Senior Loan investments, annual total return, aggregate total return, distribution rate, average compounded distribution rates
and yields of the Trust for specified periods of time, and diversification statistics. Such information may also include rankings, ratings and other information from independent organizations such as Lipper; Morningstar; Value Line, Inc.; CDA
Technology, Inc.; S&amp;P&#146;s Portfolio Management Data (a division of S&amp;P); Moody&#146;s; Bloomberg or other industry publications. 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. Any such use of rankings and ratings in advertisements and sales literature will conform with the guidelines of FINRA approved by the SEC. Ranking comparisons and ratings should not be considered
representative of the Trust&#146;s relative performance for any future period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Reports and promotional literature may also contain the following
information: (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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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, Inc.,
CDA Technologies, Inc., or other rating services, companies, publications or other persons who rank or rate investment companies or other investment products on overall performance or 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 Corporation LLC (&#147;ING Capital&#148;); (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 STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">39 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust may compare the frequency of its reset period to the frequency which LIBOR changes. 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. Further, the Trust may compare such other yield data described above to each other. The Trust
may also compare its total return, NAV stability and yield to fixed-income investments. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust may provide information designed to help individuals understand their investment goals and explore various financial strategies.
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. Materials may also include discussion of other investment companies in the ING Funds, products and
services, and descriptions of the benefits of working with investment professionals in selecting investments. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Performance Data </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Trust may quote annual total return and aggregate total return performance data. 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. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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). The distribution rate is based solely on the actual dividends and distributions, which are made at the discretion of management. The distribution rate may or may not
include all investment income, and ordinarily will not include capital gains or losses, if any. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Distribution rate, compounded distribution rate and NAV per share can be expected to fluctuate over time. 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 STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_16"></A>GENERAL INFORMATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Custodian </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">State Street Bank and Trust Company, 801 Pennsylvania Avenue, Kansas City, Missouri 64105 has been
retained to act as the custodian for the Trust. State Street Bank and Trust Company does not have any part in determining the investment policies of the Trust or in determining which portfolio securities are to be purchased or sold by the Trust or
in the declaration of dividends and distributions. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">40 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Legal Counsel </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Legal
matters for the Trust are passed upon by Dechert LLP, 1775 I Street, NW, Washington, DC 20006. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Independent Registered Public Accounting Firm
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">KPMG LLP, serves as the independent registered public accounting firm for the Trust. 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-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><A NAME="sai88374_17"></A>FINANCIAL STATEMENTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The financial statements and the independent registered public accounting firms report
thereon, appearing in the Trust&#146;s annual shareholder report for the year ended February&nbsp;28, 2009 are incorporated by reference in this SAI. The Trust&#146;s annual and semi-annual (un-audited) shareholder reports are available at 7337 East
Doubletree Ranch Road, Scottsdale, Arizona 85258, upon request and without charge by calling (800)&nbsp;992-0180. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">41 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><A NAME="sai88374_18"></A>APPENDIX A </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ING FUNDS </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PROXY VOTING PROCEDURES
AND GUIDELINES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Effective Date: July&nbsp;10, 2003 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Revision Date: March&nbsp;27, 2009 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>I.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INTRODUCTION</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following are the Proxy Voting Procedures and
Guidelines (the &#147;Procedures and Guidelines&#148;) of the ING Funds set forth on <B><I>Exhibit 1 </I></B>attached hereto and each portfolio or series thereof, except for any &#147;Sub-Adviser-Voted Series&#148; identified on
<B><I>Exhibit&nbsp;1</I></B> and further described in Section&nbsp;III below (each non-Sub-Adviser-Voted Series hereinafter referred to as a &#147;Fund&#148; and collectively, the &#147;Funds&#148;). The purpose of these Procedures and Guidelines is
to set forth the process by which each Fund subject to these Procedures and Guidelines will vote proxies related to the equity assets in its investment portfolio (the &#147;portfolio securities&#148;). The Procedures and Guidelines have been
approved by the Funds&#146; Boards of Trustees/Directors</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>1</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> (each a &#147;Board&#148; and collectively, the &#147;Boards&#148;), including a majority
of the independent Trustees/Directors</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>2</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> of the Board. These Procedures and Guidelines may be amended only by the Board. The Board shall review these
Procedures and Guidelines at its discretion, and make any revisions thereto as deemed appropriate by the Board. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>II.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>COMPLIANCE COMMITTEE </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Furthermore, the Boards hereby delegate to each Committee the authority to review and approve material changes to proxy voting procedures of any Fund&#146;s investment
adviser (the &#147;Adviser&#148;). The Proxy Voting Procedures of the Adviser (the &#147;Adviser Procedures&#148;) are attached hereto as <B><I>Exhibit&nbsp;2</I></B>. Any determination regarding the voting of proxies of each Fund that is made by a
Committee, or any member thereof, as permitted herein, shall be deemed to be a good faith determination regarding the voting of proxies by the full Board. Each Committee </FONT></P> <P
STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>1</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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.
No provision in these Procedures is intended to impose any duty upon the particular Board or Compliance Committee with respect to any other Fund. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>2</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">may rely on the Adviser through the Agent, Proxy Coordinator and/or Proxy Group (as such terms are defined for purposes of the Adviser Procedures) to deal in
the first instance with the application of these Procedures and Guidelines. Each Committee shall conduct itself in accordance with its charter. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>III.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>DELEGATION OF VOTING AUTHORITY </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. The Board may revoke such delegation with respect to any proxy or proposal, and assume the responsibility of voting any Fund proxy or proxies as it deems appropriate. Non-material amendments to the Procedures and
Guidelines may be approved for immediate implementation by the President or Chief Financial Officer of a Fund, subject to ratification at the next regularly scheduled meeting of the Compliance Committee. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">A Board may elect to delegate the voting of proxies to the Sub-Adviser of a portfolio or series of the ING Funds.
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;). Sub-Adviser-Voted Series 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</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>1</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2">, has approved them on behalf of such Sub-Adviser-Voted Series. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">When a Fund participates in the lending of its securities
and the securities are on loan at record date, proxies related to such securities will not be forwarded to the Adviser by the Fund&#146;s custodian and therefore will not be voted. However, the Adviser shall use best efforts to 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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>Exhibit 1</I></B> attached hereto. This means that,
if the fund-of-funds must vote on a proposal with respect to an underlying investment company, the fund-of-funds will vote its interest in that underlying fund in the same proportion all other shareholders in the investment company voted their
interests. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">A fund that is a &#147;feeder&#148; fund in a master-feeder structure does not echo vote. Rather, it passes votes requested by the underlying
master fund to its shareholders. This means that, if the feeder fund is solicited by the master fund, it will request instructions from its own shareholders, either directly or, in the case of an insurance-dedicated Fund, through an insurance
product or retirement plan, as to the manner in which to vote its interest in an underlying master fund. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:8px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>1</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">When a Fund is a feeder in a master-feeder structure, proxies for the portfolio securities owned by the master fund will
be voted pursuant to the master fund&#146;s proxy voting policies and procedures. As such, and except as otherwise noted herein with respect to vote reporting requirements, feeder Funds shall not be subject to these Procedures and Guidelines.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>IV.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>APPROVAL AND REVIEW OF PROCEDURES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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>Exhibit 2</I></B>. The Board hereby approves such procedures. All material changes to the Adviser Procedures must be
approved by the Board or the Compliance 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
Compliance Committee at its next regularly scheduled meeting. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>V.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>VOTING PROCEDURES AND GUIDELINES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Guidelines that are set forth
in <I>Exhibit 3 </I>hereto specify the manner in which the Funds generally will vote with respect to the proposals discussed therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Unless otherwise
noted, the defined terms used hereafter shall have the same meaning as defined in the Adviser Procedures </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Routine Matters </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Agent shall be instructed to submit a
vote in accordance with the Guidelines where such Guidelines provide a clear &#147;For,&#148; &#147;Against,&#148; &#147;Withhold&#148; or &#147;Abstain&#148; on a proposal. However, the Agent shall be directed to refer any proxy proposal to the
Proxy Coordinator for instructions as if it were a matter requiring case-by-case consideration under circumstances where the application of the Guidelines is unclear, it appears to involve unusual or controversial issues, or an Investment
Professional (as such term is defined for purposes of the Adviser Procedures) recommends a vote contrary to the Guidelines. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Matters Requiring Case-by-Case Consideration </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Agent
shall be directed to refer proxy proposals accompanied by its written analysis and voting recommendation to the Proxy Coordinator where the Guidelines have noted &#147;case-by-case&#148; consideration. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Upon receipt of a referral from the Agent, the Proxy Coordinator may solicit additional research from the Agent, Investment Professional(s), as well as
from any other source or service. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">research obtained from the Investment Professional(s), the Agent or any other source to the Proxy Group. The Proxy Group may consult with the Agent and/or
Investment Professional(s), as it deems necessary. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Proxy Coordinator shall use best efforts to convene the Proxy Group with respect to
all matters requiring its consideration. In the event quorum requirements cannot be timely met in connection with a voting deadline, it shall be the policy of the Funds to vote in accordance with the Agent&#146;s recommendation, unless the
Agent&#146;s recommendation is deemed to be conflicted as provided for under the Adviser Procedures, in which case no action shall be taken on such matter (<I>i.e.</I>, a &#147;Non-Vote&#148;). </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Within-Guidelines Votes:</B> Votes in Accordance with a Fund&#146;s Guidelines and/or, where applicable, Agent Recommendation </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">In the event the Proxy Group, and where applicable, any Investment Professional participating in the voting process, recommend a vote Within Guidelines,
the Proxy Group will instruct the Agent, through the Proxy Coordinator, to vote in this manner. Except as provided for herein, no Conflicts Report (as such term is defined for purposes of the Adviser Procedures) is required in connection with
Within-Guidelines Votes. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non-Votes:</B> Votes in Which No Action is Taken </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The
Proxy Group may recommend that a Fund refrain from voting under circumstances including, but not limited to, the following: (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. In such instances, the Proxy Group may instruct the
Agent, through the Proxy Coordinator, not to vote such proxy. The Proxy Group may provide the Proxy Coordinator with standing instructions on parameters that would dictate a Non-Vote without the Proxy Group&#146;s review of a specific proxy. It is
noted a Non-Vote determination would generally not be made in connection with voting rights received pursuant to class action participation; while a Fund may no longer hold the security, a continuing economic effect on shareholders&#146; interests
is likely. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Reasonable efforts shall be made to secure and vote all other proxies for the Funds, but, particularly in markets in which
shareholders&#146; rights are limited, Non-Votes may also occur in connection with a Fund&#146;s related inability to timely access ballots or other proxy information in connection with its portfolio securities. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Non-Votes may also result in certain cases in which the Agent&#146;s recommendation has been deemed to be
conflicted, as described in V.B. above and V.B.4. below. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Out-of-Guidelines Votes:</B> 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></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">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). As provided for in the Adviser
Procedures, the Proxy Coordinator shall be responsible for identifying to Counsel potential conflicts of interest with respect to the Agent. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman"
SIZE="2">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)
and forward to such Committee(s) all information relevant to their review, including the following materials or a summary thereof: the applicable Procedures and Guidelines, the recommendation of the Agent, where applicable, the recommendation of the
Investment Professional(s), where applicable, any resources used by the Proxy Group in arriving at its recommendation, the Conflicts Report and any other written materials establishing whether a conflict of interest exists, and findings of Counsel
(as such term is defined for purposes of the Adviser Procedures). Upon Counsel&#146;s finding that a conflict of interest exists with respect to one or more members of the Proxy Group or the Advisers generally, the remaining members of the Proxy
Group shall not be required to complete a Conflicts Report in connection with the proxy. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">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="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Referrals to a Fund&#146;s Compliance Committee </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%">
<FONT FACE="Times New Roman" SIZE="2">whether a conflict of interest exists, in determining how to vote the proxies referred to the Committee. The Committee will instruct the Agent through the
Proxy Coordinator how to vote such referred proposals. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The Proxy Coordinator shall use best efforts to timely refer matters to a
Fund&#146;s Committee for its consideration. In the event any such matter cannot be timely referred to or considered by the Committee, it shall be the policy of the Funds to vote in accordance with the Agent&#146;s recommendation, unless the
Agent&#146;s recommendation is conflicted on a matter requiring case-by-case consideration, in which case no action shall be taken on such matter (<I>i.e.</I>, a &#147;Non-Vote&#148;). </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The Proxy Coordinator will maintain a record of all proxy questions that have been referred to a Fund&#146;s Committee, all applicable recommendations,
analysis, research and Conflicts Reports. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>VI.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CONFLICTS OF INTEREST </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In all cases in which a vote has not been
clearly determined in advance by the Procedures and Guidelines or for which the Proxy Group recommends an Out-of-Guidelines Vote, and Counsel has determined that a conflict of interest appears to exist with respect to the Agent, any member of the
Proxy Group, or any Investment Professional participating in the voting process, the proposal shall be referred to the Fund&#146;s Committee for determination so that the Adviser shall have no opportunity to vote a Fund&#146;s proxy in a situation
in which it or the Agent may be deemed to have a conflict of interest. In the event a member of a Fund&#146;s Committee believes he/she has a conflict of interest that would preclude him/her from making a voting determination in the best interests
of the beneficial owners of the applicable Fund, such Committee member shall so advise the Proxy Coordinator and recuse himself/herself with respect to determinations regarding the relevant proxy. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>VII.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>REPORTING AND RECORD RETENTION </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT
FACE="Times New Roman" SIZE="2">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</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> on the ING Funds website. No proxy voting record will be posted on the ING Funds website for any Fund that is a feeder in a master/feeder structure; however, a cross-reference to that of the master fund&#146;s proxy
voting record as filed in the SEC&#146;s EDGAR database will be posted on the ING Funds website. The proxy voting record for each Fund will also be available in the EDGAR database on the SEC&#146;s website. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>to the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ING Funds </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Proxy Voting Procedures </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING EQUITY TRUST </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING FUNDS TRUST </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING INFRASTRUCTURE DEVELOPMENT EQUITY FUND </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">ING INVESTMENT FUNDS, INC. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING INVESTORS TRUST</FONT><FONT
FACE="Times New Roman" SIZE="1"><SUP>1</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING MAYFLOWER TRUST </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING MUTUAL FUNDS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING PARTNERS, INC.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING PRIME RATE TRUST </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING RISK
MANAGED NATURAL RESOURCES FUND </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING SENIOR INCOME FUND </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">ING SEPARATE PORTFOLIOS TRUST </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING VARIABLE INSURANCE TRUST </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">ING VARIABLE PRODUCTS TRUST </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:8px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> <P STYLE="line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>1</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><I>Sub-Adviser-Voted Series:</I> ING Franklin Mutual Shares Portfolio </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>to the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ING Funds </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Proxy Voting Procedures </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ING INVESTMENTS, LLC, </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ING INVESTMENT MANAGEMENT CO. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AND
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>DIRECTED SERVICES LLC </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PROXY VOTING PROCEDURES </B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>I.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INTRODUCTION</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Advisers will abide by the proxy voting guidelines adopted by a Fund&#146;s respective Board of Directors or Trustees (each a &#147;Board&#148; and
collectively, the &#147;Boards&#148;) with regard to the voting of proxies unless otherwise provided in the proxy voting procedures adopted by a Fund&#146;s Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">In voting proxies, the Advisers are guided by general fiduciary principles. Each must act prudently, solely in the interest of the beneficial owners of the Funds it manages. The Advisers will not subordinate the interest of beneficial
owners to unrelated objectives. Each Adviser will vote proxies in the manner that it believes will do the most to maximize shareholder value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Unless otherwise noted, best efforts shall be used to vote proxies in all instances. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>II.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>ROLES AND RESPONSIBILITIES</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Proxy Coordinator </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">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;). The Proxy Coordinator is authorized to direct the Agent to vote a Fund&#146;s proxy in accordance with the Procedures and Guidelines unless the Proxy Coordinator receives a recommendation from an Investment
Professional (as described below) to vote contrary to the Procedures and Guidelines. In such event, and in connection with proxy proposals requiring case-by-case consideration (except in cases in which the Proxy Group has previously provided the
Proxy Coordinator with standing instructions to vote in accordance with the Agent&#146;s recommendation), the Proxy Coordinator will call a meeting of the Proxy Group (as described below). </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Responsibilities assigned herein to the Proxy Coordinator, or activities in support thereof, may be performed by such members of the Proxy Group or
employees of the Advisers&#146; affiliates as are deemed appropriate by the Proxy Group. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Unless specified otherwise, information provided
to the Proxy Coordinator in connection with duties of the parties described herein shall be deemed delivered to the Advisers. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Agent </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">An independent proxy voting service (the
&#147;Agent&#148;), as approved by the Board of each Fund, shall be engaged to assist in the voting of Fund proxies for publicly traded securities through the provision of vote analysis, implementation, recordkeeping and disclosure services. The
Agent is ISS Governance Services, a unit of RiskMetrics Group, Inc. The Agent is responsible for coordinating with the Funds&#146; custodians to ensure that all proxy materials received by the custodians relating to the portfolio securities are
processed in a timely fashion. To the extent applicable, the Agent is required to vote and/or refer all proxies in accordance with these Adviser Procedures. The Agent will retain a record of all proxy votes handled by the Agent. Such record must
reflect all the information required to be disclosed in a Fund&#146;s Form N-PX pursuant to Rule&nbsp;30b1-4 under the Investment Company Act. In addition, the Agent is responsible for maintaining copies of all proxy statements received by issuers
and to promptly provide such materials to the Adviser upon request. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">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="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Agent shall be instructed to obtain all proxies from the Funds&#146; custodians and to review each proxy proposal against the Guidelines. The Agent
also shall be requested to call the Proxy Coordinator&#146;s attention to specific proxy proposals that although governed by the Guidelines appear to involve unusual or controversial issues. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">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. Unless otherwise specified, references herein to recommendations of the Agent shall refer to those in which no conflict of interest has been identified. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Proxy Group </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Adviser shall establish a Proxy Group
(the &#147;Group&#148; or &#147;Proxy Group&#148;) which shall assist in the review of the Agent&#146;s recommendations when a proxy voting issue is referred to the Group through the Proxy Coordinator. The members of the Proxy Group, which may
include employees of the Advisers&#146; affiliates, are identified in <I>Appendix 1</I>, as may be amended from time at the Advisers&#146; discretion. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">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. The vote of a simple majority of the members present and voting shall determine any matter submitted to a vote. Tie votes shall be broken by securing the vote of members not present at the
meeting; provided, however, that the Proxy Coordinator shall ensure compliance with all applicable voting and conflict of interest procedures and shall use best efforts to secure votes from all or as many absent members as may reasonably be
accomplished. The Proxy Group may meet in person or by telephone. The Proxy Group also may take action via electronic mail in lieu of a meeting, provided that each Group member has received a copy of any relevant electronic mail transmissions
circulated by each other participating Group member prior to voting and provided that the Proxy Coordinator follows the directions of a majority of a quorum (as defined above) responding via electronic mail. For all votes taken in person or by
telephone or teleconference, the vote shall be taken outside the presence of any person other than the members of the Proxy Group and such other persons whose attendance may be deemed appropriate by the Proxy Group from time to time in furtherance
of its duties or the day-to-day administration of the Funds. In its discretion, the Proxy Group may provide the Proxy Coordinator with standing instructions to perform responsibilities assigned herein to the Proxy Group, or activities in support
thereof, on its behalf, provided that such instructions do not contravene any requirements of these Adviser Procedures or a Fund&#146;s Procedures and Guidelines. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">A meeting of the Proxy Group will be held whenever (1)&nbsp;the Proxy Coordinator receives a recommendation from an Investment Professional to vote a Fund&#146;s proxy contrary to the Procedures and Guidelines, or the
recommendation of the Agent, where applicable, (2)&nbsp;the Agent has made no recommendation with respect to a vote on a proposal, or (3)&nbsp;a </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">
<FONT FACE="Times New Roman" SIZE="2">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="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">For each proposal referred to the Proxy Group, it
will review (1)&nbsp;the relevant Procedures and Guidelines, (2)&nbsp;the recommendation of the Agent, if any, (3)&nbsp;the recommendation of the Investment Professional(s), if any, and (4)&nbsp;any other resources that any member of the Proxy Group
deems appropriate to aid in a determination of a recommendation. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">If the Proxy Group recommends that a Fund vote in accordance with the
Procedures and Guidelines, or the recommendation of the Agent, where applicable, it shall instruct the Proxy Coordinator to so advise the Agent. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2">If the Proxy Group recommends that a Fund vote contrary to the Procedures and Guidelines, or the recommendation of the Agent, where applicable, or if the Agent&#146;s recommendation on a matter requiring case-by-case consideration is deemed
to be conflicted, it shall follow the procedures for such voting as established by a Fund&#146;s Board. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Proxy Coordinator shall use
best efforts to convene the Proxy Group with respect to all matters requiring its consideration. In the event quorum requirements cannot be timely met in connection with to a voting deadline, the Proxy Coordinator shall follow the procedures for
such voting as established by a Fund&#146;s Board. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">D.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Investment Professionals </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Funds&#146; Advisers,
sub-advisers and/or portfolio managers (each referred to herein as an &#147;Investment Professional&#148; and collectively, &#147;Investment Professionals&#148;) may submit, or be asked to submit, a recommendation to the Proxy Group regarding the
voting of proxies related to the portfolio securities over which they have day-to-day portfolio management responsibility. The Investment Professionals may accompany their recommendation with any other research materials that they deem appropriate
or with a request that the vote be deemed &#147;material&#148; in the context of the portfolio(s) they manage, such that lending activity on behalf of such portfolio(s) with respect to the relevant security should be reviewed by the Proxy Group and
considered for recall and/or restriction. Input from the relevant sub-advisers and/or portfolio managers shall be given primary consideration 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. 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. In order to
recall or restrict shares timely for material voting purposes, the Proxy Group shall use best efforts to consider, and when deemed appropriate, to act upon, such requests timely, and 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="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>III.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>VOTING PROCEDURES</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Routine Matters </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Agent shall be instructed to submit a
vote in accordance with the Guidelines where such Guidelines provide a clear &#147;For,&#148; &#147;Against,&#148; &#147;Withhold&#148; or &#147;Abstain&#148; on a proposal. However, the Agent shall be directed to refer any proxy proposal to the
Proxy Coordinator for instructions as if it were a matter requiring case-by-case consideration under circumstances where the application of the Guidelines is unclear, it appears to involve unusual or controversial issues, or an Investment
Professional recommends a vote contrary to the Guidelines. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">C.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Matters Requiring Case-by-Case Consideration </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The Agent
shall be directed to refer proxy proposals accompanied by its written analysis and voting recommendation to the Proxy Coordinator where the Guidelines have noted &#147;case-by-case&#148; consideration. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Upon receipt of a referral from the Agent, the Proxy Coordinator may solicit additional research from the Agent, Investment Professional(s), as well as
from any other source or service. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Except in cases in which the Proxy Group has previously provided the Proxy Coordinator with standing
instructions to vote in accordance with the Agent&#146;s recommendation, the Proxy Coordinator will forward the Agent&#146;s analysis and recommendation and/or any research obtained from the Investment Professional(s), the Agent or any other source
to the Proxy Group. The Proxy Group may consult with the Agent and/or Investment Professional(s), as it deems necessary. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Within-Guidelines Votes:</B> Votes in Accordance with a Fund&#146;s Guidelines and/or, where applicable, Agent Recommendation </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">In the event the Proxy Group, and where applicable, any Investment Professional participating in the voting process, recommend a vote Within Guidelines,
the Proxy Group will instruct the Agent, through the Proxy Coordinator, to vote in this manner. Except as provided for herein, no Conflicts Report (as such term is defined herein) is required in connection with Within-Guidelines Votes. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non-Votes:</B> Votes in Which No Action is Taken </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The
Proxy Group may recommend that a Fund refrain from voting under circumstances including, but not limited to, the following: (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. In such instances, the Proxy Group may instruct the
Agent, through the Proxy Coordinator, not to vote such proxy. The Proxy Group may provide the Proxy Coordinator with standing instructions on parameters that would dictate a Non-Vote without the Proxy Group&#146;s review of a specific proxy. It is
noted a Non-Vote determination would generally not be made in connection with voting rights received pursuant to class action participation; while a Fund may no longer hold the security, a continuing economic effect on shareholders&#146; interests
is likely. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Reasonable efforts shall be made to secure and vote all other proxies for the Funds, but, particularly in markets in which
shareholders&#146; rights are limited, Non-Votes may also occur in connection with a Fund&#146;s related inability to timely access ballots or other proxy information in connection with its portfolio securities. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Non-Votes may also result in certain cases in which the Agent&#146;s recommendation has been deemed to be conflicted, as provided for in the Funds&#146;
Procedures. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Out-of-Guidelines Votes:</B> 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></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">If the Proxy Group recommends that a Fund vote contrary to the Procedures and
Guidelines, or the recommendation of the Agent, where applicable, if the Agent has made no recommendation on a matter requiring case-by-case consideration and the Procedures and Guidelines are silent, or the Agent&#146;s recommendation on a matter
requiring case-by-case consideration is deemed to be conflicted as provided for under these Adviser Procedures, the Proxy Coordinator will then implement the procedures for handling such votes as adopted by the Fund&#146;s Board. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>IV.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>ASSESSMENT OF THE AGENT AND CONFLICTS OF INTEREST </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In furtherance
of the Advisers&#146; fiduciary duty to the Funds and their beneficial owners, the Advisers shall establish the following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Assessment of the Agent </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The Advisers shall establish that
the Agent (1)&nbsp;is independent from the Advisers, (2)&nbsp;has resources that indicate it can competently provide analysis of proxy issues and (3)&nbsp;can make recommendations in an impartial manner and in the best interests of the Funds and
their beneficial owners. The Advisers shall utilize, and the Agent shall comply with, such methods for establishing the foregoing as the Advisers may deem reasonably appropriate and shall do not less than annually as well as prior to engaging the
services of any new proxy service. The Agent shall also notify the Advisers in writing within fifteen (15)&nbsp;calendar days of any material change to information previously provided to an Adviser in connection with establishing the Agent&#146;s
independence, competence or impartiality. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Information provided in connection with assessment of the Agent shall be forwarded to a member of
the mutual funds practice group of ING US Legal Services (&#147;Counsel&#148;) for review. Counsel shall review such information and advise the Proxy Coordinator as to whether a material concern exists and if so, determine the most appropriate
course of action to eliminate such concern. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Conflicts of Interest </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The Advisers shall establish and
maintain procedures to identify and address conflicts that may arise from time to time concerning the Agent. Upon the Advisers&#146; request, which shall be not less than annually, and within fifteen (15)&nbsp;calendar days of any material change to
such information previously provided to an Adviser, the Agent shall provide the Advisers with such information as the Advisers deem reasonable and appropriate for use in determining material relationships of the Agent that may pose a conflict of
interest with respect to the Agent&#146;s proxy analysis or recommendations. The Proxy Coordinator shall forward all such information to Counsel for review. Counsel shall review such information and provide the Proxy Coordinator with a brief
statement regarding whether or not a material conflict of interest is present. Matters as to which a material conflict of interest is deemed to be present shall be handled as provided in the Fund&#146;s Procedures and Guidelines. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">In connection with their participation in the voting process for portfolio securities, each member of the Proxy Group, and each Investment Professional
participating in the voting process, must act solely in the best interests of the beneficial owners of the applicable Fund. The members of the Proxy Group may not subordinate the interests of the Fund&#146;s beneficial owners to unrelated
objectives, including taking steps to reasonably insulate the voting process from any conflict of interest that may exist in connection with the Agent&#146;s services or utilization thereof. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-14 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">For all matters for which the Proxy Group recommends an Out-of-Guidelines Vote, or for which a
recommendation contrary to that of the Agent or the Guidelines has been received from an Investment Professional and is to be utilized, the Proxy Coordinator will implement the procedures for handling such votes as adopted by the Fund&#146;s Board,
including completion of such Conflicts Reports as may be required under the Fund&#146;s Procedures. Completed Conflicts Reports shall be provided to the Proxy Coordinator within two (2)&nbsp;business days. Such Conflicts Report should describe any
known conflicts of either a business or personal nature, and set forth any contacts with respect to the referral item with non-investment personnel in its organization or with outside parties (except for routine communications from proxy
solicitors). The Conflicts Report should also include written confirmation that any recommendation from an Investment Professional provided in connection with an Out-of-Guidelines Vote or under circumstances where a conflict of interest exists was
made solely on the investment merits and without regard to any other consideration. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The Proxy Coordinator shall forward all Conflicts
Reports to Counsel for review. Counsel shall review each report and provide the Proxy Coordinator with a brief statement regarding whether or not a material conflict of interest is present. Matters as to which a material conflict of interest is
deemed to be present shall be handled as provided in the Fund&#146;s Procedures and Guidelines. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>V.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>REPORTING AND RECORD RETENTION </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Adviser shall maintain the
records required by Rule 204-2(c)(2), as may be amended from time to time, including the following: (1)&nbsp;A copy of each proxy statement received regarding a Fund&#146;s portfolio securities. Such proxy statements received from issuers are
available either in the SEC&#146;s EDGAR database or are kept by the Agent and are available upon request. (2)&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. All proxy voting materials and supporting documentation will be retained for a minimum of six (6)&nbsp;years. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>APPENDIX 1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>to the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Advisers&#146; Proxy Voting Procedures </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Proxy Group for registered investment company clients of ING Investments, LLC, ING Investment Management Co. and Directed Services LLC: </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:20pt"><FONT FACE="Times New Roman" SIZE="1"><B>Name</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Title or Affiliation</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Stanley D. Vyner</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chief Investment Risk Officer and Executive Vice President, ING Investments, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Todd Modic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President, ING Funds Services, LLC and ING Investments, LLC; and Chief Financial Officer of the ING Funds</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maria Anderson</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Vice President of Fund Compliance, ING Funds Services, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Karla J. Bos</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Proxy Coordinator for the ING Funds and Assistant Vice President &#150; Special Projects, ING Funds Services, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Julius A. Drelick III, CFA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Vice President, Platform Product Management and Project Management, ING Funds Services, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Harley Eisner</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Vice President of Financial Analysis, ING Funds Services, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Theresa K. Kelety, Esq.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Counsel, ING Americas US Legal Services</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Effective as of January&nbsp;1, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-16 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 3 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>to the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ING Funds </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Proxy Voting Procedures </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PROXY VOTING GUIDELINES OF
THE ING FUNDS </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>I.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INTRODUCTION </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following is a statement of the Proxy Voting
Guidelines (&#147;Guidelines&#148;) that have been adopted by the respective Boards of Directors or Trustees of each Fund. Unless otherwise provided for herein, any defined term used herein shall have the meaning assigned to it in the Funds&#146;
and Advisers&#146; Proxy Voting Procedures (the &#147;Procedures&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Proxies must be voted in the best interest of the Fund(s). The Guidelines
summarize the Funds&#146; positions on various issues of concern to investors, and give a general indication of how Fund portfolio securities will be voted on proposals dealing with particular issues. The Guidelines are not exhaustive and do not
include all potential voting issues. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Advisers, in exercising their delegated authority, will abide by the Guidelines as outlined below with regard to
the voting of proxies except as otherwise provided in the Procedures. In voting proxies, the Advisers are guided by general fiduciary principles. Each must act prudently, solely in the interest of the beneficial owners of the Funds it manages. The
Advisers will not subordinate the interest of beneficial owners to unrelated objectives. Each Adviser will vote proxies in the manner that it believes will do the most to maximize shareholder value. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>II.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>GUIDELINES </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following Guidelines are grouped according to the
types of proposals generally presented to shareholders of U.S. issuers: 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. An additional section addresses proposals most frequently found in global proxies. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>General Policies </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">These Guidelines apply to securities of
publicly traded companies and to those of privately held companies if publicly available disclosure permits such application. All matters for which such disclosure is not available shall be considered CASE-BY-CASE. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">It shall generally be the policy of the Funds to take no action on a proxy for which no Fund holds a position or
otherwise maintains an economic interest in the relevant security at the time the vote is to be cast. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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, ISS Governance Services, a unit of RiskMetrics Group, Inc. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 the recommendation of the relevant issuer&#146;s management or management has made no recommendation. However, this policy shall not apply to
CASE-BY-CASE proposals for which a contrary recommendation from the Investment Professional for the relevant Fund has been received and is to be utilized, provided that incorporation of any such recommendation shall be subject to the conflict of
interest review process required under the Procedures. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Such input shall be given primary
consideration with respect to CASE-BY-CASE proposals being considered on behalf of the relevant Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Except as otherwise provided for herein, it shall
generally be the policy of the Funds not to support proposals that would impose a negative impact on existing rights of the Funds to the extent that any positive impact would not be deemed sufficient to outweigh removal or diminution of such rights.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The foregoing policies may be overridden in any case as provided for in the Procedures. Similarly, the Procedures provide that proposals whose Guidelines
prescribe a firm voting position may instead be considered on a CASE-BY-CASE basis in cases in which unusual or controversial circumstances so dictate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Interpretation and application of these Guidelines is not intended to supersede any law, regulation, binding agreement or other legal requirement to which an issuer may be or become subject. No proposal shall be supported whose
implementation would contravene such requirements. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>The Board of Directors</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Voting on Director Nominees in
Uncontested Elections </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Unless otherwise provided for herein, the Agent&#146;s standards with respect to determining director independence shall apply.
These standards generally provide that, to be considered completely independent, a director shall have no material connection to the company other than the board seat. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-18 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Agreement with the Agent&#146;s independence standards shall not dictate that a Fund&#146;s vote shall be cast according
to the Agent&#146;s corresponding recommendation. Votes on director nominees not subject to specific policies described herein should be made on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Where applicable and except as otherwise provided for herein, it shall be the policy of the Funds to lodge disagreement with an issuer&#146;s policies or practices by withholding support from a proposal for the
relevant policy or practice rather than the director nominee(s) to which the Agent assigns a correlation. 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 did not serve on the board or relevant
committee during the majority of the time period relevant to the concerns cited by the Agent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">WITHHOLD support from a nominee who, during both of the most
recent two years, attended less than 75 percent of the board and committee meetings without a valid reason for the absences. DO NOT 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">WITHHOLD support from a nominee in connection with poison pill or anti-takeover considerations (<I>e.g.</I>, furtherance of measures
serving to disenfranchise shareholders or failure to remove restrictive pill features or ensure pill expiration or submission to shareholders for vote) in cases for which culpability for implementation or renewal of the pill in such form can be
specifically attributed to the nominee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Provided that a nominee served on the board during the relevant time period, WITHHOLD support from a nominee who
has 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. However, in the case of
shareholder proposals seeking shareholder ratification of a poison pill, generally DO NOT WITHHOLD support from a nominee in such cases if the company has already implemented a policy that should reasonably prevent abusive use of the pill.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. Generally, vote FOR nominees when (1)&nbsp;the issue relevant to the majority negative vote has been adequately addressed or cured or (2)&nbsp;the
Funds&#146; Guidelines or voting record do not support the relevant issue. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">WITHHOLD support from inside directors or affiliated outside directors who sit on the audit committee. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">DO NOT WITHHOLD support from inside directors or affiliated outside directors if
the full board serves as the compensation or nominating committee OR has not created one or both committees, provided that the issuer is in compliance with all provisions of the listing exchange in connection with performance of relevant functions
(<I>e.g.</I>, performance of relevant functions by a majority of independent directors in lieu of the formation of a separate committee). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Compensation
Practices: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">It shall generally be the policy of the Funds that matters of compensation are best determined by an independent board and compensation
committee. Votes on director nominees in connection with compensation practices should be considered on a CASE-BY-CASE basis, and generally: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Where applicable and except as otherwise provided for herein, DO NOT WITHHOLD support from nominees who did not serve on the compensation 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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In cases in which the Agent has identified a &#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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If the Agent recommends withholding support from nominees in connection with overly liberal change in control provisions, including those lacking a double trigger, DO NOT WITHHOLD
support from such nominees if mitigating provisions or board actions (<I>e.g.</I>, clawbacks) are present. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If the Agent recommends withholding support from nominees in connection with their failure to seek a shareholder vote on plans to reprice, replace or exchange options, generally
WITHHOLD support from such nominees. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If the Agent recommends withholding support from nominees that have approved compensation that is ineligible for tax benefits to the company (<I>e.g.</I>, under Section&nbsp;162(m)
of OBRA), DO NOT WITHHOLD support from such nominees if the company has provided adequate rationale or disclosure or the plan itself is being put to shareholder vote at the same meeting. If the plan is up for vote, the provisions under
Section&nbsp;8., OBRA-Related Compensation Proposals, shall apply. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If the Agent recommends withholding support from nominees in connection with executive compensation practices related to tax gross-ups, perquisites, provisions related to retention
or recruitment, including contract length or renewal provisions, &#147;guaranteed&#148; awards, pensions/SERPs, severance or termination arrangements, vote FOR such nominees if the issuer has provided adequate rationale and/or disclosure, factoring
in any overall adjustments or reductions to the compensation package at issue. Generally DO NOT WITHHOLD support solely due to such practices if the total compensation appears reasonable, but consider on a CASE-BY-CASE basis compensation packages
representing a combination of such provisions and deemed by the Agent to be excessive. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-20 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If the Agent has raised issues of options backdating, consider members of the compensation committee, or board, as applicable, as well as company executives nominated as directors,
on a CASE-BY-CASE basis. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If the Agent has raised other considerations regarding poor compensation practices, consider nominees on a CASE-BY-CASE basis. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Accounting Practices: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR independent outside director nominees serving on the audit committee. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Where applicable and except as otherwise provided for herein, generally DO NOT WITHHOLD support from nominees serving on the audit committee who did not serve on that committee
during the majority of the time period relevant to the concerns cited by the Agent. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If the Agent has raised concerns regarding poor accounting practices, consider 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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Board Independence: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 not majority independent on a CASE-BY-CASE basis. Generally:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">WITHHOLD support from the fewest directors whose removal would achieve majority independence across the remaining board, except that support may be withheld from additional nominees
whose relative level of independence cannot be differentiated. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Non-voting directors (<I>e.g.</I>, director emeritus or advisory director) shall be excluded from calculations with respect to majority board independence. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">When conditions contributing to a lack of majority independence remain substantially similar to those in the previous year, it shall generally be the policy of the Funds to vote on
nominees in a manner consistent with votes cast by the Fund(s) in the previous year. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally vote FOR nominees without regard to &#147;over-boarding&#148; issues raised by the Agent unless other concerns
requiring CASE-BY-CASE consideration have been raised. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Performance Test for Directors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider nominees
failing the Agent&#146;s performance test, which includes market-based and operating performance measures, on a CASE-BY-CASE basis. Input from the Investment Professional(s) for a given Fund shall be given primary consideration with respect to such
proposals. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Proposals Regarding Board Composition or Board Service </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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. 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.<B> </B> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST shareholder proposals asking that more than a simple majority of directors be independent. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST shareholder proposals asking that board compensation and/or nominating committees be composed exclusively of independent directors. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST shareholder proposals to limit the number of public company boards on which a director may serve. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST shareholder proposals requesting creation of additional board committees or offices, except as otherwise provided for
herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST shareholder proposals to limit the tenure of outside directors or impose a mandatory retirement age for outside
directors (unless the proposal seeks to relax existing standards), but generally DO NOT VOTE AGAINST management proposals in this regard. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-22 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Stock Ownership Requirements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Director and Officer Indemnification and Liability Protection </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Proposals on director and officer indemnification and
liability protection should be evaluated on a CASE-BY-CASE basis, using Delaware law as the standard. Vote AGAINST proposals to limit or eliminate entirely directors&#146; and officers&#146; liability for monetary damages for violating the duty of
care. Vote AGAINST indemnification proposals that would expand coverage beyond just legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligation than mere carelessness. Vote FOR only those proposals providing
such expanded coverage in cases when a director&#146;s or officer&#146;s legal defense was unsuccessful if: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Only if the director&#146;s legal expenses would be covered. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Proxy Contests</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">These proposals should generally be analyzed
on a CASE-BY-CASE basis. Input from the Investment Professional(s) for a given Fund shall be given primary consideration with respect to proposals in connection with proxy contests being considered on behalf of that Fund. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Voting for Director Nominees in Contested Elections </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Votes in a
contested election of directors must be evaluated on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Reimburse Proxy Solicitation Expenses </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Voting to reimburse proxy solicitation expenses should be analyzed on a CASE-BY-CASE basis. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Auditors</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Ratifying Auditors </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, except in cases of poor accounting practices or high non-audit fees, vote FOR management proposals to ratify auditors. Consider management proposals to ratify
auditors on a CASE-BY-CASE basis if the Agent cites poor accounting practices. 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. 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. 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-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-23 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Auditor Independence </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Audit Firm Rotation: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST shareholder proposals
asking for mandatory audit firm rotation. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Proxy Contest Defenses</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Board Structure: Staggered vs.
Annual Elections </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST proposals to classify the board or otherwise restrict shareholders&#146; ability to vote upon directors.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR proposals to repeal classified boards and to elect all directors annually. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholder Ability to Remove Directors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST
proposals that provide that directors may be removed only for cause. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR proposals to restore shareholder ability to remove directors with
or without cause. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST proposals that provide that only continuing directors may elect replacements to fill board vacancies.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR proposals that permit shareholders to elect directors to fill board vacancies. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Cumulative Voting </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Time-Phased Voting </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholder
Ability to Call Special Meetings </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST proposals to restrict or prohibit shareholder ability to call special meetings. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR proposals that remove restrictions on the right of shareholders to act independently of management. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholder Ability to Act by Written Consent </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote
AGAINST proposals to restrict or prohibit shareholder ability to take action by written consent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR proposals to allow or make easier
shareholder action by written consent. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-24 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholder Ability to Alter the Size of the Board </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Tender Offer Defenses</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Poison Pills </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR shareholder proposals that ask a company to submit its poison pill for shareholder ratification, or to redeem its pill in lieu thereof, unless
(1)&nbsp;shareholders have approved adoption of the plan, (2)&nbsp;a policy has already been implemented by the company that should reasonably prevent abusive use of the pill, or (3)&nbsp;the board had determined that it was in the best interest of
shareholders to adopt a pill without delay, provided that such plan would be put to shareholder vote within twelve months of adoption or expire, and if not approved by a majority of the votes cast, would immediately terminate. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Review on a CASE-BY-CASE basis shareholder proposals to redeem a company&#146;s poison pill. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Review on a CASE-BY-CASE basis management proposals to approve or ratify a poison pill or any plan that can reasonably be construed as an anti-takeover measure, with voting decisions generally based on the
Agent&#146;s approach to evaluating such proposals, considering factors such as rationale, trigger level and sunset provisions. Votes will generally be cast in a manner that seeks to preserve shareholder value and the right to consider a valid
offer, voting AGAINST management proposals in connection with poison pills or anti-takeover activities that do not meet the Agent&#146;s standards. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Fair Price Provisions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote proposals to adopt fair price provisions on a CASE-BY-CASE basis. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST fair price provisions with shareholder vote requirements greater than a majority of disinterested shares. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Greenmail </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Review on a CASE-BY-CASE basis antigreenmail
proposals when they are bundled with other charter or bylaw amendments. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Pale Greenmail </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Review on a CASE-BY-CASE basis restructuring plans that involve the payment of pale greenmail. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Unequal Voting Rights </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST dual-class exchange offers. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST dual-class recapitalizations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-25 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Supermajority Shareholder Vote Requirement to Amend the Charter or Bylaws </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR shareholder proposals to lower supermajority shareholder vote requirements for charter and bylaw amendments, unless the proposal also asks the issuer
to mount a solicitation campaign or similar form of comprehensive commitment to obtain passage of the proposal. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Supermajority Shareholder Vote
Requirement to Approve Mergers </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST management proposals to require a supermajority shareholder vote to approve mergers and other
significant business combinations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR shareholder proposals to lower supermajority shareholder vote requirements for mergers and other
significant business combinations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>White Squire Placements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Generally, vote FOR shareholder proposals to require approval of blank check preferred stock issues for other than general corporate purposes. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Miscellaneous</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Amendments to Corporate Documents </B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. This policy would also generally apply to proposals seeking approval of corporate agreements or amendments to such agreements that the Agent recommends AGAINST because a similar reduction in shareholder rights
is requested. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR proposals seeking charter or bylaw amendments to remove
anti-takeover provisions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider proposals seeking charter or bylaw amendments not addressed under these Guidelines on a CASE-BY-CASE basis. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Confidential Voting </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">If the dissidents agree, the policy remains in place. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-26 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">If the dissidents do not agree, the confidential voting policy is waived. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Generally, vote FOR management proposals to adopt confidential voting. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Proxy Access </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Majority Voting Standard </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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. 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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Bundled Proposals </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Shareholder Advisory Committees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Review on a CASE-BY-CASE basis proposals to establish a shareholder advisory
committee. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Reimburse Shareholder for Expenses Incurred </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Voting to reimburse expenses incurred in connection with shareholder proposals should be analyzed on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Other Business </B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Quorum Requirements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Advance Notice for Shareholder Proposals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR management proposals related to advance notice period
requirements, provided that the period requested is in accordance with applicable law and no material governance concerns have been identified in connection with the issuer. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-27 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Multiple Proposals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Multiple proposals of a similar nature presented as options to the course of action favored by management may all be voted FOR, provided that support for a single proposal is not operationally required, no one proposal is deemed superior in
the interest of the Fund(s), and each proposal would otherwise be supported under these Guidelines. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Capital Structure</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Analyze on a CASE-BY-CASE basis.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Common Stock Authorization </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Review proposals to
increase the number of shares of common stock authorized for issue on a CASE-BY-CASE basis. Except where otherwise indicated, the Agent&#146;s proprietary approach, utilizing quantitative criteria (<I>e.g.</I>, dilution, peer group comparison,
company performance and history) to determine appropriate thresholds and, for requests marginally above such allowable threshold, a qualitative review (<I>e.g.</I>, rationale and prudent historical usage), will generally be utilized in evaluating
such proposals. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Generally vote FOR proposals to authorize capital increases within the Agent&#146;s allowable thresholds or those in excess but meeting Agent&#146;s qualitative
standards, but consider on a CASE-BY-CASE basis those requests failing the Agent&#146;s review for proposals in connection with which a contrary recommendation from the Investment Professional(s) has been received and is to be utilized (<I>e.g.,
</I>in support of a merger or acquisition proposal). </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Generally vote FOR proposals to authorize capital increases within the Agent&#146;s allowable thresholds or those in excess but meeting Agent&#146;s qualitative
standards, unless the company states that the stock may be used as a takeover defense. In those cases, consider on a CASE-BY-CASE basis if a contrary recommendation from the Investment Professional(s) has been received and is to be utilized.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Generally vote FOR proposals to authorize capital increases exceeding the Agent&#146;s thresholds when a company&#146;s shares are in danger of being delisted or if
a company&#146;s ability to continue to operate as a going concern is uncertain. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST proposals to increase the number of authorized shares of a class of stock if the issuance which the increase is intended to service is not
supported under these Guidelines. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST nonspecific proposals authorizing excessive discretion to a board, as assessed by the Agent. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Consider management proposals to make changes to the capital structure not otherwise addressed under these Guidelines CASE-BY-CASE, generally voting with the
Agent&#146;s recommendation unless a contrary recommendation has been received from the Investment Professional for the relevant Fund and is to be utilized. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Dual Class Capital Structures </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST proposals to increase the number of authorized shares of the
class of stock that has superior voting rights in companies that have dual class capital structures, but consider CASE-BY-CASE if (1)&nbsp;bundled with favorable proposal(s), (2)&nbsp;approval of such proposal(s) 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. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-28 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST management proposals to create or perpetuate dual class capital structures with unequal voting
rights, and vote FOR shareholder proposals to eliminate them, in cases in which the relevant Fund owns the class with inferior voting rights, but generally vote FOR management proposals and AGAINST shareholder proposals in cases in which the
relevant Fund owns the class with superior voting rights. Consider CASE-BY-CASE if bundled with favorable proposal(s), (2)&nbsp;approval of such proposal(s) 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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider management proposals to eliminate or make changes to dual class capital
structures CASE-BY-CASE, generally voting with the Agent&#146;s recommendation unless a contrary recommendation has been received from the Investment Professional for the relevant Fund and is to be utilized. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Stock Distributions: Splits and Dividends </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR
management proposals to increase common share authorization for a stock split, provided that the increase in authorized shares falls within the Agent&#146;s allowable thresholds, but consider on a CASE-BY-CASE basis those proposals exceeding the
Agent&#146;s threshold for proposals in connection with which a contrary recommendation from the Investment Professional(s) has been received and is to be utilized. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Reverse Stock Splits </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider on a CASE-BY-CASE basis management proposals to implement a reverse stock split. In
the event the split constitutes a capital increase effectively exceeding the Agent&#146;s allowable threshold because the request does not proportionately reduce the number of shares authorized, vote FOR the split if management has provided adequate
rationale and/or disclosure. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Preferred Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Generally, vote FOR proposals to issue or create blank check preferred stock in cases when the company expressly states that the stock will not be used as a takeover defense. Generally vote AGAINST in cases where the company expressly
states that, or fails to disclose whether, the stock may be used as a takeover defense, but vote FOR if the Agent or an Investment Professional so recommends because the issuance is required to address special circumstances such as a merger or
acquisition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-29 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholder Proposals Regarding Blank Check Preferred Stock </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Adjustments to Par Value of Common Stock </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR management proposals to reduce the par value of common stock. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Preemptive Rights </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Review on a CASE-BY-CASE basis shareholder proposals that seek preemptive rights or management proposals that seek to
eliminate them. In evaluating proposals on preemptive rights, consider the size of a company and the characteristics of its shareholder base. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Debt
Restructurings </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Share Repurchase Programs </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR management proposals to cancel repurchased shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Generally, vote AGAINST proposals for share repurchase methods lacking adequate risk mitigation or exceeding appropriate volume or duration parameters for the market as assessed by the Agent. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Tracking Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Votes on the creation of tracking stock are
determined on a CASE-BY-CASE basis. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Executive and Director Compensation</U> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Generally, vote in accordance with the Agent&#146;s recommendations FOR equity-based plans with costs within such cap and AGAINST those with costs in excess of it,
except that plans above the cap may be supported if so recommended by the Agent or Investment Professional as a condition to a major transaction such as a merger. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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, voted FOR if the company has provided a reasonable rationale and/or adequate disclosure regarding the plan as a whole.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-30 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST plans administered by potential grant recipients. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Consider plans CASE-BY-CASE if the Agent raises other considerations not otherwise provided for herein. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Restricted Stock or Stock Option Plans </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider proposals for
restricted stock or stock option plans, or the issuance of shares in connection with such plans, on a CASE-BY-CASE basis, considering factors such as level of disclosure and adequacy of vesting or performance requirements. Plans that do not meet the
Agent&#146;s criteria in this regard may be supported, but vote AGAINST if no disclosure is provided regarding either vesting or performance requirements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Management Proposals Seeking Approval to Reprice Options </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Review on a CASE-BY-CASE basis management proposals seeking approval to reprice,
replace or exchange options, considering factors such as rationale, historic trading patterns, value-for-value exchange, vesting periods and replacement option terms. Generally, vote FOR proposals that meet the Agent&#146;s criteria for acceptable
repricing, replacement or exchange transactions, except that considerations raised by the Agent regarding burn rate or executive participation shall not be grounds for withholding support. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Director Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Votes on stock-based plans for directors are made on a CASE-BY-CASE basis, with voting decisions generally based on
the Agent&#146;s quantitative approach described above as well as a review of qualitative features of the plan in cases in which costs exceed the Agent&#146;s threshold. DO NOT VOTE AGAINST plans for which burn rate is the sole consideration raised
by the Agent. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Employee Stock Purchase Plans </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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, voted FOR if the company has provided a reasonable rationale and/or adequate disclosure regarding the plan as a whole. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-31 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>OBRA-Related Compensation Proposals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Votes on plans intended to qualify for favorable tax treatment under the provisions of Section&nbsp;162(m) of OBRA should be evaluated irrespective of the Agent&#146;s assessment of board independence, provided that
the board meets the independence requirements of the relevant listing exchange and no potential recipient under the plan(s) sits on the committee that exercises discretion over the related compensation awards. Unless the issuer has provided a
compelling rationale, generally vote with the Agent&#146;s recommendations AGAINST plans that deliver excessive compensation that fails to qualify for favorable tax treatment. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Amendments that Place a Cap on Annual Grants or Amend Administrative Features</B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">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) of OBRA. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Amendments to Add Performance-Based Goals</B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR amendments to add performance goals to existing compensation plans to comply with the provisions of Section&nbsp;162(m)
of OBRA. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Amendments to Increase Shares and Retain Tax Deductions Under OBRA</B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">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) should be evaluated on a CASE-BY-CASE basis, generally voting FOR such plans that do not raise any negative concerns under these Guidelines. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Approval of Cash or Cash-and-Stock Bonus Plans</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR cash or cash-and-stock bonus
plans to exempt the compensation from taxes under the provisions of Section&nbsp;162(m) of OBRA, with primary consideration given to management&#146;s assessment that such plan meets the requirements for exemption of performance-based compensation.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholder Proposals Regarding Executive and Director Pay </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Regarding the remuneration of individuals other than senior executives and directors, generally, vote AGAINST shareholder proposals that seek to expand or restrict disclosure or require shareholder approval beyond regulatory requirements
and market practice. Vote AGAINST shareholder proposals that seek disclosure of executive or director compensation if providing it would be out of step with market practice and potentially disruptive to the business. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 or advisory votes. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Severance and Termination Payments </B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-32 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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). However, vote in accordance with the Agent&#146;s recommendations FOR new or materially amended plans, contracts or payments that require change in control provisions to be double-triggered and defined to require an
actual change in control, except that plans, contracts or payments not meeting such standards may be supported if mitigating provisions or board actions (<I>e.g.</I>, clawbacks) are present. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Employee Stock Ownership Plans (ESOPs) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>401(k) Employee Benefit Plans </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Generally, vote FOR proposals to implement a 401(k) savings plan for employees. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Holding Periods </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST proposals requiring mandatory periods for officers and directors to hold company stock. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Advisory Votes on Executive Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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.
Unless otherwise provided for herein, proposals 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) under consideration. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>9.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>State of Incorporation</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Voting on State Takeover Statutes
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-33 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Voting on Reincorporation Proposals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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. Generally, vote FOR management reincorporation proposals upon which another key proposal, such as a merger transaction, is contingent if the other key proposal is also supported.
Generally, vote AGAINST shareholder reincorporation proposals not also supported by the company. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Mergers and Corporate Restructurings</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Input from the
Investment Professional(s) for a given Fund shall be given primary consideration with respect to proposals regarding business combinations, particularly those between otherwise unaffiliated parties, or other corporate restructurings being considered
on behalf of that Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Mergers and Acquisitions
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Votes on mergers and acquisitions should be considered on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Corporate Restructuring </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Adjournment </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Appraisal Rights </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR proposals to restore, or provide shareholders with, rights of appraisal. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Changing Corporate Name </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR changing the corporate name. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>11.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Mutual Fund Proxies</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Election of Directors
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote the election of directors on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Converting Closed-end Fund to Open-end Fund </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote conversion proposals on a CASE-BY-CASE basis. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-34 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Proxy Contests </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote
proxy contests on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Investment Advisory Agreements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Vote the investment advisory agreements on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Approving New Classes or Series of Shares
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR the establishment of new classes or series of shares. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Preferred Stock Proposals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote the authorization for or increase in preferred shares on a CASE-BY-CASE basis.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>1940 Act Policies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote these proposals on a
CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Changing a Fundamental Restriction to a Nonfundamental Restriction </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote these proposals on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Change Fundamental
Investment Objective to Nonfundamental </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, consider proposals to change a fund&#146;s fundamental investment objective to nonfundamental on a
CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Name Rule Proposals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote these
proposals on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Disposition of Assets/Termination/Liquidation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Vote these proposals on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Changes to the Charter Document </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote changes to the charter document on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Changing
the Domicile of a Fund </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote reincorporations on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Change in Fund&#146;s Subclassification </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote these proposals on a CASE-BY-CASE basis. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Authorizing the Board to Hire and Terminate Subadvisors Without Shareholder Approval </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Generally, vote FOR these proposals. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Distribution Agreements </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote these proposals on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Master-Feeder Structure
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR the establishment of a master-feeder structure. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-35 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Mergers </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote merger
proposals on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Establish Director Ownership Requirement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Generally, vote AGAINST shareholder proposals for the establishment of a director ownership requirement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Reimburse
Shareholder for Expenses Incurred </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Voting to reimburse proxy solicitation expenses should be analyzed on a CASE-BY-CASE basis. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Terminate the Investment Advisor </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Vote to terminate the investment
advisor on a CASE-BY-CASE basis. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>12.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Social and Environmental Issues</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">These issues cover a wide
range of topics. In general, unless otherwise specified herein, vote CASE-BY-CASE. While a wide variety of factors may go into each analysis, the overall principle guiding all vote recommendations focuses on how or whether the proposal will enhance
the economic value of the company. Because a company&#146;s board is likely to have access to relevant, non-public information regarding a company&#146;s business, such proposals will generally be voted in a manner intended to give the board (rather
than shareholders) latitude to set corporate policy and oversee management. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Absent concurring support from the issuer, compelling evidence of abuse,
significant public controversy or litigation, the issuer&#146;s significant history of relevant violations; or activities not in step with market practice or regulatory requirements, or unless provided for otherwise herein, generally vote AGAINST
shareholder proposals seeking to dictate corporate conduct, apply existing law, duplicate policies already substantially in place and/or addressed by the issuer, or release information that would not help a shareholder evaluate an investment in the
corporation as an economic matter. Such proposals would generally include those seeking preparation of reports and/or implementation or additional disclosure of corporate policies related to issues such as consumer and public safety, environment and
energy, labor standards and human rights, military business and political concerns, workplace diversity and non-discrimination, sustainability, social issues, vendor activities, economic risk or matters of science and engineering. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>13.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Global Proxies</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The foregoing Guidelines provided in
connection with proxies of U.S. issuers shall also be applied to global proxies where applicable and not provided for otherwise herein. The following provide for differing regulatory and legal requirements, market practices and political and
economic systems existing in various global markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-36 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">such disclosure, is inadequate. For purposes of these global Guidelines, &#147;AGAINST&#148; shall mean withholding of support for a proposal, resulting in
submission of a vote of AGAINST or ABSTAIN, as appropriate for the given market and level of concern raised by the Agent regarding the issue or lack of disclosure or time provided. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Routine Management Proposals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR the
following and other similar routine management proposals: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the opening of the shareholder meeting </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">that the meeting has been convened under local regulatory requirements </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the presence of quorum </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the agenda for the shareholder meeting </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the election of the chair of the meeting </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the appointment of shareholders to co-sign the minutes of the meeting </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">regulatory filings (<I>e.g.</I>, to effect approved share issuances) </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the designation of inspector or shareholder representative(s) of minutes of meeting </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the designation of two shareholders to approve and sign minutes of meeting </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the allowance of questions </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the publication of minutes </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the closing of the shareholder meeting </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Discharge
of Management/Supervisory Board Members </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Director Elections </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Unless otherwise provided for herein, the
Agent&#146;s standards with respect to determining director independence shall apply. These standards generally provide that, to be considered completely independent, a director shall have no material connection to the company other than the board
seat. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-37 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Agreement with the Agent&#146;s independence standards shall not dictate that a Fund&#146;s vote shall be cast according
to the Agent&#146;s corresponding recommendation. Further, 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. 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) for a given Fund. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For issuers
domiciled in Canada, Finland, France, Ireland, the Netherlands, Sweden or tax haven markets, generally vote AGAINST non-independent directors in cases in which the full board serves as the audit committee, or the company does not have an audit
committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For issuers in all markets, including those in tax haven markets and those in Japan that have adopted the U.S.-style board-with-committees
structure, vote AGAINST non-independent nominees to the audit committee, or, if the slate of nominees is bundled, vote AGAINST the slate. If the slate is bundled and audit committee membership is unclear or proposed as a separate agenda item, vote
FOR if the Agent otherwise recommends support. For Canadian issuers, the Funds&#146; U.S. Guidelines with respect to audit committees shall apply. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In tax
haven markets, DO NOT VOTE AGAINST non-independent directors in cases in which the full board serves as the compensation committee, or the company does not have a compensation committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally follow Agent&#146;s recommendations to vote AGAINST individuals nominated as outside/non-executive
directors who do not meet the Agent&#146;s standard for independence, unless the slate of nominees is bundled, in which case the proposal(s) to elect board members shall be considered on a CASE-BY-CASE basis. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">bundled slates of nominees (<I>e.g.</I>, France, Hong Kong or Spain); </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-38 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">simultaneous reappointment of retiring directors (<I>e.g.</I>, South Africa); </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">in markets with term lengths capped by legislation or market practice, nominees whose terms exceed the caps or are not disclosed (except that bundled slates with
such lack of disclosure shall be considered on a CASE-BY-CASE basis); or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Such criteria will not generally provide grounds for
withholding support in countries in which they may be identified as best practice but such legislation or market practice is not yet applicable, unless specific governance shortfalls identified by the Agent dictate that less latitude should be
extended to the issuer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally vote FOR nominees 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. The latter would include former CEOs proposed as board chairmen in markets such as the United Kingdom for which best practice and the
Agent recommend against such practice. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In cases in which cumulative or net voting applies, generally vote with Agent&#146;s recommendation to support
nominees asserted by the issuer to be independent, even if independence disclosure or criteria fall short of Agent&#146;s standards. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the scandal or shortfall in controls took place at the company, or an affiliate, for which the nominee is being considered; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">culpability can be attributed to the nominee (<I>e.g.</I>, nominee manages or audits relevant function), and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the nominee has been directly implicated, with resulting arrest and criminal charge or regulatory sanction. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider non-independent nominees on a CASE-BY-CASE basis when the Agent has raised concerns regarding diminished shareholder value as evidenced by a significant drop in
share price, generally voting with Agent&#146;s recommendation AGAINST such nominees when few, if any, outside directors are present on the board and: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the founding family has retained undue influence over the company despite a history of scandal or problematic controls; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the nominees have engaged in protectionist activities such as introduction of a poison pill or preferential and/or dilutive share issuances; or
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">evidence exists regarding compliance or accounting shortfalls. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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. The same policy shall be applied regarding attendance by statutory auditors of Japanese companies. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-39 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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, except that (1)&nbsp;an unqualified candidate will generally not be supported simply to effect a &#147;protest vote&#148; and (2)&nbsp;cases of multiple self-nominated candidates may be considered
as a proxy contest if similar issues are raised (<I>e.g.</I>, potential change in control). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally vote FOR nominees without regard to
&#147;over-boarding&#148; issues raised by the Agent unless other concerns requiring CASE-BY-CASE consideration have been raised. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote with
Agent&#146;s recommendation to withhold support (AGAINST or ABSTAIN, as appropriate) from nominees for whom support has become moot since the time the individual was nominated (<I>e.g.</I>, due to death, disqualification or determination not to
accept appointment). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote with Agent&#146;s recommendation when more candidates are presented than available seats and no other provisions
under these Guidelines apply. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For companies incorporated in tax haven markets but which trade exclusively in the U.S., the Funds&#146; U.S. Guidelines
with respect to director elections shall apply. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Board Structure </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Generally, vote FOR proposals to fix board size, but also support proposals seeking a board range if the range is reasonable in the context of market practice and anti-takeover considerations. Proposed article
amendments in this regard shall be considered on a CASE-BY-CASE basis, with voting decisions generally based on the Agent&#146;s approach to evaluating such proposals. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Director and Officer Indemnification and Liability Protection </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote in accordance with the Agent&#146;s
standards for indemnification and liability protection for officers and directors, voting AGAINST overly broad provisions. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Independent Statutory
Auditors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With respect to Japanese companies that have not adopted the U.S.-style board-with-committees structure, vote AGAINST any nominee to the
position of &#147;independent statutory auditor&#148; whom the Agent considers affiliated, <I>e.g.</I>, if the nominee has worked a significant portion of his career for the company, its main bank or one of its top shareholders. Where shareholders
are forced to vote on multiple nominees in a single resolution, vote AGAINST all nominees. 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 STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST incumbent nominees at companies implicated
in scandals or exhibiting poor internal controls. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-40 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Key Committees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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). If not
otherwise addressed under these Guidelines, consider other negative recommendations from the Agent regarding committee members on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Director and Statutory Auditor Remuneration </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider director compensation plans on a CASE-BY-CASE basis, with voting decisions generally
based on the Agent&#146;s approach to evaluating such proposals, while also factoring in the merits of the rationale and disclosure provided. Generally, vote FOR proposals to approve the remuneration of directors and auditors as long as the amount
is not excessive (<I>e.g.</I>, significant increases should be supported by adequate rationale and disclosure), there is no evidence of abuse, the recipient&#146;s overall compensation appears reasonable, and the board and/or responsible committee
meets exchange standards for independence. For Toronto Stock Exchange (TSX) issuers, the Agent&#146;s limits with respect to equity awards to non-employee directors shall apply. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Bonus Payments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. 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. 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 AGAINST the nominee under criteria herein regarding issues of scandal or internal controls), unless bundled with bonuses for a majority of directors or auditors a Fund is voting FOR. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Stock Option Plans for Independent Internal Statutory Auditors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With
respect to Japanese companies, follow the Agent&#146;s guidelines with respect to proposals regarding option grants to independent internal statutory auditors or other outside parties, generally voting AGAINST such plans. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Compensation Plans </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-41 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Amendment Procedures for Equity Compensation Plans and ESPPs </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 preserve shareholder approval rights, with voting decisions generally based on the Agent&#146;s recommendation. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shares Reserved for
Equity Compensation Plans </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">provide deep or near-term discounts to executives or directors, unless discounts to executives are deemed by the Agent to be adequately mitigated by other
requirements such as long-term vesting (<I>e.g.</I>, Japan) or broad-based employee participation otherwise meeting Agent&#146;s standards (<I>e.g.</I>, France); </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">are administered with discretion by potential grant recipients, unless such discretion is deemed acceptable by the Agent due to market practice or other mitigating
provisions; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">permit financial assistance in the form of non-recourse (or essentially non-recourse) loans in connection with executive&#146;s participation;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">provide for vesting upon change in control if deemed by the Agent to evidence a conflict of interest or anti-takeover device or if the change in control definition
is too liberal (<I>e.g., </I>does not result in actual change in control); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">permit post-employment vesting if deemed inappropriate by the Agent; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-42 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">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, the recipient&#146;s
overall compensation appears reasonable, and the board and/or responsible committee meets exchange standards for independence. Unless otherwise provided for herein, market practice of the primary country in which a company does business, or in which
an employee is serving, as applicable, shall supersede that of the issuer&#146;s domicile. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider proposals in connection with such plans or the related
issuance of shares in other instances on a CASE-BY-CASE basis. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Remuneration Reports </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">practices or features not supported under these Guidelines, including financial assistance under the conditions described above; </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">long-term incentive plans deemed by the Agent to be inadequately based on equity awards (<I>e.g.</I>, cash-based plans); </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">equity award valuation triggering a negative recommendation from the Agent; or </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Reports receiving the Agent&#146;s support and not triggering the concerns cited above will generally be voted FOR. Unless otherwise
provided for herein, reports not receiving the Agent&#146;s support due to concerns regarding severance/termination payments, &#147;leaver&#148; status, incentive structures and vesting or performance criteria not otherwise supported by these
Guidelines shall be considered on a CASE-BY-CASE basis, generally voted FOR if the company has provided a reasonable rationale and/or adequate disclosure regarding the matter(s) under consideration, the recipient&#146;s overall compensation appears
reasonable, and the board and/or responsible committee meets exchange standards for independence. 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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholder Proposals Regarding Executive and
Director Pay </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Funds&#146; U.S. Guidelines with respect to such shareholder proposals shall apply. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>General Share Issuances </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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), </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-43 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">or related requests to repurchase and reissue shares, based on their amount relative to currently issued capital, appropriate volume and duration parameters,
and market-specific considerations (<I>e.g.</I>, priority right protections in France, reasonable levels of dilution and discount in Hong Kong). Requests to reissue repurchased shares will not be supported unless a related general issuance request
is also supported. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 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-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST nonspecific proposals
authorizing excessive discretion to a board, as assessed by the Agent. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Increases in Authorized Capital </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Unless otherwise provided for herein, voting decisions should generally be based on the Agent&#146;s approach, as follows. Generally: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Vote FOR specific proposals to increase authorized capital, unless: </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the increase would leave the company with less than 30 percent of its new authorization outstanding after adjusting for all proposed issuances.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Vote AGAINST proposals to adopt unlimited capital authorizations. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Preferred Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Unless otherwise
provided for herein, voting decisions should generally be based on the Agent&#146;s approach, including: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-44 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Poison Pills/Protective Preference Shares </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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. Generally vote in accordance with Agent&#146;s recommendation to withhold support from a nominee in connection with poison pill or anti-takeover considerations when culpability for the actions can be specifically attributed to the
nominee. Generally DO NOT VOTE AGAINST director remuneration in connection with poison pill considerations raised by the Agent. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Waiver on Tender-Bid
Requirement </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, consider proposals on a CASE-BY-CASE basis seeking a waiver for a major shareholder from the requirement to make a buyout offer
to minority shareholders, voting FOR when little concern of a creeping takeover exists and the company has provided a reasonable rationale for the request. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Approval of Financial Statements and Director and Auditor Reports </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote FOR management proposals seeking approval of financial
accounts and reports, unless there is concern about the company&#146;s financial accounts and reporting, which, in the case of related party transactions, would include concerns raised by the Agent regarding consulting agreements with non-executive
directors but not severance/termination payments exceeding the Agent&#146;s standards for multiples of annual compensation, provided the recipient&#146;s overall compensation appears reasonable and the board and/or responsible committee meets
exchange standards for independence. Unless otherwise provided for herein, reports not receiving the Agent&#146;s support due to other 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 and generally voted FOR if the overall compensation package and/or program at issue appears reasonable. 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. 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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Remuneration of Auditors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Indemnification of Auditors </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Generally, vote AGAINST proposals to indemnify auditors. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Ratification of
Auditors and Approval of Auditors&#146; Fees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For Canadian issuers, the Funds&#146; U.S. Guidelines with respect to auditors and auditor fees shall
apply. 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. 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-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-45 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Audit Commission </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Consider nominees to the audit commission on a CASE-BY-CASE basis, with voting decisions generally based on the Agent&#146;s approach to evaluating such candidates. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Allocation of Income and Dividends </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With respect to Japanese companies, consider management proposals concerning
allocation of income and the distribution of dividends, including adjustments to reserves to make capital available for such purposes, on a CASE-BY-CASE basis, generally voting with the Agent&#146;s recommendations to support such proposals unless:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the dividend payout ratio has been consistently below 30 percent without adequate explanation; or </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the payout is excessive given the company&#146;s financial position. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Consider such proposals by issuers in other markets on a CASE-BY-CASE basis if the Agent makes a negative recommendation. In any markets, 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) and voted with the Agent&#146;s recommendation if no input is received. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Stock (Scrip) Dividend Alternatives </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Debt Instruments </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Debt Issuance Requests </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">When
evaluating a debt issuance request, the issuing company&#146;s present financial situation is examined. The main factor for analysis is the company&#146;s current debt-to-equity ratio, or gearing level. A high gearing level may incline markets and
financial analysts to downgrade the company&#146;s bond rating, increasing its investment risk factor in the process. A gearing level up to 100 percent is considered acceptable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Generally, vote FOR debt issuances for companies when the gearing level is between zero and 100 percent. Review on a CASE-BY-CASE basis proposals where the issuance of debt will result in the gearing level being
greater than 100 percent, or for which inadequate disclosure precludes calculation of the gearing level, comparing any such proposed debt issuance to industry and market standards, and with voting decisions generally based on the Agent&#146;s
approach to evaluating such requests. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-46 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Financing Plans </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Generally, vote FOR the adoption of financing plans if they are in the best economic interests of shareholders. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Related Party Transactions
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consider related party transactions on a CASE-BY-CASE basis. Generally, vote FOR approval of such transactions unless the agreement requests a
strategic move outside the company&#146;s charter or contains unfavorable or high-risk terms (<I>e.g.</I>, deposits without security interest or guaranty). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Approval of Donations </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Capitalization of Reserves </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">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-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Investment of Company Reserves </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">These proposals should generally be analyzed on a CASE-BY-CASE basis, with primary
consideration given to input from the Investment Professional(s) for a given Fund. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Article Amendments </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Review on a CASE-BY-CASE basis all proposals seeking amendments to the articles of association. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Generally, vote FOR an article amendment if: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">it is editorial in nature; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">shareholder rights are protected; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">there is negligible or positive impact on shareholder value; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">management provides adequate reasons for the amendments or the Agent otherwise supports management&#146;s position; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">the company is required to do so by law (if applicable). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Generally, vote AGAINST an article amendment if: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">it removes or lowers quorum requirements for board or shareholder meetings below levels recommended by the Agent; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">it reduces relevant disclosure to shareholders; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">it seeks to align the articles with provisions of another proposal not supported by these Guidelines; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-47 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With respect to article amendments for Japanese companies:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Generally vote FOR management proposals to amend a company&#146;s articles to expand its business lines. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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 or raises anti-takeover concerns. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Other Business </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In connection with
global proxies, vote in accordance with the Agent&#146;s market-specific recommendations on management proposals for Other Business, generally AGAINST. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">A-48 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g88374arrow.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374arrow.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0A"4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````:P````8``````````````"(````G````!0!A`'(`<@!O`'<````!````
M``````````````````````$``````````````"<````B````````````````
M`````````````````````````````#A"24T$%!=,87EE<B!)1"!'96YE<F%T
M;W(@0F%S90````0````".$))300,%4YE=R!7:6YD;W=S(%1H=6UB;F%I;```
M!(\````!````)P```"(```!X```/\```!',`&``!_]C_X``02D9)1@`!`@$`
M2`!(``#_[@`.061O8F4`9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,
M#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M`0T+"PT.#1`.#A`4#@X.%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``B`"<#`2(``A$!`Q$!_]T`!``#
M_\0!/P```04!`0$!`0$``````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0``
M```````!``(#!`4&!P@)"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!
M46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%
MPJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V
M-T=79W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3
M!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%
M539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G
M=X>7I[?'_]H`#`,!``(1`Q$`/P#U5)<UAY-V=TMW7LSJ&1AU%UCF4XX8156U
MYJ96ZM]%[K[_`&>_<W_K:LX_77TWMQ\HNM%D['.HLQ[H&I_0W-;7F.:WZ7V)
MWJ_]U4E.XN`^MOUAS>LY[OJKT5CFV&PUY5Q.T';/J5Z?1QV?X6S_`%LZWJOU
M@Z9TK!&;D7-++/YAK3+K#^[6!_T_W%@4_5C+ZK]IZ@7-Z:WJ1#[\8L<YU@'T
M6WV-MQ;Z:'_3=CU^E8]_Z2[_`+CU)3B8K.FX66_HN#F>M3EXCZ<C/N%A:`YM
MU.0[#]+]"_$K?^EL];]!C^A9^LI+K>F_4[`Z;T7*Z90\F[,I?3=F.$N.]KJ_
M:R?;6S=[*=Z22G__T.W;11C9N7T/)&W#ZJ++\5PT][_Z;C-</H6,?^M4_P#&
M_P#!K,ZEB.ZA7EV9=3;LZBL4N8ZQ];:LBO<[$RZ]CV?J69OW^H[Z%K/3_P!/
MZ/1]8Z6SJ>$['+S3<TBS'R&_2JM;K7<SCZ*Q</J+>IW?9+[6]/\`K)A`U6@C
M]'<`?=[';/M.)?\`SFW^=I_P22GFNETW=*ZCZ_UB8S)R.GM8*JW6$^G4`QUU
MN/577Z-U]#;Z[[7/M_TUGZ:_WU^F`@@$&0=00N8N^K_4.H6ULSJ<3"PL9MT5
MXQ+_`%'V5NQF.?OJI]&FJM[_`&K6^K=C[?J_TVRSZ3L6J2>_L;[O[22G2222
M24__T?55Q'^,C^9J_H/T3_._TS_T$_D?^C%X8DDI]IZ9_P`G5_\`+WT6_P!)
M_HO#?I?]T/W_`/@5WN/_`#%?T/H-_F_H<?X/_@_W%\LI)*?JI)?*J22G_]D`
M.$))300A&E9E<G-I;VX@8V]M<&%T:6)I;&ET>2!I;F9O`````%4````!`0``
M``\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`
M90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@Q*4$5'
M(%%U86QI='D`````!P`(`0$``P$`_^(,6$E#0U]04D]&24Q%``$!```,2$QI
M;F\"$```;6YT<E)'0B!865H@!\X``@`)``8`,0``86-S<$U31E0`````245#
M('-21T(```````````````$``/;6``$`````TRU(4"`@````````````````
M```````````````````````````````````````````````18W!R=````5``
M```S9&5S8P```80```!L=W1P=````?`````48FMP=````@0````4<EA96@``
M`A@````49UA96@```BP````48EA96@```D`````49&UN9````E0```!P9&UD
M9````L0```"(=G5E9````TP```"&=FEE=P```]0````D;'5M:0```_@````4
M;65A<P``!`P````D=&5C:```!#`````,<E120P``!#P```@,9U120P``!#P`
M``@,8E120P``!#P```@,=&5X=`````!#;W!Y<FEG:'0@*&,I(#$Y.3@@2&5W
M;&5T="U086-K87)D($-O;7!A;GD``&1E<V,`````````$G-21T(@245#-C$Y
M-C8M,BXQ```````````````2<U)'0B!)14,V,3DV-BTR+C$`````````````
M`````````````````````````````````````````````````````%A96B``
M``````#S40`!`````1;,6%E:(`````````````````````!865H@````````
M;Z(``#CU```#D%A96B````````!BF0``MX4``!C:6%E:(````````"2@```/
MA```ML]D97-C`````````!9)14,@:'1T<#HO+W=W=RYI96,N8V@`````````
M`````!9)14,@:'1T<#HO+W=W=RYI96,N8V@`````````````````````````
M````````````````````````````````````9&5S8P`````````N245#(#8Q
M.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="````````
M```````N245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@
M+2!S4D="`````````````````````````````&1E<V,`````````+%)E9F5R
M96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$`````````
M`````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M
M,BXQ``````````````````````````````````!V:65W```````3I/X`%%\N
M`!#/%``#[<P`!!,+``-<G@````%865H@``````!,"58`4````%<?YVUE87,`
M`````````0````````````````````````*/`````G-I9R``````0U)4(&-U
M<G8````````$``````4`"@`/`!0`&0`>`",`*``M`#(`-P`[`$``10!*`$\`
M5`!9`%X`8P!H`&T`<@!W`'P`@0"&`(L`D`"5`)H`GP"D`*D`K@"R`+<`O`#!
M`,8`RP#0`-4`VP#@`.4`ZP#P`/8`^P$!`0<!#0$3`1D!'P$E`2L!,@$X`3X!
M10%,`5(!60%@`6<!;@%U`7P!@P&+`9(!F@&A`:D!L0&Y`<$!R0'1`=D!X0'I
M`?(!^@(#`@P"%`(=`B8"+P(X`D$"2P)4`ET"9P)Q`GH"A`*.`I@"H@*L`K8"
MP0++`M4"X`+K`O4#``,+`Q8#(0,M`S@#0P-/`UH#9@-R`WX#B@.6`Z(#K@.Z
M`\<#TP/@`^P#^00&!!,$(`0M!#L$2`15!&,$<01^!(P$F@2H!+8$Q`33!.$$
M\`3^!0T%'`4K!3H%2058!6<%=P6&!98%I@6U!<4%U07E!?8&!@86!B<&-P9(
M!ED&:@9[!HP&G0:O!L`&T0;C!O4'!P<9!RL'/0=/!V$'=`>&!YD'K`>_!]('
MY0?X"`L('P@R"$8(6@AN"(((E@BJ"+X(T@CG"/L)$`DE"3H)3PED"7D)CPFD
M";H)SPGE"?L*$0HG"CT*5`IJ"H$*F`JN"L4*W`KS"PL+(@LY"U$+:0N`"Y@+
ML`O("^$+^0P2#"H,0PQ<#'4,C@RG#,`,V0SS#0T-)@U`#5H-=`V.#:D-PPW>
M#?@.$PXN#DD.9`Y_#IL.M@[2#NX/"0\E#T$/7@]Z#Y8/LP_/#^P0"1`F$$,0
M81!^$)L0N1#7$/41$Q$Q$4\1;1&,$:H1R1'H$@<2)A)%$F02A!*C$L,2XQ,#
M$R,30Q-C$X,3I!/%$^44!A0G%$D4:A2+%*T4SA3P%1(5-!56%7@5FQ6]%>`6
M`Q8F%DD6;!:/%K(6UA;Z%QT701=E%XD7KA?2%_<8&QA`&&48BABO&-48^AD@
M&449:QF1&;<9W1H$&BH:41IW&IX:Q1KL&Q0;.QMC&XH;LAO:'`(<*AQ2''L<
MHQS,'/4='AU''7`=F1W#'>P>%AY`'FH>E!Z^'ND?$Q\^'VD?E!^_'^H@%2!!
M(&P@F"#$(/`A'"%((74AH2'.(?LB)R)5(H(BKR+=(PHC."-F(Y0CPB/P)!\D
M321\)*LDVB4))3@E:"67)<<E]R8G)E<FAR:W)N@G&"=))WHGJR?<*`TH/RAQ
M**(HU"D&*3@I:RF=*=`J`BHU*F@JFRK/*P(K-BMI*YTKT2P%+#DL;BRB+-<M
M#"U!+78MJRWA+A8N3"Z"+K<N[B\D+UHOD2_'+_XP-3!L,*0PVS$2,4HQ@C&Z
M,?(R*C)C,ILRU#,-,T8S?S.X,_$T*S1E-)XTV#43-4TUAS7"-?TV-S9R-JXV
MZ3<D-V`WG#?7.!0X4#B,.,@Y!3E".7\YO#GY.C8Z=#JR.N\[+3MK.ZH[Z#PG
M/&4\I#SC/2(]83VA/>`^(#Y@/J`^X#\A/V$_HC_B0"-`9$"F0.=!*4%J0:Q!
M[D(P0G)"M4+W0SI#?4/`1`-$1T2*1,Y%$D5519I%WD8B1F=&JT;P1S5'>T?`
M2`5(2TB12-=)'4EC2:E)\$HW2GU*Q$L,2U-+FDOB3"I,<DRZ30)-2DV33=Q.
M)4YN3K=/`$])3Y-/W5`G4'%0NU$&45!1FU'F4C%2?%+'4Q-37U.J4_940E2/
M5-M5*%5U5<)6#U9<5JE6]U=$5Y)7X%@O6'U8RUD:66E9N%H'6E9:IEKU6T5;
ME5OE7#5<AES672==>%W)7AI>;%Z]7P]?85^S8`5@5V"J8/QA3V&B8?5B26*<
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MEHO\C&.,RHTQC9B-_XYFCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2XY--D[:4()2*
ME/257Y7)EC26GY<*EW67X)A,F+B9))F0F?R::)K5FT*;KYP<G(F<]YUDG=*>
M0)ZNGQV?BY_ZH&F@V*%'H;:B)J*6HP:C=J/FI%:DQZ4XI:FF&J:+IOVG;J?@
MJ%*HQ*DWJ:FJ'*J/JP*K=:OIK%RLT*U$K;BN+:ZAKQ:OB[``L'6PZK%@L=:R
M2[+"LSBSKK0EM)RU$[6*M@&V>;;PMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\(;R;
MO16]C[X*OH2^_[]ZO_7`<,#LP6?!X\)?PMO#6,/4Q%'$SL5+Q<C&1L;#QT''
MO\@]R+S).LFYRCC*M\LVR[;,-<RUS37-M<XVSK;/-\^XT#G0NM$\T;[2/]+!
MTT33QM1)U,O53M71UE76V-=<U^#89-CHV6S9\=IVVOO;@-P%W(K=$-V6WAS>
MHM\IWZ_@-N"]X43AS.)3XMOC8^/KY'/D_.6$Y@WFEN<?YZGH,NB\Z4;IT.I;
MZN7K<.O[[(;M$>V<[BCNM.]`[\SP6/#E\7+Q__*,\QGSI_0T],+U4/7>]FWV
M^_>*^!GXJ/DX^<?Z5_KG^W?\!_R8_2G]NOY+_MS_;?___^X`)D%D;V)E`&1`
M`````0,`%00#!@H-`````````````````````/_;`(0``0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#
M`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\(`$0@`(@`G`P$1``(1`0,1
M`?_$`+$```$%`0$```````````````<``P8("0(%`0$!`0``````````````
M`````0(0``(!`P0#``````````````4&!`(#!P`00#0!-@@1``$$`0("!@<(
M`P````````,!`@0%!A$2(1,`$!0T%39!(C(S4V0',8%28B-C<\,U9C@2`0``
M`````````````````$`3`0`"`@("`@,```````````$`$1`A(#%!4?"Q0&&!
M_]H`#`,!`P(1`Q$```'?P0C(6:&9>A)L3VRHDIK'@)%5%W*N>P7%7I7BP5AJ
M$9:34$-<+GUC_]H`"`$!``$%`M\LY"-.YX996P14.2F'UB`\WH4YJR`LJ(*)
MC(JW>%S#P%82[4*$,-,@FXQQU>',4&*FJFNG3>L66L,'8K;3,EX_/LDG'$B]
M+Q_M](=-:]>@='7_V@`(`0(``04"Y/\`_]H`"`$#``$%`N3_`/_:``@!`@(&
M/P)/_]H`"`$#`@8_`D__V@`(`0$!!C\"ZR_2'!8TD4ET\D&]LB%[,P[8S2=M
MB^HUS@5$=$W2#*NI$;M1NWVSX-09$Z?7WN)3JBVRRV#<%C":>%<5UL;&FU^E
M;)QZ)(5)!72')%B=E([M#N*M/]0[K,,CQZ&219&CUE&&L>&FKHMB2!%AGA2:
M*V-9V>X&I7/8[5[]&L:G#H"MMG2IS9.]8II..7&,W6T3>81GAEG&%#R,XA>L
M_P`,>I^'JQ5Z,O;&P`\$I-*L$<C2R+8ZZ(T,(;-SB;5<G,=IH)/:Z7.1N+'P
MX>9%9,MJ,M;/ER;8+-O)#:2PVE#:UU9)1%(^(%P#%([F&<G``[S%:\[W3\BI
M;&IL\CD`:261;"&>)N''YJ(&%%4VX<=I-/Q.5RJ_ID.`V;%'19T.TNJ$[%Y*
M),G-VY-3`(/;V>7&.]LZ.J:._7=M74?#()%S7Q['(JRL#4FBR+2PK(M-D]<D
MD^/9%#;'E16LQK(TD\Q"O5O*,-&.7@90I/\`J8"'<V>)Q:YL")(LGD;64PPQ
M"V$VH@1:UU;96E8*S#+.\DA%>SG$;SCHYXT<U4<UR(YKFKJUS5XHJ*G!45.H
ME<L@E?."44ZFMX^O:Z>WBKOA6,96O&[<)_!R;DWL56^GIX//GAQ/ZMXTQU=8
M,(%'5U^%A$0B-BD<!MWC]GHA6,16R(W,U&K=55T0&05^)8WCU-%O5;$Q\Q9O
MB\^TIST@#2.TU5=X=7U\*2148U7>ANFB(K<*D2-><3%J/>KOM>J5T=O-7^5$
MW??UP?(O=S?Y/SMZ?+_[']VSI%_Z`[M$\P^3_<A]_P#ZG\3Y?=TA=T[I'[AW
M'W+.Y?*?#_)IU?_:``@!`0,!/R'+A->;"*922+'._:KIN^'W&/"G%-#":<;$
MY6`Q&Z5I.P20+24ZD[\`0-3*9=-">ZZAU09#FU9R<\38AUA":;<6S^4AG=9.
M2]:()6!(A8J"L;$<<<'W?G-F8$.`?\PB+RNL328+6!!\+G/-KFHN;CJ'K[WP
MB:9L>>6X;,:VY';Q*WJVV!:7U>NL_*?Y[X3IF!`'_]H`"`$"`P$_(?R?_]H`
M"`$#`P$_(<GOA4N7S^N)P__:``P#`0,"$0,1```0`"N1>W(![H&('__:``@!
M`0,!/Q#-_P#C!:;O>5Q&&_",^HY:#M%3G;Z-Q^DJG@[GZ'4W'6>)(K31>7D0
M!<5\@%W(W$Y,14$@66LRB,=T-O``>@"4*0D0%E[6`IO=PW-UVE)XE2K?K#VR
M#'DSUK0!!0(UA7U!`@$[@X?E0LV!G(#]FT^CI!"]SE=&IWQ@JT3QO\^O$.YL
M,_+/7"B\;883_]H`"`$"`P$_$,OKA<J5S^^+P__:``@!`P,!/Q#(`M-NZW'N
?@E602U-*.ZBE&>D\0:KU'9K(TSK]Q81[<_W/)UG_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g88374columns.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374columns.jpg
M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`'(`E@#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#E3G<<=Z=D
M$=.U,`_&GX!'N._:@`Q\M/&0H'84T<K[>M3#E,F@`1<G'3':GQC<P%-CZFGQ
M##)SQ0!8*[5/6K$<68$D/&7`J-QA.>AJX]NZ:?;N>%9QCWH`N:YOM9HQ&Q_>
MP`$Y[5DB,;.O2M'6)_.O85QQ'&%K/()<#F@"+E3QUK5L=3NX'1%D+<\`UGA,
MRXJ_IT0>\7=T!`S0!TNM>'=0U)X;MVA!\L`X-8VL>';NQC2<1$Q;1N9>0#6S
MJNNM9NT298CY1GTHT;Q7Y\XL;]$\F4[2?3-`'%8.*4$@YSS5G4XT@U.YBCP4
M20A2/2JFX<X&?:@!ZD`\4H]JCR<BG@G)]Z`)1D8]*=G)S48)IPR`,]?6@"0$
M8SCBI%;&*B'/!/>I%'O0!(".E/!]JAQS^%/'7K0!*&'I3AZU&.F,T_OTH`D3
MM5A6`=67@BJX!/-:>A6T=WJL,4W,9/S`]Z`.NLO$%JFE0*9B)U&"3S5-M::Z
MOT4,LF#@$#K7-WJ"WO9HEX57('TJ33_^/E6!Y!XH`ZVWO\/*L\?[^,]#Z5MV
MEXLT2L&RIZ'T]C7*:=Y;ZK))<L3&5^;!YIZ7OV&Z<P',1."I[B@#M&574JPR
MIZBN9U;1VMW,T`RAZCTK8L;Y)XE96RGOU4^]7B`PP0"#VH`Y"QO6MB,$X[CT
MKJ+2[2YB!!&?YUC:EI&UC<6PRO<>E4;:Z>V?<OXK0!U]9VI:6MTADC`$GIZU
M+97R7,8YYJ[0!P\L3(Q1QM8=#3%!SM/WJZS4=.2ZC+(`)!^M<U+$5;9(,,.A
MH`(Y,84YQG.1U%;]E?I*PC9_GQP3QFN<`(8AOO?SJ4'&/7VH`[!'##'>LG7+
M=6A5@,$FET^_\W$4AQ(.C>M3ZHI>W3V;F@#E"I4X(J]8='^M3I8F[)`X(&:C
MMHV@DDC<$'-`$5[_`*Q?I4`JS?#]XOTJN*`-.)<PKCTJ@WWS]:T8/]2OTK/?
M_6-]:`)+?_6K5V0?*/K5.W_URU=E&!^-`#\<4C<*:>.E(X^4T`-C^X:KCK5B
M+A3Z57[T`2P_>J1CM84R'[_X4^7AA0!*I##-+BH$;!JQG(S0`@&*<*!01CZ4
M`+2XH!I^,T`(*=31Q3AS0`X4\&F"G"@!U.%(*6@!13A313A0`ZE%(*<*`%%%
M`HH`^6<CWZ4X#*=331_3/UIW\(!]:`']4&.*F!_=C-1,NU`/4=ZDS\F.]`#X
M1D'TQ4D8'[OZTR'E3ST'&:EA`*1Y/\7-`&M<6$ZZ:MT0/+8X'KQ5B;GP[;OG
ME7&/UK7NK82>&6;JJXY]*Q;AD.BVL"2(3NR>V*`*,K%KE"YR2.M3A<N/EQCO
M3)HF6XA+8P1@8JT!E\<<<4`111`W'///-;.A6@N-82(<#>"?RJG;6KRSCRT)
M._``&>U=-X;LO+OIIG!62*15VGCK0!S/B;='J;@C!;G\*Q%=E.X'GUKH?&:;
M=97MF,']:YL#(Z$T`.+%FR22>I-*.OTIIP>U+D$<CB@!X'/L:<G`-,&>.]2]
M,=Z`'+@`G\JDP0!SSZ&F8P!]:F4#:?6@!H'?.#3QT/%)T;K2_=SQ^5`#AUQF
MI!@`9IBC`I2>.M`$B\\4\`^E1(?UJ96R.>*`+-FH,A!Z8JW82&ROHY<#&[KW
MJI`,*7_`4L;DOD^M`%S4[A9[DE57.22P[YHTS:;V/<2J$X9AU`J%\R-D19Z<
MT^`HK`;2CCO0!JWLL5LS0VC,X!^9SWJHEQELM3IX61"X&T]QZU7!/<9H`U[/
M56MCF/CC%;-IXAV*%D4,!7)`CWJS"KL/EYH`[C3]5ANV$(0AFS]*K:IH^[,U
ML.>I6H?#RPQ*7SF8C#*>P]JZ$$$9!R*`.-M[B2WEXX(Z@UTUE?+<QC)YJKJ>
MDK,#-",..2!6-#-);2]U8=1ZT`=A5#4;!+B(NH`<?K18WZ3KM;@_RJ[(/EH`
MY&6V>/Y9!CT-1+D$AOO>OK767EE'=1$$`-C@US<]LT!\N12/0T`0J<'(XYK=
ML;Y;B,03_?[$_P`58*@@X;K_`#IX;!'.,=Z`.AMK<P7C=U(X-2W%DDV6`PWK
M5.PU#S0$E;]YV;UK4C?=P?O>E`'+:A$\<JJXZ55Q@XKJ=0LENESCY@.*YN:%
MX9"K#!H`OP?ZE?I6>_\`K&^M:,'^H7Z5GR?ZUOJ:`'P#,R\U>D)V<]:I6_\`
MKEJ_*/EH`D'2D;[I^E*M*WW30`R,?(:J]S5N+[I^M5>YH`E@^_\`A3YOO"F0
M']Y4DW44`,%6.BYJN*LG[GX4`*IR*=BH4;!J<<C-``!3L]C2"D[T`/Q2BD!I
MW6@!:44T4\"@!13P,TP4\4`.Q0*!2B@!12BD%.%`"BB@44`?+`#'KTIX1BO3
M@]Z`&P,"I0#V'TH`"KLH!QZ4\(2,4Y5SWIXC[C-`#44C@=#5ZQ-NJF.X7*Y!
M#>E0"+..N:>L1R.M`'2_VK9"R^R`N8WZXJ%--L;R$1Q7'EMG^(\5AF$@XYI\
M<;#&#0!JW>AW5L\10I*B\;HSFK,.D:@RK+]F?8>^*R5EN4^Y(WYUIVOB#4[5
M0OFLR^AH`ZO1(6L[1FE4)+'<H<$=O\FMIE4:Y>8&-R1OP/0UR]MXP6;"WL"D
M<9(&*Z*TO++4KDSVUR/.9`FQ^.E`'$^.4/\`:L3>L7]37*Y(KN_'99'@62UQ
MA<%SW[\&N'.W)]/6@!!VQP#WIW`II7TI1CTH`>O#5)N&:CX(]J<`"#@T`2J=
MPP<T_<.!U/L:B0@`9-.!7H!]:`)1R??WIY&Y@:C`XXIX/`/?ZT`.Y/`IX7WI
M`-H]Z,T`.QBI47'7I4(.#UXJQ&X`PW\J`)/,XP!Q4D`);@9QR:C(W-E00*U-
M+NX+'[0)8M[2Q%%]L]Z`);2UDN8FDRVT#HIZ5'-`RLZ-DLJ[E..U16FH2VQS
M$X!(VL#T-327#2;V#^9*^`2!P!0!H6,$E[I\C')$8X)/3VK.=7WDD?E5_2]1
M%G$]LV/+<'<?Y55ALKJXS)$#L)X)H`B1E)P>M=]H-I:16*21%)'<98]<>U<+
M-!(AVS1E7`X/8UI:'J7]G3G(+*3SSVH`Z6_TIED^TVF58<E13['4?,/EN,2]
MU]?I6E;W$5S")8F#*:H:CIGF$SP?+(.2!WH`TE8,,CD5GZAI272EX_ED_G4%
MAJ)9_*E^64<<]&_^O6NK!AD?B*`.1S+:S;6RKC]:W;*_6>,)(<,*GO[!+R(\
M8D'0USI$MM-L<%74\&@#K1TJ"[M$NX=K#YNQJG8ZB&3;)P16H.0#0!RES:O;
MR%)`<=C59@0P5OS]:ZZYM4N8RKCGL?2N:N;5[>5HY`<=C0!"K$&KOV^3;'\W
MS*>']?K5#!!"MWZ'UIZ_+Q0!TEE=&Z+L0!@#BB\LEN$R!A@.*SM,G2-RC'&[
M[IK;5P>#UH`PDB>%0CC!%9LG^M?ZUU<UNLRX[^M<W<P-#(ZL.IZT`,M_]<M7
MY!\E4;<8F6K\OW*`'XXI">*4=!01D4`)%]TU4/WC]:MP_=-5#]X_6@":W'[S
M\*?,,$4VV_UGX5)/U%`$0JTW^K_"JHJV1^[/TH`@%3Q_=J$5/%]V@!X'>BE!
MH[T`%.%)2]Z`'4"@4[%``.M.%(*<*`%%.%-%.%`#J44@I:`%HH%%`'R\>#GO
M3D.3CCUYIC#*XJ2$`@=?RH`?DK4Z$L,BH''&/SJS`"4X!X%`#1(R5<`)&1Q]
M:HR`YK1AYA'?CI0!'YS*X#8-62<<A<\53FSN`QWK41<@\4`00E9&V[3GO4N$
M!VAL&H[<8O<8XP:L/$`&..M`"F+'W@#]*(HW1LQ.RL#D<U9GM9X[:&5D9%8<
M''6GK$1!'(Z,`_`..#0!JVNL#4]-GTK4\,=A,<C=5(%<+CJ>>.:UM0D,(`7.
M\\`^U96"#G%``IQCZ4I(SV`I@R,FI%&1SU%``.O2I41CFB)0V<^M6E7%`$0B
MSVI54JV<9J>-CG!J4CT`H`K*3CWS4H0C!QQ2.H1LCH15@R#R1TSTH`A8\>]`
M.1B@#>^!5Y;8*@X!.*`*84^E2*ISG%3[55L`'.>:N0I\N2H'M0`Z*TD.GO=;
M&V`X!QWID?E("TZESM`49QBMVUUB&'1)M/:'(?/S#L?6N;GDW/C@@<`@=:`-
M"VO[6(`/91NO<Y.:U8-/MM45O[.E6*0\F%_Z&N<MFVS`\<YZC(K=M=*G6)9;
M)C++U/R8`_&@#/\`L\L=R8)%(D+;3FNG,:I.UMO*0P1AFVG&34,;F=XX=0B$
M4ZM\LI&/SJ;5W>SN+@LH,=Q&`CCID4`/N=/\ZTR=PP-P#]17/741@F^7A6&1
M756^H"^TYG\ME=%PV>E8>I1E)$5ASL!(]*`':3J\MC)D$E3]Y3T-=M:7L-["
M)(6SZCN*\[5-IY%7K*\DLYA)$Q&.H[&@#K-0TP7'[R(;9!^M5;/4'BD$%Q\K
MC@,>_L:T;#4(K^+<G#C[R^E)?:?'=H2,+(.A]:`+2.''OZ55O;".\7GAQT-9
M]K=R6DGD7.1CA6]/_K5KJYD)P0./K0!S4T,MM*(W!`[-6M87X($4AP1WJ]<6
MT=S'MD&3C@^E<]<6TEG+M;.WLU`'4`Y&0:KW%LERA5QSV/I5#3]0.1'(?H:U
M5(;D'(H`Y>ZM7MI"CC*]C4(^7@G/H:W-47=(O^[62\)C&2#L-`$8.*T[&^P!
M'*>/X6K+(*GGH>AIXXXH`ZF-LBJ]U:+<H01SZU0L;[RP(I3\O8^E:R-EB,Y]
M*`.=-NUO<JK#O5MEW#%:D]NLXY'([UG21-$^TT`1*Q'RMU[>]//W3]*1E#C'
M2@$CY6_.@!(Q\IJJ?O'ZU;BZ&JK??/UH`EM_]9^%27'5:9;?ZS\*DN/X:`(0
M*MGB/\*JBK9_U7X4`0"IXONFH!5B'[IH`?VI5I!WIU`"XH`I`>M.'6@!0*<*
M2B@!W6@4"EH`44X4T4X4`**<*:*<*`%HI110!\O8)7%/AQQ_.FX&/?M3H0"1
MVH`?(>*M6AZ`^E59!QS5RR7*]<<4`1W`PQK1M0#%R>@K/G''7ZUI6JYB!]5H
M`JSC##IG-:V,CTXK,N5_>*`.]=#/8FWB0L0689P#TH`CT&SBO-;6.;=L(.<?
M2GZC"L-W-$OW58@5/X:`7Q#'GD%3_*K&NVCP:C+N&-QW`>QH`U=6`E\*Z8V.
M0,?I0;87'AK2%<?+]H*MCT)JV\:R>#8"1DHF0?3FEM<-X2M^?NW(Q_WU0!YW
MK<?D:U=09R(Y"H'M5$-6IXKC,7B6]`[OFL@'(]Z`'L@9?>F#<#3U/8TAQQ0!
M)'D'KUJS\NX55'&#FIR>1WH`FX#<>U7-H,0/Y8[52Q@C.?NU;AQY0/.30!7E
M&5X['%*BEE]\9Q3I<%'XZ'BG1.@!<JV=N*`'VL:D;CZ]*NHH-5[8!;?=[FK4
M#!8V8^AH`AC3=(N.23DU;D!QQP3P*;;H&=>#]VIY(OF![`$T`1`^4K9PRXP!
MZU1C3<W/`]?2K$JM&JJO#8!S]:MK"J188`]V]Z`&0PB)E?@D'-;5OKL\#J&(
M=!V'%9,<9D8(H)]%K1BT:]DB>2.-<(.@/)H`WY);/6+)^1YH3()Z@UB6=T+E
M1873[H7X4G^%NQK(\ZXAF/EL0W0TU,J59FY':@#J;$0Z;!(MQ<AB#Q%69=W/
MVJY>7&,G@>@JG+=M-(7?)8]>*02<XVF@"4D]^129(/M3!*W^R/K2^8.YS0!=
MM+R2VD5XV((KL=-U2*_C`)"S#JOK]*X)6.>G%68IFA<.C$,/2@#O+NSCNHR&
M&''1JRH)Y;"4Q3`[#T/I4^D:PE\!#(0)@./]JI+^XLD61+B1=RK\H')S0!>B
MF63`!&<9&.]+/`EQ&4D&1_*N?M+^*+;\_P`IZC%:\.I6T@(,HX[GC-`&-=VL
MED_()3LU7-.OF4A)3D'O6D3!<*Z-(K`\`9K&O;-K-\KDQGH?2@"]J+*SH0<\
M59C@2:Q1'';\JP1,Y().1TKI("#`F.F*`,"ZM&MI"",H:KXV?[OKZ5U$L22J
M5<9%8=W9M;N>,H:`*@/-7[.\,1V2'*'H?2J&W:,_P_RIZ#O0!TJ-N`.<^AI)
M85E4@BLFTNS#\CY*']*UT<,.N0>AH`RYH&A;IQ3,@BM=T612#6;/;M$3Z>M`
M$,70U48?.WUJY'QD>E5'_P!8WUH`DMAF3\*EN,\9IEM_K/PJ2Y_AH`A%7#_J
MOPJF.M73_JOPH`K"K$/W35<58A^Z?K0!(O>G=J1>IIPH`0=30#AC0O4TT_>-
M`$P/%%,0GI4E`!2BCK1WH`6G"D%+0`HIPI!2T`***!10!\P8.VI(1R*82-N<
MC\JD@&"*`'2#BK5EV^G-5Y0<5:L_NY]J`&704$\^M:=D<PJ/]FLVY7!)XYK1
MLA^X0Y_AH`BF96G7CH179WULKZ8MQ_=<+CZBN-F7$H(Z9!KO)\'PV_;]XG\J
M`,C0%"Z]!ZG/\JV/%(_T]"1_RR7^M9.B<:Y;?[U;7BI?]+A/K$/YF@"Y'D^#
M%_W?ZTVT&?"+_P"S/D?G3K4EO!Q']W/\Z;8G/A&Z'3;+D4`<7XSC_P"*CN"2
M/F"G]*YW&TXKHO&^?^$C<GC=&G\JYO)/7-`$@.1BE."#VIN<XI5Y;/XT`.5L
M\\D59)Z?2JJGY?Z58!^5?RH`LE263UQ4\!`BYYYJ%?O1]N.]/CDVH>>]`"$\
M2`\\4Z(?N"<GITJ'>,MSUJ:*11`Z,#N/2@"Y:X^S<\Y%3C;]G?@8"U4MI5$&
MQNM7!@VS>I]*`)K=<N.>=H[58:-V2;:/N1$Y/:BV7,Y"KNPH[5?615LKWY,%
MMJ_K0!D#<[PQMM.><CVJ=SQZ@TNR-[Y0I*D)Z4]U"DY&0.N.]`$*W21Q[5/S
M9R<5+#J$L#B2*5E;/K60XRQ.,`G.*4;L8!-`%B>X9[AGSRQR2*8'<]#48'-2
M+P,=3ZT`.W/GK3@_K2#D\]:<5P<]C0`\./2GAB>@IJ@=:E7:.<\T``W4\*3W
MH##'0T_/H,4`.B=XCN1BI]0:<9"QRQ)/O4??K2B@"U&Y\L'TXJ6.4CDYS52-
MN"#6UI6F?;59RXV)U_PH`L:1`T\Z3,<1J>OJ?2NCF17A=6&1BLB:TDT^16@R
M83U6K\=QYD#-A@N._:@##D@9,L@)7O5RQOC%A6.5J]8H&A;<`0W'-4K[3S"3
M+",IW'I0!L(X<9!HDC65"CC(K%L;QHCAC\O\JVD=9%RIH`QKNS:!LCE354+M
M&1RO\JZ5D5U*L,@UDW=FT)+IRM`%`&KEI<F'Y6Y0_I53;@Y'XBE!STZ4`=#&
MP905.0>AI70.I!%9-M<F$X.2G<5JI(KJ&!R#WH`H26YA8G'RFLUAEV^M=&RA
MA@C-8]U:F)RP'RF@"&V_UGX5)<]%IEM_K?PJ2YZ+0!`,U=_Y9\^E4Q5[K%^%
M`%059A^[^-5A5F'[IH`D7J:=TI%ZFG]:`&+]XTT_>-/7[QIC?>-`#TZT_.#3
M(^M*WWJ`)!2TQ3VJ04`(*>*2E%`"THI*6@!:*!10!\Q$84G%26X(([TS@KGM
M4EMU&>]`#Y3A>U6[$@1<>E5IQQ]*LV(!0?2@!MT0>GI6YI<(;1IG/50O\ZQ;
MI!D^M;^D$-H]R,$_*O\`.@#,F'S=>]=W*I?PY*3_`'D/'TKA[A2&Z=^M=VW/
MAB3:O:,Y]:`,71SC7+7@GYQ6[XJ5A<P8'!C_`*US^F976+9L_P#+0?SKIO%2
MY6UD[E2/UH`?8#=X/F`Z@M_,4W2OG\,:B"#PV?TJ72!O\*W*GU:F:*"VA:FO
M/3/Z4`<?XVB)UJ-O[UNA_2N9V`@GK^%=3XW<B^M&[FV0_I7*`L._4T``Z<=Z
ME5`:B3.>G%3KU`H`<(5/4T;2.<\5)%@'![U)@*V#T-`#E.6CW<TT]POK3U"A
MTYHC!WD^E`"(FW'>KD;HO#*">_%0HN7-/VG>3R0&`-`%H+#CE3FK03,(`S]X
M"HV@79G'/:K0&P1\<;@:`-W2[/[%?2R7)`18@Y^A%4X;^T:1TW.ZELDYP/:K
M7B*X=7\I#CSHD#<=JYX)Y:X7@T`=K:1Z7-B3R1O&.0>:@U+0E%M+/:/NX)*F
MN7@N[B&0>4_3KZ5U.BZI+,62:(;`/F?.`*`.**-DCN*:`1781^&PTLKK.DFY
M25&.AKE[ZSGL+AH)T*N*`(!P1S3L_-D5%DYIZL0*`)03G)&*E9AP!4(<GCOZ
M4X*PR:`)5Q4RD>@JNJY[T\`CO0!9!VB@N*@YS@M3T7N:`)-P(X'-*,TWOBE'
M7.<T`2)R:V]%O#9,[-DQG@CUK%"'8'!XK4LXA_8]S,020P`YH`V7UN(D[5?/
M;FI4N@D44VYBA)!!/]*Y=),N/>M3K'$G7)W8H`Z"VE1'DC'0-G;W&:N<$>H-
M<^0C3"6&;8P]36I;7!9?FQD=<'K]*`*M]IY3,T(X[K4-I=F%@"3M]/2MP'(R
M.>*S;S3]P\V(8;J0*`-".595#*>M.(#`@C(-8=M</"^.<#J*V8I5E0,#0!GW
M=D8\R1]*HA2,D#ZBNBZ\'I6?=6>,R1_B*`,X'TJQ!.T+#NIZK4!7J0.>X]:%
M.10!NQN'4%3D&E9`ZE2,BLNWG:%LCE>XK32174,IR#0!G/;&";<!\M17/W5K
M8*AA@UFWL!3!'W:`*0J\/]5^%4NXJ\/]5^%`%058@^Z?K4&,58A^Z:`)%ZFG
MTQ?O&I*`&C[YIC?>-/7[QIC??-`#H^M*WWJ2/K3GZT`*G6G]#3$^]3VZB@!P
MI::II]``*4444`+12T4`?,1'R^U2VQ&Y:A!;9R!3H58L,-B@"Q/C!-6K!@0!
MZ"J3JY!);-36D)89W%>."*`+-USD_P`JVM%(.EW(S@[%Q^=8,L;C_EH3]:TM
M,A/V"9A(ZN5&#GC&:`%N>O4=:[>`$^%[CV1#UK@KH2@KE\^^*["V2X@\.7!C
ME$D;J@(?M]*`*%C_`,A2V';S%Y_&NJ\5*5M+4]<%A_*N,MS/]OMPJ@'S!@Y]
MZZWQ#=8TJV68$3;B3P<?G0!8\/DMX?NP/[S?RIF@Y;2]44==G3\*/"<T<NFW
M,0.6+$XQVQ3O#G^KU*/_`*9\T`<EXU!>337QUM0/R-<J./O"NL\8#%OI3#/,
M!''UKDSD]0:`&XYJ3L/6F#[P'2I!]T4`2`X.?>K$G0$G-5QT-3.,(I-`$PYE
M3-/A3<[9Z9ID8_?H`.:L6X!:0^_:@`@!,N,]ZEV_ZSV<=*;;',Q^M/ZQ3D_W
MQ0!H,O[DG':K][;"&&TR>9""U42/W7MBM35<O8V+]L`9_`4`1ZK.+G40O&(T
M"@CV%9Y0ES["IP,W![\4..)/H:`(K:/@DFMZR<6VDNQY\QOY5EP+^Z/'85K3
MP&#P[)<'^[\H_$4`58M>FM9/E*[<]"*3Q/J-OJ%O92*`)P"''I7->8S'ECFD
M8DGDY^M`"YX%/08(/6HQUQ4Z+A`?>@!4XRWITJ55X]^YIH&4)J:-L`_*3F@!
MA'?H13@<BG<<4SH<4`/09.34A.T>],&%%(#GJ.:`)4&ZGE,8YZU$I(%2+\QP
M.2>*`+UO'NM']<\59AE,>GRPGH3T]ZJLXBC$:M@CK]:D1F,9VGG/)H`@B'[P
M!N*UWN%6V2-(E5P"&?U%9X$F[.0U7HE6:)AN`(YV^M`$&YA4T-S(AX8BJ[+A
MR,].<T],XSF@#1%_+_>/YUJZ;+/,K/(3L`P,^M95MILUQ%YP`"CIGO6G:7A&
M(9<*PX';-`$MW8B7YXQA_3UJC#-)!)CH>XK:!R,BJ]U:+<+D<.._K0!)#.LR
M9!J6L6-I+>7!X([>M:L,ZRJ.>:`*UW9AAOCX/<"L\J=W3#>E;U5;FT$@+IPW
MI0!F`U-#,T397IW'K43J<G/#"D4\4`;,4JR*&7IZ>E/=0ZX(R*RHI6B;<I^H
M]:T(I5D`8'ZCTH`I7-IY?S+TIPYB_"M$@,N#TJK+`44E>F.E`&<*LP?=-5\5
M8A^Z:`)%'S&GBF#[QI]`"#[YJ-_OFGK]\TQ_OF@!\?WC2M]ZDC^]3G^]0`)]
MX4]NHIB?>%/;M0`#J*DJ,=14E`"TM)2T`*****`/F,@[>M2VP&14?\-2VH^8
M?6@"291C()Q5RPP8@,8SWJK.!M)%7-//[E?;-`"72GU'2M72X_\`0'(_NC^=
M9=V`.];.E$-ISX/(0?SH`H7.=P%=M$BIX9?:,`B/(KC[G[V:[>-0WA5_7RXS
MD4`<W:_\A*WZ?ZQ?YUU_B9?^);!QT8UR5LI6_AR./,7^==EXF4#38CVW_P!*
M`*WA2,/IMTIR,/U!QCBH_#:&.74B'<X0DC/7FK/A'FSNUQSO'\J;X=P;W4$(
MZQGC\:`.5\52A]/TO"L&5'!R.OS5RX(]:ZGQ6"--TS/I(/\`QZN4((((ZT`1
MG[Y'I3^WXTTC@L>.<$49)X]_3%`$P.`U3,V5'X9J`*V3BIA$[8!.!0!8A`>7
M*M]Q2U2P2#,A/<YJ%;=E.1)MR,9%.2#'_+;ZXH`GM''FYR>M3+\T,_RD_/4"
MVZJ1B8C-6(%6%PPF+#()7UH`Z2XM%30H)MO))#$>M17ES&^GV43,1M&<CFI_
M^$@26`1/;1[!V'0TX7VE2@>;9CIV-`%$A!(&60-N7ICFDVF19,<G%:_V;19U
MC:.>2)\8(/(Q5F/P_:21N(;]2QXY%`&5'`RAU*D'`KH-=A,'A1XCC<JH#^8I
MUOHAAAG:1R6`!3;T-6/$49FT.5`<$A3GTH`\P.<TH.1S2L,$@]N])C'2@`[X
MSFIU<;0*A4=:D5N/NB@"1'(/3BI`&/*@@4CE5E)BY3MFG>;)(0K'B@!1G/(X
MI_?/M2KM*_UIO4@"@!P&3[5)N`/2D;"J!WII'R@@]:`'[@>U6(X6VY1NM515
MNW+,P4'@#M0`U4<MCG(-:TEJ;6&WWL#YB;]HJGM$$P4ALGDU:2UDE"/-<K&<
M9&>H%`%B5H&6-8V#/N&T#M3[4(VL[<X7<,X^E,73)"N^&5)<<G9UJNC;&*@$
M'N3UH`GU..*WOY8\$9.>*K#=C*L"#6A+823;)Y3NDE^ZGM44NGRPKO5<#N,Y
MH`VM'NVF@"%<*HPO-6KJS6<;EX?^=<XA>UD`5L'KD5T%C?K<@(_$O\Z`(H+E
MH7\J;C'`)K1#!AQ45Q;)<+SPPZ&J44TEK)Y4N=O8^E`%VXMDG7GAAT-9V)+>
M7!X/\ZU5<,`1WILT*3+ANO8T`1P7*R``\&K%9+(]O+ANW0U?M[@.,'@T`-N;
M82KN48?^=9[(0<'AA6U4%Q;B521PW\Z`,O/YT^)V1@R\4.A!PW!]::.N#UH`
MU895D3(Z]Q4O45E1N4.5.#5^"82CT/<4`5KBVQED%,A'!K1Z]:A:``EE_*@"
MOT.:>.:;T.#2XQR.E``/OTQ_OFGC[],D^^:`'1?>IS_>IL7WJ<_6@`3[PI[=
MJ:GWA3W[4`(O6I*C'6I.XH`6E%)2CK0`M%%%`'S*<[,9Z]JEMNHYJ-L;>U36
MBY/XT`/G!"C.,^U7+`XA'KBJD_"G!ZU;L!_HZT`%UW]2*U]&'^@RD<_N_P"M
M9-R./N\^U:^B@FQEQDXC_K0!!=`9ZXKM;3GPO(,Y_=(?U%<5<?>-=MIH'_"*
MR<\^2O7ZB@#G(O\`CZC!/\8_G7;>)%_XE,?.2'KBER+E"?[XKM]>YT89_O@_
MI0!!X2!\F[7W']:9X=^75[U#WC;^=.\)9#W0SV7^M)H8V^(;H8_A<?K0!ROB
MCYM)L6_NR2+^M<D6*X`_"NP\1@-HD+=Q<R#^5<C@@YH`!&N<N<9J1>ORJ330
M%7KRQJ1&+-CI[T`2*';GI4Z1?[>:KQ\R;:L2MM88XH`L+$N1WQ4RQ*>PIL0&
MSL320G=,RGTZ4`6%A48X%/$(]J=(`$`]J+3+ID]CB@"185SC`J06ZXR5'YU%
M*-O(/2KBKN0$=2*`&"%?4C\:>@E3!60BDAW&4I^-/)*MSTZ4`7K75;^U`Q(6
M7T/-;,.MVNH6[6EZNP2#&X5SR@!PHS3I(0XYX8=#0!0U[23I-TL8;?&XW1N.
MXK*4$^U:>J74MRL,+ON\D$"LSE30`\(<XJ>-!FH`<X-64^[D\T`6(U3/S<"G
M;4<D#`':HF/S`^U3$%HPP&:`(E0JY4\U/Y:[0<C&.*:P),;J0"1@YIWSD!<#
MCO0!$_+8'-2K`P'-.@C^<LV#SQBK1()!["@")+<,.:OV%HC7<8Y&6%00KO?.
M.*F#,'^0[=O<4`7M4M8;*[8[@RGYMN>0*R))ED<G+CTSS3[N5FX9B6;J2:BC
MA++G'6@"\AD@D$EKYQ0*"Q]#6@3%J<6[B&X4>F-]0V$D-L,21[CZGG%;:_9;
MY#M`5L<,!R*`*\EP@EBW_*1;D#([XI]LT;V"[3NR/F'H>]5?/696MKD@XX23
MNIJ6UC>")TF:)8QU(/+4`5+N,+Y..NP9J&-RIR&((I]S-YTQ8=!P/I4>`>:`
M-ZQU$2@1S'#=F]:NS0).FUASV-<PAQWK7LM1'$4QXZ!J`'(TEG)L?)2M!'#J
M"#G-#HLJ889'8U3P]H_K&:`+DD:RH58<5FRQ/;/WQV-:,<@D7(/!Z&G.BNNU
MAD&@"O;W(8!6ZU:K-FMV@;(R4['TJ>WN?X7_`#H`EF@$H]&]:SWC*G:PP?6M
M:HY8EE7!Z^M`&7R..]21L58$'!%+)$8SM8<=C3.1Q0!H13"0?[7<5-UK+1B#
MD'!%789@XP>&_G0`Z6+/(ZU#TX-6P<BHY(\C(ZT`5Q]^F/\`?-2`8>HY/OF@
M!8OO4YQS21?>ITG44`"?>%/?M3$^\*>_:@!!UJ2HUZBI:`"E%%'>@!:*444`
M?,Q^YC'%36@/KWJ)ON\5+:<_G0!-/T/3GVJWIXQ;IQZU4N!A.G%7-/!^SIQZ
MT`)<Y`-;.B'&GRE0<^40?SK(NC[5JZ(,V3]<;#C\Z`*UT#NR.*[/3$W>&),Y
M)$(Q^8KC[D#-=GHP!\-2C.<P9_6@#G2?WXR.]=OKW.BHP'\:_P`JXEQ^]X/(
M-=QKF?[`7I]Y3^E`%7PF?WUT,?PK1HIQXFG'J'XI/"63<76?[@_G2Z4<>+),
M]RXH`YOQ0OEZ-D?PWC?RKCE8/@'@UVWBI-VB3^JWQ_\`0:X3H:`)&X>GQD[C
M4(Y;^M30\GF@":'_`%AQU%32]1QSFHH!F6I9?O+GKF@"_$#Y7&,TVW`^T'_=
M_*I8_P#5'I4=OS=M]*`+LW"9S2:>/W1_WC2W'"<4::/W39S]_I0`^Y'!/I6A
M",Q(?]D53NQ\K8J_;1/]D23'RXQF@!+.!YK_`&QH6)7H*D>#-PD;_+\^#^=7
M?#Q(U<X[QFDNXVCU%MRD'?D?G0!/>:='!JT=N')5BOS'KS4>JV+V<5[+&P98
M64?-UYK9U6`"\M[@'DLHQ]*-?B4Z9J)`ZQJWY&@#S8L0Q)YR:#S@TTGFE':@
M!R]^*F0_)4*GZ5.G^I;I0!,BEMGN<59B`\GU/2H(\;(S_M59@P8R<]S0!&PS
M&OL^,U.L>&<EOEQTJ"7_`%+]P&IS!5@W%2!CC#4`30KLMP?;-2*,PCU)I,8M
MAD=L5*@RL8%`$D*[8RWK2C@?>QQN-2(N(,T8;>0(]Z;!G%`$;QK.Z@H`$`R1
MWJ3..`/_`*U/3E<XQN.:8&56RV,=<&@"S;V4]SG:O;()Z&HQ)<Z7=8:/G^Z>
M]/&HS+]V0CV%0:K>M=/$&QO1<%O6@!GFNQ)D(5B<\U)+<^8V=R]`,^M4`#W-
M*,]NE`%OS,_Q$_04]7/;]3512U2@,:`+(;G)84\3*#UJL$.<5((P.M`&QI^J
MA"(I22G8^E7I=2M1&1DR9[`5SBX4T_=0!KPWJKCY3CTS5V._A;@DCZUA1'Y>
MO-2C)/!S0!O)-%+\H8'/:JL]N8CN3E/3TI=/1%4N3ES^E7NH]J`*=O<8^5CQ
M5P$$9%4I[<H2\8X[BB"?;P>E`%MXUD7!JA+"T9P>16@"",BAE#KANE`&7C!I
MP)!J66$QGU4U$..O2@"Y%,&&&^]_.K`.:S1Q5N*;("GK0`]X\\CK520?/S5_
M-12Q!QD=:`*T?WJ=)U%"`J^#2OU%`")]X4]^U,3[PJ1^@H`:O45+42]14O>@
M!:.]%+WH`444"B@#YH8#8..:ELQW`SS4<GW!4MD<>F,T`2W&"I[U<T[)@7TY
MJI.HVGO5S3^;:/'O0`70R.>M:V@[A:R=/]6>/QK+N1_DUJ:#C[-)G_GFW\Z`
M(+G(;I]*[/03GP])W(@8?K7'7)'/K77^'21X?ER,_N6H`Y]\^9Q7<:L2WA\$
M_P"R:XB3&_KTKM]1.?#BGN42@"GX3.+VX'_3/^M.T[Y?%Y]V>HO"9/\`:,XQ
M_P`L_P"M36AQXP^LC?RH`Q/%6/[(O?5;T?JM<%@-]:]`\4+C2M5'I=(?T->>
M`XSQF@!5&&Q4\/WO>H`<M5B$<DXH`FMP#-^-33_PCC.:AM^9?UJ>?[R^N:`+
M\?\`JN:C@XNS]*E0?NQFHX.;LYXXH`OW'W,@YING9`8=]U/N/]6.*9IRYWG(
M^]0!:N0<&MM8]VDP%?N@#/MQ6/<\@UTEJN[PX2/[J_SH`JZ%\NL8]4-7=;&+
M\-_LBJ>D`KJ\?N#_`"J[KP/VM#G^`4`7]5YAMG_V@:761NT^]'K;YINIY^P6
M[>F/Y5+J/S6L_O:M0!Y81\U`/M3IQB=Q[TT#)H`=@AL'K4R']T:8(V?GWIVU
MU&.U`%R-3LB/J:GAX#CWJNA.R+).-U/WA`V!EBU`",PV2`^O%/+(;4C/S#&!
MFH%C.?FXJP(4!^\*`+#-F`;>N:LQ<-'UZ&JRQ``8/-:5G#]HN88R3@@YH`M"
MW5-/CE()#D@^U3:K&D;J4.S]RN.*LQ>6FCM'(X4DG!)]Z>$MM2/S,2`H7W.*
M`,=5Q&O((QUS5&ZQYW7H*ZIM)@:'9$Y4@Y&:Y[4K9[>Z99%P<<>]`%#<1T8B
MFCDYI6&TD4W-`$@`(J:(9J$8IX;;T.,T`2+@<8S4JD^@JN#4JOB@";YO6G;?
M4FH_-]J`Y[4`2XQR.E.W"H@3W-.&*`)XF&<5LZ6D.TN2#)Z>@K#C;8V2*NV\
MDD($R#:&R`:`-EEC\T,AP>_%3(X89&<#BL6.YD:<,[FKJNQN'"Y"XS^-`&C5
M2>VZO&/J*=#.3\KC#?SJR*`*$,Y0X/3^57E8.,@U7GM]WSI][N*ABE:-OYB@
M"\0&&".*JRP;.5Y6K*.'&13J`,[&/I3A4\L.,LG3N*@Z'B@"S%+QM8_C4]40
M:FCD[-TH`E>,$Y'6J\@(/-6P<BF21AA[T`5U^\*>_04T`A^:<_2@!!U%25&.
MHJ2@!:7O24O>@!>]%'>B@#YJ<?NQVJ6RX'X\5"Q/E\CBI[(97OUH`DG'RU;T
MW_4J?K5:YR!D5:TX$VZ#ZT`2W0!S\N?2M/03_HTHQQY;5EW(R"O2M/0<_9Y.
M,CRVH`AN/7M78>'<_P!@OCO"_45R-R.#Q78>&^=!<^L3B@#GG`+$D5VM\-WA
M@'_IFM<9)P[5VUR`_A4XY_=*:`,SPF3_`&G+[QG^=6(CCQ@G/60_RJOX4&-5
M<=/W9_I4^W9XR0\?ZW^E`&=XF'_$LUM2,XF0UYJ:]0\2+ML->!]4;]:\P_BX
M_G0`J_>Z<58AZ&H%ZU9@`P<T`36N?.J><<K]:AMAF:IKC@KCKF@"\N?*)-10
M$?;#]*F0XB&14,.?M63Z4`:,^0FWM4V@Q">Z\H]&;^E1SG*`>U6/#>?[04KC
M._\`#I0`^Z4\C%=)8#'AUNOW!_.N?N^2W'-=!IQ)\/..#B/^M`%/3<C5X<'N
M?Y5H:^/WT38ZI6;IY/\`;%N<X^:M7Q`O^H/^R:`)[P[M'A8>B_RJ:\&;8^]H
MW\JBD^;08CZ*M32?/;0'NT#C_P`=H`\LE8M*Q;KFGJ`!FFR_ZUA[FA<X(H`F
M1QN`/(JQ@*V.QZYJH!Q5UE_=*V<F@!X`41CD`-1M/G,,XYIS`_N^_(J0+BX(
M-`##Q(%IX7$G_`A1M_TO%6`@W.<9PZT`2M'\H/2MG3[7R[FV8/AG5OPK-90<
M9SC(K=PD&H6O]W8:`,B])=UA[19R?4YJN"R'()&.X-3NWFSRL.A8FHW7Y1[F
M@"[;:G<QD9.]?]KO6M=6?]I16[N51D.2.O'I6);($N82PX!!Q5FXU*:!F"MM
MY_&@#/U;3);2=I"O[ISE2.E9N*W)M7\_398IQO+?</<&L11N8"@!RC`!]:E5
M`$&[J>E,VXXJSCYSCLHQ0`U5!Z#!]#3ACTI^S;[TUL!LCH:`$ZGI3U&*8/6G
M9Z"@!XYYIPYXIJ'%3`]\8`H`>J9A+=P:NRNOV")1@%>U5D(2(`CECTI^"4'R
M@_6@!(,M,@R!D]:ORGR6**VX]V%4EC"GE<>X-6-C;>_3(H`D6X8=35E+UA[_
M`%JB./K4L4;2-M5<F@#0BNO,<+LY/I3YX!)\R\,*@A!MGVNO)_BJX#D4`44=
MHW]ZNQR!Q[TV6$2<CAJK`M&V#P:`+U5Y8<99?RJ6.0./>GT`4,4X?I5B2+/S
M+UJ#:?QH`ECDV\'I_*I\BJ8J1'(/M0!,R!N>]1.".*G!R,TUUW#WH`@'6I:9
MM(;FGT`+1WHHH`7O10.M%`'S8V#&#4EGPN>,9J-U(BR/2IK(@+^-`$D^2A(S
MCU]:N:>/]'3'/6JLX')[G\JLZ<?W*#ZT`/N0"..*U-"!\@G.,H]9MP<#!K4T
M'_5''.5?^5`%>X[GJ:Z_PN,Z*ZXZQR#]*Y"YZGBNM\*G_B4L><;9,?E0!B2K
MACUKMS@^%?K`.M<7,/G/'!KLUPWA3Z0B@#+\+L1K!]XVJQ/QXNC/_34?RJMX
M;S_;*@?W&JS>C;XGB8_\]5H`C\2KFUUX?],D/ZUY2OWJ]:\0CY-<'K;*?UKR
M9/O&@!5'S8[59@Z'GBJZCYCFIX7QD8)^E`%FU(\X]ZFG^\O!ZBJUNSB;Y<#Z
MU9F$C8+!1D]1F@"^@'E5%"G^E9]C3HD?RQB5NGM4:1G[0H+L>#CG%`&G,#L&
M/2I_#Q"ZBF3_`!BJTD7[L8=OSI=$@$FH!2S??'0D4`:-T.6YQR:W](PV@R8(
M)$1X_&N:N8V&1YC8![UMZ-"RZ+,RRL,QM[CK0!#9G&J0'K\XK9U]28H/QKG8
M1/\`;X,,I/F#M6]KCS""!&C!ZG<#_2@"RG/AY,]E'\ZGC/\`H]E[AE_0U4MY
M!_PCP+_)@$#<>O-6;=@UG8,"#\^/YT`>9W:[;N4?[1_G4:]_I5C4AB_F'^V?
MYU7'0T`/7MGT-6P?]''<XJH.U3(<PX/2@"WG*Q''<5.N3=G/H*JQL',*$X&<
M9JPLJBZ)]NM`$H4&ZXJ4_P#+;'9UJ"*53/GC`[U:@4S&8(I8[LX'-`%RXC:.
M.,GN`PK0U%\R0%3_``G.*2_C:2Q@98B3MP1@\5#=R*KP@PM@(,GD<T`58AR_
MUIP&['U-(&3=(%!49[G-3VL+3,B(,L<T`6;"$/?QY'`&367KF5U21>@ZUT]M
M:?9KC(;<&C_K7-^(1G59#[#^5`&53XS\XSVJ.G+[T`3E@>>]2JX*@@C(['O5
M<@!5.>#4HDC"X"9/O0!()!CCCVIS?=Y]:15R`&`!(S2-GG/K0`HSG`IX1>YH
MV[5YZTWD'!H`DP.QJ1!MY8$^U0J:N1/O&-HSCO0`T%I74`<]`!5Z*+;)LDX(
M..:J0$PR;P`64YQ5@O-<SD[!E^QH`DDVK(PXZ<XZ9J>%3)9,Y_@Z54:"2([9
M5VC^=7++YRRDXC`YH`KY!^ZW/O5VPN%0F-E.XGJ*<T<;#_4JH/3!YJ#RC&2P
M;H<4`:KHLBX/X&JX+V[;6Y3L?2H[>ZVX20Y'8^E76577!Y!H`%8,,BFR1B0<
M]?6H<-;MZH:L(P89!H`JD-$V#U]:GBE##!ZT]T#K@U69&C;V[&@"W3'C##WI
ML<F1@U+0!4*D'T-`JRZ!A[U`5(.#UH`<CE?I4P.1D57%.5BIH`F90::1BG`@
MC(I2,T`,HHQBB@!1UHH'6B@#YL?B(5-8\_G43?<Y_E4MEC9COF@"Q/SGV]*L
MZ=D0IQW/\ZJS'"D8_P#KU:T_/V=?QH`?=<?X5J>'0<-G&-CC]*R[ECC/>M/P
M]\^03CY7(_(T`17`P3GJ*ZKPNI.CL`#TD[^U<M<MDUUGA$[M.()&,N/TH`Q)
M<ESGI7:V^9/"?;_4&N,EX=LCO7:6"AO"_P#VP;-`&-X;/_$[C[?*W\JMZI\G
MB.)C_?0_K5+P^V-<@]P1^E7]<^36X&_VD.?QH`77UWRZPF/^7,'_`,>KR-1E
MR*]AUH`W^IKZV)_G7CZ#YC0`*/G.>E68.,U64?.15J!0:`)[89GZXJU.?E&3
MWJM:X,YJU<8PO/7B@"Y&N8Q3$7-TH]C4D/W*C0'[4,<9%`&@X(3/M3]"5C?D
MCCYQSFF,3Y>/:I-#;;J/_`UH`M7(^]]:VM&4C0Y<'JC?SK&N@"S?4UN:)\VB
MNN#]UQF@#.C&+Z#_`*Z#^=;FNY*PX/8UB+\M[$>>''\ZW==P(XN/6@!;=0_A
M[:1G@_SJ.#>EAIPB(4&<AN/K4MD?^)`W_`OYTEM_R#[,^ES_`(T`>?ZD0-1G
M##.6/\ZJ*"PP!5_5%"ZI<@Y+>8>/QJNJL3DX7VH`1(6)`)`^M6!`@(^?CT]:
M140,,DFK2!5&=HQ0`Q(H@V<$U.J)@X3K3D`/:I%8$XQS0`Q(U4<1U8AD>$[H
MP5/J#B@_*.@J2/#KP*`+$>H7"$$.3CUJY'K$P&'C1E/8K6:-JL`1@5-@+V-`
M%\:C:N^9;*/)ZE>*NVU[IRN&1#&PXS6*J@J&[4\(&'0'Z4`=1&\4K(8Y%8*,
M8KFO$L02[#A#EAG=_2B/=&=R.5-6;F^6XTV:&[`+*N4;WH`YG!ZT]5+'IFF`
MU9@`*'-`"I#G`/`J;[.IZ?G2,/D^E3)RN/2@"`HPE^8GGO4L<0923S0_,1[%
M32I_JRH&2?2@"-^#@'-/".V,@\4Z%-TA)P1[5:Z#/:@"!8,U>L+4O<*I/!]J
MAC!8Y-3QLZMF/<"/2@`FC6VN&\SUP"!G-1KMD9R)",#(XIERY:0*<G'6I;:-
M5RS@Y["@"U#.T<86Y0LAZ;A5F")5CE,3!PR]!U%+%<6Y^5D`SZBGRH(5$T#8
M&>0.E`!%/&9V!!Y`QQ22@[),C'`I%V2'[0'\OLPQ4=U<HPV)R.Y]:`(@:LV]
MR8S@\K_*J0<5(K9%`&P"KKD<J:A*&([EY7TJK#.8F_V>XJ^CK(FY3D4`"R!A
MUIQ`(P15:38DHVL/<5,DJL.HH`CDC*<CI3XY.QJ3*^HQ4,D>WE>E`$](RAAS
M44<F.#TJ;K0!`5*GFDJ<@$8-1LN#0`BDCI4H((XJ*E!P:`)>M-(Q2J<TZ@!@
MZT4N.:*`/FQN4P:GLEPF1ZU`W^J'3BK%D/E&#WH`FE!P=PY%6M.SY*'W-59A
M@=<U:T__`%"XXY-`"W/4DCYJT_#S`/EASA^GT-9UVN03D5I>'0-P)!_CX'^Z
M:`(;C!)X.:ZKPBV-/8`=&?\`E7+W0)8C%=3X.0FU/`QO;^5`&3/S(2?6NTT@
MY\.#O^Z;^M<9.,3-GGDUV6B\^'E_ZYM0!A:'QK=OU^\?Y5I>(1C4X#_N_P`Z
MS-%S_;=L"?XZU/$?&HVY]0/YT`3ZP@;4[H'/S6+UXXN0Y[XKV74^=:<>MB_\
MJ\<`_>M0`T<N>M6[<<'C..U5A]]OK5NW&%/3\:`+%ICS6-37)S@>XJ&TSYA`
MJ>?JOU'%`%V+;L_"F1_\?0^E/C)V=*:@/VL?2@"]*28^O:GZ&,Z@3D##KUID
MG^JY]*ET3YKQAG&66@"U=CE^>YK>T`;M&D&?[XK"NP=S`>IK;\/9&E2$=<O_
M`"H`H,/]*B_WA_.MS7,>5#@^M8+\3H>^170:VO\`HL)XSDB@!NG\Z%+CU:G6
M_P#R"XB.UR#^M)IG_(%G!_O-_(4EJ?\`B4Y])U_F*`.*UD&/5KH#J9#5#?DC
MK5[Q"<:U=+CI(:SE^\*`)S)\XP*MNQ,=4A]]<U<D'[OK0!8@/[K\*2/)G]L4
MZV'[H?2A.+C!]#0!9D^X*?9_ZO\`$TV0?NQ3[(?N_P`:`%FX9?K5PCY35.X^
M^/J*O8_=F@!EN-T;?6I[>WDF>0(,[5R?:K.G1J=+N&VC<&ZU/I0_?3@=TH`H
M+$YA:0*2JMM)K+OY=S>4/X3S736J?Z%.F.D@/ZBN:UA`FJ7``Q\]`%)!DXJU
M;#`;Z554X;K5B#[S`'M0!,.8R<U8C.6(JM&?W;U93B0CCH*`&N/DD'M3XE48
M;<-NWFFDY+CVI(U`MB3CI0!);J`A-38R![FHX1B`5,O\/T)H`?&N%)Q3HW>-
MMR,1@9.*!_JN*0EE=R".PP:`)&D:X(>15!7@8%"J9&"@$D]J,8&*0R&$XZ$B
M@"S/9310&0%3CJ!59;B01%-PVGJ*!<,%)R<$>O6H<GOWH`F%PP1D4\-UI@8^
ME!4!0:!]*`'@M3P&/>D7/84\9]J`%VGUJ16(7&:CY]:4<4`/!YJ5<BH14T(5
MG`)P*`)HE,C8SQ5[@#`Z5"1$%^4X(]*>K=L\T`->/NOY4U'(/M4]1O'GD=:`
M)`<C-!&>#4*L5-3`@]*`(V7'TI*EIA7'3I0`@.*D4YJ.E%`$E%(#FB@#YL;'
MED`8%3V.0AXZFH6YC&<9J:R8>7C'.>M`$\K$*?E_6K.G?ZA3@]356;ID?C4^
MG,/*7)'6@">Y;J:O^'W59AD\?-_*LRYE4Y%7O#\B_:DW%=N6Z_0T`27`(/:N
MG\&%@F.2IE(_2N6GD'..E=+X,?G`(XDZ?A0!1NN)W_WC_.NPT,8\/<'/R.,5
MQMZ0+J0Y_C/\Z[#P\X;0@.>`^:`,+1_^0S;?[]:GB?B\@/?']:RM*(&L6I/_
M`#T%;'B<'[1;-CL?YT`6M0YUB$'JUF__`*#7C1&)W'N:]FOQG6K,9QFU<?\`
MCM>-L,7<H']X_P`Z`&#'F$>AJY;C(JHHPY'O5RU'7Z4`6+4?O#QWJ><?=/O4
M-L/WQSVJ:?M]:`+L0&S/6HX^;L=.AJ2(9CZ5''S=*/8T`7Y0"O'I3]%&+XY_
MO+VIC_<_"GZ.Y6_/U7^=`%V\^^_L36SX<7.G2^Y;^58UYQ)(/<FMOPSG[!(/
M]IOY4`9LG^O!SW%=%K/-G%]?Z5STHPXYYKH=7YL8C[\_E0`S2QG2K@>Y_E3;
M?']C3>T@/\J?I'.GW`]S_*F6G.CW0/9A_2@#C?$RXU^Y/JP_E68OWQ6SXK'_
M`!.IB/4?R%8R@[@*`)1C>IJTW^JQ59>)%JVX_=T`6+8YB'TH3_CXX]*+<#R1
M[T)G[0!0!=D'[L4ZR^X1[TV0?NQ3K$94C_:H`=,H,BCW%;%Y$%1<`8"\5DS?
MZQ?8BN@O0#91X'<T`,T=`UI,K="W]*?IG%Y(/]G^M&C8\J7_`'OZ46'%\1_L
MF@">$?+=K_M9KE]=XU:?W/\`2NIB&)+L5S.OK_Q-9/<`_I0!E\;5(//.?:I8
M6P_7C%$2KNY%3&-",8Q0`L1S$]6%8+)C/85!&A17!]*?(22,=UQ0`&0;VQSG
MBGJ6$17:>1BD5%3'K4PDVG&*`%0GRPI!!JPOWA[+3=_'2K-O`9I=O0;2:`'Q
M1[E0$`Y(X)IT\>'9?+(&_M2SW9C\I8XD+JH)8CI3[?4&4XE`.>IH`A*CCDCZ
MU2F<R2%B<FNAQ;W0V\9(ZCK6++9M'+(O.%SSB@"`-D8IP]S45/`Z>]`$F\E=
MM*#0!S@#..IIX4=N*`'*V!3M_'2F]J5>:`'`DTX4F:44`.%2H"[!0.:C'6K-
MN`DX)H`3<P(4G&.,580EF7GZU7E.9V^M2D@8VDT`64+#KR/6I*J*S>IIXD-`
M$S(&Y[U&"5-/1F8^U.90WUH``012U&,J:D#9H`:R^E)4E-*^E`"#K10.M%`'
MS8RMM!W=O2I[*-6'.20?6F''E\#GZU-9=>/6@"::W`'RL<?6K&GQKY2+]:CE
M.`2?RJQIP/EH<XH`+BVCQC;5_P`.(@NT1@,?,#D>QJ"<9W'BK7AY3]K0YQRW
M\C0!%=VL8/`/YUTO@](Q%Y94`F7A@/FZ>M8=UTQCO6_X-!&6)^4R@?C0!CWT
M$BW#@2L?G/7ZUVGAB,#1D*L3(P;.X\9KE]0`^WSCT<_SKK/#(_XE,)'JU`'-
M6`F76X%*KQ*!UXZUN>*IDC%ON(#<Y'I65;'_`(GT?;]]_6MOQ3'OM8B<8#T`
M37#+)JNF.K`AX6''^[7CTXQJ,Z^CM_.O7+Z.3[=I#QN$(0K@CCE:\CG!_M*<
M-C/F-_.@"$?ZQL>M7;4'GT%4Q_K&[\U=M?N'WH`FMC^^;CO4\P'3WJ&V&'/U
MJ:8'&?>@"[$/W9R>*9'Q=+]#4L9_=9(J->+I3VP:`+\N-@^E)I7_`!_D\]5_
MG2R`>4/4"ETD?Z>Q/;'\Z`+U[GS7[<FMCPQG[)-_O'^59%Z`)I<?WC6MX9R+
M28C^^?Y4`49Q\^*Z'4O^0?#CU_I7.W!P]=%J63IT)^G\J`&Z/DV5SQW_`*4R
MT&=+O`/8T_1>;>X'N/Y4ED,6-Z!Z4`<EXM'_`!.6/JJ_R%8RXW"MKQ:/^)J#
MZQK_`"K&C^^O%`$@QYB_6KC\1=*JX(D6K<@_=4`3VH_=#/I0H_TD?0T6PQ$/
MI2J#]H!^M`%R3(CX(J33$WLXSZFF2#]T*FT?_7/SV/\`*@`G'(X[UO76#91D
M'O\`TK"G'S9]ZWK@?\2Z,^_]*`&Z+]V8>XI;/_D('UP:31OO3#Z4^V^74R#_
M`+5`%A!_I-TOJM<UK_&I'W1?Y5TR#_39QZI7,^(!B^C/K&M`&8IY/M5E#NBS
MGD53`Y/TJU;Y",<_A0!+NS%GKQBG;?F7/<5&I(B;CBIP/FCSZ4`(P^914FW#
M_3%)(`'%2$#<W/3%`$S`!:T+0&.XRW0QY-47^Z/2KL[%91[I@4`56PVX^IJ,
MCY@*D7_5"E1?WHH`FM25DW$G:M7ENXB^UQE3US5:W0""=CV7-9OGMO!XXZ4`
M3WL"QWC*GW3R*A"X/O31(2Y9CDFE#_,#B@!ZXXS4GH:CSSP/PIP)H`=CG%.Z
M4G&<TJC/)Z4`**D4TP8IRC)XH`D7EJE5LFHN5&,5)&IP6["@!_.XG@U(N&&:
M"4*?+R?ITI8<;FST(XH`!4T2;N3TJ+8X&67BGQL4/7CTH`EP8^G*T\$$<4`A
MAD=*:5*G*]/2@!Y`(P:9@J:<""*7KQ0`!LTM,(Q2@T`+CG-%+10!\W$?)SZ5
M/9=L\\FJ_2,@YJ>SZ#MS0!9E&:M:<3Y*#&.M5I>AYXJSIP/DKQ0!+<]\<5?\
M,D&]BR/XB#^59\_#5;T!BEW&0`2'/\J`)KL#+8/>N@\'<$G_`*:@5SMRX+L3
MZUT'A$YW`'CS5.*`*VJ`?VE<`?WS75>&/^01'Z;FKEM4`_M"?IC>W\ZZCPN/
M^)2N/[["@#`A;&LQDG_EO_6MWQ1_Q[PCMN-8(&-67'&)_P"M=!XGQ]FB.>CG
M^5`#[DYGT@XR"/\`V6O(KQ<:S=`C&)6_G7KDYS_8K=R5_E7E.IKM\0WH'03/
M_.@"B!^\;ZU=MON_A5$?ZQA[U>MON]Z`)K8YD8].:L2X('UJ&V'[PX]>]32C
M/7L:`+D?W#P#3(S_`*6HQ@8.*?'S'S34_P"/I!CCF@"^X^3VQ1I61?'\.?QI
M9%P@QP<4:4=M^V02,#^=`&A>_P"OE]F-:GADGR)QSC=_2LW4,>=(1_>-:/AC
M.R8?[8/Z4`4K@8D)KH;W)TB(_P"[_*L"['[PX-=!<X.C1D^B_P`J`&:)_JKA
M?I_6DL!_HMX/]G_&C1"#]H`]!_6EL!Q>#/5:`.4\7#_B8PGUB3^58D8^<?6M
MWQ8";FU8]X5K"4A64F@"?&9%ZYJXXS$1[52R2X*K^=6V$AA_ASB@"Q;<1#'I
M2K_Q\K4=L&\L9<_X4I0^>N6/\J`-%_\`5#Z5+I"_OVYP.?Y57\K]V/F;IZU+
MI<8-V<DXY[^U`$EP!US6].!_9:<@C(_E6#<1X'WF_&MIE/\`9:*&/./?M0`:
M/_K)>?2I(^-7P?4_RJOI`9;J0%N-OI4C2.-87Y1]_'!H`O+_`,A%AZI7-^(A
MBYA/K&*Z#S5_M94)P=F,5@^(^)8#_L$?J:`,4=&-6(#PW%5@3SCO4T>\-D*3
MF@"="!&XQ5C)#1`]:JJDA!7`&:LE79P2PXH`D?!E&14G&9!["H`C%]Q8<5/&
MH#$L<ANH%`%Z2WQ8QR]VJ2<EYUQ@X0#K3O.M)+<1,'"CWIKP6SE6BG(;N&H`
MA56$>",$'G-/5?GJQ%9-MPLZ'\:LQ6A!S)@],8H`CA3%A.2.H-8'?%=08_\`
M1Y(QP.0*YJ2/8YYR*`$!Q4F>0:1(B><U((U!Y-`!YC,,<"GC&.M.\M?2FXVD
M@T`*.2,TXGTI3MP,4BJ6/%``*D6E$>!R:>L>10`[&0,YJ4%0N&S]`:>A06Q&
M?FSFJ^XL<GF@"RB1M]UCGT/>GQ(1,`PQCFHU3?RJ\^O:K"ED($F/8T`.`+=<
MY(SUICJ`OXT*667:3QC%++PN.Y-`#4<J>*L*P89'Y54IZM@Y%`%@KW'6E!S3
M5<-]:<1GZT`+UII&.E`/K3J`&@T4N.:*`/G`8\O;@FGV8YY_"H^?*Q4]BH`R
M/6@">8\8P>F:MZ=Q"IQZU6E'%6=/($2?C0`ZXR6(%7_#Z?Z5&&'&^J<YPPS^
M-7?#[?Z=&>"-]`"W>-YXXSWKH?!IR9`,<2`US]YDN>.YK<\'D+(P[F1>:`(]
M6'_$QGQ_?/\`.NF\*Y_LP<\>8U<UJ^!J,X_Z:&ND\*Y_LS'_`$T-`&$_&J`C
M_GM_6M_Q./\`0T/^W_2N>E;&H''_`#V_K72>)!FQ0_[=`#)<_9=%8#G>HKRW
M5OD\27V[`Q,_\Z]2<C^S]&/3]X@KR_6U`\3WRG_GL_\`.@#-`^=B!WJ[;DA2
M>/K5-`"Y],U=@'RY[XH`FMC\S?6IY1G&?6HK<?,WUJ:4G"_6@"[%PAIBC_24
M(YZTZ+_5FFKG[0GKS0!H/@1C/I2:6P6]?.>0/YTCC*`'TI=-4?;6Y[?UH`TK
M[FXDX(^8UH^&>DP']X?RJA?@BXES_>X%7_"Y!,ZGNPH`J77^L/UKH)^=#C_W
M5K!NU(E;UR16]+SH4?\`NK0!%H9^><>PI]@3Y]W_`+A_G4>AG]]./]D?SJ73
M\_:KD?[!_G0!ROBKE[(^L(_F:P5`)%;WBA<)8'UB_J:P4ZT`6$Y=>15QQF+%
M4TX=2:NM_JC0!+;?='TIQYN%I+;`C'TI<?OUH`O`_N?PI^E?\?7MG^E,.!$*
MDTOBZ/U_I0!)<CY3DUM'`TV/Z+_*L6Z/RULY_P");&>^%_E0!'I?_'W)Q_#_
M`%I[C_B:I_OTS3#_`*:_NE2R?\A-3_MB@";'_$W4_P"S_2L+6T4>03DC#`=^
M]=`1C5$/^S_2L;7?]7"?=A^M`&+&<\!`/K4R@GN!58-M7.>:M1\QY[F@"1%]
MS4H5:BMSN)J0G$BCWH`D5![5($&,\4UN$'':EM^5_&@"0*#QQ3P@_P`FHSQ(
MN/6IF7Y<T`*JXZ$U(DDL9^60_G3%RR`T\`[`V..F:`+<=Z2-LRY4\9%9=]"D
M5P1&V4(R/:K3D1J2>![UFL^Z0L3UH`D1OEJ3J!44?0U,OW!]:`)%Y2FM_#Q3
MDZ$>](WW0?>@`QP3Z5-&,(*B/3&>I]*L`<"@`QS3SP`!2`?-^-.;B@!X$1CQ
MDJV/SIBQX&32@`D4X]>:`'!RO0]*E$ZNA5NM()UV[=@VU7SSQP*`)UEVK[]J
M:7+')ZTRG#%`#@:49H%**`%!-2;V/>HQ2B@"0$TX,:8M2*!CF@!PSCFB@44`
M?.!'[OZ>M6+`_*/K41`$9Q4MD-HP<#!Y]:`+,WW2:GT__4CIU-5IC@'K5FPS
MY*Y]30!+<$%L8K0\/_\`'W&.G[RJ$^.#T-7O#S?Z9&>H\P<T`/O`"[9]>M;/
MA$+YL@/]]2*Q;P_O&SDG)K:\(-B28]/G6@!NL#_B9W`Z8D-='X5Q_9I]I37.
MZWQJEP/^FAYK?\)_\>$G/27^E`&+<C&HN2>1*?YUTOB$%M.4C^\*YK4,_P!I
MR_\`74_SKI]=`.E]L`@T`593_P`2C2F])4'ZUYMX@`3Q9?`$8\UJ](EY\/Z>
M?XED0]?]JO._$PV>+[S_`*Z&@#%3ES]:O0=*H)]YOJ:O6V<'`H`L6Q^8U--C
MC'KZU%;<LW3K4LN.*`+D7$9XIB'-R@'O4D8S$1[TQ>+I.>N:`-"0_NL=Z33S
MB\;&>E*P_=`8[4:>0;YA_LT`:VH?\?$G;)JYX8X:?![K5/4/^/F3ZU:\,_ZV
M?IU6@"*[SYK_`.\:W#DZ#&?]E:Q+P?OG_P!X_P`ZVT.?#Z8_N#^=`$.B$"XE
M7_9Z?C4M@,:A/SU5OYU#HG_'U(?5/ZU-9?\`(3F'^]_.@#F?%(_T?3S_`+)'
MZFN>B^\*Z/Q1S96/'=Q^IKG(?O"@"=1\ZBKS\1U308E7M5Q_]50!+;C]V/I3
MN?/6BWXC!]J/^7A:`+K#]T*DTS_CZY]::QQ&,TNF?\?/XT`37?(/Z5L#G2X_
M]U?Y5C7(X-;"<Z7'G^Z*`(]-_P"/YO\`=-33G&HK_OBH--_X_C_NFI;D?Z>O
M^^*`+;_\A*,^U8_B#_41_P"^W]*UY3_Q,(JRO$`_T5>.DK4`<X?NU<C_`-2*
MJ,/ES5N+_54`26HY;ZU(W^L7ZTRUZGZT]O\`6+]:`+#CY!S1:GY3]:&_U8HM
M/NGZT`/<_O%^M6'_`-74&`9T'8L*O7*JIPHP,4`.$2K8Q..IZU*%)TU<#H33
MHU#::N>P_K3HO^/!A[F@"'45!M6;'.U:PQU!KH+X9L7_`-P5@`$C'XT`21'E
MOI4R?ZO\:K@,AJ9#^[X]:`)AU:FDY4_6DSAC2*"6P:`)#T4^]6`<D5"$]_I4
MJ`AO6@"5>OXT\)G<?2FQ*2PR.-V#5HQ!2ZYP"1@T`5P#N.>W%,E/(JVMN,95
M^M5KA&5^10!&#3A3:<!SB@!V<FG@TT?2G#B@!P-*#3:<*`'"E%(*44`.%2!B
M*8.E/;H*`'`YHI$HH`^=2W[GH?I4EGR.>YIC`[`<]*FL_N8&>IH`FDZ<<U8L
M#^['!ZFH'/H>#5FQ'[H?4T`/FSG^E7="R+R+_KJ*J3L,D_IBKV@9^UQX`SYJ
MT`%ZW[YE`SR>:V/"*DR3@<?,I_6LN^4":0X_B-;'A#B:XYYRO\Z`#7QC5[GO
M\YK<\)_\>$G'_+3^E8OB`$:M<Y'\=;/A$G['-Z>8/Y4`9&I_\A2<#_GJ?YUT
M^M<Z2>,\+7-ZL=NJW`']^NFU7G1C_NJ:`*$F?^$<LFZ8D7/_`'U7GGBS"^+K
MLCN^?TKT.4_\4M`?1A_Z$:X+QDBGQ+<GOP?TH`YZ/!8\]S5^VQ@YJA$,$<=S
M5^VZ9H`L6X&]N>]3R$D#'8U!!U;ZU-)QCH*`+D/^KYX-1@?Z4ASZT]#F(BF*
M<7*4`:;']T/<5'9MLOB?]FGDYA'TJ*V(%X/3%`&SJ)S=2$=_2K/AK_CYF';C
M^=5]2.Z=B/;^53>&FQ=3CV'\Z`'7P`N91_M&MB+GP^,?W/ZUD:A_Q]S>S&MF
MT&[01_N'^=`%?1B/MC>Z5/:?\A9Q_O57T<?Z<W^X:M6XQK#_`/`J`.;\4C-A
M9G'21Q^M<W!_K!74^*5SIMN?2=Q7+1??%`%E>9A5I_N&JJ<2K5M_N&@">W`\
ML?2D`_?KS3K<?NQ]*3`\]:`+YQY0^E+IG_'P?J*:?]5FG:;_`,?7XT`27(X-
M;$)SI*#V%9-SWQ6O;\Z4F?[HH`BT[_C_`/\`@)J6[_X_5_WA4-AC[>,>AJ>]
M_P"/H8]10!8FXOH3ZFLW7P?LG_;4_P`JTKC_`(_(#[C^=4-?'^A-[2C^5`',
M/]T5:B^Y^%5">*MQX\L?2@"6VZM]:>WWU^M,M1R?K4C??7ZT`6&'[L4VT_B^
MM.8?NQ3]/3<S@^YH`4C]^G/\0K3O%`VGVK-<?O4_WA6G=\JGTH`?#_R#OS_G
M3H/^/-Q[FDM_^/`_C2V_-M(/<T`-N>;`_P#7.L('!.*WIANL/^`&L'N:`),Y
M&?TIP`"GZTBC,9%.'^K%`#L9>G*N7-*H_>?A3T'SF@`0?O,5,!^\'O4:_?4^
MYJS"`;A<^E`$L6!#D]GYJ%V+N234A8"!QW+5&!0`L<CHW!JXRB55#CGVJHH_
MG3KB0J^*`"XAV-N!R#42]Z5IBRA>PIH/-`$@Q2]J;S3A0`HIU-%.H`44^FBG
M"@!PX%.%-4;C3^,4`.7K12+UHH`^>-H"<DYJ2TX'H,]*C)_=]*DM02N<C&?2
M@">4>U6K$?N`?<U5D#X]JLV&/)`W<[C0`^88(XJ_H!Q>Q'''F"J4^[IU]*O^
M'D!NUW/C]ZO&.M`#[X[IG(Y&XUJ>$F87,P&/X>OUK+OQB>0?[1'ZUI^$US=3
MG!.`.<=.:`+7B`XU6Y!`^]FM3PCS;3?[X_E61XC&=8G^O]*U_"!'V:X48X<&
M@#-UC(U6X+#^.NEU([M#SC.47^E<YKC;=5G_`-ZNCO6SH.1_SR7^E`%"4@>$
MT/3#_P#LU<?XOMUEUZ=NAVJ<CZ"NOP7\(D>C'^=<MXI.W6F)Y!C0Y_X"*`./
MB'S8Z\FK=N1M(Q5)"WF''J:N6\09<D9H`G@D^<YSU[5/+("N`#D'IBH[9`I/
M'>IY<#\Q0!*CR@<(,=^:3>WVI,)4\8!3ZU'_`,O"#'>@"_F01#Y`1CJ#4=L'
M:]`P%R.YJQM/D`9[5#`/],'N#0!K:@)%F8%0W`Y4X[4[0'FCOW*H"IQNYZ#-
M/OOOX_V1_*GZ#N6]E`&<@<^G-`$FJ2$7DPV,#O/:MC3'#Z'AAMPK#)K,U88O
M9O\`>-:VE#_B3C_=:@"CHTB_VCMW#[AJ_%QK;#ZG]*H:0@741@#.TU<"E=>&
M';GKS[4`8WB@`Z4OM=-7*1#+@5U?B4R#365D`'VHD'/M7*Q?>%`$X'[Q<U:;
M.SI58#]ZM6G_`-7^%`%BV/[H=^*;_P`MUIUN=L8XSQ2?\MUH`O$9B'TI=-_X
M^OQ%!YCHT[_CZ//<4`37(ZUKVW_()7C^$5DW)SGZUK6G_()7/]T?SH`AL?\`
MD(+]#4]\/])!^E067_(04_7^53W_`/KQ]!0!9N/^/F#ZC^=4M=&;&3_?7^57
M;K_6P'W%5-<'^@3?[RT`<FW2K<?W!]*K/C`XYJVG^J%`#[8=:>PPZGWIEKW^
MM2/]\?6@"=O]4*DTX_O'^A_E49YB'-/T]AYS`MC@_P`J`'R9$J_[PK2NQ\J'
MVK-D(\Q>>XK3NL&&,C!Z\T`/M?\`CQ;/O2VO^JE'O_2DL_FLV'N:6S^[*/>@
M`89L<?[)K!_B/TK>_P"73'LPKGB?F:@"=#PPIRG]W^-1(X&:<K'`&.]`%E2/
M,_"GI]^H58[R0*<C,&R0?PH`F49*_P"\:LQJ5ND!Z\U7@&XC)"X.>:N'YIU=
M77B@"!OXA_M4\4XQ3?-@*V3FG+%)GE*`$B7)4>],O/\`7_A5P`!1QCD55O!^
M\S0!7%/'M35'&:D%`"#.>:?2T#AJ`%'`I12=:>%%`""I%YXI`*>IVG-``.*<
M"/2F$Y-.4<4`/`YSVHH`QWHH`^>BHV8QVZ5+;@*N`#UJ'#;<C@8J:U^Z?K0!
M)(W'?VJS88\H`@@Y-02`@$?K4]@,Q`@]^E`$DX(;J?J*N:'_`,?B`DYWK5.<
M$D>M7-#^6[4X)^=:`)[YF6:0#LQ&?QK3\*,XN9\==HZ?6LW43_I,HQQN-7_"
MS;;R96.`5'\Z`+GB0?\`$YFSZ#/Y5H^$.(KG!_B6L_Q,!_;$A]57^57O".-E
MSSSE>*`*NO*/[5FSUR#Q717'S>'E/_3%:Y[7C_Q-IOP_E702#=X=7_KBM`%%
M1_Q24@]"U<KXJ`;5,YY\E.1_NBNIAP?"EP`>C-7+>*8PVHQNO!\A.?7Y10!Q
M\><GMS5VV.`1STJG%DD_C5VVY)_G0!8@^^<U))VJ.`#>3BI7'3B@"Y%]P\U&
M/^/I"?6I(@-E-'_'T@]Z`-/CREQZ5#:L!?*2,C!J<KB(?2H+=0;Y0.>#0!LZ
MA_K>G\*_RJ70<B\FYQE1_.F:EQ(H'/R+_*I/#[`7<P_V1_.@";6!_ILOUK6T
MC!TA![,*S-6YOI?\]JT]'/\`Q*Q_P*@"EI8QJ0_W35R3C7(SZC^E4M-)_M-<
M^AJ]/_R&8/P_E0!D>*"?[,D&>!<?TKD8^)%KK?$W-A<C^[.O\JY*(YD%`%@#
M]Z.:MR?ZNJ@_UPJVY.R@"Q!CRQFD_P"7A1[TMO@Q\],4G_+PN/6@"Z?]4,4N
MF#_2_P`103^Z&*73/^/OCU%`$UUP6X[UJVG_`""5_P!W^M9=T/F;ZUJ6A_XE
M*_[O]:`(;/C4$_'^56;\?O1]!5:T_P"0A'^/\JLWX_>`^U`$]UUB/O5;6P38
M3_535B[.$B-1:N,V-Q_NJ?UH`X]MQXXJU&C!!ESBH'JU']W\*`%MXQDYSUZU
M)(HW+]:+;G/UIS_>4>]`$Y1=@P!3[!%,S`J#P?Y4A^Y4NGC]ZY[\_P`J`&2Q
MKN''>M*YB401`#&,]*H2\L/K6G=<0I0`VR7%K(02#DTMGN`F/7VI;'_CUD'N
M?Y4ZT'^M%`"(VZU!/'+#FL/:NX\$UO1#-MC_`&C6&>,GT-`"@>BBI`IQVIJ<
MKFGQ_-0`X`T\`^IIO1A4A'RT``%/`^M)'R.:<OW\4`.4L.A-2++(O1S3,884
M['-`$ZW+?Q`&DG"2QEU/(ZBH\<U'(V#M'XT`(OW33AT%-7[IIZ]!0`_MFE[F
MD'W:.XH`>!R*<*:O4TX=*`'"E%`Z44`*!3@,TAX%(#0`]<[L44+]ZB@#YYY*
M9_6IK4@@CN#UJ#_EGWSBI+4X`//7O0!:DX^E2V+'9C'<U"_*&I[`9CZ]#P*`
M)YB",G&:M:"Q-_&">#(O7ZUGSEMV,D>U7-&;%VIS_&/YT`7]44"]GP?XR/UJ
M[X54&]G)_N#O[U0U)O\`2Y?7>:N>%B?MTO;Y/ZT`7_$O&K/_`+J_RJ[X0()N
M1UX4YJGXH.W5FST*+S^%6O"'#7./1:`(M?7_`(F\QSZ?RK>/'AI,_P#/`5A^
M(,_VK+QV7^5;@^;PTF?^>(H`I:>N_P`-W2=MS?RKF?$Y_?VYQQ]F3^5=-IW_
M`"+EYZAC_(5S7B3!DM,#'^C+0!Q<(Y/XU=@'#$<8JG",GIW-7;?J>*`+$'?/
MKUJ5QZGC(J&`98D'C-3R#&/K0!<C^YVI@&;N,'UJ2,?NZC4XO(^>]`&H3^Z`
M]JK6Y*WJD>AJPW^K![>M06V#>IU(YH`W-1(+(2/^6:_RI=!_X_)0./D_K1J)
MVE1C^!<?E1H+!;Z7G&4_K0!:U;/V^3ZC^5:FC8_LP?5JR]:XO7/T_E6GHG_(
M,'^\U`%*P_Y"D?XU>N.-8MS]*HV)_P")HG3J:O7/_(5M_P`*`,CQ&A^RWQSQ
MYB&N1A^\*['Q$?\`1;\>\9KCHSAP10!9&/.%67&$YJLAS**MR<1XH`GM^$''
M:D'_`!\K]:+<_(/3%*!_I"\]Z`+K?ZJC3O\`CZ_$4K?ZH4FG<W1'J10!9NN"
M1UYK1LO^02OT_K6==#EA[UI6.&TH>P/\Z`(K88OHOK5J_(WC/]VJ\`_TZ+ZU
M8U#[W_`:`)+K_4Q$>E,U7FQN/^N8_G3[G_CWB^E-U+FSG_ZY?UH`Y!NE6T_U
M?X54<8%6T^[^%`$EMW^M.<_O!]:;:]#]:>_WU^M`%@\)4NG<S-_GM3#]P4_3
MC^_84`$PYK3N?^/>,UF2]?QK4N/^/=*`"Q_U,@]_Z4MIP\@]J;8?ZN3Z_P!*
M6T_UTGTH`?!_J3_OUA2<%OK6]#Q&_P#OUA2CYW^IH`<GW*?#WIJ?<IT/>@!Q
M_P!8*F;[M1?\M!4K?=H`=%]VE7_64D/W*DA4-/SZ4`.(W.H]ZF=0LH`Z9%1,
M,2#ZU9F'*GWH`=M_?-QU%4)QB9@*T3_K!]#5&X'[XYH`C'`-2+T%,`!-/'&*
M`%!XIPZBF`9IXX%`#E/-2"FK3EY(H`>H^7-.;&Z@MM!&,\T@?GF@`/2D%2<-
M32,=J`%7K10O6B@#YXP!$..@[FI;7(7&.IS4;C"#FIK3&.#CF@"63..*L6.?
M+Z]Z@DSV'-3V/"^^:`'W&,Y[U9T?_C[48/+KTJO/DU8TC*W:$=-ZC`^M`%S4
M.+J4?[9JUX:/_$RDY.-O]:KZF,7\W8;VJQX9`&H29/&S^M`&GXJYU4]?]6O\
MJM>$2=]R,]AG\ZK^*3C5!_US7^53>$3F>Y'^P#^M`#O$0_XF;C_97^5;2<^&
MT`X_<UC>)>-2X[H*VK,Y\.(>O[D_UH`H:63_`,(_?'K@GC\*YSQ#@I8MSDVP
MS73Z/\VCW@]6_I7->(\+;Z>0?^7?^M`'$PYP35ZWR$)ZU3A7C\:NP@E3S0!/
M`,Y/O4LA!QD5#`V'(]^E3OS@>M`%R+_5G%1XQ=Q]^:E12(R,5&!_I48]Z`-(
M\Q"H+;(OT_'%6#GRUJ"'B]3\:`-S4!\Z`_\`/-?Y4FAJ#J#C&?D_K1?G_5G_
M`*9K_*G:$?\`B8R9Q_J_ZT`6]:_X_6'T_E6AH?\`R#\9_C-9VM$B\<_3^5:.
M@_\`'@?]\T`5+0;=63_>-7;KC4[<^X_G5*W;&KQC_;-7KPXO[8^X_G0!E>(Q
M^XOQS]V,_K7&QYWBNWU]28+_`/ZY(?UKB8A\XH`L+_KA5M^8_P`*K*/WU6F&
M$XH`GM^8^O:D4?Z0OUI;<?+3L?Z0OUH`N$9CQ[4:<"+SCU%+C]W1I_%V?J/Y
MT`6;H?.P/K6CI_.E_P#`3_.J%T/F<^]7]-YTT\]C_.@"&'(OHN?XJMWX^<?2
MJ<1_TR+/]X5=O^JGVH`=<?\`'I$?;^E%_P`V<W_7$T3X-C%]!_*ENQFU?W@-
M`''2=:M)]S\*KRCI5E?N"@!]MT/I3W^^OUIMMW^M.D'SK]:`+1^Z*?I_^O;%
M,;[@I=//^D'ZT`.FK4FYM4/^>E9DW4UI2\VD?X?RH`+#[L@]Z6U_U[#_`&:3
M3^?,_"BU_P"/AOH:`)8_NR#_`&Q6)<#$DG^\:VD_Y;?45C70Q-)_O&@!$YCI
M\/4TR,?NZ?#WH`?_`,M!4QZ5#_RT%2L.*`'0_<J6#_CX'TIML,Q/[4Z'BX%`
M$T_$WXU-/T6HKCB2I9ON"@!Y^^OTJE=?ZW\*NG[R54NA^\'TH`A[`T\=13.U
M2#J*`%44X=#2+WI5Z&@!XJ1/N_C3!WIX^X/K0`K<M24=S2B@!PX&:4-GK28^
M2DH`<O6BA>M%`'SVV!'@9IUITQCO5;]\5YD'Y5/;6^Y`V<L.IS0!;=<'&:DL
MBH')`YJL805)+/\`@QJ6RA7RR-N3GZYH`L3XX&<BK6ELJW0R^WYU[^]4I+95
MY`-6](B5;H$@'YUZ_6@#0U`AKZ?#;EW'#5/X<=8M3?<5^X>IJC?0KY\QZ'>>
M/QJ7P]$AO9=R"0[.`WUH`WO%/_(10XZPH>*?X0)-W/G@[!_.JWB.V4:G\A91
MY2<`^U.\+0L;V;]ZXVH.A]Z`+WBC_D(+_N"MG3!GPY%[QG^9KG_$QG&H_,RN
MH0$?+BMG3)GB\-1NRE\(W"#)')H`;H8_XEMV/]K^E<WXE5OL.G-CK"PQ^-;_
M`(>N8Y;6\4!@<@\CVK%\3?\`(,TY\\&-P/SH`X6#[OMZ5<C./0#%4X?NCTYJ
M['C:#0!-!RYXJ9P:@A^_Q5A^PH`N1?ZH]:CQFYC]<U-$/W1J+'^E)GUH`TR/
MW0JM"/\`38_QJS_RR%00-_IT9Z=:`-F_&/+S_P`\U_E2Z(?^)BXSCY#^-)J+
M9,9_Z9KS^%&B$?VFYS_RS-`%_6Q_I3'V'\JO:!_QXM_UTJEK9!NB/85<\/\`
M_'F__73^E`%2(E=7CS_STK0O>+VVX[C^=9R<:NG_`%U_K6CJ'%U;'_:_K0!2
MUX9COA_TP7^=<3&/G'K7<:WC_30<_P#'N/YUQ",%D&3C-`%C_EH.*M-]RJ@D
M!EP.?I5AW.SA6H`M6V-OX4O_`"\+4=N\@7.U<8]:!O,Z]%SWZT`:/_+*F6/_
M`!]GGN/YTT^9Y?WA^(IMEN%T3NP1CH*`-&\^\P]ZOZ8O_$O)]FK+NO,RV2OY
M5>TIG%BWS`\-P10`B#%Y%_OBKM__``?C6:C2?:XLJ/O#O6CJ+[53*MWZ4`22
M?\>$?T%+/S;_`%A;^5,9Q_9D;$$<#K4C\VJ^\3?RH`XZ45:3_5U6EZU90?N^
M:`'VO.:=)]\?6DMCUX[TLA^<?6@"R<[*=I__`!]'ZTA_U=+8#_2OQ%`#IAR:
MU)/^/)/P_E69,.36DW_'C'^'\J`$L#\\@^E+;_\`'UCV-)I_^LD_"E@XNS]#
M0!(GWIJR+SBXD^M;"?ZR:LB^_P"/F3ZT`-3_`%=.A')IB$;*=$PR>:`'G[XJ
M8GBH"PW"I<@B@":V_P!6_P!*=%Q<+4=LWR.,&GHP6=30!8N/]94TO^J%07!&
M[/M4KD&!30!(>D9JI=_?%6<_NXS]*@NQDK^-`%8=*D0\BF!14@`]*`'`\&E!
MXI`/:G`4`2HN0>/I2]%Q@]::&8#K3M[>M`!Q3U&:8#CMFI`X],4`!^Y3:?P1
MQ3:`%7K12KUHH`^>FY3V]:EM01&`#GFH23@@BIK;B,9[4`3'&#Z_6I[/(AS[
MFJLG(..!5JS8F#/&"3VH`?(20#^E6M&.;Q1VWC^=4Y>#5W1-HO,G/WE_G0!8
MU$8N9<'C>W\ZL^%0&U";_KG_`%JIJ6?M<V/[[?SJWX5)&HR\X!C_`*T`:OB-
MB-4P!_RR7^5/\)H3>W))_@'\Z;XEQ_:BGUB7^52>$21J%P#_`,\_ZT`2>*!_
MIX]D%;&F<^&D_P"N;?UK'\39&HG_`'!6OI>?^$:7`ZH_\S0!GZ+'OTG44/<"
MN=UD,NBZ<Q<NH1P58YP<UTVA#_0;]3Z#^M<OX@W)X?LR.@9\'\30!RL)`0<5
M<AZ#I5.#[@J[$#QTQ[4`2PC]X3GGVJ=CR.<G-0P`;SZU,X`(/?-`%R/[AI@S
M]I3Z\5)$1L/%1C_C[C[\T`:A&8@>AJM$!]L059_Y9@XJO#S?1_C0!LWN"L1S
M_P`LUI=%(_M4C'_+,TEZ,>6,?\LQ2:+M_M5MW_/,XH`T-;/^EG_='\JN^'S_
M`*))Z[_Z53UK'VH<=4%6_#Y/V:4?[?\`2@"J01JZ_P#77^M:.I$?:+?V;^M9
MLO&K+S_RU_K6EJO$D!_VOZT`5=9&YKT?].O]:XB(`29R<UW.K?ZZY'3-HU<,
MG^LS0!,I!E(]JLR$!:JJ/WOO5AV&WWH`MP?ZO\*0?\?"C-$'W,^U"Y\]?K0!
M=(^2FV8_TD_A_.GM]RF6?_'R?P_G0!=N^K5=TM0+%FQR=U4;HY)K0TL?\2\_
M\"H`KK_Q]Q?[XK0U`95>?6L_/^DQ9_O"M'4/NK^-`"8W:4N0#\M*H_T6':<9
MC88_"D7_`)!:_3'ZTY#^XM_<,/TH`Y&4<U97_5U7F'SGZU97_5B@!]MT/UI7
M^^/K26W?ZTZ0?,/K0!9_@%.L<BZ_&FG[E+9?\?0^HH`DGX)K1/\`QXQ_05GW
M'WFJ^/\`D'I]!0`FGD>;)]!3H>+S\Z98?ZY_I3X_^/P?4T`2K_KYA[5DWX_T
MI_PK67_CXD_W:R]0_P"/@_04`0(HV4^(#)I$'R4Z+J:`'-]X5-CBHF^\*E[4
M`26P^63Z4J_Z]/K26V</3E_UZ?6@">YY;\*D<#[.M,N.H^E2-S;K]!0`F,01
MX/>H[KJ/K4G_`"[K3+OH*`*_:GKR,TSM3T^[0`X=:=TIB_>IYH`=3ATIO:G+
MTH`44HH5<@FG`?*:`$Z4M##BD%`#UZT4+UHH`^>&^X3@@U-;']V.!110!.Q'
M/.:GLAB#\3VHHH`)"3P:N:/DW((S@,N<?6BB@"WJ1_TN;)Q\YX_&K'A4C^U)
M1MSF,_THHH`U_$^?[03/`\I/Y4OA/`U&;T\O^M%%`$WB8_\`$R_X`M;&C?-X
M>08[-_,T44`4]!&8+\=\#^M<QXA'_%.6HSTFD_G110!R47*CFK\7Y\444`30
M$EJF<_,***`+L8'E>U1X/VE,#O110!IYQ$![56B.+R/'O110!LWHPD.3G]V,
MFFZ*0=6QS]PBBB@#4UK_`(^5_P!P59\/'-O+_OC^5%%`%64_\37G_GK_`%K1
MU;[T/^]110!#J@)N)O>T>N$CXDY]:**`)E_UG7M4[\K^%%%`%RWXC_"A?^/A
M?K110!</^K&:2S/^DGCM110!<NA\S&K^E<V1'^]110!7/^OC_P!X5H:A]U?Q
MHHH`$_Y!8_SWIT?,5J/K_6BB@#DY^)&'^U5A1^[HHH`?;=#TITGWA]:**`+/
M\%+9_P#'T/PHHH`EN.7:KZC_`(ER?0444`-L/]>_TIZ?\?@^IHHH`E'_`!]N
M/]FLS4?]?_P$444`0I]RGQ=3110`YOO#ZU,?NT44`/MOX_H:5?\`7)]:**`+
M-QU'TJ3_`)=E^@HHH`/^785'=?<%%%`%?^&GI]VBB@!1]ZG&BB@"3M3E'R9H
8HH`>G0TJ]#110`-T%(***`'+1110!__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g88374compass.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374compass.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0B04&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````;P````8``````````````"$````B````!P!C`&\`;0!P`&$`<P!S````
M`0`````````````````````````!```````````````B````(0``````````
M```````````````````````````````````X0DE-!!073&%Y97(@240@1V5N
M97)A=&]R($)A<V4````$`````CA"24T$#!5.97<@5VEN9&]W<R!4:'5M8FYA
M:6P```39`````0```"(````A````:```#6@```2]`!@``?_8_^``$$I&248`
M`0(!`$@`2```_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1
M%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`(0`B`P$B``(1`0,1`?_=
M``0``__$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!
M`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A
M$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$
MDU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:V
MQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%1
M87$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4
MHQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G
M-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`]&ZMU:OIS&,:PWY=Y+<?':0"X@;G
MO>YWMJHJ;[KKG_06%;3G]2LQ[.I6[L/+=Z;&@OKQI+393MHJ?3D9#+H]-EV9
MDU^I9_VC_FTLC!?UNO+M-_H?M%UE3;^]6%BN;6ZNO7:W[3EM]6W_`(&Q;O3/
MM5?3F6962W/>*P6VTMT>UH]CV07^I9<WW._,W_S:2G!KP>GX76F].P<>FK,=
M40<FG'>P-!`+JWW595;JW^F6/WJ8ZIG]'RC7EV66TU`/RZ+#ZA92X[/M^%E;
M677X]=CFLR*,G]9J_J?SE_ZM=)&)AV9KP^O.ZI^L90(+=CWE]C*Q2_=Z;J&W
M>E_UM5<BO&/4NB,JR#FMO=ETVY#GBQSV.I?99675Q7L]2NO]&QOII*>B]>G_
M`$C?H^IR/H?Z3^I_*27C/[7S?]*[^C_LC_K222G_T.FZ"[$S>BX55K*\R_`%
ME6=AN`>[;ZGN>VD_2>V_&HNV_P"B_P"$]-:>#]8*L_JXP.F;78F,QPRG>F_V
M/&ST:P_=752VS=9M]MEGZ"UGIUK/Z[]6\NGJ#^L=*:ZPV$/R<>MWIW!^C79&
M#<?9ZCV-_346_HKO^-]-8S^O=,R7AO5Z*LO)J'IFTO.!FM#?\'E>H['J_P"V
M<Q]?^>DIZ_K/4,"G#RZ.JW'!QWCTF7!P#K&O9+_0$/?ZG\Y7L:Q<S??9TCI'
M[6-1PQ54<3H.`\38#:1ZF7>S_N59]/\`D5?\8L\=>Z)AVMLZ1T^MF>]Q:R2[
M.R2X_1-3_4LHKW?O?:+[/^ZRWNB=#ZOU3J%/7?K+H_':!A84`;"/\/<UOM]7
M\_\`])[&5I*<7_QO<C_0C_DN>W]._P!'_P"I$EZ0DDI__]'U5><_XT_YS'^(
M_(]>-I)*?8_\57\_E_U?_(KT=?*J22GZJ27RJDDI_]D`.$))300A&E9E<G-I
M;VX@8V]M<&%T:6)I;&ET>2!I;F9O`````%4````!`0````\`00!D`&\`8@!E
M`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`
M;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@Q*4$5'(%%U86QI='D`````
M!P`(`0$``P$`_^(,6$E#0U]04D]&24Q%``$!```,2$QI;F\"$```;6YT<E)'
M0B!865H@!\X``@`)``8`,0``86-S<$U31E0`````245#('-21T(`````````
M``````$``/;6``$`````TRU(4"`@````````````````````````````````
M```````````````````````````````18W!R=````5`````S9&5S8P```80`
M``!L=W1P=````?`````48FMP=````@0````4<EA96@```A@````49UA96@``
M`BP````48EA96@```D`````49&UN9````E0```!P9&UD9````L0```"(=G5E
M9````TP```"&=FEE=P```]0````D;'5M:0```_@````4;65A<P``!`P````D
M=&5C:```!#`````,<E120P``!#P```@,9U120P``!#P```@,8E120P``!#P`
M``@,=&5X=`````!#;W!Y<FEG:'0@*&,I(#$Y.3@@2&5W;&5T="U086-K87)D
M($-O;7!A;GD``&1E<V,`````````$G-21T(@245#-C$Y-C8M,BXQ````````
M```````2<U)'0B!)14,V,3DV-BTR+C$`````````````````````````````
M`````````````````````````````````````%A96B````````#S40`!````
M`1;,6%E:(`````````````````````!865H@````````;Z(``#CU```#D%A9
M6B````````!BF0``MX4``!C:6%E:(````````"2@```/A```ML]D97-C````
M`````!9)14,@:'1T<#HO+W=W=RYI96,N8V@``````````````!9)14,@:'1T
M<#HO+W=W=RYI96,N8V@`````````````````````````````````````````
M````````````````````9&5S8P`````````N245#(#8Q.38V+3(N,2!$969A
M=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="```````````````N245#(#8Q
M.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="````````
M`````````````````````&1E<V,`````````+%)E9F5R96YC92!6:65W:6YG
M($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$``````````````"Q2969E<F5N
M8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M,BXQ````````````
M``````````````````````!V:65W```````3I/X`%%\N`!#/%``#[<P`!!,+
M``-<G@````%865H@``````!,"58`4````%<?YVUE87,``````````0``````
M``````````````````*/`````G-I9R``````0U)4(&-U<G8````````$````
M``4`"@`/`!0`&0`>`",`*``M`#(`-P`[`$``10!*`$\`5`!9`%X`8P!H`&T`
M<@!W`'P`@0"&`(L`D`"5`)H`GP"D`*D`K@"R`+<`O`#!`,8`RP#0`-4`VP#@
M`.4`ZP#P`/8`^P$!`0<!#0$3`1D!'P$E`2L!,@$X`3X!10%,`5(!60%@`6<!
M;@%U`7P!@P&+`9(!F@&A`:D!L0&Y`<$!R0'1`=D!X0'I`?(!^@(#`@P"%`(=
M`B8"+P(X`D$"2P)4`ET"9P)Q`GH"A`*.`I@"H@*L`K8"P0++`M4"X`+K`O4#
M``,+`Q8#(0,M`S@#0P-/`UH#9@-R`WX#B@.6`Z(#K@.Z`\<#TP/@`^P#^00&
M!!,$(`0M!#L$2`15!&,$<01^!(P$F@2H!+8$Q`33!.$$\`3^!0T%'`4K!3H%
M2058!6<%=P6&!98%I@6U!<4%U07E!?8&!@86!B<&-P9(!ED&:@9[!HP&G0:O
M!L`&T0;C!O4'!P<9!RL'/0=/!V$'=`>&!YD'K`>_!]('Y0?X"`L('P@R"$8(
M6@AN"(((E@BJ"+X(T@CG"/L)$`DE"3H)3PED"7D)CPFD";H)SPGE"?L*$0HG
M"CT*5`IJ"H$*F`JN"L4*W`KS"PL+(@LY"U$+:0N`"Y@+L`O("^$+^0P2#"H,
M0PQ<#'4,C@RG#,`,V0SS#0T-)@U`#5H-=`V.#:D-PPW>#?@.$PXN#DD.9`Y_
M#IL.M@[2#NX/"0\E#T$/7@]Z#Y8/LP_/#^P0"1`F$$,081!^$)L0N1#7$/41
M$Q$Q$4\1;1&,$:H1R1'H$@<2)A)%$F02A!*C$L,2XQ,#$R,30Q-C$X,3I!/%
M$^44!A0G%$D4:A2+%*T4SA3P%1(5-!56%7@5FQ6]%>`6`Q8F%DD6;!:/%K(6
MUA;Z%QT701=E%XD7KA?2%_<8&QA`&&48BABO&-48^AD@&449:QF1&;<9W1H$
M&BH:41IW&IX:Q1KL&Q0;.QMC&XH;LAO:'`(<*AQ2''L<HQS,'/4='AU''7`=
MF1W#'>P>%AY`'FH>E!Z^'ND?$Q\^'VD?E!^_'^H@%2!!(&P@F"#$(/`A'"%(
M(74AH2'.(?LB)R)5(H(BKR+=(PHC."-F(Y0CPB/P)!\D321\)*LDVB4))3@E
M:"67)<<E]R8G)E<FAR:W)N@G&"=))WHGJR?<*`TH/RAQ**(HU"D&*3@I:RF=
M*=`J`BHU*F@JFRK/*P(K-BMI*YTKT2P%+#DL;BRB+-<M#"U!+78MJRWA+A8N
M3"Z"+K<N[B\D+UHOD2_'+_XP-3!L,*0PVS$2,4HQ@C&Z,?(R*C)C,ILRU#,-
M,T8S?S.X,_$T*S1E-)XTV#43-4TUAS7"-?TV-S9R-JXVZ3<D-V`WG#?7.!0X
M4#B,.,@Y!3E".7\YO#GY.C8Z=#JR.N\[+3MK.ZH[Z#PG/&4\I#SC/2(]83VA
M/>`^(#Y@/J`^X#\A/V$_HC_B0"-`9$"F0.=!*4%J0:Q![D(P0G)"M4+W0SI#
M?4/`1`-$1T2*1,Y%$D5519I%WD8B1F=&JT;P1S5'>T?`2`5(2TB12-=)'4EC
M2:E)\$HW2GU*Q$L,2U-+FDOB3"I,<DRZ30)-2DV33=Q.)4YN3K=/`$])3Y-/
MW5`G4'%0NU$&45!1FU'F4C%2?%+'4Q-37U.J4_940E2/5-M5*%5U5<)6#U9<
M5JE6]U=$5Y)7X%@O6'U8RUD:66E9N%H'6E9:IEKU6T5;E5OE7#5<AES672==
M>%W)7AI>;%Z]7P]?85^S8`5@5V"J8/QA3V&B8?5B26*<8O!C0V.78^MD0&24
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M_XYFCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2XY--D[:4()2*E/257Y7)EC26GY<*
MEW67X)A,F+B9))F0F?R::)K5FT*;KYP<G(F<]YUDG=*>0)ZNGQV?BY_ZH&F@
MV*%'H;:B)J*6HP:C=J/FI%:DQZ4XI:FF&J:+IOVG;J?@J%*HQ*DWJ:FJ'*J/
MJP*K=:OIK%RLT*U$K;BN+:ZAKQ:OB[``L'6PZK%@L=:R2[+"LSBSKK0EM)RU
M$[6*M@&V>;;PMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\(;R;O16]C[X*OH2^_[]Z
MO_7`<,#LP6?!X\)?PMO#6,/4Q%'$SL5+Q<C&1L;#QT''O\@]R+S).LFYRCC*
MM\LVR[;,-<RUS37-M<XVSK;/-\^XT#G0NM$\T;[2/]+!TT33QM1)U,O53M71
MUE76V-=<U^#89-CHV6S9\=IVVOO;@-P%W(K=$-V6WAS>HM\IWZ_@-N"]X43A
MS.)3XMOC8^/KY'/D_.6$Y@WFEN<?YZGH,NB\Z4;IT.I;ZN7K<.O[[(;M$>V<
M[BCNM.]`[\SP6/#E\7+Q__*,\QGSI_0T],+U4/7>]FWV^_>*^!GXJ/DX^<?Z
M5_KG^W?\!_R8_2G]NOY+_MS_;?___^X`)D%D;V)E`&1``````0,`%00#!@H-
M`````````````````````/_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!
M`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#_\(`$0@`(0`B`P$1``(1`0,1`?_$`+D```(#``,`
M``````````````@)``8'`0,%`0$!`0```````````````````0(0``(!`@4%
M`0````````````4&!`$#`!!``@<S%#06"!@1``$$`0("!P0'"0````````,!
M`@0%!A$2`!,A(C(4-!4'$#%B-5&A0E(C5#=R,V-SL\06-A<2`0``````````
M`````````$`3`0`"`@$$`@,!``````````$`$1`A,2#P06%1<4"1H8'_V@`,
M`P$#`A$#$0```70@HR\'HAS6`5*6%F<RT$32TUQG;2T@,+FX4Z#8M1"U1BED
M$LS72.LN8?_:``@!`0`!!0)K;(ZU9E0SK/(CA``)SVM!Y))][#P0!7WV.M4*
M15WC93H&$3XPVK)[::PA[Q1U+!O\9B;G%@`PQ$V=?3%+\]D,/7'!6&?NOBR4
MNT?$H)*24AN;#^7U-U_E7S<O_]H`"`$"``$%`M3_`/_:``@!`P`!!0+4_P#_
MV@`(`0("!C\"3__:``@!`P(&/P)/_]H`"`$!`08_`HPAQWV=W9N**GI@$&,L
MMX1.-(DR#%5!P:N")N^1)?U!-^ERHBTTC*9[2T-]*;!BC&>RKL54I(Q)M:H*
MJOEUMM;Q[%XT$.18S0H4JHC(FCQJH\9H*:GA7I:DS77-3C%I""`;V"(:'(L8
M&60BQ9#HA&%4C5W:.335W1P2/<2K&?!@C9-OZF>]MJ2NH9$CNK<LQB^2/'L;
M:GA3",',B34)-!TN3J(US_%QO#=]_?B\'^;[7AOC[/&02EM?*_\`+I-I6@M%
M75]+@F(S0PC1(B<Y@A$O,@$D@_65I(YE1=-K4;'D6UU'RDS8`B"G5,9G)L`1
MQ*H)0.620Z9,L!(U[W-=RWD7\-K4XFWIVRX>1YQI?7[2C>!8$V:29-CPQUTI
M"-B&J16/(<CD7<X6KN/3`,2Y)D@;25G%387$BP!8GL8<C&9TN7#(>&@X:1V2
MX0OP1L8(:C3JHO3QXZ1_KW_*NTOR7[W:]WP?7QC$67%@7]ABX;.KRO&SB#-E
M)%6X>AY(JTC4&:2&UIHLAK%;JH-R-:I'#:K<>Q7D&HZ>),9>F2HGZPI@>Y^6
M11R4-$@5X9;#%1B.84ROBE8HQ[=W&0P,OL'XS52!^71[%DIC)=I&FP&/D>4L
M:(\A\L;U*)1L&]Z(W=]I.%S%\(F.I"JCXMZ28G+$A+4);EXW3<BM(R.>U+Z;
MM<31FU@P=56ZOT7Y</\`2SF=H7Z@?DNW[_XO9X/FN'@/+=+(R7=5%?,2LOAS
M$Y0C7&+6+VN`.7)BC1LF*='`DMUZJDV;1BS.JK+VUA,[BLY\\_IUGD1D=47N
MM\LN34PE(C'NZL:R(%7[NAN_3@4C"\0KPY-(D/#&W'E^H64OD/W((D"4Z?*J
MX7-=T(]DR475?#N3BO\`4'U41K)%4!@\8QA6C9Y>]B_-+((F,`DTCTYNW37F
M*BJC$8P;?94?M@_HS>,@_DI_;^W_V@`(`0$#`3\A1;M?ON^Z7%&$812;HS9N
ML&E<-^67"3G?!A850Q?'2*AD^QKL_P"\W+CK8]045`*@%+,J]1:A52=>A'%E
M":H<8>(VF6%'B=2NI=79)V_AARV"KT6JL4)-4IW,JJ_NN*S5A@):7G\X)5%P
M$V85&HF"68_>NJ^!#'A=+$K?R!'SQS._"KVS'=15V3*R>R75%T],\(^8`Z(L
MP+OGSE__V@`(`0(#`3\A_)__V@`(`0,#`3\AZV?/5<'/UDCG_]H`#`,!`P(1
M`Q$``!"OL.I3I8O%@:@?_]H`"`$!`P$_$'GOZ80:_(80\NAO<LB:F=<B)]2^
M]E(5)#5X7<X3CN!Y5L?)EL244833*&EPQ'I@O9GXLN72(@F;)=`/3=V4H,S3
M-C?:XIN*`)'9:Q`MY-R4'`T+D*@(<(IC.U6-I#CX6KTB1O%IW(I#AOO@M4R&
M%%BLCTO_`,S>,[@J'>2\:"O)KVFE$(1C<Y*20F%M8H0]=''A-__:``@!`@,!
M/Q#K)\=51,_>6&?_V@`(`0,#`3\0"_J:..9M+74H>,75>HU>M16^B>-)_GN.
:EB46\P'53EK]RG]@53*KCB4^77ZB@5UO_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g88374ing_bw.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374ing_bw.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0R$4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````;0````8``````````````"(```"'````!@!)`$X`1P!?`$(`5P````$`
M`````````````````````````0``````````````AP```"(`````````````
M````````````````````````````````.$))3004%TQA>65R($E$($=E;F5R
M871O<B!"87-E````!`````(X0DE-!`P53F5W(%=I;F1O=W,@5&AU;6)N86EL
M```(SP````$```!P````'````5```"3````(LP`8``'_V/_@`!!*1DE&``$"
M`0!(`$@``/_N``Y!9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/
M#`P/%1@3$Q43$Q@1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P!#0L+#0X-$`X.$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#/_``!$(`!P`<`,!(@`"$0$#$0'_W0`$
M``?_Q`$_```!!0$!`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!
M``````````$``@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q
M!4%181,B<8$R!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-4
M9$7"HW0V%])5XF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6
MYO8W1U=G=X>7I[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q
M(A,%,H&1%*&Q0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,7
M9$55-G1EXO*SA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='
M5V=WAY>GM\?_V@`,`P$``A$#$0`_`.X?]>?JG6XLMZE54]OTF6!['"=?=78Q
MKVJ_7UOIMO3W]298XXE>CK/3L!T@:5&OU7?2_-8O./\`&;_XK<+SIQY\_P!8
M?RO54E.-A?7#ZL9^37B8G4J;LBXQ56':N($[6[@/<MAQ#6EQX`DKQ[KGU=S,
MN[KO6,,&QF#U*YE^.P$/:P-JR/M=)9[G>F^Q_JL^G_AJUU?U#^O`ZDQG2>JV
M@Y[1^K9!B,A@$\_]RF-^G_IV?IJ_\*DIW*OKG]6;KVXU6<U^0]P:*`RSU)/[
MU/I^HS^VU;+WLK8ZRQP8Q@+G.<8``U<YSBN9Z<Q@_P`8?6'!H#C@XLN@3J;`
M=?\`K;/\Q<Q]<>I9/UD^M='U6JM=5T]E[,>T-_/LCULFUW[_`-GI]N/6_P#1
M^O\`I?\`BTIZVW_&#]3Z['5_M%MCF?3--=MS1_UW'JMK_P"FK^%]9N@]0MHJ
MP<ZK)LR0\U,K.XQ6`ZW>&_S6W=_A=BMX'3\+IN)7AX-+<?'J$,K8(']9WYSW
MN_/L?[[%CY/U6QV_6C!^L.!6RFYIM9U`#V^HQ]=@KNV@?TAE_I^__"5?\6Q)
M3T"XOZZ9]V3UOI_U<IMLI;E5V67%@<YCB=*JKJZ;<>V^KT:LS=C^O7^DLQ[?
MTGI+M%Y9_C%?D8WUNJRJX<YF+593ZCH8',??N;KL9[X_X3U/_`TE(LGHS.EX
M;^I]/SLXWUXS,RG>;`:\>YYH9CFVEE6S.>_])57=ZE%GI6T78_\`VIN]"^J_
M7Z>O](JSJP66@^EDUG3;<P#U6C5WZ-T^I3_P+ZUY;U3JN'?0ZKI^.YK;7>KE
MV/;Z)J@!M?3Z75V;'8GJ4>OZ3?2Q_6_P'K>GZ&A]1?K9A?5]^7C=0-HQ<HUV
M4>FTO#;`UU=[S7/J_K'Z#T_9^8DI['ZV?6GJWU?R*'U]-;E8%OM-PL=N+S/Z
M+TV56.JV_3W_`*;U?^#6UTGJV#UC"9FX3]U;O:]AT?6\?SE%]?\`@KJOSV+E
M>F?XQ_M/5*J\K$]#I>;::<7*GW,>#Z=3<MDO_G_;_H_1]3_"UU_:%J?6"AG1
M\RKZSXGZ)PLJHZNT:,OQGN;CMON;'NR<!SV6T7?SGH>KC_S:2G__T'_QF_\`
MBMP?^)Q__;AZ]47C_P!;-_[:'[?^W_M#97Z'H_9MFS>[T/L^W_A]_P!/W^HO
M1L;_`)Q?L&SUI_:O^#W>CNY;&[T_U7=]))33^IO],^L?_IVM_P#/="Y?Z]_4
M=V"]_6^BL+<4'U<K'JD.I<#O^VXNSW-JW>^UE?\`1_Y^K]'ZGIW_`*C_`+5_
M;.=Z?VST?M+_`-K_`&K[/L^TP[=Z7H>[?_-_S'Z+T?07?&(UX[I*?/?\7?5\
MOK'U@S\O,+79`PL:M]C1&_8^UHN<WZ+;'M^GZ?Z/]S8L3J3G?5W_`!C',S)9
M1]K^U&P@Q]GR`ZJRW^4VAUEN_P#XE=+]3?\`F]_SOZS_`,W]WV7T*MT1Z&_U
M+?5^Q?G?9MWT?\'O]3[/^K>@M+Z^?\U?V;7_`,X9WR[[%Z']*WQ^D^R_R?H^
MMZOZI_-_:/\`!I*>D>RK(I<QT/JM:6F#H6N$<M_>:O*<CIV.S_&,WHK77CIK
MKV-.-Z]VW:<;[2ZO^=_F_5_,_<_1JQ]7O^>7V'_L<^W?LB?U3[9]DG9^;Z/K
M?X/_`(K]7_T"-]6OV/\`\[&_M[[?_P`Y]_M^U>GZ/J>G[?3^P>W^B?S?VC]%
MZ?\`-)*?1'V8F!B;K7LQL7'8`7V.#6,8T;1NLL/M_M+S/Z^]8Z7UG/I.#?78
MS#H>'6-&XO?8Z3C%I<UVVC[/ZWT/^N?X)=G]>/0_88^T;MGVG&B-FS=ZM>S[
M5]I_5_LN[^=]7V+S/J7I>C3^TOVMLBWT?4^S[OYS];W3^FW_`&S^D?:/^U?T
M_P!*DIH4UVVBMU=`97<]K!>:CZ;70]EM=5CM]/O<_?Z7\WZOZ7]"^M*S]1RK
MV7[_`%&EQ8;&B=XWQZ]5H_1O]1WTV_0_2_SBZ3)_9_[/9N^T_9O1;LG[-LV^
MAB;_`+%N_2?SWH[OLWY_H?:OT&Q9G1?V3^U*?1^W>OL/H^K]FYV_H_1W>WU?
M]`DER[R[]DN@-#VEYX.]M;-MLV/=[=GK6,V._G_4L]+_``U:]3^MN6<GZJXW
M3G?\H=<^SXU%7)+[#6^^PM;_`(+'KWV6O^@Q<#UC]F_:Z?VK]OC8/YO[)NC<
M?M4_]V/M/VC?Z_\`Y[77?4O_`)J_M;V_M#]N>C^@_;<_:/0C_M%_@/3V?Z'W
M^E_P/J)(?__9`#A"24T$(1I697)S:6]N(&-O;7!A=&EB:6QI='D@:6YF;P``
M``!5`````0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````
M$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`#8`+@`P`````0`X
M0DE-!`8,2E!%1R!1=6%L:71Y``````<`"`$!``,!`/_B#%A)0T-?4%)/1DE,
M10`!`0``#$A,:6YO`A```&UN=')21T(@6%E:(`?.``(`"0`&`#$``&%C<W!-
M4T94`````$E%0R!S4D="```````````````!``#VU@`!`````-,M2%`@(```
M````````````````````````````````````````````````````````````
M$6-P<G0```%0````,V1E<V,```&$````;'=T<'0```'P````%&)K<'0```($
M````%')865H```(8````%&=865H```(L````%&)865H```)`````%&1M;F0`
M``)4````<&1M9&0```+$````B'9U960```-,````AG9I97<```/4````)&QU
M;6D```/X````%&UE87,```0,````)'1E8V@```0P````#')44D,```0\```(
M#&=44D,```0\```(#&)44D,```0\```(#'1E>'0`````0V]P>7)I9VAT("AC
M*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY``!D97-C`````````!)S
M4D="($E%0S8Q.38V+3(N,0``````````````$G-21T(@245#-C$Y-C8M,BXQ
M````````````````````````````````````````````````````````````
M``````!865H@````````\U$``0````$6S%A96B``````````````````````
M6%E:(````````&^B```X]0```Y!865H@````````8ID``+>%```8VEA96B``
M```````DH```#X0``+;/9&5S8P`````````6245#(&AT='`Z+R]W=W<N:65C
M+F-H```````````````6245#(&AT='`Z+R]W=W<N:65C+F-H````````````
M`````````````````````````````````````````````````&1E<V,`````
M````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P86-E("T@
M<U)'0@``````````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L
M;W5R('-P86-E("T@<U)'0@````````````````````````````!D97-C````
M`````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M
M,BXQ```````````````L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET:6]N(&EN
M($E%0S8Q.38V+3(N,0``````````````````````````````````=FEE=P``
M````$Z3^`!1?+@`0SQ0``^W,``03"P`#7)X````!6%E:(```````3`E6`%``
M``!7'^=M96%S``````````$````````````````````````"CP````)S:6<@
M`````$-25"!C=7)V````````!``````%``H`#P`4`!D`'@`C`"@`+0`R`#<`
M.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+`)``E0":`)\`I`"I
M`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!`0$'`0T!$P$9`1\!
M)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2`9H!H0&I`;$!N0'!
M`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"5`)=`F<"<0)Z`H0"
MC@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X`T,#3P-:`V8#<@-^
M`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$501C!'$$?@2,!)H$
MJ`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66!:8%M07%!=4%Y07V
M!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'&0<K!ST'3P=A!W0'
MA@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC["1`))0DZ
M"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP*\PL+"R(+
M.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`#-D,\PT-#28-0`U:
M#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/>@^6#[,/
MSP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$<D1Z!('$B8211)D
M$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E%`84)Q1)%&H4BQ2M%,X4\!42%305
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MPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`XC#C(.04Y0CE_.;PY^3HV.G0ZLCKO
M.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@/B`^8#Z@/N`_(3]A/Z(_XD`C0&1`
MID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546:1=Y&(D9G
M1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI2?!*-TI]2L1+#$M32YI+XDPJ3'),
MNDT"34I-DTW<3B5.;DZW3P!/24^33]U0)U!Q4+M1!E%049M1YE(Q4GQ2QU,3
M4U]3JE/V5$)4CU3;52A5=57"5@]67%:I5O=71%>25^!8+UA]6,M9&EEI6;A:
M!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=R5X:7FQ>O5\/7V%?LV`%8%=@JF#\
M84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUGDV?I:#]H
MEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\>;WAOT7`K
M<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P=,QU*'6%=>%V/G:;=OAW5G>S>!%X
M;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB?L)_(W^$?^6`1X"H
M@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B`2(:8C.B3.)
MF8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&D&Z0UI$_D:B2$9)Z
MDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB:U9M"FZ^<
M')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16I,>E.*6I
MIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:Q<K-"M1*VXKBVNH:\6KXNP
M`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.UBK8!MGFV\+=HM^"X6;C1N4JYPKH[
MNK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_UP'#`[,%GP>/"7\+;PUC#U,11Q,[%
M2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+-LNVS#7,M<TUS;7.-LZVSS?/N-`Y
MT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95UMC77-?@V&38Z-ELV?':=MK[VX#<
M!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB4^+;XV/CZ^1SY/SEA.8-YI;G'^>I
MZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_RC/,9\Z?T
M-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI_;K^2_[<_VW____N
M`"9!9&]B90!D0`````$#`!4$`P8*#0````````````````````#_VP"$``$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$"`@("
M`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!`0$!`0("`0("`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`__"`!$(`"(`
MAP,!$0`"$0$#$0'_Q`#9```"`@,``P`````````````("08'!`4*`0(#`0$!
M`0```````````````````0(0``$$`@(!`@4%``````````4#!`8'`0(`"#4T
M-D!0$Q8W8#(4%241``("`0$$!08)!`X+``````(#`00%$0`2$P8A,2(R-4$S
M%#0V!Q!186(C4V05-_!R8V5Q@>%"4H+20W,D1+1U%H/#5)0E185V1W<X$@$`
M``````````````````!@$P$``@("`04``P$!```````!`!$A,1!!\"!187&1
M,+'Q8('_V@`,`P$#`A$#$0```7Q&6?`SSR:TW!'CX&[,T6!*(RGRASV!!*>]
MB`9II2!TH;KT)W"SIJUD@1<ADALV<_$U<8%Z]&-Q1TL6`75HZ4"1<7JTR%E4
M373'<"O+$`WK$)S0`36I)HC`;&`(OM6D(.(Q.Q7<M:KA!*I[D""?$B-5T1:)
MA4E&;,KW:/ED959<A>V!%*;MG.Q-5<O29<`9*L)HE$H1;"3)'67/_]H`"`$!
M``$%`O[$?Q)TV7SL^8Z;)JIK:[[Z):X(,,YX_+BA6H\V%+90<-W.O+KE+U[)
M4:I5^G1=EH2X:0<J,F,1OT%(Y!SLM&@$>D=-1L"*@G9:%B/XU46N7J\O_B2D
M/5D`B6;/O2W5H"TK2E!QD9)*#A!)I0B!%A#.6P>5!WH4DA"-"ZG-?;-E264A
MHB/1AE26(S#JEPQCM?[AJO\`&][\N^EM9DE3ENOZ[)U"[;/[%NYTH]ME+5/1
M.RK!/UZRJVTR]DJ<[+#41\_UTQKQ;Z:KA';;5[UWDF1$]MS.&Q#M:NCO)ZE6
M27K7L"18L\XSC;%YTII(4NI>,ZY[(5@27(TQ<(.2Q_L48$YK3JKIOK#+)L;[
M&Q/ID5.%1\-<O0QYRQ50910XZY64C!A;)UE"=FRUYZKK_P"6LCWM27LGE;?D
M+EK>Z8EYX%X>_?W\QX0CZ\AX^&>L0]I__]H`"`$"``$%`OTK_]H`"`$#``$%
M`OG&?C?_V@`(`0("!C\"*__:``@!`P(&/P(K_]H`"`$!`08_`O7Z?^])_E[2
M*+"'%$:S"G+9,1U:S`%/1M('<J@8SH0E84)#,=<3$GK$[;ZF`T)ZC60F,Z=$
M]H9F.B=I-ABL![QF4",>3I(M(CIVB(O5)F>B(BRF9F9\D=OX!/*9/'XT#Z`.
M_=K4Q.?B$K#%P6QQB\OB\E*^_&/OU;DA^?%=K-W8CK/38`&N09(:#1!]=A)>
MDB"2@6H:$B8]8E&D_!B/=WB,H-)MG&V+MY;+F0QU*[8M$*Z]#+7<9P[P8^,2
MJVPA6>X9DOB=&U/)X_W@5K2<F_+CR8IV3"FC,9?'DZM-5&4#+@S=LG)*6Q0`
MQTZPP:^L;6N7\CD[%OF+$,L/#TXN-;N88V*E3CN@(JO,H/L^CD>@D8B!Z=K:
MW;53LY%E:NUP4:?!]*M$L9*$5^.U"I:S32-2C9'+F2PV0Y9OW'"BE.2:OAM<
M](OI(;#`JO0^Y&\(=@@D]V(*=\?@Y?G`XBAAPOXAQ6D8RJJE58RO;D%M]%KB
MNN#-P])F!C>\NW*N3Q^(QU7)Y+E^DV_DU5$#D;A6A"TT;-Z`])<KC=,!);HZ
M1IU;<N9;#8>JCF'-<Q_=3F4E)JGE6Y!+6A-S=X:WVBM*C1I]KM3K.S<-F56V
M\N-MDK*XIHD-O$VQ+A.N4TMW25940Z.3.D,B/(41.P%(8_.X/+5U.$7*3>Q]
MZL>ZU1$IHFIH[T1/3'04?'&WO7%V$HVD<M93%JPE2XA5NKCXR3,E:85=#Q-0
MLKE2"$EIO+'JG:O@\#*_\SY5$V(L,$6AB,?ODJ+?"."!MJPU9"H2U&-TB+R0
M57G+WE3<YGY@SR%Y`*V3N6F)I5'CQ*G'^E%UJVQ!010<\->]N0&H[TDSERH7
M*.?KC)XS+XBQ;3P;`Q/#](K\>5FF2GM2&XW3J+;(8;+R4Y/`\V<PXN_O,XTS
M:%ZK;CXL]MD..WOP1=)P6OE^"YF),4,P5O`6U<%"K!RN,5C-[B>E0L3829B8
M$89`[W6,P4PGF7[WNU\5%2P?)4NK<KWU7\AS%(Y'F2+T8^9O6Z]J\0OT?3QA
MKGJX<C"F<L9#B)FO8RHX&R90**X5\BM..*PQJ&%4GA>E<3OD.H;T_'L.2S;V
MIKLL#52->K9NV7V"6U_#15J*<]DA7KL86D:"`3,]6UGF&GA<'EEYKB18RE-1
MU+GI.L2TSE?H]FCDQ/23F8!VL]KKZ<A[IN9<SD[E//87(LY'YL](X>>;1BN:
M<EC+%V`[6=PBV<93]V9D(@Y\@QRG_@UW^^QMR1_VUB?[JO;W8_\`LO`?ZW9G
M-'+2@7S363_6J8P*UY]"8[,3/1`Y10="SGS@Q`%U#,?<.>FP?*MFR2[E9H,*
MQ@;<E(LN5DS'$$(9ZPC3IZ2&-_H+WV7:5A-JI:R?*MBM9KL%J7I;7SIK:I@3
M(F!C.L3MS1Z=+%K3>HTX\LJIUZ%)0DN-WJ-<<2(TZR\NRP5`PH`$5P/=A8C$
M!`_-@=F9H.4*N;P"3JI;>'F7[OMJ=:+AQQ,<6#M_0\:8&"%I3,SW8VM6*O)-
M7#X2K:E&1RA<R19?Z650G`**`X&M-MDS"A.2:O=$]>UIN_!7R(NK<3-\O(:8
M.@'DEM([-`M]!;\+18K`,K/<(N.OLZ:3.VZ]U5RT5G6*XS?:-<]65Z[XHKX9
M<&]]&PNWNB>[J$3H$'"%&5LV.A?&0F9$I-[MX:%0EURW';XD`[BB@ID?EVPL
M7K\9!`,*(&^QK\?7@B-:*\UK8#]`R%BXI&8&4.7TJ+IBYRF#%QCN8\<5@*:3
M(Z];,XZO-O>K'-FZ!@S'K=J0-.#C<[79TV]T]]4P%T/>GR[CEGKV_0<NJ[7R
M2X_?;K5@$3Y/CVY8K@U9/1A+!N4)1+%"ZZ7!E@]8\3AEI\>FW)))8#1'E['I
M*0*"B&UU0ERYTZC4U<C,>28V]V@VK24$OG[%9$X8<1(4:71:M%'D2CC#O3\N
MT$,P0E$3$Q.L3$],3$QUQ.UKG#E.IIS"H9;E<76"-,VH>_:0N-/^*K'IF(]8
MC])WO>")1(D,\JQ,3&DQ,?YDB8F)ZIC:>?\`!U&7$-K)3S%7KKECZQU%PE&4
MX81OLJS4`0;/\UPX*>S,[N.P>:R-;'<SXJLF@:[SUUQRZJX<)%RFQI"#WL2$
M<9??@]9B-V8VR=",ICIO6[>)FK3B[6FU8A.2K,<2*\,XK14`S)3$=$;9\B$H
M%G,I2!2,P)P.-H#,C/46A1IMC*M6C7O9'*KR%C?NW#IT,7CL:"?3,K<X-:U:
MMKK%9">`D>*P8+=ZMG9K,%B/2\WB:6B,3<.TG'5TH6F,62#7Q0MPTC<Y5ACJ
MNCBB(XP:P%MF6K5[#%HFIB"*JMK:EQEEH/MV;5Z@A%;?J"R1WC=NM68+*)G2
MD*&.&S24%6:S./\`U1D%)-&LUF2R$Q53"PD0T5NL<<1'9Z*.=N6:FL#7M\-K
MMZRNA1H5+Z[-J`W`!88UU<A'B0TH<H>SOC.W+_,F<NGC,?4;E7WG@J]:&MQ,
M;D*=&F@4_>=^TG4UP1EJ4B4Q/=WBJ\YC6NT_=C[K*V3SQY"S68#,UF:U8W<6
MLB/I"''I3#8'I.-W0M);$0[\).__`&SUK_3?/VS'L?X<?LKW?6:/G_E^/^+M
MS%^&GB5OQ[Q+UAGGORZ]=A\&\2L^`^&^KT_,_EU:?![X?9WQ/EWV?_,SGB?Z
MR^O^T<3X+7X2^<L>SG?\[_SG]:?6?.UVH_A9YP?:CP;OCZU\FV/\)]6#P+P?
M_I_V;XMN6?9+U3F+VC\_W,9ZO]A_VC]K;_PWM0_#;P*AW/\`$^;?-_9_J?DU
MVN?A/ZR[Q'U_SD^N?:?X?SME_A-X15]:_8Y<[OR?5_9N#L[_`.<O[/[2_P!+
M/AWVG]S:?9KP:QYCV3]7;U_J;ZS]'KM__]H`"`$!`P$_(9KS\9>*6A+-7'5R
MQ>(>$],*NI$V5`A0IAWJ$+U`L$JLQ<T"""@"RKPWV?D1%CZ@AVLW<93C/=17
MHU.)V*S,`(G!B%OD:`>H#8:19497','FRTURB:+I`2AJ1GEH>C1E&-1.N-XF
M))#7<_G&6[OAK,J<,>=CE#))9A"R*88Q71`!6>OM3]*_J?;>O;`;_N@%`JTL
M&W4"`P\'+R8,%G1I9_E!Z/5RL7>6K6O]KRG#4Q'<7VBJH)Y@"0Q,,;VXX%$.
MGI0H5/2THLX(-1Q?'NB(V!_X*A`]`_19:7-D)O/LBIGSFPAK]$335>*=D6=I
MX(^_N%XNX286O%",GG,$*ZP8GHT/UDY>QB+I=KFF(BX66P4VBN*U*"Q"HX@I
M2*@-)$,2C-;%@2`K5R5:62?XPBR@5\3%Y8>QE*!O%1S*RR(T&^B8.573*+.,
M,!8JHHJ*PS:B`D`XF#DQ][7#VDP[>EBDB[?)#,SD1FUC##XEGU=+$^K!%,T[
M"A`4JUO2CB4P$FQRJ.]JBB53##7)[%2AB>8F-NV+/25AV0/#LF`&Q(_0AB9;
M2IZ52JFDO9`\NJ8H*1EX;Y1_F",+M"DE\:--/1(0-[(L@*A]!8DPK:C#>5`2
MP!BJZ2HM\Z&M6I^7^H<]P2JRJF)I`RB68FJ3CYQM8!-KH8ZE#@1!\24[M.NP
M=5YF,F_GQB=!!EC6*K9A8?*A)A6,W_:?D2\\O#^'K;2.P'B?%$>'?C_5SPLW
M/YJ^-\./_=DZ^%GC_9/]G25X_P"'GA[U?__:``@!`@,!/R'_`)7_V@`(`0,#
M`3\A_C)<3BN",(E\.B!+]I<>#7#QF?,([A!B1ZAK@B<'H8=PCN'`\!B0CZ]?
M?#P\/7I/3^\?_]H`#`,!`P(1`Q$``!"B"0`0>N(%*1?Y`J'(IL>#(79E'.?+
MOX5V.<X84'@@V__:``@!`0,!/Q""NB*FBH1^P"T.X[S/U%#-J0$=Q+ZK2:.H
M`.$I@E]"N04B%%J&V``_:`4JX`!5>*$34(:0&O36#60II80,')V/>+BX8&HT
M0P?$0R3`-/@\=9Y@Y(?2E/!@68S>8#NA47CX.4'$9:?GD6.8%0J>R^NADP6Q
M>7%^.-(23*'=V1AVG=<3`DBPDX=6BK+T+`"`59&=>2W7_!&2'`4!',0MTLY4
MQC"+4BL>DS*1%S1V9.&>4DKF"G)`$O,MN;S2SV7$8#"-5S&>3OUX4R9\NUX]
M)%YW0H"FDT04T5'>EE">VI$NK1(H\4".'G&!G?MP`L%>$RI?.A2(J"W8O`\Z
MH"")M%A"^AGO7,9]-VRAJJU6A@DYM*+#,47"O?4\3\,50D614=$:4KCJ!PPM
M!K*I`=H&JI0@C(0'HH2\<DH#KF:<>?@%^L68.BPD5%*2%"L_(8/I1G!4W:&1
M8&'!7%(F42%BIXUZ`#T8.-2[@"`J2YRL*Z^C,V=Z"#8$J0BA5PW-38BPN"V@
MHX;B[J!`C'#Z?PVJ]"6AG-&FB]K4A4@B-DK)B1%(B&B+%F::+VNDJ@!$IAX_
M,EKO_=*K+/S!T+/I"G>@-5<TM!"Y75$<ZBS3UFBPI4B0T?%$#J>MJJ3%F1@U
MB\B`VY1?@GC=ST3J'6U"::$^+XVOW%TB2GEC7$L"UBD*!QLN*9?J?`MJ?K>#
MC2=X.>:_%<3.CR-_I2\J_P"G[<7^V^+'B3E`^#OA$/*+'F_/\''7A-3#2%$P
MOLTI_P#_V@`(`0(#`3\0_C94'B^&$8-<&V+*]Y4.'?!OC$^(PU&)!AW'?#!X
M?01ZC#4>$A$@QAZC<W]<'!P=^E]/YQ__V@`(`0,#`3\0I]N*YI]O4,*SZ2C/
M7"@OAJ-Q-L;G.)L&YD^XF%F74:8T@N]3:^!%6U!8P%P2QBXUH35FR=Y1AU+,
MFYI&C@#WF4=\:^@XN?T35FR=^*,.ITG4RAOJ%O4W(%P*Q+A+-1,(2J5VG[Q-
6&YMQIP-=Q_\`8SM/V?NY^S]C'<__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g88374ingk_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374ingk_logo.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0RT4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````=0````8``````````````"4```"#````"@!)`$X`1P!?`&L`7P!L`&\`
M9P!O`````0`````````````````````````!``````````````"#````)0``
M```````````````````````````````````````````X0DE-!!073&%Y97(@
M240@1V5N97)A=&]R($)A<V4````$`````CA"24T$#!5.97<@5VEN9&]W<R!4
M:'5M8FYA:6P```CW`````0```'`````@```!4```*@````C;`!@``?_8_^``
M$$I&248``0(!`$@`2```_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`(`!P`P$B``(1
M`0,1`?_=``0`!__$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`])'6>D.$MSL<CQ%K/_)(
MC>H8#L9V6W)J=C,G?>'M-8CZ6ZW=L:O*_P#&7T_!Q_K/C"C'KJ;?12;6L:`'
M'UG5RYK?^#]B]59@X3,<XK,>IN,1!I#&AA'_`!<;$E,:>H]/OL%5&53;8[5K
M&6-<XQKHUKE8)`!),`<E>(=8Z9?TSJF;U+IS!C8N)U*S'HNJV@TVB+Z6;`/9
M5M?LJ_P7^`>O3_J=]:J/K%@$6AM?4<<!N70.#/T;Z9^E1=_X&_\`1)*=5O6>
MD/V;,['=ZA#61:P[BX[6-9[O=N5Q<3TOH_2F?XQ^J;<2D"G$HMJ:&-VLL<1O
MMJ9&VNS]&SWM5/Z_?6+J.3U2KZI]'L-+[G5UY=S20XOO+?2QM[?=74VI[<C*
M>S_!/V?Z9)3V&5]9?J[AWG'RNIXE%P,.KLOK:X'^6US_`&?VU:9GX+S0*\BM
M_P!J#CC[7`^H&#=8:MI_2;&_NK*Z/]2_JYTK"9BUX5-S@!ZMUU;7O>Z/<]V\
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M8V3+/9=7E^ML]5F5;L_1?M+^?];3_P`5O5L>AF?TO(OKJ.]F10QY#7.+V;<K
M;+O?Z3JZ_;^9_P!0E.]]:/KG;]7,VJJ[I[K<2QH<,KU6L!)):ZFOU0UGKL^G
ML?:S]$N@P<W%ZAB59N':V[&O:'UV-,@@_P"ON6'5]9_JUUGJ?['NJ%KM[QBV
M7UL?1<^J6V_9+-UOOK_X1E6__!;U#(Q6?5GJM&;@CTND=3O;CY^(W^;JOM_1
MXO4*&?1H]2[T\;,V>Q_JU7?X))3_`/_07^-'_P`5&%_X7J_\_N7JJ\B^O>9^
MV.OTY?3L?)NQL>FIAM%%HW.;8Z]_IM?6UWM;_P!->FU==Z9;TVSJC'O^R52+
M'.JM:X$1N_0.K]=WTOS:TE.']6\+%SW?6C#S*Q=CW]3N9;6[@@LJ\/<W^2]O
MT%PO5>G=6^I'UAJNQ;"6@E^#D/\`HW5:>MB9.S\YOT+_`/K637_P?8?4GK5#
MNJ=6Q[JK\=_4L^S(PO4IM:+*RSN]U>RIS:\??^E<Q=-USHF%USIMG3\QOL?[
MJ[!].NP?S=]1_?9_T_YM_P"C>DIY;ZI=7Q^M?7'J'4L<%C;^GX^^MW++&NVV
MTD_G['?X1OTUS>.]U?\`C/W91@_M*ULGP>VRO%^E_)?0MG_%[T?J'1_K-U/!
MSZRVRO'9ML`/IV-+_9=2[]RS_P`#_FD;Z_?4[J&3FCK_`$1I?E-##D4L,6%]
M4>AEX^[Z=U;6,8^K\_TJ?2_2)*>[M%CJGBIP986D,>X;@'1[7.9N9O:UWYN]
M<#;];/K?5]:F_5DV8!L=<VH90HMC:ZO[5ZGH_:OI^C_@O4_G?\*M'IG^,CI1
MQQ7UYEO2^HU-B^FRFP-<X:%U'L=8UKO]'=[Z_H+"P,?/Z[_C!K^L&#A9#>EM
MM;8<F^LTMVLQSB;F>KM]7?;]#T?4_P"$]-)3Z54+&U,%K@^P-`>]HV@NCW.:
MS<_8USOS-Z\X_P`:%%9ZOB64EQR'8KQD-8/<VH._0O'#W^JZS(:^NO\`T7J?
MX)=E]:^I9W3>C69&`T_:"]E;;!6;16''WVNIK]S_`&^QG_";%YAUK*ZEF7&Z
M,_-M?NKM.1C>G[&.<<:NO[&RNM]6U_N_PGVJO[3197ZJ2G('H-WG\VTMC94U
MA=O:YT[BYOI[7_H[/3_065?X9)E#+['LR:]M=7TF0"6C])8[=OV>KMK98]]S
M_I^E_P`*M8=&=BXE%]-%YSJVBPO>RW;875T9+**O3.,_%:RN^UEG^$NLJJ].
MVA_JT*H,+(SNH%UN-E8F/8+++',ILM<T-8^Y[6>L&/OW>GZ+/7MW_P">DEK,
MRQBX%&520W,PK0^G:&`AS'_:&G=Z7K>EZ;?3_G_IV?S?HKUCZ\7LM^I69>R?
MTM=3Z8.NYUE3J=O\K?M7F?5>FY-9/3<"G*R*P;6M::;'AECW.K'HGT_TMKZ=
MOJ6,KK_X/?Z%5J[G`JZ]]8\CIV/F=.?TCH72G5VOKO/Z;(NH'ZO6*_I,QJK-
MMCM[?TO_`)[2'__9`#A"24T$(1I697)S:6]N(&-O;7!A=&EB:6QI='D@:6YF
M;P````!5`````0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P
M````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`#8`+@`P````
M`0`X0DE-!`8,2E!%1R!1=6%L:71Y``````<`"`$!``,!`/_B#%A)0T-?4%)/
M1DE,10`!`0``#$A,:6YO`A```&UN=')21T(@6%E:(`?.``(`"0`&`#$``&%C
M<W!-4T94`````$E%0R!S4D="```````````````!``#VU@`!`````-,M2%`@
M(```````````````````````````````````````````````````````````
M````$6-P<G0```%0````,V1E<V,```&$````;'=T<'0```'P````%&)K<'0`
M``($````%')865H```(8````%&=865H```(L````%&)865H```)`````%&1M
M;F0```)4````<&1M9&0```+$````B'9U960```-,````AG9I97<```/4````
M)&QU;6D```/X````%&UE87,```0,````)'1E8V@```0P````#')44D,```0\
M```(#&=44D,```0\```(#&)44D,```0\```(#'1E>'0`````0V]P>7)I9VAT
M("AC*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY``!D97-C````````
M`!)S4D="($E%0S8Q.38V+3(N,0``````````````$G-21T(@245#-C$Y-C8M
M,BXQ````````````````````````````````````````````````````````
M``````````!865H@````````\U$``0````$6S%A96B``````````````````
M````6%E:(````````&^B```X]0```Y!865H@````````8ID``+>%```8VEA9
M6B`````````DH```#X0``+;/9&5S8P`````````6245#(&AT='`Z+R]W=W<N
M:65C+F-H```````````````6245#(&AT='`Z+R]W=W<N:65C+F-H````````
M`````````````````````````````````````````````````````&1E<V,`
M````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P86-E
M("T@<U)'0@``````````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@
M8V]L;W5R('-P86-E("T@<U)'0@````````````````````````````!D97-C
M`````````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y
M-C8M,BXQ```````````````L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET:6]N
M(&EN($E%0S8Q.38V+3(N,0``````````````````````````````````=FEE
M=P``````$Z3^`!1?+@`0SQ0``^W,``03"P`#7)X````!6%E:(```````3`E6
M`%````!7'^=M96%S``````````$````````````````````````"CP````)S
M:6<@`````$-25"!C=7)V````````!``````%``H`#P`4`!D`'@`C`"@`+0`R
M`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+`)``E0":`)\`
MI`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!`0$'`0T!$P$9
M`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2`9H!H0&I`;$!
MN0'!`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"5`)=`F<"<0)Z
M`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X`T,#3P-:`V8#
M<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$501C!'$$?@2,
M!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66!:8%M07%!=4%
MY07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'&0<K!ST'3P=A
M!W0'A@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC["1`)
M)0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP*\PL+
M"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`#-D,\PT-#28-
M0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/>@^6
M#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$<D1Z!('$B82
M11)D$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E%`84)Q1)%&H4BQ2M%,X4\!42
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M-8<UPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`XC#C(.04Y0CE_.;PY^3HV.G0Z
MLCKO.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@/B`^8#Z@/N`_(3]A/Z(_XD`C
M0&1`ID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546:1=Y&
M(D9G1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI2?!*-TI]2L1+#$M32YI+XDPJ
M3'),NDT"34I-DTW<3B5.;DZW3P!/24^33]U0)U!Q4+M1!E%049M1YE(Q4GQ2
MQU,34U]3JE/V5$)4CU3;52A5=57"5@]67%:I5O=71%>25^!8+UA]6,M9&EEI
M6;A:!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=R5X:7FQ>O5\/7V%?LV`%8%=@
MJF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUGDV?I
M:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\>;WAO
MT7`K<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P=,QU*'6%=>%V/G:;=OAW5G>S
M>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB?L)_(W^$?^6`
M1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B`2(:8C.
MB3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&D&Z0UI$_D:B2
M$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB:U9M"
MFZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16I,>E
M.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:Q<K-"M1*VXKBVNH:\6
MKXNP`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.UBK8!MGFV\+=HM^"X6;C1N4JY
MPKH[NK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_UP'#`[,%GP>/"7\+;PUC#U,11
MQ,[%2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+-LNVS#7,M<TUS;7.-LZVSS?/
MN-`YT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95UMC77-?@V&38Z-ELV?':=MK[
MVX#<!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB4^+;XV/CZ^1SY/SEA.8-YI;G
M'^>IZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_RC/,9
M\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI_;K^2_[<_VW_
M___N`"9!9&]B90!D0`````$#`!4$`P8*#0````````````````````#_VP"$
M``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$"
M`@("`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!`0$!`0("`0("`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`__"`!$(
M`"4`@P,!$0`"$0$#$0'_Q`#0```!!`(#`0`````````````)``0'"`4*`0,&
M`@$!`0$```````````````````$"$``!!`(!`P,%`0`````````&`P0%!P$"
M"``5%F`4-A`@$B8W%Q$``00`!0,"`P0$"`\``````@$#!`41$A,4!@`A%3$B
M03(644(C!Q`S)'9A4K1%=;4F%R!QD6*R4Z-49"4UU39&&!(!````````````
M````````8!,!``("`@("`00#`0```````0`1(3$005%Q(/`P89&AL6#!X?'_
MV@`,`P$#`A$#$0```3^"$(0A#0[CM.`$4TP#F7-?)9?LD4`=-%/0>"N`M]R/
MJ5X.2&5+I<X``1-.@A*6XLJ_+8^P64T6"YK_`"C;6YB2""F:V5;BF<LTV26:
MH4W]RY^S(FR?<"-FD%@N8!EN59K=S93F15-;*EP&":*1<^2-<J;>GAI?0H;N
MYH:K8*NE+U++<Q&5_E8%35CL.5<A=FJFK(!&)))G$V";G__:``@!`0`!!0+[
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M+-`ZW43;-BPV)G6-M'P_PGC7JUUK[D!BL,Q55:7*FQL5*:V(!3MGBQHE-Y,X
M9&(P;%*33L0PBQ\AL='7+H31K%-;]>Z__]H`"`$"``$%`O2O_]H`"`$#``$%
M`O2O_]H`"`$"`@8_`BO_V@`(`0,"!C\"*__:``@!`0$&/P+_``T)]YID57!%
M=<%M%7UP135._2N$0B")F4R)$%!^U27LB?IO9T;D3K%=%L7XU03EI)V\%]9Q
M5]/`J^,QFBF3?,UJ@\[*$!RD9*18-*)Q;U[DCDW_`)J,>^"/8R-FY-:DQ=6L
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M-36;.'.F5\AF0C3S(/MOPGF3S-B^6`EF!5]17J=RFSG6EI<1.0657"=E6=B4
M:+&C1&6#RPEEE%=<D;L\2<$\O;+AABH<+X=[^3RD8WLT6Q?*L28@[6)$9,2%
MVSE"8EBJ*C8$F"*1>QNS_,BQN.3\EFM"[-U;64D>$9^]8S;X.;N2;2E@1DYD
M)?E%.K>QX%R*^'C)QM/D7%9,YR0P,`B1'943T$F6NVH)#J(WF74RXCU7RU55
M65"BR<51!5==@',5$?:BKF^'7(I;0D;D6BMY+8`HB9FQ7R'!$"-4`2(A[8]N
MI5;FI6Y3L^EY-4[NK>F/K8\6&4<=J/W;EINY61'S@!(E:>J(AE)PVV*R4SQ[
M>VEM(YE<MPXCT&PAVDZ/.:2MGD+F\?*O=L7-+R`,/!DTQ1QG(1S*0^[G';>0
MRA:[3HJQ8*<P-(0]P,ZRN8+W0EQP7[)7";N;63Y)(W)?HV[<&+=K3%'6I&VB
MRF[!H4`\<<,JBO?LO3O+?RU2659$!'N6</E2GIL>WJX_N?GUKD@G'HUQ`9S&
MGNP,>W^8YG\E[/HWZ\SZ19?IW6V^OF]-SN/9H_/G[>O7$_Z&F_RU.N"?N;QC
M^I(/7Y+"2(0ER2X145,45%A0T5%1?5%Z/E''F"^EK!_&0PTA+X&>\?ZI<$]E
M;)<5-$ON&NG_`!,S/#>2RO[0PF4&JG/G[[N$P'=ITU^>SAMCW55S/A[NY":K
M:_OE>_Z$#JGM)ZZZV7*IES[L23.QN[.&(H>54;8-@$!,$RH*=OT3^/\`)G;:
M(LAB1#F0;#CEY'W$1]'8KV".0VR<C/CF1#'L2>B]-'QANP2G@,QHD-V75V4"
M.XPTVK+0PG[!EO?`P#.4B`CRK\W=>IT!S#)-B28AY@!P<DEDV2Q;<0FS3`_1
M45%ZU8)38%S2R9X'-B">ZB3(K)MOL&UGT@;:-EX3+''152(?NK)M[.3+L;"<
M>[EV-@+S3!QEE%%%UMP'!78:@HUV;%MKY4R('3Q\-NI\)^:C(S`1EF2,MPLW
MO<KY#<Z.\33IJ#9JBN*IIA@IY>AY.5I)7D<>XG6X62>."2<J'%9ENN"1V,25
MD!H$4A"*0Y<$Q+LV-'R$6Q%+>N:=D,_,VW*3%B?'3'',VU+;<!,?5$Z\;C^'
M_?)_<MCG_P#4/J7ZMV^;7_WOMD^;[N/PZXG_`$--_EJ=<$_<WC']20>OR5_>
M6W_D<+J76V,9J9`G,.1I<5X<S3S#HY3`D_A1?5.Z?#IB96NRO#/R]YQRX:(@
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MN939#5!3=:D=OPRRCV^R=`E/2H$N<_&,X<MF4`'%$&IFZ?!)>?NV:.MJL-S.
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M+R1U7AK*@'9X/[>ZV`YQNV5<=T<WCBP%_%&M%,ZIA7[ZRFE(^HDUQ.EJ@@+)
MWWXZ,F%^Y"$-;]6J"K6.'W>HB3YUKH[*@T#2JCZZ'X>/M"!M+G(M=XM"TD4D
M;R$.DN4<"':65RMILKO:YJ2M$MUX2PT5:5SD!MZHE@K2?$L$14[+UC96,H(7
MF>19!K*6O=C#;^6D^920Y'OFH1S]YCW$4<VVCC^%H=4"\KLOS'F\;WO[*%A1
MPZSB23L_[23SL?D-NZ4;/CJI'!'/XRX8]?S-_P!&_P""_P#'O^S?['K_V@`(
M`0$#`3\A^>+@+U6D;0U*"?T.+6`IW=<*`J@!:N`#:O00-:@)$;E6XX0-$L&2
M_P!O%NGK(L\2*AW0-%D0P)$\"Y6,<@,^U"!G05/-2BH:N1<E"`6A/<W$!J+@
M[A1G?6YH40&\J6O@+A4@?RSJ"9#NJ@7.3?ME1QFE%-RVZ1-(U"/;ML%EZ=:"
MMJECO6J,#F\I^F8IN\GGG0]51AY6MEM3XYLJG7I49%S[7\HDP.H%WX]1RTB8
M';4KJI0&"<WD50D33G-VX%QI$9LJYXI;E\6166)(&,#\64U>X;=FV@!63!B+
M8J"AE]\1K_QJZ<P\@P0O6Y,`-(Q\\&@LWA84U8UG->2L!04W8W"WX"+;YCJT
M2`L8H2E5Q1PC)R;DE.Y`$^$OAWT%`%1=9%[V(B;K,L(DL6:KSG"TEAK1+)N)
M[Y."GLIO0Q)Y0>`':<F,;+[^0QK:-CH"V5>@MY=[AE`V3[+-TWN^QRAY&4V6
MN'=%K7@N7)@Y%7X0PD$RA!E&ULDF;C`T=(E>.J@"](`-K$I63L<=:0`WR51U
MWEW.%-&PJ'`5'7=3%4#JWF#35(0:HE9!/:W"UD<]LVX(#`-I=>Z:BO!(PP9V
MWPV.AYB+*Y4/[*7R>/2MLM">RP2S>E8,X=($HY#(7<%`*"[/WOU0_P"++XM^
MRE:I!;@^9(U,=F<T1A9*ZW"O'P@2P@G`6UE[>&H0:C#JCL*%<1`^)I`#.47<
M!X9`T0069ZD"5<H`4;[Q'&X8B\V3=3L08=G_``D^S@1DGW)M=^M\YQ0UM#3;
MYAKYK$)9=[G6RZO16MC)7CF1;O9!5*0!X;@)HW(:`8VB"1`?"0*XVFQIKI!+
M):@EHK&W`\"?_]H`"`$"`P$_(?\`%?_:``@!`P,!/R'\>IOBN2,(G#`EP>6$
M>-\'!W!B1G7%?A.#O@S&;.#BOB[X(PX(PN-3U\\\?__:``P#`0,"$0,1```0
M```$`!,U!V1;:AI9=-1>@1A5-)JD0%)IW=*TJ])I!AO_V@`(`0$#`3\0^?;$
MS34(^T5H7J+;-OG"^"H`S?")G(`"T*`%JZX<C=,I):/"%P49,L`;R2!$?1]C
MJIH14=B?E_A@!O)(#<4P1^C6@Q"`'@][@,TO2.&];VY?;E]`4'M"(X%[_@0I
M19&2<JEW4?5#$'HRF9'3O8/\`V@Q`D_F202HO742M'^#KWR3@0YN'ORD;3L!
MBKVA998A99M6E%-S4DTBUA7-8!$60KP=\A7Q(+!K2&Q/K'(*+L^8O+7ZXHUI
M([<NBS&1H>]9&+OT#1AY/%280/0Z^RR782+,^IQ);V/F0]Z-M'[6250"(TR[
MVC2(4?$;2L@Z@2X9I@M"(.$3QV7"!-+0F@2!,3.2?O`^OQJHS!6)VDWYE%(F
M`J0?,*YY91DH1&Y&OCHLN\T4%<#SY`Y5RG?:RUNBB69HD(4.:P+0ME;C(9L%
M#1->>GFL82L!_%X<E?R>]$>%R"PP;*$7JSS*<>@J?%DH/"((O-M'&B5:MX`T
MY1$^@B(`%X`@?Y*GDP@5CS0PB4O#&HA14W#&3<0%)?Y*)"K6X+JE-A#N2<K5
M9KW<0@2%!^F\6,0_*I(]I-QOSJQR>5Q0I"_]R0A0$8-#[9$))=PR49BZ@E@_
MG-Y?%D>1])JM]F?L,^U11<GCI!0K@C2L_P!<`F3EA=Z"VRD`LH31/!)3VC#M
M-X-@O*[RIO1#RB!7^4B2,4\I)$]&Q"RVHJ./YD7U-EN8!Z";$160`+O&YL2<
M`S?<3M']^[-QO_`N.JZ-,4P)E`&[>ETMDG4E#1',0$CWU2J+8K$N?M^6D51M
MC^=#]-;"M<&GQW*EYB0;!"1W_]H`"`$"`P$_$/Q[FN+Y81@\$65YB<D8<:X>
M'J)!A.^+_"\/7#B&IIX>+^)KAA'AA&H7/?SQQ__:``@!`P,!/Q#\9@8F,*FH
M6[B(T\9C<64CO#.X@U'UU+,NH^.H"Y,QALX#,.;A9DEZ.Y3XFK';[FD68=RK
M)J;1QP%LB(YWQOU,$0=RC742E)?]7-6.WW-."I-^35CM]P3ZG]2\6<BZ$Q_J
A4K$I;6Y2F>I:RMS>>*>3<-0[;W"J+C=,-QA':JN9G__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g88374money.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374money.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0AF4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````:P````8``````````````"(````B````!0!M`&\`;@!E`'D````!````
M``````````````````````$``````````````"(````B````````````````
M`````````````````````````````#A"24T$%!=,87EE<B!)1"!'96YE<F%T
M;W(@0F%S90````0````".$))300,%4YE=R!7:6YD;W=S(%1H=6UB;F%I;```
M!+0````!````(@```"(```!H```-T```!)@`&``!_]C_X``02D9)1@`!`@$`
M2`!(``#_[@`.061O8F4`9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,
M#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M`0T+"PT.#1`.#A`4#@X.%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``B`"(#`2(``A$!`Q$!_]T`!``#
M_\0!/P```04!`0$!`0$``````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0``
M```````!``(#!`4&!P@)"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!
M46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%
MPJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V
M-T=79W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3
M!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%
M539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G
M=X>7I[?'_]H`#`,!``(1`Q$`/P#J6?6M^9]8;>BMR*\<,M-3'UMEYV[]_P"D
MR9I]3>UGZ-E+_P"N]2S\7%;ENS\]YMP\$N+<QMQ=?ZC6.]5CF5@>@ZJS=LJQ
M?0J]C[+UPUF/1UOJ&8]K?0S38^RZ71M<"=[Z6G9OIW#WUO;5=C_SGVB[](M7
MIG4>L]*].S-Q:^J-N9Z++G-W7US[&"QT?K5'^B_265[/YO+I]5)3V6+U/J-!
MBZFW*QB8K>16,KC?+\>IS:[Z]O\`A*=EO_=?_"+4P\[$S:S9BV"P-.UX&CFN
M_<MK=#ZW_P`AZY+I#J,GHM8IZFS!Z@2VJD-:&M:[Z-<X[VMLWY.S8^Y[[?\`
M"58U_IJEU?ZP-HLJKZE;2_JV&7MMNPG;&EL;&U66[1E.NW>_T<:W&KJ_P]M*
M2GT))<)]K^L'_EC9_0?M?^#^C_H__?G_`-GDDE/_T.@^L7U'N;>[JGU=?Z&4
M7&RW&)]KW3NWTN/\V_W.]GT/^+6/C9S[FN;?AOQ\B@N&0QK=U;7MD.=]G:[[
M0QCF[_5]GI_Z1>FK*ZKT*C-=]JH#:<YL1;'TMOT66[?=_4M;^EJ_P:2G@^K=
M1=C8[[R#Z@.VK*K<18#MV#<[=3=ZGL<Q_P#P/\_]"FA<MT_%-V17Z@>6D[FM
MK$N.NS</S6,W_2>N\S<#*:RRHMESQM=58TES()<+0RC;OV>FUS'M_1_H_4L_
M1U5^M9^J'U9H)&=8TG&86^CODF]S`W9D.W?]IJH_5:_H/L_3_P#<=)3N_LBG
MQ/\`0/LO+N/W_P">_G/Y?\Y_W926PDDI_]'U5)?*J22GZ'^NW]!I_FOYP?SO
MT?\`K_\`W3_T_P#UE="SZ#>.!]'C^ROE=))3]5)+Y5224__9.$))300A&E9E
M<G-I;VX@8V]M<&%T:6)I;&ET>2!I;F9O`````%4````!`0````\`00!D`&\`
M8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O
M`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@Q*4$5'(%%U86QI='D`
M````!P`(`0$``P$`_^(,6$E#0U]04D]&24Q%``$!```,2$QI;F\"$```;6YT
M<E)'0B!865H@!\X``@`)``8`,0``86-S<$U31E0`````245#('-21T(`````
M``````````$``/;6``$`````TRU(4"`@````````````````````````````
M```````````````````````````````````18W!R=````5`````S9&5S8P``
M`80```!L=W1P=````?`````48FMP=````@0````4<EA96@```A@````49UA9
M6@```BP````48EA96@```D`````49&UN9````E0```!P9&UD9````L0```"(
M=G5E9````TP```"&=FEE=P```]0````D;'5M:0```_@````4;65A<P``!`P`
M```D=&5C:```!#`````,<E120P``!#P```@,9U120P``!#P```@,8E120P``
M!#P```@,=&5X=`````!#;W!Y<FEG:'0@*&,I(#$Y.3@@2&5W;&5T="U086-K
M87)D($-O;7!A;GD``&1E<V,`````````$G-21T(@245#-C$Y-C8M,BXQ````
M```````````2<U)'0B!)14,V,3DV-BTR+C$`````````````````````````
M`````````````````````````````````````````%A96B````````#S40`!
M`````1;,6%E:(`````````````````````!865H@````````;Z(``#CU```#
MD%A96B````````!BF0``MX4``!C:6%E:(````````"2@```/A```ML]D97-C
M`````````!9)14,@:'1T<#HO+W=W=RYI96,N8V@``````````````!9)14,@
M:'1T<#HO+W=W=RYI96,N8V@`````````````````````````````````````
M````````````````````````9&5S8P`````````N245#(#8Q.38V+3(N,2!$
M969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="```````````````N245#
M(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="````
M`````````````````````````&1E<V,`````````+%)E9F5R96YC92!6:65W
M:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$``````````````"Q2969E
M<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M,BXQ````````
M``````````````````````````!V:65W```````3I/X`%%\N`!#/%``#[<P`
M!!,+``-<G@````%865H@``````!,"58`4````%<?YVUE87,``````````0``
M``````````````````````*/`````G-I9R``````0U)4(&-U<G8````````$
M``````4`"@`/`!0`&0`>`",`*``M`#(`-P`[`$``10!*`$\`5`!9`%X`8P!H
M`&T`<@!W`'P`@0"&`(L`D`"5`)H`GP"D`*D`K@"R`+<`O`#!`,8`RP#0`-4`
MVP#@`.4`ZP#P`/8`^P$!`0<!#0$3`1D!'P$E`2L!,@$X`3X!10%,`5(!60%@
M`6<!;@%U`7P!@P&+`9(!F@&A`:D!L0&Y`<$!R0'1`=D!X0'I`?(!^@(#`@P"
M%`(=`B8"+P(X`D$"2P)4`ET"9P)Q`GH"A`*.`I@"H@*L`K8"P0++`M4"X`+K
M`O4#``,+`Q8#(0,M`S@#0P-/`UH#9@-R`WX#B@.6`Z(#K@.Z`\<#TP/@`^P#
M^00&!!,$(`0M!#L$2`15!&,$<01^!(P$F@2H!+8$Q`33!.$$\`3^!0T%'`4K
M!3H%2058!6<%=P6&!98%I@6U!<4%U07E!?8&!@86!B<&-P9(!ED&:@9[!HP&
MG0:O!L`&T0;C!O4'!P<9!RL'/0=/!V$'=`>&!YD'K`>_!]('Y0?X"`L('P@R
M"$8(6@AN"(((E@BJ"+X(T@CG"/L)$`DE"3H)3PED"7D)CPFD";H)SPGE"?L*
M$0HG"CT*5`IJ"H$*F`JN"L4*W`KS"PL+(@LY"U$+:0N`"Y@+L`O("^$+^0P2
M#"H,0PQ<#'4,C@RG#,`,V0SS#0T-)@U`#5H-=`V.#:D-PPW>#?@.$PXN#DD.
M9`Y_#IL.M@[2#NX/"0\E#T$/7@]Z#Y8/LP_/#^P0"1`F$$,081!^$)L0N1#7
M$/41$Q$Q$4\1;1&,$:H1R1'H$@<2)A)%$F02A!*C$L,2XQ,#$R,30Q-C$X,3
MI!/%$^44!A0G%$D4:A2+%*T4SA3P%1(5-!56%7@5FQ6]%>`6`Q8F%DD6;!:/
M%K(6UA;Z%QT701=E%XD7KA?2%_<8&QA`&&48BABO&-48^AD@&449:QF1&;<9
MW1H$&BH:41IW&IX:Q1KL&Q0;.QMC&XH;LAO:'`(<*AQ2''L<HQS,'/4='AU'
M'7`=F1W#'>P>%AY`'FH>E!Z^'ND?$Q\^'VD?E!^_'^H@%2!!(&P@F"#$(/`A
M'"%((74AH2'.(?LB)R)5(H(BKR+=(PHC."-F(Y0CPB/P)!\D321\)*LDVB4)
M)3@E:"67)<<E]R8G)E<FAR:W)N@G&"=))WHGJR?<*`TH/RAQ**(HU"D&*3@I
M:RF=*=`J`BHU*F@JFRK/*P(K-BMI*YTKT2P%+#DL;BRB+-<M#"U!+78MJRWA
M+A8N3"Z"+K<N[B\D+UHOD2_'+_XP-3!L,*0PVS$2,4HQ@C&Z,?(R*C)C,ILR
MU#,-,T8S?S.X,_$T*S1E-)XTV#43-4TUAS7"-?TV-S9R-JXVZ3<D-V`WG#?7
M.!0X4#B,.,@Y!3E".7\YO#GY.C8Z=#JR.N\[+3MK.ZH[Z#PG/&4\I#SC/2(]
M83VA/>`^(#Y@/J`^X#\A/V$_HC_B0"-`9$"F0.=!*4%J0:Q![D(P0G)"M4+W
M0SI#?4/`1`-$1T2*1,Y%$D5519I%WD8B1F=&JT;P1S5'>T?`2`5(2TB12-=)
M'4EC2:E)\$HW2GU*Q$L,2U-+FDOB3"I,<DRZ30)-2DV33=Q.)4YN3K=/`$])
M3Y-/W5`G4'%0NU$&45!1FU'F4C%2?%+'4Q-37U.J4_940E2/5-M5*%5U5<)6
M#U9<5JE6]U=$5Y)7X%@O6'U8RUD:66E9N%H'6E9:IEKU6T5;E5OE7#5<AES6
M72==>%W)7AI>;%Z]7P]?85^S8`5@5V"J8/QA3V&B8?5B26*<8O!C0V.78^MD
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MC9B-_XYFCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2XY--D[:4()2*E/257Y7)EC26
MGY<*EW67X)A,F+B9))F0F?R::)K5FT*;KYP<G(F<]YUDG=*>0)ZNGQV?BY_Z
MH&F@V*%'H;:B)J*6HP:C=J/FI%:DQZ4XI:FF&J:+IOVG;J?@J%*HQ*DWJ:FJ
M'*J/JP*K=:OIK%RLT*U$K;BN+:ZAKQ:OB[``L'6PZK%@L=:R2[+"LSBSKK0E
MM)RU$[6*M@&V>;;PMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\(;R;O16]C[X*OH2^
M_[]ZO_7`<,#LP6?!X\)?PMO#6,/4Q%'$SL5+Q<C&1L;#QT''O\@]R+S).LFY
MRCC*M\LVR[;,-<RUS37-M<XVSK;/-\^XT#G0NM$\T;[2/]+!TT33QM1)U,O5
M3M71UE76V-=<U^#89-CHV6S9\=IVVOO;@-P%W(K=$-V6WAS>HM\IWZ_@-N"]
MX43AS.)3XMOC8^/KY'/D_.6$Y@WFEN<?YZGH,NB\Z4;IT.I;ZN7K<.O[[(;M
M$>V<[BCNM.]`[\SP6/#E\7+Q__*,\QGSI_0T],+U4/7>]FWV^_>*^!GXJ/DX
M^<?Z5_KG^W?\!_R8_2G]NOY+_MS_;?___^X`)D%D;V)E`&1``````0,`%00#
M!@H-`````````````````````/_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!
M`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#_\(`$0@`(@`B`P$1``(1`0,1`?_$`+,```("
M`P$```````````````<(``8$!0H)`0$!`0```````````````````0(0``$$
M`00#`0````````````4#!`8'`!!``0(S%346$0`"`@$#`00'!@<````````#
M!`$"!1$3!A(`,C,4$"$B(V,5-5$T5&06-C%!885F!S<2`0``````````````
M`````$`3`0`"`00"`@,!``````````$`$1`@(3%!,%'P84!Q@;'_V@`,`P$#
M`A$#$0```7XER@IA[LMAS639]1G`7%G+,+F:-4+EZ3+ACK`*(1-7,]/KF$$L
ME<FS*/_:``@!`0`!!0)"UE35AGA@M(L+DTA8]A!P2>;XN/8SR01F13&'Y$>[
M$K"Y;8";!?VU@98='O.CX<=6>IRR1*#&$>&=GI#\DTTE4&9'53(`HDC4-:,N
M>=;K^&CX<__:``@!`@`!!0+<_P#_V@`(`0,``04"W/\`_]H`"`$"`@8_`D__
MV@`(`0,"!C\"3__:``@!`0$&/P+(<%%F,?B:+Y6^-5.BO6V0/*\.U9CS6:K?
M'2W1@`ZP(:Q(M%]:WOI-8-R'D3)',#QBS10\B6Y`5C/SDE\<U5Y<JJ0QVQ9T
M6XO(P(>5!7:N0\>KMTO8W+9O$7)42C):88/+:]2_F=QK$X]H2>42VJWT*M4;
M'LZ>7MI:_:[.)=$W01)`Q2O51A-BL:W5=5+6C*35-?6,M:WC[/1R,HA1C>06
MR#S^0ZFMFR[(B%EEK'A)5>K6,L:D[@B4`RGU5O=@U=SI39SF`0YK3(IQBE\B
M92Y^18FI[0NN-TE!Q;/XN][5\O?>*&XR4J-H,%Z>R5$><)<:Y1)EL;C:`666
M`FS'6!3<PS2X'98S0P;9&2D/?UD&L?;M-;HK\I=Q#'-^/&>"_D>'M614NM`[
M+"1<>J$>>/D"%U+99(Z0@3;WQ1?R_>61_87ZI[N*^[?@^YX?YWO?GNQN7?ZR
M8^6YJS-\@_A;EZ5GF>NY?,8TI-82:ZBW]W,P.>KV9'II8M'^-O8K)8TC0LRN
MNO#..4<5@HSG^4"9^<J@(*A=^MAU%%/:):^G5V9?M0L,T+($<XDX<61H:5KJ
MCW369QN3AN^Q<1(TOU+3U&UF@053\P-X@[DA@($1VLR?W^QOTG6@P*T:K%;D
MFU?7'33VN[_$G_/_`-->*UW/Q/UK[W\7QOS/H^:HU60Y"+:FN0D4Q#L+1.PN
M_8$T/H.=-L])WUYB+4G6L=FU;@BY&!^6,BZF8K*.R0QJ/T5Q>S1BBTJ4N,E*
MP&*BJ2\;8J6*//,`+.*7LI./EJQ2$Y(VF,%ELP;>K%HP>/N.MD`Q,B*;J/I$
M5!%?3COI?U$7U+[O_=O\;_%?$V>PO#\.G@^#W8\+X?V?T]'_V@`(`0$#`3\A
MW,A97+^`37)A.V2@D#O+8!(-U(/Q*D16]QQM8'Y&@.R/>W!=[&Z1$,V_@@AZ
MV8X@[)0M988`HI:%2[(C#-Z,DGJA!POF,#N&!<A%W7R`^_0,M<1UD"88^JFR
M&KV77$Y*5XBG[`%7[XXOW<`Y7`+O&;BK$!P@Z)R#5N<:)U@U"O$]];%=#"%T
MU=@GR^^7^K'_V@`(`0(#`3\A_)__V@`(`0,#`3\AKP5@?`N@S__:``P#`0,"
M$0,1```0;Q!NNUBP)P`\'__:``@!`0,!/Q"P/WH3+^^)GB`T&<UQ`FP_F&0@
MIR'-+ZQC;UB^YLRTN<5V8>+UUG_*U&`YW7]"$4C]'68QEF9?ABQF)#TG/ZKN
M29R"W^)W^X)`16XE99@+XF\%HWJ`RI8AML(MKT9@]+0[9&_UA&>R]`9Y;"%#
M?O((!H`L0XL'.^@">Q?FT^ZV9`^L7L,2ZN__V@`(`0(#`3\0OP7/[$\`:'/_
MV@`(`0,#`3\0X7#BCF4>]XE8NH@\,;OBR'IQ-O7<Z6)]RMXR_P#<#UU+^YT=
%Z_\`_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g88374penny.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374penny.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0F<4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````:P````8``````````````"4````J````!0!P`&4`;@!N`'D````!````
M``````````````````````$``````````````"H````E````````````````
M`````````````````````````````#A"24T$%!=,87EE<B!)1"!'96YE<F%T
M;W(@0F%S90````0````".$))300,%4YE=R!7:6YD;W=S(%1H=6UB;F%I;```
M!>D````!````*@```"4```"````2@```!<T`&``!_]C_X``02D9)1@`!`@$`
M2`!(``#_[@`.061O8F4`9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,
M#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M`0T+"PT.#1`.#A`4#@X.%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``E`"H#`2(``A$!`Q$!_]T`!``#
M_\0!/P```04!`0$!`0$``````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0``
M```````!``(#!`4&!P@)"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!
M46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%
MPJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V
M-T=79W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3
M!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%
M539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G
M=X>7I[?'_]H`#`,!``(1`Q$`/P#TK,S75/;C8S!?F6#<RHG:UK9VFZ]_N].E
MO]7?9_@UD]3M]!VS*>[J&3`<^AMCL>AH<=M5?I4^J^VS(L]F-3=]JLL_X.M%
MKS?LV">H>U^7U,FVLO,,;4`7TNM?_@\;$Q/TEW_"^I_AKU7H8[#I'4+@;<R\
MN.%5:-I+G-_2YN4UOT+/1;^D_P"X>$S['3[_`.=2FNZO%Q,EAS>F8=C-H.33
M50PNQWV%K<:IM[OZ5>]GJ>HS]'O_`,#_`#E-.1>9D]$:X?L_J/V.QWT&N<XT
MN,PZOT,@^G^C=_/,QG47U?X3TU2R66,K%>UEK;#^AS"X'UK+O=9D/?[Z,C$L
M97^NX=K&?9L>C]!ZM7I>D;$Q67^AC-!V9+(8'<MP6%KK'V?\/U6_;ZO_``5G
M^DQ4E.QBY[W7_8LUK:<T`N:UIEEK!$VX[C^[N_25._25?\7Z=MEU<_UA]^2S
M+I9:P9^`TY>'LK>"PL]]?J7O=Z3_`+14[T+*V?\`#*'_`#RQO]$?Z']HY_P_
M_<'_`(S^6DI__]#L,7T\[HW2GNH=D,P;!7DUL`=8UU#;,?:6:;F?:&5^HS_T
M4H.R_M5MF7EU[:W37:RS<WT*F.W.I]6DNLQ,]NQF9]#9D_H:L:[]#3<CWLR.
MB=4LRL=N_"SWAUM4@#UG:.VO=[*KK7>ZI]GZ/(_HUEE7ZHB=0]#.`SNG!K\[
M$&ZS&L#VO<&AWI-OQ9KL<^BUWK8_K,_XG^<]1)329C5.+OM0-=%+/4RP\`&N
MEWZ3[/:VIK6.ZAU1^V[/V,_F/U?_``U=EN[TVFT"S,R6[,C*(<6&)KJ;_,8^
MG^C:?4M_X>VY4\#$;>]C0VT8>*[U7.O8ZM^1DN][LBVNYM;]E/TF>S9Z_P#-
M_P!$K0,^_-N;Z>=:S$QWES'T`'U;!#1LQFUNLLOV[K?HU_IO3J_0>GZB2F64
MZZK)ZCE>\.?6:J:C60"\AF/C`7Q[_6N=[&,]7^7_`*)<U^S:?W_^]+=R?Z)_
MW,_J+?VYF391B;G"ZIOZ!CB"^EK@:SU'-V^QM_I[V=/Q?W_?;_A?LVO^Q^G_
M`.B']&^Q=_YC_1)*?__1]1R/L_H6?:=GH;3ZOJ1LVQ[_`%-_LV;?WESMK<`P
M6O#,8?T8=08US3Y=/<^ROJ=?^;95_P!QU\]I)*?H/U7;3^K7%GB,CJ081\!A
MNKV?]!$QP"U[L-U+'1^FJZ>UC\N/^%R,UU3_`/.QO7_T:^>$DE/T]TS]G_9S
M]@^AN/JSN]3U/S_M/K?I_7_>]?\`2*XOE5))3__9`#A"24T$(1I697)S:6]N
M(&-O;7!A=&EB:6QI='D@:6YF;P````!5`````0$````/`$$`9`!O`&(`90`@
M`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`
M<P!H`&\`<``@`#8`+@`P`````0`X0DE-!`8,2E!%1R!1=6%L:71Y``````<`
M"`$!``,!`/_B#%A)0T-?4%)/1DE,10`!`0``#$A,:6YO`A```&UN=')21T(@
M6%E:(`?.``(`"0`&`#$``&%C<W!-4T94`````$E%0R!S4D="````````````
M```!``#VU@`!`````-,M2%`@(```````````````````````````````````
M````````````````````````````$6-P<G0```%0````,V1E<V,```&$````
M;'=T<'0```'P````%&)K<'0```($````%')865H```(8````%&=865H```(L
M````%&)865H```)`````%&1M;F0```)4````<&1M9&0```+$````B'9U960`
M``-,````AG9I97<```/4````)&QU;6D```/X````%&UE87,```0,````)'1E
M8V@```0P````#')44D,```0\```(#&=44D,```0\```(#&)44D,```0\```(
M#'1E>'0`````0V]P>7)I9VAT("AC*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#
M;VUP86YY``!D97-C`````````!)S4D="($E%0S8Q.38V+3(N,0``````````
M````$G-21T(@245#-C$Y-C8M,BXQ````````````````````````````````
M``````````````````````````````````!865H@````````\U$``0````$6
MS%A96B``````````````````````6%E:(````````&^B```X]0```Y!865H@
M````````8ID``+>%```8VEA96B`````````DH```#X0``+;/9&5S8P``````
M```6245#(&AT='`Z+R]W=W<N:65C+F-H```````````````6245#(&AT='`Z
M+R]W=W<N:65C+F-H````````````````````````````````````````````
M`````````````````&1E<V,`````````+DE%0R`V,3DV-BTR+C$@1&5F875L
M="!21T(@8V]L;W5R('-P86-E("T@<U)'0@``````````````+DE%0R`V,3DV
M-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P86-E("T@<U)'0@``````````
M``````````````````!D97-C`````````"Q2969E<F5N8V4@5FEE=VEN9R!#
M;VYD:71I;VX@:6X@245#-C$Y-C8M,BXQ```````````````L4F5F97)E;F-E
M(%9I97=I;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0``````````````
M````````````````````=FEE=P``````$Z3^`!1?+@`0SQ0``^W,``03"P`#
M7)X````!6%E:(```````3`E6`%````!7'^=M96%S``````````$`````````
M```````````````"CP````)S:6<@`````$-25"!C=7)V````````!``````%
M``H`#P`4`!D`'@`C`"@`+0`R`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`
M=P!\`($`A@"+`)``E0":`)\`I`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E
M`.L`\`#V`/L!`0$'`0T!$P$9`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!
M=0%\`8,!BP&2`9H!H0&I`;$!N0'!`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F
M`B\".`)!`DL"5`)=`F<"<0)Z`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#
M"P,6`R$#+0,X`T,#3P-:`V8#<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03
M!"`$+00[!$@$501C!'$$?@2,!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%
M6`5G!7<%A@66!:8%M07%!=4%Y07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`
M!M$&XP;U!P<'&0<K!ST'3P=A!W0'A@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(
M;@B"")8(J@B^"-((YPC["1`))0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]
M"E0*:@J!"I@*K@K%"MP*\PL+"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,
M7`QU#(X,IPS`#-D,\PT-#28-0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;
M#K8.T@[N#PD/)0]!#UX/>@^6#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1
M,1%/$6T1C!&J$<D1Z!('$B8211)D$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E
M%`84)Q1)%&H4BQ2M%,X4\!42%3055A5X%9L5O17@%@,6)A9)%FP6CQ:R%M86
M^A<=%T$791>)%ZX7TA?W&!L80!AE&(H8KQC5&/H9(!E%&6L9D1FW&=T:!!HJ
M&E$:=QJ>&L4:[!L4&SL;8QN*&[(;VAP"'"H<4AQ['*,<S!SU'1X=1QUP'9D=
MPQWL'A8>0!YJ'I0>OA[I'Q,?/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U
M(:$ASB'[(B<B52*"(J\BW2,*(S@C9B.4(\(C\"0?)$TD?"2K)-HE"24X)6@E
MER7')?<F)R97)H<FMR;H)Q@G22=Z)ZLGW"@-*#\H<2BB*-0I!BDX*6LIG2G0
M*@(J-2IH*ILJSRL"*S8K:2N=*]$L!2PY+&XLHBS7+0PM02UV+:LMX2X6+DPN
M@BZW+NXO)"]:+Y$OQR_^,#4P;#"D,-LQ$C%*,8(QNC'R,BHR8S*;,M0S#3-&
M,W\SN#/Q-"LT932>--@U$S5--8<UPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`X
MC#C(.04Y0CE_.;PY^3HV.G0ZLCKO.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@
M/B`^8#Z@/N`_(3]A/Z(_XD`C0&1`ID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#
MP$0#1$=$BD3.11)%546:1=Y&(D9G1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI
M2?!*-TI]2L1+#$M32YI+XDPJ3'),NDT"34I-DTW<3B5.;DZW3P!/24^33]U0
M)U!Q4+M1!E%049M1YE(Q4GQ2QU,34U]3JE/V5$)4CU3;52A5=57"5@]67%:I
M5O=71%>25^!8+UA]6,M9&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=
MR5X:7FQ>O5\/7V%?LV`%8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I
M93UEDF7G9CUFDF;H9SUGDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=L
MKVT(;6!MN6X2;FMNQ&\>;WAOT7`K<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P
M=,QU*'6%=>%V/G:;=OAW5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\
MX7U!?:%^`7YB?L)_(W^$?^6`1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'
MA:N&#H9RAM>'.X>?B`2(:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.
M9H[.CS:/GI`&D&Z0UI$_D:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=U
ME^"83)BXF229D)G\FFB:U9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA
M1Z&VHB:BEJ,&HW:CYJ16I,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"
MJW6KZ:Q<K-"M1*VXKBVNH:\6KXNP`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.U
MBK8!MGFV\+=HM^"X6;C1N4JYPKH[NK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_U
MP'#`[,%GP>/"7\+;PUC#U,11Q,[%2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+
M-LNVS#7,M<TUS;7.-LZVSS?/N-`YT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95
MUMC77-?@V&38Z-ELV?':=MK[VX#<!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB
M4^+;XV/CZ^1SY/SEA.8-YI;G'^>IZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH
M[K3O0._,\%CPY?%R\?_RC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?Z
MY_MW_`?\F/TI_;K^2_[<_VW____N`"9!9&]B90!D0`````$#`!4$`P8*#0``
M``````````````````#_VP"$``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$"`@("`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!
M`0$!`0("`0("`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`__"`!$(`"4`*@,!$0`"$0$#$0'_Q`"R```#`0$!````
M```````````%!P@&!`D!`0$````````````````````!$``"`@(#`0$!````
M```````$!0(#``8!%!5`%A<1``$$``4"`0D&!P````````,!`@0%$1(3%`8`
M%3$A02(R(S0E%C9A0F(D5@<0,V-4=#5'$@$```````````````````!`$P$`
M`@$$`@("`P$````````!`!$A$/`Q05&A0&$P<8&1L>'_V@`,`P$#`A$#$0``
M`?;TGN5=#3'18S26I<@94T0=!QR`LY"J[$S+$*V@A0,V9B4.439M"-9><-E$
MV,8__]H`"`$!``$%`F[FP2W92>A.RA4G95,M*JFK?6S-P=UY2,"F:41E3?4.
MJ65'YN%IS.G^R+<5]=]ILVWK%4KA;9:X&5Q%G86&Q_-B8;0?H6T/^B_X1*:V
M%[TUR;#FMPS(_(:_C#H=$J"&7/9GQ`",95ZSX'GY_]H`"`$"``$%`ON__]H`
M"`$#``$%`ON__]H`"`$"`@8_`G?_V@`(`0,"!C\"=__:``@!`0$&/P(5961F
M65[+&IH\%Q]N"/%1Z"?9VDC(5T2N$1<,6L>4KO1&QRH[*@;>1)Y9;Z09$BK#
M9RN,\<A-.100H;8-8DZ5-F7,O$<.-)WY3/:Y<PQL5R15O.#\*E`T0/N:^MX[
M5O/Q>?9$`*C@AM3M5M]:2(NLAAHT3RY6*%,Q`A./Y;YE\OR"YDCA/,E&HI16
MO:,L1:FY(V$I(AE1LD4-\64!?1(YG78[P(*Z_01#A$$KB0;B&+30EA4%(UA'
MC&XB(8#TUH[O',Q6$?T_DGL3W7-"EM(3I3\D.'4,C/D5A+`^9NUI:#C[6FD8
M*W,=Y,B:IT16<CFM=-O;0LE_&H%D-0&=+DQE6=RB]")JNC2WUPLQL&_#JP;8
M@4SJ]"CC:,6:*8YW;N1DD#(V^L;QA"R[:2=K9%7;\?F18GQ*M.,:0H<5%"I!
ML$X=96":;0N8.G':9%::%^WL`T<TV1,14:K;7G]JYBR,4:1\<OE]I&7KD,$,
MV(SDW%0EY3QK:U=B$D$L#\Q#27:R#+`D-N815B%"-$1PU-CX*C?<'_1O?_Y[
M?]_^E/#WS^IZG7`#DJCV@.,V#*^[A16#/8QI?'H$^G4)(^8;B@=;Q@N*-%])
MF57-46;J;<6\33C&:>!-C6"2XR\<J84E3EK=_6D+,H.6AVH[%SG#0<Y5"*,9
MVB(JE[LCX==`B+.OVRA`:^KHY.66M1-%!"*.7E_.Y#&2+9HQX[3\OAB9CRS;
MRU#M[2[(PKHK\F>JJHR.;4T[G,5S,\4+W%/@KF[LYLJJS+US*U_.-*>`ZNK(
M):QXPGL##A4U(-EHX;62.YV)7:8QH=$0F+WL<W3Z]X_Z=K^N7Z+_`%'_`(WX
M?#[>IEM7`U^/<JFMD3H.=@!-NSX#(@CF>R-"LIYO3`0RM#,(]8Y""<V)F;R#
MC21I/(Z%BR)E+-#/!/D,C@DN@!MJ)I8<L\BJL"-DPV2!N3.BZ2M4B$ZBC0-F
ME%22&V)#7-?,K+#E7+#X22W$^)818<AT:N<]'CQ&@UE*FFC6Q6)TD>^GQ**J
M.65$D58P2.\VS'#`-8U,&+(FS+0@6'D8*P3V27B%['3<1.JNGU)3)T.-\,CR
M7C-.H(QV%B$YGR9X5=&#;)">\=1!Q(_457D5ZM(Z/[@SZ:^4/6?]/_V'CZGV
M^/4ONNT[;MR[_N&CL=ID77W>X]AM]/'/G]'#QZ8HY(05#?+2LYY!BRXAU\N<
M?$"R;&%S>)^%^0T?)AMVY>G)V.X>!,45S.5?O:.`\7WW(-G#BPQQE3'T4<X:
M-\^'4DM&6ECERM[G`X+'KYG,]/[ZS[?D\J#(7+YT?"W2^335'8=/^7\-'<DW
MVIN>Y=QP9K]Z[A\4[IDRY]U[;+E\V'\/_]H`"`$!`P$_(3=-,"R>R&+41P4U
M!&J>&K61<!9W_P#E,!Z`>L"Y(6NN(I;/$N6&HF-P?!N.CYTGU3.;4K5A-<E_
MQOH`^\78N]C)1`N(&;3M_I)?I-?I9@(U;L=Z-_35-!-');%?'Z8:FO\`K+BA
MN0'FL6$?*Q1KFX%?HW4['!AGH7'=-TA<)PD`<4P`J+*#*8#M5_9!*==]C27Z
MX]YH*#IZV>=*80B''0;#6\53^EB[3.O*[P323(HW.LEI,)P)NKMJWWMFU>#_
M`+X>$X4*W/SH561`6`438Q?.HP=OG*/H!8C#R%@)VH$WG74_V2:?_]H`"`$"
M`P$_(?G?_]H`"`$#`P$_(?QU\/\`_]H`#`,!`P(1`Q$``!`[HC);;9'98K6+
M:C__V@`(`0$#`3\0%M>^-'7"$60`Z'@VNF7PPT(VA'JUM*`!D8&Z_P!JXU09
MI;P-"F;!:B5JIH95$]DMC`QA")*V%X%"$N'%HP9*;2\B6"M1E(%8F#BF"NJJ
M0JY/K86W*LZ-.W_8>R"+PTBA.NYI>&ZF1:WU8H)@W*-M.R!K2Q79!#-D:4V/
M9S6I%HXO0!5H0,934HY7M;3M7AQ&_$B]>!\DIX:3)0>YR42,BR[<10-X^*AI
MO3YZWL@=XF/?OMDNY?\`N.8@8F@`T0-I30MF7P,&-8/'!()J:@5K;2"IXL1:
M;)^<U/_:``@!`@,!/Q#\=_#_`/_:``@!`P,!/Q`]0]3K#*>R5XXTKJ<XZT\P
AZ\:.%E=3]1\=3P2YR5W#&'B,/J8);YTS_,WU/W&^]/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g88374prospectus1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374prospectus1.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`$$`+P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#QZBBB@H**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`W/!_AW_A*_%-EHGVK[+]IW_OO+W[=J,_W<C/W<=>]=%J_PXMH-
M"U'5-"\10:NNF2;+V'[,T#Q<D$X).>A^H!QFH?@__P`E3T;_`+;_`/HB2KWB
MCQY;06NM^']"T"'2UN[EUO;C[0TSS[7.>H&W)SQS@$@4".*N?#^M6:R-=:1?
MP"-E1S+;.NUF^Z#D<$]O6FWVB:MI<22ZAI=[:1R'"/<6[QAC[$@9KZ)OM?E'
MQML]#NKE5TYK02Q0%1M:XY(8GKNP./H*Y#3O^$B_X1'Q[_PFGVG[+Y+>3]LW
M;/M&6V^5N[;MF,<?=Q0!Y,NA:PVG'45TJ^-B!N-R+=_+QZ[L8J8>%O$)W8T+
M5#M02-_HDG"GHQXZ'UKU_5?M'BWP'>3S0ZWH%SI&EC=$6*V5V@4G`'1L@?AE
M>M;6M#Q6/'7@HZ4+G^R#!']I\O=Y?_33S,<?<QMSWZ4!<^>;'3K[4Y_(T^RN
M+N;&?+MXFD;'T`-.?2]0CU`:>]C<K>DX%NT+"3/IMQFO>;1=,:P\<C3#J0D_
MM?\`>_V&%-SY>U?NY/W=_F9Q[U>TO48K^Y46=AJL'B*'1)X[*?6H4CFN,$;3
MP3DANI('![\T!<\=\.?#7Q'K^LC3Y;"ZTU0F]Y[RVD15'Y=3V'&<&L&Y\/:U
M90SS76CZA!%;[1,\MLZK'NQMW$CC.1C/7->I_"RY\41?$2.#Q#/JR":VFV1W
M[R`.5(/`;KC)Z>]0Z38Z]J'PH\9:?>PW]QK'VBW<P3AFF*!D.<'DC"MCUQQ0
M!Y:='U15M&;3;P"\R;4F!OW^,9V<?-U'3UHU#1]4T@QC4M-O+(R9*"Y@:/=C
MKC<!GJ/SKW*>ZU'PG!\/'_L::^NK:PNEGM(AF5!MBW%1_>'<?45QOQ1T7R-*
MT?6EU#6&AO6D*6&KR%IK<G&X@$Y`.!G_`(#S0!YE1110,****`"BBB@`HHHH
M`****`"BBB@">SO;K3KI+JRN9K:XCSLF@D*.N1@X(Y'!(_&HI)'FE>21V>1R
M69F.2Q/4D^M-HH`MW>J:AJ%XMW>WUS<W*X`FFF9W&.GS$YXJ2^US5]3A2&_U
M6^NXD^ZD]P\BK]`35"B@#1N=?UF\LA976K7\]H,8@EN79!CI\I.*ZKQK\0I]
M:U&SET*]U2PMX]/CM9X_-,7F.I8DX1B",,.M<)10!9L=1OM,G\^PO+BTFQCS
M()6C;'U!J6;6M5N+Z.^GU.]EO(_N7#SLTB_1B<CJ:HT4`:-QK^LW=W#=W.KW
M\US!_JII+EV>/_=8G(_"GCQ+KHOGOAK6HB[D0(\XNG#LHZ`MG)%9=%`&D/$6
MMB2"0:SJ`>#=Y+"Z?,>XY;:<\9(&<=<57O\`4[_5)A-J%]<W<H&`]Q*TC`?4
MDU5HH`****`"BBB@`HHHH`****`"BBB@#W:BBBJ("BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
4@`HHHH`****`"BBB@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g88374scales.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374scales.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0A@4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````;0````8``````````````",````A````!@!S`&,`80!L`&4`<P````$`
M`````````````````````````0``````````````(0```",`````````````
M````````````````````````````````.$))3004%TQA>65R($E$($=E;F5R
M871O<B!"87-E````!`````(X0DE-!`P53F5W(%=I;F1O=W,@5&AU;6)N86EL
M```$K`````$````A````(P```&0```VL```$D``8``'_V/_@`!!*1DE&``$"
M`0!(`$@``/_N``Y!9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/
M#`P/%1@3$Q43$Q@1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P!#0L+#0X-$`X.$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#/_``!$(`",`(0,!(@`"$0$#$0'_W0`$
M``/_Q`$_```!!0$!`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!
M``````````$``@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q
M!4%181,B<8$R!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-4
M9$7"HW0V%])5XF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6
MYO8W1U=G=X>7I[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q
M(A,%,H&1%*&Q0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,7
M9$55-G1EXO*SA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='
M5V=WAY>GM\?_V@`,`P$``A$#$0`_`/55E?6;JMG2.D6YM18'M<QH=9J&A[VU
MOL],.8ZWTVNW^FURI]?^LV3TW/HZ9BX;K,G,+&8^3;+<</>[8UCGM#G/V?G,
M8L/J/U.R<NVAW7>H/S>HYMPJH97[:JF#]-E/8UP_,QJK-OMK_2^FDI-C?7S-
MZFRK$Z5A69&66@9.0QGL89V[JZW.VMW?]V+O3J_X9'^I.+DVYF5U/(L87[KJ
MR=OZ6P665V,NNR6^G3D5U_9_3QO1I]/^>5O)+NA],ZI@8S/39LW=-+!'ORB<
M=E,C\ZG+>W_K5E:N8]3>D9?3,)A`HMQSB>9LH;ZU!_M5?;=Z2G922224_P#_
MT.ZSL1O5^HY-.[8<"@,H?R&Y%T7MO_KXWH8[F?\`&H3\P9G5>@9S?;5<S)K<
MTGZ-SJV6"MW\MGH9#%0;TC,PLC*JR:>H=1LR;/4JR<?*=4RQL;&5YFVZCT'4
ML_1.?M?ZE7_;:%F58W0N@G&E@ZK7;^TZ\:D.L%;F.]1W\MN/]G8['LR+O^%2
M4W?K'7@-ZQB7=38<K!=38+:"7.93L?5^O/H9].K=:RF[=_-_SG^D5/K?1OJO
MDTMP>CXV._J6:6MI?1#A4R6^KF6>DX-KKJK^C_I+=BL8_P!8^GV]<S,Z\O\`
ML%+685&:`'8HW'U+G69#?;^EM])G^C]G\M=)CX6%C$NQJ*J2_P"D:V-;/QV`
M)*<+_F'T3_A/^W'_`/DDETB22G__T?55S/4_^6[_`$?7^T^G3L_9O\]$N_Y1
M^U?Y-]'_`+C>M_@_M"^>TDE/M^=Z?[/?]M^W>KN'_*/J?L^=[?Y_]C_JGH?N
M?X)=Q5_-,^C]$?0^CQ^9_(7RPDDI^JDE\JI)*?_9.$))300A&E9E<G-I;VX@
M8V]M<&%T:6)I;&ET>2!I;F9O`````%4````!`0````\`00!D`&\`8@!E`"``
M4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S
M`&@`;P!P`"``-@`N`#`````!`#A"24T$!@Q*4$5'(%%U86QI='D`````!P`(
M`0$``P$`_^(,6$E#0U]04D]&24Q%``$!```,2$QI;F\"$```;6YT<E)'0B!8
M65H@!\X``@`)``8`,0``86-S<$U31E0`````245#('-21T(`````````````
M``$``/;6``$`````TRU(4"`@````````````````````````````````````
M```````````````````````````18W!R=````5`````S9&5S8P```80```!L
M=W1P=````?`````48FMP=````@0````4<EA96@```A@````49UA96@```BP`
M```48EA96@```D`````49&UN9````E0```!P9&UD9````L0```"(=G5E9```
M`TP```"&=FEE=P```]0````D;'5M:0```_@````4;65A<P``!`P````D=&5C
M:```!#`````,<E120P``!#P```@,9U120P``!#P```@,8E120P``!#P```@,
M=&5X=`````!#;W!Y<FEG:'0@*&,I(#$Y.3@@2&5W;&5T="U086-K87)D($-O
M;7!A;GD``&1E<V,`````````$G-21T(@245#-C$Y-C8M,BXQ````````````
M```2<U)'0B!)14,V,3DV-BTR+C$`````````````````````````````````
M`````````````````````````````````%A96B````````#S40`!`````1;,
M6%E:(`````````````````````!865H@````````;Z(``#CU```#D%A96B``
M``````!BF0``MX4``!C:6%E:(````````"2@```/A```ML]D97-C````````
M`!9)14,@:'1T<#HO+W=W=RYI96,N8V@``````````````!9)14,@:'1T<#HO
M+W=W=RYI96,N8V@`````````````````````````````````````````````
M````````````````9&5S8P`````````N245#(#8Q.38V+3(N,2!$969A=6QT
M(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="```````````````N245#(#8Q.38V
M+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="````````````
M`````````````````&1E<V,`````````+%)E9F5R96YC92!6:65W:6YG($-O
M;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$``````````````"Q2969E<F5N8V4@
M5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M,BXQ````````````````
M``````````````````!V:65W```````3I/X`%%\N`!#/%``#[<P`!!,+``-<
MG@````%865H@``````!,"58`4````%<?YVUE87,``````````0``````````
M``````````````*/`````G-I9R``````0U)4(&-U<G8````````$``````4`
M"@`/`!0`&0`>`",`*``M`#(`-P`[`$``10!*`$\`5`!9`%X`8P!H`&T`<@!W
M`'P`@0"&`(L`D`"5`)H`GP"D`*D`K@"R`+<`O`#!`,8`RP#0`-4`VP#@`.4`
MZP#P`/8`^P$!`0<!#0$3`1D!'P$E`2L!,@$X`3X!10%,`5(!60%@`6<!;@%U
M`7P!@P&+`9(!F@&A`:D!L0&Y`<$!R0'1`=D!X0'I`?(!^@(#`@P"%`(=`B8"
M+P(X`D$"2P)4`ET"9P)Q`GH"A`*.`I@"H@*L`K8"P0++`M4"X`+K`O4#``,+
M`Q8#(0,M`S@#0P-/`UH#9@-R`WX#B@.6`Z(#K@.Z`\<#TP/@`^P#^00&!!,$
M(`0M!#L$2`15!&,$<01^!(P$F@2H!+8$Q`33!.$$\`3^!0T%'`4K!3H%2058
M!6<%=P6&!98%I@6U!<4%U07E!?8&!@86!B<&-P9(!ED&:@9[!HP&G0:O!L`&
MT0;C!O4'!P<9!RL'/0=/!V$'=`>&!YD'K`>_!]('Y0?X"`L('P@R"$8(6@AN
M"(((E@BJ"+X(T@CG"/L)$`DE"3H)3PED"7D)CPFD";H)SPGE"?L*$0HG"CT*
M5`IJ"H$*F`JN"L4*W`KS"PL+(@LY"U$+:0N`"Y@+L`O("^$+^0P2#"H,0PQ<
M#'4,C@RG#,`,V0SS#0T-)@U`#5H-=`V.#:D-PPW>#?@.$PXN#DD.9`Y_#IL.
MM@[2#NX/"0\E#T$/7@]Z#Y8/LP_/#^P0"1`F$$,081!^$)L0N1#7$/41$Q$Q
M$4\1;1&,$:H1R1'H$@<2)A)%$F02A!*C$L,2XQ,#$R,30Q-C$X,3I!/%$^44
M!A0G%$D4:A2+%*T4SA3P%1(5-!56%7@5FQ6]%>`6`Q8F%DD6;!:/%K(6UA;Z
M%QT701=E%XD7KA?2%_<8&QA`&&48BABO&-48^AD@&449:QF1&;<9W1H$&BH:
M41IW&IX:Q1KL&Q0;.QMC&XH;LAO:'`(<*AQ2''L<HQS,'/4='AU''7`=F1W#
M'>P>%AY`'FH>E!Z^'ND?$Q\^'VD?E!^_'^H@%2!!(&P@F"#$(/`A'"%((74A
MH2'.(?LB)R)5(H(BKR+=(PHC."-F(Y0CPB/P)!\D321\)*LDVB4))3@E:"67
M)<<E]R8G)E<FAR:W)N@G&"=))WHGJR?<*`TH/RAQ**(HU"D&*3@I:RF=*=`J
M`BHU*F@JFRK/*P(K-BMI*YTKT2P%+#DL;BRB+-<M#"U!+78MJRWA+A8N3"Z"
M+K<N[B\D+UHOD2_'+_XP-3!L,*0PVS$2,4HQ@C&Z,?(R*C)C,ILRU#,-,T8S
M?S.X,_$T*S1E-)XTV#43-4TUAS7"-?TV-S9R-JXVZ3<D-V`WG#?7.!0X4#B,
M.,@Y!3E".7\YO#GY.C8Z=#JR.N\[+3MK.ZH[Z#PG/&4\I#SC/2(]83VA/>`^
M(#Y@/J`^X#\A/V$_HC_B0"-`9$"F0.=!*4%J0:Q![D(P0G)"M4+W0SI#?4/`
M1`-$1T2*1,Y%$D5519I%WD8B1F=&JT;P1S5'>T?`2`5(2TB12-=)'4EC2:E)
M\$HW2GU*Q$L,2U-+FDOB3"I,<DRZ30)-2DV33=Q.)4YN3K=/`$])3Y-/W5`G
M4'%0NU$&45!1FU'F4C%2?%+'4Q-37U.J4_940E2/5-M5*%5U5<)6#U9<5JE6
M]U=$5Y)7X%@O6'U8RUD:66E9N%H'6E9:IEKU6T5;E5OE7#5<AES672==>%W)
M7AI>;%Z]7P]?85^S8`5@5V"J8/QA3V&B8?5B26*<8O!C0V.78^MD0&249.EE
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MCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2XY--D[:4()2*E/257Y7)EC26GY<*EW67
MX)A,F+B9))F0F?R::)K5FT*;KYP<G(F<]YUDG=*>0)ZNGQV?BY_ZH&F@V*%'
MH;:B)J*6HP:C=J/FI%:DQZ4XI:FF&J:+IOVG;J?@J%*HQ*DWJ:FJ'*J/JP*K
M=:OIK%RLT*U$K;BN+:ZAKQ:OB[``L'6PZK%@L=:R2[+"LSBSKK0EM)RU$[6*
MM@&V>;;PMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\(;R;O16]C[X*OH2^_[]ZO_7`
M<,#LP6?!X\)?PMO#6,/4Q%'$SL5+Q<C&1L;#QT''O\@]R+S).LFYRCC*M\LV
MR[;,-<RUS37-M<XVSK;/-\^XT#G0NM$\T;[2/]+!TT33QM1)U,O53M71UE76
MV-=<U^#89-CHV6S9\=IVVOO;@-P%W(K=$-V6WAS>HM\IWZ_@-N"]X43AS.)3
MXMOC8^/KY'/D_.6$Y@WFEN<?YZGH,NB\Z4;IT.I;ZN7K<.O[[(;M$>V<[BCN
MM.]`[\SP6/#E\7+Q__*,\QGSI_0T],+U4/7>]FWV^_>*^!GXJ/DX^<?Z5_KG
M^W?\!_R8_2G]NOY+_MS_;?___^X`)D%D;V)E`&1``````0,`%00#!@H-````
M`````````````````/_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$!
M`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#_\(`$0@`(P`A`P$1``(1`0,1`?_$`+8```(#`0``````
M``````````<(!08)``$!`0$```````````````````$"$``"`@(!`P4`````
M```````%!@0'``-`$`$"%#05-A<1``$$`0($`0@&"P````````0!`@,%!A$2
M`!,4%2$0,5$B,S0'%S)2(R46)D%Q8D-C)%34-94V$@$`````````````````
M``!`$P$``@(!!`,!`0`````````!`!$0(3$@\$%1,&%Q0,'_V@`,`P$#`A$#
M$0```=_`""9S5G32"Q/9575BT)HR5BO2P!608A>!V0I<1V[+0<(Y*`UU/N9`
M_]H`"`$!``$%`LLMJD)BB-ODTUZ:4&$IA?'ZS"*P=8J>)&91+OL05J!%UIA7
M#8G6YL6XOXFFJQHP'4XNJ=6!2'^#I.:U(P"GF(HVOT0?8R]*>!X8*,[]&;[J
M;]-\!%]KG__:``@!`@`!!0+D_P#_V@`(`0,``04"Y/\`_]H`"`$"`@8_`D__
MV@`(`0,"!C\"3__:``@!`0$&/P+@^]%41D\,]<.DIK5FB'C-L!A)RT#9.-,?
M(+!,YZ0L>U7JGHUX`IL1Q>RM;Q\$;;FX$KE4`"19.2Z<0*<E88>=X.:\PEL(
MZN];G:;77V5618DA'4Y%7N7H_OBWCL[8`H6RL[F%HE?<!B,J'0A.''CB;OF1
MNC?5\E3BE3C<Y5KD3P0ZFZM'2!XPRPL"7#1P3E11RS$20(W>^-FC]%3T\54G
MQ!R\W(\JR*XAKJL4!5%IJ8&/[SO2!8I(VHB04H$VQ$9"UT_+W(Y5XSK'JL;H
MQ^CY^$N"B=#M,RTB2I&KFO8W9SZW(2&*BJ[=R)F?55>,'HH7L2M.QU^*>;UY
M;3'A&V=5)NV^#9`&V:O75-TBL\_Z.+H%9'0.Q:BB&K"%3<P3);Y\5I!:M8CT
M_F:6.I$?'JG[]Z>'CK\([^+6,*P$R\&:%S_$2Z+I@C6!SLUV]0-'4F1Z^E%T
M\'<8^;E@TUYCDU+9M/JI'E$`T"`GU2MRDBK@UC)!28Z,<ESVNY2/;)]%K^(*
M#":/'"<LR-PT-<32-CG925_.@<?D9O0DQQ"B`AZ[%7QFG<QJ([5=/-9_[.P_
MNN+T.SK_`(A9<3;V77!7='F1M.#;#K"T48/)4ANZI*J:N%8V!\C&2-F@8U6I
MJB,1U7O%9FHEJOQ'$IJEAUK%63@F,+F:Y_O$%,RG&>',62YB/:Z1ZJJKQDE_
M8*7^&0(:_#ZG)XX(R<19U,G6V4A=Q$YT,?7'N@B1RZQ,2-NYR;^'RU555U[I
MT^UDKP11%F3Z2;W#Q1\Q/U^6UZ+OG=NW4/3_`"]_SNWG$?\`:=__`"3V[^CZ
MGU^5U'!/??QWUO5,T^8'=?EGSNZ#;>[?+C\O=LW^RU^PW^?U=>!O8>PA]U]U
M]FWW;^!]3]GR?__:``@!`0,!/R&<I>_/_GJLII%`J72+32C&JEP,]2^I_P#\
MSNA@3CS=,+VX5QGE*44ZB+33W8(>L]TJ![XKB*70!X:BZ4)+?6;(:8[*I^*@
MHK6NI1B8A&6B6*UIN@-L=4QM1$22R2-._%>YPSLMA<^<L.1N[E+).(-X9\MG
MAIC+_P``FIS.T7AV)59R"Y4HW1'C.RS[SWBG_>?YBIW=&P\+Z.;N:['\,?_:
M``@!`@,!/R'^G__:``@!`P,!/R&$J.;Z?<)N7\?_V@`,`P$#`A$#$0``$!5P
MML$OT^P!]!__V@`(`0$#`3\0A\\W6?+,\NZ1=)AO7"UF@`;<U`\P27SHJ8U(
M9G<\@D"]AI%'02+!NE$MW*#5&YSL5-Q:)ED9XN0<C"&#?@=$AKL+FW,(Q*%6
MN;3A\`K%L6F=2T%3VWM1(0CD&I17S@B8W"3-!%[`@Q>+%@_W>/\``0["&]B*
MVD+T2_O6@*I:YI(<JP5H>\]Y;?Z?HU`8W-9?_P`__]H`"`$"`P$_$(RX9KI]
M1FI7Q__:``@!`P,!/Q""VI4VNHM`8"]K#T-3E%EV..`^Y5`EJ0Y@C:ZEI8UL
..(;?J4T'GH.#U#G6?_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g88374side_telephone.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374side_telephone.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0O64&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````=0````8``````````````$````!(````"@!L`&$`<@!G`&4`<`!H`&\`
M;@!E`````0`````````````````````````!``````````````!(````0```
M```````````````````````````````````````````X0DE-!!073&%Y97(@
M240@1V5N97)A=&]R($)A<V4````$`````CA"24T$#!5.97<@5VEN9&]W<R!4
M:'5M8FYA:6P```@9`````0```$@```!`````V```-@````?]`!@``?_8_^``
M$$I&248``0(!`$@`2```_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`0`!(`P$B``(1
M`0,1`?_=``0`!?_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`]5227,Y?5.L]6ZQ;TGH=
MK</'PM,WJ#F>H=Y_[3T5V#T]S?SO]?52GIE"VZFEA?=8VM@Y<\AH^]RP/^9W
MJ-_7.L=2OGZ;?7V5G_K3&^W_`#E2?TCZ@XF6RG.O9?EDRW[5D/LU/M_2-W^A
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M_.L=^:W_`,$24]A]?[C7]5LP-N%+W[`!,%X+V;ZV_G>YBS>E_53"ZC@Y%S7U
MLJZG@8K!2QH<ZBUM3'L>YT_\6_\`,]18I^J'6NKL?Z/3F8%5A!9D9]]EEX:W
M\W;[_3WN_P"ZS%TSJ3]6LWI=]E@=AW45=,S'GVM:^IOZKE<^W>X.J?N_,24Q
M9]6J'=/K_P"<.?<W)-6S(#<IS*2`-GT';&;75_SGM1K#]4<[#I^K%>77=[0W
M';78;'-=6"YC_6KW-;8S;^<]<_\`7GHEIZ[6ZFME[NM-]"IU[B!3;7L_F7[M
MK/6;]%KOY:Y3/KRL=S<XV8N%F8=OV?[)CRR]EE),WN8QOI_3;_/>LDIZ_I?3
MK>N]1R^F=;RW5Y6$_;E8]-3*?M-8_F[[,BL-NL:_Z3VN_P"#]-=\QC6,:Q@A
MK0`T#L`O-KNJV=0Q\?ZX],:!U3I8%/5<<\/806B_:W_!OW._UQUW_2>JXG5^
MGU9^(Z:K1]$_2:X?3K?_`"V.24W$DDDE/__1]57-?7D.&)T[(<#]EQ.H47Y=
M@!.RMNYCK-K?=M_2+I5&RNNVMU=K0^MX+7L<`00>6N:4E+56U75MMI>VRMXE
MKVD$$>3@JG6^F,ZMTG)Z>XAOKL+6N.NUX]U;_P"R\+G[Z;OJ=EC+Q=]GU=O,
M96-)?]F>3[;Z-QW>B]SOTC?_`%&NJHOIR*67T/%E5K0^M[=06N$M<$E/%]3M
MN^L?^+X9@US<,"VW6"'XYV9#_P`S:[T=]^U<BRO)Q&,ZC7T@5XF7CC%-N8XO
MK=9:-KLRNU_H>EZG^97_`*1=P'T_5K.ZCC9U-IZ+U-YNINK:Y[*W/&W*HM95
MN?7O_P`'L6&*OJ5-56.>I_6`4D,IQAO=6SR:-F*UM?\`524X'U4ZAD=)ZY7Z
M?Z>NQ_H9-%0]3U*SH]S=H<Q[6?3779>%F_4?J)ZETYCK^@Y+@,K&&IJ,1O!=
MN=_*99_UBW_!V*SAXWUG?N'1^DX7U?H<-+;@'WG^5^A;_P!"^I7[,$]#^KO4
M;>I9]O4+;:7^K9D&6;MKF5U44^[TVOW[?I>])3O8N35EXU650=U5[&V5GQ:\
M;V_E267]3L>W'^K'3J[7%[C2+`3^[83=6W^Q78UB22G_TO54DDDE,;*V6UNK
ML:'L>"US3J"#H05QSC=]2<YNIL^K>981M,EV-8[P,.>ZGV_O_P#@G\[V:KY^
M!B]1P[<+,9ZE%PA[>/,$$?1<UR2DQ>P-WEP#8G<3I'Q6)U+ZY]"P+&T-M.;D
MO^C1B#UG3QM]A]-KOY&_>JG_`(WO2'`,OR\V^AL!M%E\L`'YH:UC5M=-Z'TC
MI;8P,2N@QM-C6R\C^5<[=:[_`#TE.`<_Z^=5J#L'"IZ14\RVS*=NMV_\5L=L
M_MXZ5GU*ZEU.ZFSZP=7?G5U.#OLS*Q768_-.PM;[OH[O2WKK4DE,6M:QH8P!
MK6@!K1H`!P`DI))*?__9`#A"24T$(1I697)S:6]N(&-O;7!A=&EB:6QI='D@
M:6YF;P````!5`````0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`
M;P!P````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`#8`+@`P
M`````0`X0DE-!`8,2E!%1R!1=6%L:71Y``````<`"`$!``,!`/_B#%A)0T-?
M4%)/1DE,10`!`0``#$A,:6YO`A```&UN=')21T(@6%E:(`?.``(`"0`&`#$`
M`&%C<W!-4T94`````$E%0R!S4D="```````````````!``#VU@`!`````-,M
M2%`@(```````````````````````````````````````````````````````
M````````$6-P<G0```%0````,V1E<V,```&$````;'=T<'0```'P````%&)K
M<'0```($````%')865H```(8````%&=865H```(L````%&)865H```)`````
M%&1M;F0```)4````<&1M9&0```+$````B'9U960```-,````AG9I97<```/4
M````)&QU;6D```/X````%&UE87,```0,````)'1E8V@```0P````#')44D,`
M``0\```(#&=44D,```0\```(#&)44D,```0\```(#'1E>'0`````0V]P>7)I
M9VAT("AC*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY``!D97-C````
M`````!)S4D="($E%0S8Q.38V+3(N,0``````````````$G-21T(@245#-C$Y
M-C8M,BXQ````````````````````````````````````````````````````
M``````````````!865H@````````\U$``0````$6S%A96B``````````````
M````````6%E:(````````&^B```X]0```Y!865H@````````8ID``+>%```8
MVEA96B`````````DH```#X0``+;/9&5S8P`````````6245#(&AT='`Z+R]W
M=W<N:65C+F-H```````````````6245#(&AT='`Z+R]W=W<N:65C+F-H````
M`````````````````````````````````````````````````````````&1E
M<V,`````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P
M86-E("T@<U)'0@``````````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!2
M1T(@8V]L;W5R('-P86-E("T@<U)'0@````````````````````````````!D
M97-C`````````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#
M-C$Y-C8M,BXQ```````````````L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET
M:6]N(&EN($E%0S8Q.38V+3(N,0``````````````````````````````````
M=FEE=P``````$Z3^`!1?+@`0SQ0``^W,``03"P`#7)X````!6%E:(```````
M3`E6`%````!7'^=M96%S``````````$````````````````````````"CP``
M``)S:6<@`````$-25"!C=7)V````````!``````%``H`#P`4`!D`'@`C`"@`
M+0`R`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+`)``E0":
M`)\`I`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!`0$'`0T!
M$P$9`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2`9H!H0&I
M`;$!N0'!`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"5`)=`F<"
M<0)Z`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X`T,#3P-:
M`V8#<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$501C!'$$
M?@2,!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66!:8%M07%
M!=4%Y07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'&0<K!ST'
M3P=A!W0'A@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC[
M"1`))0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP*
M\PL+"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`#-D,\PT-
M#28-0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/
M>@^6#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$<D1Z!('
M$B8211)D$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E%`84)Q1)%&H4BQ2M%,X4
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M$S5--8<UPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`XC#C(.04Y0CE_.;PY^3HV
M.G0ZLCKO.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@/B`^8#Z@/N`_(3]A/Z(_
MXD`C0&1`ID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546:
M1=Y&(D9G1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI2?!*-TI]2L1+#$M32YI+
MXDPJ3'),NDT"34I-DTW<3B5.;DZW3P!/24^33]U0)U!Q4+M1!E%049M1YE(Q
M4GQ2QU,34U]3JE/V5$)4CU3;52A5=57"5@]67%:I5O=71%>25^!8+UA]6,M9
M&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=R5X:7FQ>O5\/7V%?LV`%
M8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUG
MDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\>
M;WAOT7`K<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P=,QU*'6%=>%V/G:;=OAW
M5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB?L)_(W^$
M?^6`1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B`2(
M:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&D&Z0UI$_
MD:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB:
MU9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16
MI,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:Q<K-"M1*VXKBVN
MH:\6KXNP`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.UBK8!MGFV\+=HM^"X6;C1
MN4JYPKH[NK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_UP'#`[,%GP>/"7\+;PUC#
MU,11Q,[%2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+-LNVS#7,M<TUS;7.-LZV
MSS?/N-`YT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95UMC77-?@V&38Z-ELV?':
M=MK[VX#<!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB4^+;XV/CZ^1SY/SEA.8-
MYI;G'^>IZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_R
MC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI_;K^2_[<
M_VW____N`"9!9&]B90!D0`````$#`!4$`P8*#0````````````````````#_
MVP"$``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$"`@("`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!`0$!`0("`0("`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`__"
M`!$(`$``2`,!$0`"$0$#$0'_Q`"T```"`@,!`0`````````````("0`'!`4&
M`P$!`0$!```````````````````!`A```@,``@(!!0``````````!`8#!0<!
M`@`08!(4%P@8$0`"`@$#`@4"`P<%`0`````"`P$$!1$2!B$3`#$B%`=!%1`R
M(R!187%",R128F0E%A<2`0```````````````````&`3`0`"`@,``P$``P``
M``````$`$2$Q$"!!46%Q@6"1H?_:``P#`0,"$0,1```!?X0AK0:Y>>+ULM(A
M`&Y=N5B$_8+DOP8M9E%-&D*SEI8[TZ`%E6[7.0"'*M-=H'&@L*OY3:1O%S8Y
M`(Y3-LKH`25=+6`,01HUSOC#%]2GY8`<HJ*2"6X=T$M9##%MRLHL%R6H#R&$
M6>Y"''@@2DU9:I"'_]H`"`$!``$%`O91@@,5CL^=`3\::TD=U)PI72L]V[.Y
MN3?^'ON8YE+`J:VON:S.5$!TT2F+TFU#RQSAFC(A\?VN%+5,S7X%]3WTSD7+
M5C*J5FHX<U`D7Y^<DOZ=872M!88HHX(O-C2KIOH;)N6IBN<B='2"03G++K<4
MDGL\WH]I6]S&LECKU-IJG.@];CUDZ50I0QH[LM1."HS%&:?^OL4%C3PY3?GI
M[S;4US@3%5V0ES6>$#P%P&AEXC;`FB60?$PF5WG4;%?JIZ[3I_"*3L@YWCH!
M-;F/H@>$N"3L9@M[VEBZQLFRHRZ1VO\`>&\:?%F-I,BCCAC]W]#5LU1_/BE)
MPN(ZBI=/?__:``@!`@`!!0+X1__:``@!`P`!!0+X1__:``@!`@(&/P(1_]H`
M"`$#`@8_`A'_V@`(`0$!!C\"_&7W;5:FD8F2=:>JNH8&-2F6-(1B(CP-1.?'
M-WC82UTN.5;>=>TAV[MA8]+JT_GZ?J>KZ:Z3X98H_$7-6XA>S=9N'C\9E"$]
M8W)P=EON'=?I!ZQ'6=/'W/#M9';85:_C[817R>)NKF1;1R=/<15K*R'^(EYC
M,Q^QD.'<`O(X]B^-S"^4<PLXX<DP<@6L?9L53M+]FQZHZG,SK_N';'<_[KY)
M^3<I)1'N%?\`I_8XYLQM+6***VBA@HZ1OG3Q5HY_+4LIFB."7').4W\E.]D2
ML?>**[]L#?KT[X1^^/&7S/'.)T3C#4FW8QN*13Q<$I41[FPUP*Z+17&6-+:9
MR(>4SX^/^0\PR>`L\7Y]9JX\L?BZ'ME8)^8I^[PK8R+"=9LRZ/[FZ96,077R
M+QB><8EJ]>0?X/,N+UNW[C+T*ZK+E\C4F!(E6<?M+>V=@GM@9GJ>JGI+>IZP
M<HX\B6P8,"C^8S^&5SIQ)O2J*V.2.V9L92Y/M\>KU^B%^X.".9\EC,]?+Q4`
M+RLI>R[6Y_-Y1#UV4Y'-Y6%NOV5.3,J-6Z(`9'I(C'CD@JR08^P\<>H![T*=
M=4>4I#:I)TF&EWJTEN@==0U@O3,^,Q>7:QM:ES3@'"JHXZM678M\<RM?!4;*
M++6RW=)1JINW](G"773H4T__`*3RW,+RQ8R*>9%',[E'".0L#JP(UVE5KREM
M,([NH:&>[QC/B>OR+'Y#_&!&&10RAY"W5?BTL:BP.2J$Q*;E6%3,";!W?ETT
MG3QG^*\\Y%8IY?C=V49W#XG#XS"3S'%KD/9Y6UF*B4Y*VJTS0V@>X=AK(-LG
M,PM*0A:DK!2@'\H+6,"`1_`1C\,>_CEF0SG&<HG/8ZBUQ!1R3JL;NPU?]HK8
MR/\`CD>@Q,D,R,')08<CXA\F<3Y->;LS&*XAE6XW$Y7+',]VTO'VYW`ZV[=.
MP`+S\SG4I?%'A=3BU.R:"K9?F_(\ME.1A71/K4*P.Q%6;#`ZZT53(;8@M-2G
M@=^Q<%F"R&!P?QQR*R>Y%:OD,32/[!G-N\A5[EH&AF_T@LHG=TZTSI5*63;\
MD58PU%V:M6%KP.:QTU-OVVQ[@55SR"ML`!B4$9'`QU\)Y`5WBO'<_P`?RHX&
M>/8"64,_2R&%:V#RSJM>N=4O\E7JL^XG>6D1&G2,/\W\54D.9<)6C%\]PY:]
MB]1:EB`RD)00L.D\&G&OF`Q_Q]9H<BPS).G?7KVV;8L5+`3ML4[0"10%BLR-
M)ZS$^8S(S$S^'"\FT"^S8'Y$XUFN06P!C9Q^+KS:KMMFM.K23$V]L[8F=9CP
MJW3L)M57CO38KM!R&A/]2VKD@,?Y>,YQMI"O[I18I#C&3&O<#1U*Q(B024)M
M+$IC6-8C3P&<&)+D''P5D;WK%3@R'&FDC,V)(NQV7,QO=M;(ZZS`CK.GBOR:
MM\=JJX7/<>7QPKW+;C;V/MY3,+E3N2TKUK[66/*TLM1G=*TQ)3W.O2I[:9R=
M:W;G!YO%8U19.,IBW$2[#4PI3$6DUF1#`D2]>G^B9\,Y1QBN_)?&F9>@,_@P
MF6/PK-FSW*V,-K3@)WFIOI#KV6:>ADX_+T#[E+)TJN0J,F-LE6N)!Z9(?Z2[
M9QK'TG\&UK2$V:UA9I?7L+!R'*9&TU-4R"!BS&=)B8TGP&8Q/O;7Q5DW0O.8
M6#9<GAUQS-J\KC!<PW_;;#V_K`.NGUUGMZ5<A0L+M4KM=5JI926Y3Z[PABF@
M7U$P+7QS'%\@Q^3/X^YG:;E\?DJ%6[D*6)M9"N2<[BKU>D+K%(7LG<J0'20_
MC'IHU<<SY0^6(Q[AK8[#!]QM8['#'JV)":6"2NIK$1(A)06OEMZ^'CPCX^X-
M\3XUJO3=RJE7.0-*9C]40QR26)$.GZ=E$[=OYIZ>.96N4<MRO*KES"7_`'MO
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MG];;L(X0+-DSI,3/1:4@*E*`5J6`P(+6`P(``QT$1&-(C]B[@\U5&YC<@KM6
M$S)!/0A8MBV!,&IJ6C!"4=8*/`HOY_G.4QZMHHQ5_D6_'I4,1'9!:J:6"O\`
MD4=/$#QWC^-QA]N$E:37$[[5Q$1M?D7=R\^/3_6R>O7]C__:``@!`0,!/R'G
M;+)@$%Y*N")&,Z&:<"F0VS4,"5K?Y?-+RS3)%%?>7,S"K`;%TL=1@O\`Y$!P
M4$)]7,:=JW;W`':@REQ>CICUL-K'@QI^Q;,+1B)U0*AB98'J7`0H;S%1<:4H
M[`,;X(9_I8+`5X`M4Q7S)D="I4M=HGC@/-:6;:QH?)NM0FKE*LT"D3[_`,=M
MJY%$%`MN:1(6U&-L6#W]<V'?IVJL&0XV)X.<23/,AE!4(3X2'T<4#:BJ.L2J
MAE=:VUC19%&Y!+.+U'CX'HIK"D,-.SA):(RT7!"QO6JQ`']?(@(12HDJVI1K
M*D*`(/4A+$DE9;25PF/,`M>C`ZYAQF9)ZY(.81^!6!BS?E`<@FTYCH5'`"%7
MQ=-&5H#[4QRR&U]?F,B]@KP"0>Z6EULS`&-<.VFU.(`SZ`"VTA.C";\EEQ5K
M1G`\).02-=K1<#20^*Y2>>%PY)=+`M/2%%6@#V`9.WR1P]/H#80ZU/W[>OU$
M8MDC!(*WC'.N/6&I,;U;<,7JS.R:GNJ&J=RD_>$HJN;*%MEH9+!V,&4)E90:
MJ3XY8RK&$`T`9"U>51:@O+2@3`HF2+1PL;!;LRTU^P9]+X<C$!;'AL"QOLR=
MA8#`'2S8!XO`-/05ABYZ$]Q\/A`"JM!!\Y2U%T4LWV5Z?__:``@!`@,!/R'_
M``C_V@`(`0,#`3\AZ5/[VN9F^-]&&Y<N9WT.+FX<?70Y]X9OIO\`>-S,QP[Z
M;_>*F)?:^O\`_]H`#`,!`P(1`Q$``!``#(@!;WN"U=[`8UJH@87R8`.-/8`<
M9\``(@#_V@`(`0$#`3\0YJPC"`4/Z29&B&NDX"JFKUF&MR-`VTTI6.U(%H;V
MWWKG3M.\JCYRDI6,2<:&Y]S=`N%;8^#V*I/:2X^GC;?",P*PT>;7U\8N2L#N
M`*"(U5'$90P.M=!B?8F%^3KF'T[WGT\//9>5_P!.SFXQMQ(/+@99"+:&B:+C
M_52!QQ!B3L11O#;81`M;=1S?L`!YK29`JYD5P(`4I0W+!'9"ELX-#+\$M*VT
M9>!PE=`ZI.3B*`1%=I2VP%];4'B8Q]S?80B:%SG>`[Y+*7L:058W%^,9]R*#
MRX,.4(>+DE*\!A-+-5P(9:\#AMH;>^C(:Z3G,!9P"]Y4PT#4!1.^HDS8E51-
MC+]?=9:QTL(;1#WS6-%H`Y$07$]$IP.);T$H4[AKPHBW#`<-#X"$)47$3,T5
M0&@K9U%K968>%F%%VU6H3R!2"&@^T5H6P"H*F5I(NLRZ`!I!$+!<7&ARQK((
M`UMI#5=HVNZ1GF3MX(FM77Z8[E6E,!+ZAC95+XJN#57`SQJ<!+1TT\BJ2()5
M`!F0:D!%,*#:A26,``KQ&X[@.U.P!!<GES8P:[D7JEH(-T7G)21G#2[J0_+;
M;@J^$&``Z#^,5HC^2Z3<4Y-8V3DB.`YEL@8OX5GO<A@R"]S_`/_:``@!`@,!
M/Q#I<OZ[5,37&NA'4J5\S&NCQ4U'C[Z//G!-?G37YQJ8F>#737YQ<S*[5U__
MV@`(`0,#`3\0Z6^)1\(B;Z4!;/H$N-LLH;#9#"N0MJ*V:HH?[-FC$P<(M`AR
M@<Z@/B5*'L]18_(?\E5EIB4T\^OFN!I&&/K/J\P60HT[FNIH5N?P3[*S:439
1VA/DH;;E#1U&LDO%7;T__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g88374smallphone.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88374smallphone.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0A84&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````=0````8``````````````"(````F````"@!S`&T`80!L`&P`<`!H`&\`
M;@!E`````0`````````````````````````!```````````````F````(@``
M```````````````````````````````````````````X0DE-!!073&%Y97(@
M240@1V5N97)A=&]R($)A<V4````$`````CA"24T$#!5.97<@5VEN9&]W<R!4
M:'5M8FYA:6P```2;`````0```"8````B````=```#V@```1_`!@``?_8_^``
M$$I&248``0(!`$@`2```_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`(@`F`P$B``(1
M`0,1`?_=``0``__$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`],S\_'P*1=?N.]PKKK8"
MY[WN^A54QOTGN54]2ZFYNZOICZV\[LBZJN!_*]%V5M6?U3K-.+]8&,RZSZ>)
M3ZF.TN8PO?;NKMOK]>RFJWT*V^A_.^JS[1;^B?\`SBRLOJV+UOJU=MN+8[IF
M%5OO+C796"V_'<;'>B[)QME;&/\`7_2^I]G]1)3L]1ZAU;%8W[9=7C&T.+*L
M.I^3;%?Z2QS;;O2IV-K^GZF*K>!U&QN4S`S+&VOR*_7PLEH#1=6(]1NS\V^C
M>S?L_G*G^I_I%S>?U+`^KF:S&IP\K-RL-A;0;LFTLVO9^C;1C@Y-6WTOT'\Q
M7_,?VT7ZLV])OZI3>T>RVK?TAQ,!@:#7E8#FB-V1A[[/2]3U/U._]'[$E/9I
M)))*?__0]&ZWTQG4^F9&+LK=<^I[:'VM#@Q[FEK7MT=L_KL3]/R\7-HLQQ3Z
M#Z/T63AO`!KD?0+6_HWU6,_F[&?HK&*\LWJO3[['-S^GN%?4<=I%9/T+6?2.
M)D?\$_\`P;_\!9^E8DIY/K72<W-Q\>ND6&[`?;@9.P/>XLK_`$_3;W-H-;W_
M`*+;]/V;\A9W0NFVU9%V'U"QF(<ES;\6C'/J7T9/TJ;\?&Q?M/H5U_I*[?7M
MJWT^EZJZO)R^D=1BQW2;\O->P"RHT.81$_H,C)O%%&UC_P#A'H^/@==],5XH
MP^B8VI%-%7K6#3\YWZ#&:[_K-J2EZ>H]5NZ/>UOI#JF/<,)UAGTC87UU?:0V
M-VWT[O6]+]_]&DK`Z#2WI#NF"^T.<_UG9<CU3=Z@ROM&Z-N[UV[DDE/_T?54
ME\JI)*?JI)?*J22GZJ27RJDDI__9`#A"24T$(1I697)S:6]N(&-O;7!A=&EB
M:6QI='D@:6YF;P````!5`````0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`
M;P!S`&@`;P!P````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@
M`#8`+@`P`````0`X0DE-!`8,2E!%1R!1=6%L:71Y``````<`"`$!``,!`/_B
M#%A)0T-?4%)/1DE,10`!`0``#$A,:6YO`A```&UN=')21T(@6%E:(`?.``(`
M"0`&`#$``&%C<W!-4T94`````$E%0R!S4D="```````````````!``#VU@`!
M`````-,M2%`@(```````````````````````````````````````````````
M````````````````$6-P<G0```%0````,V1E<V,```&$````;'=T<'0```'P
M````%&)K<'0```($````%')865H```(8````%&=865H```(L````%&)865H`
M``)`````%&1M;F0```)4````<&1M9&0```+$````B'9U960```-,````AG9I
M97<```/4````)&QU;6D```/X````%&UE87,```0,````)'1E8V@```0P````
M#')44D,```0\```(#&=44D,```0\```(#&)44D,```0\```(#'1E>'0`````
M0V]P>7)I9VAT("AC*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY``!D
M97-C`````````!)S4D="($E%0S8Q.38V+3(N,0``````````````$G-21T(@
M245#-C$Y-C8M,BXQ````````````````````````````````````````````
M``````````````````````!865H@````````\U$``0````$6S%A96B``````
M````````````````6%E:(````````&^B```X]0```Y!865H@````````8ID`
M`+>%```8VEA96B`````````DH```#X0``+;/9&5S8P`````````6245#(&AT
M='`Z+R]W=W<N:65C+F-H```````````````6245#(&AT='`Z+R]W=W<N:65C
M+F-H````````````````````````````````````````````````````````
M`````&1E<V,`````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L
M;W5R('-P86-E("T@<U)'0@``````````````+DE%0R`V,3DV-BTR+C$@1&5F
M875L="!21T(@8V]L;W5R('-P86-E("T@<U)'0@``````````````````````
M``````!D97-C`````````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@
M:6X@245#-C$Y-C8M,BXQ```````````````L4F5F97)E;F-E(%9I97=I;F<@
M0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0``````````````````````````
M````````=FEE=P``````$Z3^`!1?+@`0SQ0``^W,``03"P`#7)X````!6%E:
M(```````3`E6`%````!7'^=M96%S``````````$`````````````````````
M```"CP````)S:6<@`````$-25"!C=7)V````````!``````%``H`#P`4`!D`
M'@`C`"@`+0`R`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+
M`)``E0":`)\`I`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!
M`0$'`0T!$P$9`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2
M`9H!H0&I`;$!N0'!`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"
M5`)=`F<"<0)Z`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X
M`T,#3P-:`V8#<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$
M501C!'$$?@2,!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66
M!:8%M07%!=4%Y07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'
M&0<K!ST'3P=A!W0'A@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^
M"-((YPC["1`))0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*
MK@K%"MP*\PL+"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`
M#-D,\PT-#28-0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/
M)0]!#UX/>@^6#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J
M$<D1Z!('$B8211)D$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E%`84)Q1)%&H4
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M932>--@U$S5--8<UPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`XC#C(.04Y0CE_
M.;PY^3HV.G0ZLCKO.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@/B`^8#Z@/N`_
M(3]A/Z(_XD`C0&1`ID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.
M11)%546:1=Y&(D9G1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI2?!*-TI]2L1+
M#$M32YI+XDPJ3'),NDT"34I-DTW<3B5.;DZW3P!/24^33]U0)U!Q4+M1!E%0
M49M1YE(Q4GQ2QU,34U]3JE/V5$)4CU3;52A5=57"5@]67%:I5O=71%>25^!8
M+UA]6,M9&EEI6;A:!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=R5X:7FQ>O5\/
M7V%?LV`%8%=@JF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUF
MDF;H9SUGDV?I:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2
M;FMNQ&\>;WAOT7`K<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P=,QU*'6%=>%V
M/G:;=OAW5G>S>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB
M?L)_(W^$?^6`1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'
M.X>?B`2(:8C.B3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&
MD&Z0UI$_D:B2$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229
MD)G\FFB:U9M"FZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&
MHW:CYJ16I,>E.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:Q<K-"M
M1*VXKBVNH:\6KXNP`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.UBK8!MGFV\+=H
MM^"X6;C1N4JYPKH[NK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_UP'#`[,%GP>/"
M7\+;PUC#U,11Q,[%2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+-LNVS#7,M<TU
MS;7.-LZVSS?/N-`YT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95UMC77-?@V&38
MZ-ELV?':=MK[VX#<!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB4^+;XV/CZ^1S
MY/SEA.8-YI;G'^>IZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CP
MY?%R\?_RC/,9\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI
M_;K^2_[<_VW____N`"9!9&]B90!D0`````$#`!4$`P8*#0``````````````
M``````#_VP"$``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$"`@("`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!`0$!`0("`0("
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`__"`!$(`"(`)@,!$0`"$0$#$0'_Q`"A```"`@,````````````````&
M!P`)`@,(`0$!`0```````````````````0(0``,``@,!`0````````````0%
M!@`"0`,'(!01``$$`0,#`@4%``````````,!`@0%!A$2$P`4%2$B,3)"(P<0
M(*%B,Q(!````````````````````0!,!``(!!`,!`````````````0`1(1`@
M,4%`46%Q_]H`#`,!`P(1`Q$```&\@!1;2GMCZ.+Y4&N*$!9=8IS<5NS2:+-$
MZEL2XDY2@-;'N0A"'__:``@!`0`!!0)Z^7SH>U'3=FE"_K%'2AHB.MGE18AJ
M?0&U8LO:M_2(O,G/F94F=49;373534^U5O`;.4=/E\+.$BL`Z*K,CLJ4!Q.[
M%M(4^+T-S^?6#$TD/G__V@`(`0(``04"Y/\`_]H`"`$#``$%`N3_`/_:``@!
M`@(&/P)/_]H`"`$#`@8_`D__V@`(`0$!!C\"9,L%.[GDA@PHD0!)4ZPGR=W;
MP8,42*\\DVQ5T]$1K5<Y4:BJG*#!Y<46B/4E_?T5:T8_J>9*V3?.%L3U5--?
MYT"MU95E,Z8R62/7XE1665W"CK6]W-,*PLNPKV`!#_T4L!/5?:NJHG4;'KN;
M'GFM:YUUB]X`+(@<@K&(%TL#HS7N&.VK$DC>]!_;+'*PC=-"-9U&#<Q"+%H:
M5L^F$Z96P'S["W=)B3[6$MM/KZ^<RIAB2+MYVG&LLB\3VZ/9"ERZ*R+A^.53
MIELXQZ>SKQ$C91CYB33.K3WE&X$6/%(Z4U#O,2(PB(C5TW`JH>.93DEQCT5P
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M'`A(_'R(W:B):C8E6W,ZF['B!ICN3PY+(EA6P$O&!0?+P]I9-D\&W_1%'\/7
M]!9%C91P\KJH[QQ7%1>SNH.[G)C]RUJM<2#)?KQ$^>(9W(SZFN'(+^/+^]R$
M\$#)<!V,3H)`JQI'-J[>ZLQ5E20$:0]S='&*SUW-:Y.DC53<._&U2JO<RNHZ
M=MW8CW#VHI3+XND&??[EVQS)_9W1<59;6[2&E):ER!#C\R^^2W'?)<*3CX>;
MRPFOV[=NQ-O[O__:``@!`0,!/R'K*"&\X<H9%V2MY89HI-A`JZ:12+=D]2I[
MAP0C'(IAN"BU@*T3!&K/EU(5;UQ6"I;/X<]=IK'U_'TN8C##R7?#(TDL4W2M
M%JB]%)5'#D#(5;H=AFP);/7$=%^I0>$FY*O$!N+8X3CA2E<\`A`JPTBE=?A.
MBLS8QW;(%<]E2V@9.V/\HSU,$RZ#E#Y;H/H*+OKR'0(3O2]XYW?_V@`(`0(#
M`3\A\G__V@`(`0,#`3\AW\Q\'__:``P#`0,"$0,1```0)U&38)5P*1``'__:
M``@!`0,!/Q`:+BQVCY-0BL8YTX';@=(2`B`X-:T))5D!3UXDS$Q<I,J+D^F(
M#"C!VC8W'OAWZ)_9'V5%$\6N2+IVS2=N<?Q#ED"<?:&?*.I;`@W:`64T,JGZ
M+Y/&CK4"0>_.E$[]N@#A@/\`)):%U!79@@\#1C.YLQ/K5%R164+L5!J4>]KP
MJBA+029G]E-Q5Y[I$@J;9[MG9&`[O__:``@!`@,!/Q#?Q#P?_]H`"`$#`P$_
G$`N4>X!U$[-`Q*H^RD794M6@TD2H(1?4HOYH/3Q,G>)9^R\WN__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>g88483ingk_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g88483ingk_logo.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_[0RT4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`&0````!``$`9`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````!XX0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO<B!4<F%N<V9E<B!3971T:6YG<P```'```/______________
M______________\#Z`````#_____________________________`^@`````
M_____________________________P/H`````/______________________
M______\#Z```.$))300`"TQA>65R(%-T871E`````@``.$))300"#$QA>65R
M($=R;W5P<P`````"```X0DE-!`@&1W5I9&5S`````!`````!```"0````D``
M````.$))300>#5523"!O=F5R<FED97,````$`````#A"24T$&@93;&EC97,`
M````=0````8``````````````"4```"#````"@!)`$X`1P!?`&L`7P!L`&\`
M9P!O`````0`````````````````````````!``````````````"#````)0``
M```````````````````````````````````````````X0DE-!!073&%Y97(@
M240@1V5N97)A=&]R($)A<V4````$`````CA"24T$#!5.97<@5VEN9&]W<R!4
M:'5M8FYA:6P```CW`````0```'`````@```!4```*@````C;`!@``?_8_^``
M$$I&248``0(!`$@`2```_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`(`!P`P$B``(1
M`0,1`?_=``0`!__$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`])'6>D.$MSL<CQ%K/_)(
MC>H8#L9V6W)J=C,G?>'M-8CZ6ZW=L:O*_P#&7T_!Q_K/C"C'KJ;?12;6L:`'
M'UG5RYK?^#]B]59@X3,<XK,>IN,1!I#&AA'_`!<;$E,:>H]/OL%5&53;8[5K
M&6-<XQKHUKE8)`!),`<E>(=8Z9?TSJF;U+IS!C8N)U*S'HNJV@TVB+Z6;`/9
M5M?LJ_P7^`>O3_J=]:J/K%@$6AM?4<<!N70.#/T;Z9^E1=_X&_\`1)*=5O6>
MD/V;,['=ZA#61:P[BX[6-9[O=N5Q<3TOH_2F?XQ^J;<2D"G$HMJ:&-VLL<1O
MMJ9&VNS]&SWM5/Z_?6+J.3U2KZI]'L-+[G5UY=S20XOO+?2QM[?=74VI[<C*
M>S_!/V?Z9)3V&5]9?J[AWG'RNIXE%P,.KLOK:X'^6US_`&?VU:9GX+S0*\BM
M_P!J#CC[7`^H&#=8:MI_2;&_NK*Z/]2_JYTK"9BUX5-S@!ZMUU;7O>Z/<]V\
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M8V3+/9=7E^ML]5F5;L_1?M+^?];3_P`5O5L>AF?TO(OKJ.]F10QY#7.+V;<K
M;+O?Z3JZ_;^9_P!0E.]]:/KG;]7,VJJ[I[K<2QH<,KU6L!)):ZFOU0UGKL^G
ML?:S]$N@P<W%ZAB59N':V[&O:'UV-,@@_P"ON6'5]9_JUUGJ?['NJ%KM[QBV
M7UL?1<^J6V_9+-UOOK_X1E6__!;U#(Q6?5GJM&;@CTND=3O;CY^(W^;JOM_1
MXO4*&?1H]2[T\;,V>Q_JU7?X))3_`/_07^-'_P`5&%_X7J_\_N7JJ\B^O>9^
MV.OTY?3L?)NQL>FIAM%%HW.;8Z]_IM?6UWM;_P!->FU==Z9;TVSJC'O^R52+
M'.JM:X$1N_0.K]=WTOS:TE.']6\+%SW?6C#S*Q=CW]3N9;6[@@LJ\/<W^2]O
MT%PO5>G=6^I'UAJNQ;"6@E^#D/\`HW5:>MB9.S\YOT+_`/K637_P?8?4GK5#
MNJ=6Q[JK\=_4L^S(PO4IM:+*RSN]U>RIS:\??^E<Q=-USHF%USIMG3\QOL?[
MJ[!].NP?S=]1_?9_T_YM_P"C>DIY;ZI=7Q^M?7'J'4L<%C;^GX^^MW++&NVV
MTD_G['?X1OTUS>.]U?\`C/W91@_M*ULGP>VRO%^E_)?0MG_%[T?J'1_K-U/!
MSZRVRO'9ML`/IV-+_9=2[]RS_P`#_FD;Z_?4[J&3FCK_`$1I?E-##D4L,6%]
M4>AEX^[Z=U;6,8^K\_TJ?2_2)*>[M%CJGBIP986D,>X;@'1[7.9N9O:UWYN]
M<#;];/K?5]:F_5DV8!L=<VH90HMC:ZO[5ZGH_:OI^C_@O4_G?\*M'IG^,CI1
MQQ7UYEO2^HU-B^FRFP-<X:%U'L=8UKO]'=[Z_H+"P,?/Z[_C!K^L&#A9#>EM
MM;8<F^LTMVLQSB;F>KM]7?;]#T?4_P"$]-)3Z54+&U,%K@^P-`>]HV@NCW.:
MS<_8USOS-Z\X_P`:%%9ZOB64EQR'8KQD-8/<VH._0O'#W^JZS(:^NO\`T7J?
MX)=E]:^I9W3>C69&`T_:"]E;;!6;16''WVNIK]S_`&^QG_";%YAUK*ZEF7&Z
M,_-M?NKM.1C>G[&.<<:NO[&RNM]6U_N_PGVJO[3197ZJ2G('H-WG\VTMC94U
MA=O:YT[BYOI[7_H[/3_065?X9)E#+['LR:]M=7TF0"6C])8[=OV>KMK98]]S
M_I^E_P`*M8=&=BXE%]-%YSJVBPO>RW;875T9+**O3.,_%:RN^UEG^$NLJJ].
MVA_JT*H,+(SNH%UN-E8F/8+++',ILM<T-8^Y[6>L&/OW>GZ+/7MW_P">DEK,
MRQBX%&520W,PK0^G:&`AS'_:&G=Z7K>EZ;?3_G_IV?S?HKUCZ\7LM^I69>R?
MTM=3Z8.NYUE3J=O\K?M7F?5>FY-9/3<"G*R*P;6M::;'AECW.K'HGT_TMKZ=
MOJ6,KK_X/?Z%5J[G`JZ]]8\CIV/F=.?TCH72G5VOKO/Z;(NH'ZO6*_I,QJK-
MMCM[?TO_`)[2'__9`#A"24T$(1I697)S:6]N(&-O;7!A=&EB:6QI='D@:6YF
M;P````!5`````0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P
M````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`#8`+@`P````
M`0`X0DE-!`8,2E!%1R!1=6%L:71Y``````<`"`$!``,!`/_B#%A)0T-?4%)/
M1DE,10`!`0``#$A,:6YO`A```&UN=')21T(@6%E:(`?.``(`"0`&`#$``&%C
M<W!-4T94`````$E%0R!S4D="```````````````!``#VU@`!`````-,M2%`@
M(```````````````````````````````````````````````````````````
M````$6-P<G0```%0````,V1E<V,```&$````;'=T<'0```'P````%&)K<'0`
M``($````%')865H```(8````%&=865H```(L````%&)865H```)`````%&1M
M;F0```)4````<&1M9&0```+$````B'9U960```-,````AG9I97<```/4````
M)&QU;6D```/X````%&UE87,```0,````)'1E8V@```0P````#')44D,```0\
M```(#&=44D,```0\```(#&)44D,```0\```(#'1E>'0`````0V]P>7)I9VAT
M("AC*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY``!D97-C````````
M`!)S4D="($E%0S8Q.38V+3(N,0``````````````$G-21T(@245#-C$Y-C8M
M,BXQ````````````````````````````````````````````````````````
M``````````!865H@````````\U$``0````$6S%A96B``````````````````
M````6%E:(````````&^B```X]0```Y!865H@````````8ID``+>%```8VEA9
M6B`````````DH```#X0``+;/9&5S8P`````````6245#(&AT='`Z+R]W=W<N
M:65C+F-H```````````````6245#(&AT='`Z+R]W=W<N:65C+F-H````````
M`````````````````````````````````````````````````````&1E<V,`
M````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P86-E
M("T@<U)'0@``````````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@
M8V]L;W5R('-P86-E("T@<U)'0@````````````````````````````!D97-C
M`````````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y
M-C8M,BXQ```````````````L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET:6]N
M(&EN($E%0S8Q.38V+3(N,0``````````````````````````````````=FEE
M=P``````$Z3^`!1?+@`0SQ0``^W,``03"P`#7)X````!6%E:(```````3`E6
M`%````!7'^=M96%S``````````$````````````````````````"CP````)S
M:6<@`````$-25"!C=7)V````````!``````%``H`#P`4`!D`'@`C`"@`+0`R
M`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+`)``E0":`)\`
MI`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!`0$'`0T!$P$9
M`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2`9H!H0&I`;$!
MN0'!`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"5`)=`F<"<0)Z
M`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X`T,#3P-:`V8#
M<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$501C!'$$?@2,
M!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66!:8%M07%!=4%
MY07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'&0<K!ST'3P=A
M!W0'A@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC["1`)
M)0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP*\PL+
M"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`#-D,\PT-#28-
M0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/>@^6
M#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$<D1Z!('$B82
M11)D$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E%`84)Q1)%&H4BQ2M%,X4\!42
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M-8<UPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`XC#C(.04Y0CE_.;PY^3HV.G0Z
MLCKO.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@/B`^8#Z@/N`_(3]A/Z(_XD`C
M0&1`ID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546:1=Y&
M(D9G1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI2?!*-TI]2L1+#$M32YI+XDPJ
M3'),NDT"34I-DTW<3B5.;DZW3P!/24^33]U0)U!Q4+M1!E%049M1YE(Q4GQ2
MQU,34U]3JE/V5$)4CU3;52A5=57"5@]67%:I5O=71%>25^!8+UA]6,M9&EEI
M6;A:!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=R5X:7FQ>O5\/7V%?LV`%8%=@
MJF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUGDV?I
M:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\>;WAO
MT7`K<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P=,QU*'6%=>%V/G:;=OAW5G>S
M>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB?L)_(W^$?^6`
M1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B`2(:8C.
MB3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&D&Z0UI$_D:B2
M$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB:U9M"
MFZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16I,>E
M.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:Q<K-"M1*VXKBVNH:\6
MKXNP`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.UBK8!MGFV\+=HM^"X6;C1N4JY
MPKH[NK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_UP'#`[,%GP>/"7\+;PUC#U,11
MQ,[%2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+-LNVS#7,M<TUS;7.-LZVSS?/
MN-`YT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95UMC77-?@V&38Z-ELV?':=MK[
MVX#<!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB4^+;XV/CZ^1SY/SEA.8-YI;G
M'^>IZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_RC/,9
M\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI_;K^2_[<_VW_
M___N`"9!9&]B90!D0`````$#`!4$`P8*#0````````````````````#_VP"$
M``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$"
M`@("`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!`0$!`0("`0("`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`__"`!$(
M`"4`@P,!$0`"$0$#$0'_Q`#0```!!`(#`0`````````````)``0'"`4*`0,&
M`@$!`0$```````````````````$"$``!!`(!`P,%`0`````````&`P0%!P$"
M"``5%F`4-A`@$B8W%Q$``00`!0,"`P0$"`\``````@$#!`41$A,4!@`A%3$B
M03(644(C!Q`S)'9A4K1%=;4F%R!QD6*R4Z-49"4UU39&&!(!````````````
M````````8!,!``("`@("`00#`0```````0`1(3$005%Q(/`P89&AL6#!X?'_
MV@`,`P$#`A$#$0```3^"$(0A#0[CM.`$4TP#F7-?)9?LD4`=-%/0>"N`M]R/
MJ5X.2&5+I<X``1-.@A*6XLJ_+8^P64T6"YK_`"C;6YB2""F:V5;BF<LTV26:
MH4W]RY^S(FR?<"-FD%@N8!EN59K=S93F15-;*EP&":*1<^2-<J;>GAI?0H;N
MYH:K8*NE+U++<Q&5_E8%35CL.5<A=FJFK(!&)))G$V";G__:``@!`0`!!0+[
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M+-`ZW43;-BPV)G6-M'P_PGC7JUUK[D!BL,Q55:7*FQL5*:V(!3MGBQHE-Y,X
M9&(P;%*33L0PBQ\AL='7+H31K%-;]>Z__]H`"`$"``$%`O2O_]H`"`$#``$%
M`O2O_]H`"`$"`@8_`BO_V@`(`0,"!C\"*__:``@!`0$&/P+_``T)]YID57!%
M=<%M%7UP135._2N$0B")F4R)$%!^U27LB?IO9T;D3K%=%L7XU03EI)V\%]9Q
M5]/`J^,QFBF3?,UJ@\[*$!RD9*18-*)Q;U[DCDW_`)J,>^"/8R-FY-:DQ=6L
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M-36;.'.F5\AF0C3S(/MOPGF3S-B^6`EF!5]17J=RFSG6EI<1.0657"=E6=B4
M:+&C1&6#RPEEE%=<D;L\2<$\O;+AABH<+X=[^3RD8WLT6Q?*L28@[6)$9,2%
MVSE"8EBJ*C8$F"*1>QNS_,BQN.3\EFM"[-U;64D>$9^]8S;X.;N2;2E@1DYD
M)?E%.K>QX%R*^'C)QM/D7%9,YR0P,`B1'943T$F6NVH)#J(WF74RXCU7RU55
M65"BR<51!5==@',5$?:BKF^'7(I;0D;D6BMY+8`HB9FQ7R'!$"-4`2(A[8]N
MI5;FI6Y3L^EY-4[NK>F/K8\6&4<=J/W;EINY61'S@!(E:>J(AE)PVV*R4SQ[
M>VEM(YE<MPXCT&PAVDZ/.:2MGD+F\?*O=L7-+R`,/!DTQ1QG(1S*0^[G';>0
MRA:[3HJQ8*<P-(0]P,ZRN8+W0EQP7[)7";N;63Y)(W)?HV[<&+=K3%'6I&VB
MRF[!H4`\<<,JBO?LO3O+?RU2659$!'N6</E2GIL>WJX_N?GUKD@G'HUQ`9S&
MGNP,>W^8YG\E[/HWZ\SZ19?IW6V^OF]-SN/9H_/G[>O7$_Z&F_RU.N"?N;QC
M^I(/7Y+"2(0ER2X145,45%A0T5%1?5%Z/E''F"^EK!_&0PTA+X&>\?ZI<$]E
M;)<5-$ON&NG_`!,S/#>2RO[0PF4&JG/G[[N$P'=ITU^>SAMCW55S/A[NY":K
M:_OE>_Z$#JGM)ZZZV7*IES[L23.QN[.&(H>54;8-@$!,$RH*=OT3^/\`)G;:
M(LAB1#F0;#CEY'W$1]'8KV".0VR<C/CF1#'L2>B]-'QANP2G@,QHD-V75V4"
M.XPTVK+0PG[!EO?`P#.4B`CRK\W=>IT!S#)-B28AY@!P<DEDV2Q;<0FS3`_1
M45%ZU8)38%S2R9X'-B">ZB3(K)MOL&UGT@;:-EX3+''152(?NK)M[.3+L;"<
M>[EV-@+S3!QEE%%%UMP'!78:@HUV;%MKY4R('3Q\-NI\)^:C(S`1EF2,MPLW
MO<KY#<Z.\33IJ#9JBN*IIA@IY>AY.5I)7D<>XG6X62>."2<J'%9ENN"1V,25
MD!H$4A"*0Y<$Q+LV-'R$6Q%+>N:=D,_,VW*3%B?'3'',VU+;<!,?5$Z\;C^'
M_?)_<MCG_P#4/J7ZMV^;7_WOMD^;[N/PZXG_`$--_EJ=<$_<WC']20>OR5_>
M6W_D<+J76V,9J9`G,.1I<5X<S3S#HY3`D_A1?5.Z?#IB96NRO#/R]YQRX:(@
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MN939#5!3=:D=OPRRCV^R=`E/2H$N<_&,X<MF4`'%$&IFZ?!)>?NV:.MJL-S.
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M+R1U7AK*@'9X/[>ZV`YQNV5<=T<WCBP%_%&M%,ZIA7[ZRFE(^HDUQ.EJ@@+)
MWWXZ,F%^Y"$-;]6J"K6.'W>HB3YUKH[*@T#2JCZZ'X>/M"!M+G(M=XM"TD4D
M;R$.DN4<"':65RMILKO:YJ2M$MUX2PT5:5SD!MZHE@K2?$L$14[+UC96,H(7
MF>19!K*6O=C#;^6D^920Y'OFH1S]YCW$4<VVCC^%H=4"\KLOS'F\;WO[*%A1
MPZSB23L_[23SL?D-NZ4;/CJI'!'/XRX8]?S-_P!&_P""_P#'O^S?['K_V@`(
M`0$#`3\A^>+@+U6D;0U*"?T.+6`IW=<*`J@!:N`#:O00-:@)$;E6XX0-$L&2
M_P!O%NGK(L\2*AW0-%D0P)$\"Y6,<@,^U"!G05/-2BH:N1<E"`6A/<W$!J+@
M[A1G?6YH40&\J6O@+A4@?RSJ"9#NJ@7.3?ME1QFE%-RVZ1-(U"/;ML%EZ=:"
MMJECO6J,#F\I^F8IN\GGG0]51AY6MEM3XYLJG7I49%S[7\HDP.H%WX]1RTB8
M';4KJI0&"<WD50D33G-VX%QI$9LJYXI;E\6166)(&,#\64U>X;=FV@!63!B+
M8J"AE]\1K_QJZ<P\@P0O6Y,`-(Q\\&@LWA84U8UG->2L!04W8W"WX"+;YCJT
M2`L8H2E5Q1PC)R;DE.Y`$^$OAWT%`%1=9%[V(B;K,L(DL6:KSG"TEAK1+)N)
M[Y."GLIO0Q)Y0>`':<F,;+[^0QK:-CH"V5>@MY=[AE`V3[+-TWN^QRAY&4V6
MN'=%K7@N7)@Y%7X0PD$RA!E&ULDF;C`T=(E>.J@"](`-K$I63L<=:0`WR51U
MWEW.%-&PJ'`5'7=3%4#JWF#35(0:HE9!/:W"UD<]LVX(#`-I=>Z:BO!(PP9V
MWPV.AYB+*Y4/[*7R>/2MLM">RP2S>E8,X=($HY#(7<%`*"[/WOU0_P"++XM^
MRE:I!;@^9(U,=F<T1A9*ZW"O'P@2P@G`6UE[>&H0:C#JCL*%<1`^)I`#.47<
M!X9`T0069ZD"5<H`4;[Q'&X8B\V3=3L08=G_``D^S@1DGW)M=^M\YQ0UM#3;
MYAKYK$)9=[G6RZO16MC)7CF1;O9!5*0!X;@)HW(:`8VB"1`?"0*XVFQIKI!+
M):@EHK&W`\"?_]H`"`$"`P$_(?\`%?_:``@!`P,!/R'\>IOBN2,(G#`EP>6$
M>-\'!W!B1G7%?A.#O@S&;.#BOB[X(PX(PN-3U\\\?__:``P#`0,"$0,1```0
M```$`!,U!V1;:AI9=-1>@1A5-)JD0%)IW=*TJ])I!AO_V@`(`0$#`3\0^?;$
MS34(^T5H7J+;-OG"^"H`S?")G(`"T*`%JZX<C=,I):/"%P49,L`;R2!$?1]C
MJIH14=B?E_A@!O)(#<4P1^C6@Q"`'@][@,TO2.&];VY?;E]`4'M"(X%[_@0I
M19&2<JEW4?5#$'HRF9'3O8/\`V@Q`D_F202HO742M'^#KWR3@0YN'ORD;3L!
MBKVA998A99M6E%-S4DTBUA7-8!$60KP=\A7Q(+!K2&Q/K'(*+L^8O+7ZXHUI
M([<NBS&1H>]9&+OT#1AY/%280/0Z^RR782+,^IQ);V/F0]Z-M'[6250"(TR[
MVC2(4?$;2L@Z@2X9I@M"(.$3QV7"!-+0F@2!,3.2?O`^OQJHS!6)VDWYE%(F
M`J0?,*YY91DH1&Y&OCHLN\T4%<#SY`Y5RG?:RUNBB69HD(4.:P+0ME;C(9L%
M#1->>GFL82L!_%X<E?R>]$>%R"PP;*$7JSS*<>@J?%DH/"((O-M'&B5:MX`T
MY1$^@B(`%X`@?Y*GDP@5CS0PB4O#&HA14W#&3<0%)?Y*)"K6X+JE-A#N2<K5
M9KW<0@2%!^F\6,0_*I(]I-QOSJQR>5Q0I"_]R0A0$8-#[9$))=PR49BZ@E@_
MG-Y?%D>1])JM]F?L,^U11<GCI!0K@C2L_P!<`F3EA=Z"VRD`LH31/!)3VC#M
M-X-@O*[RIO1#RB!7^4B2,4\I)$]&Q"RVHJ./YD7U-EN8!Z";$160`+O&YL2<
M`S?<3M']^[-QO_`N.JZ-,4P)E`&[>ETMDG4E#1',0$CWU2J+8K$N?M^6D51M
MC^=#]-;"M<&GQW*EYB0;!"1W_]H`"`$"`P$_$/Q[FN+Y81@\$65YB<D8<:X>
M'J)!A.^+_"\/7#B&IIX>+^)KAA'AA&H7/?SQQ__:``@!`P,!/Q#\9@8F,*FH
M6[B(T\9C<64CO#.X@U'UU+,NH^.H"Y,QALX#,.;A9DEZ.Y3XFK';[FD68=RK
M)J;1QP%LB(YWQOU,$0=RC742E)?]7-6.WW-."I-^35CM]P3ZG]2\6<BZ$Q_J
A4K$I;6Y2F>I:RMS>>*>3<-0[;W"J+C=,-QA':JN9G__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
