<SEC-DOCUMENT>0001145443-11-000427.txt : 20110909
<SEC-HEADER>0001145443-11-000427.hdr.sgml : 20110909

<ACCEPTANCE-DATETIME>20110427161504

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001145443-11-000427

CONFORMED SUBMISSION TYPE:	POS 8C

PUBLIC DOCUMENT COUNT:		12

FILED AS OF DATE:		20110427

DATE AS OF CHANGE:		20110630


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ING PRIME RATE TRUST

		CENTRAL INDEX KEY:			0000826020

		IRS NUMBER:				956874587

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0228



	FILING VALUES:

		FORM TYPE:		POS 8C

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-161327

		FILM NUMBER:		11783819



	BUSINESS ADDRESS:	

		STREET 1:		ING PRIME RATE TRUST

		STREET 2:		7337 E. DOUBLETREE RANCH ROAD

		CITY:			SCOTTSDALE

		STATE:			AZ

		ZIP:			85258

		BUSINESS PHONE:		4804773000



	MAIL ADDRESS:	

		STREET 1:		ING PRIME RATE TRUST

		STREET 2:		7337 E. DOUBLETREE RANCH ROAD

		CITY:			SCOTTSDALE

		STATE:			AZ

		ZIP:			85258



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PILGRIM AMERICA PRIME RATE TRUST

		DATE OF NAME CHANGE:	19960518



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST/

		DATE OF NAME CHANGE:	19960518



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST

		DATE OF NAME CHANGE:	19920703




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ING PRIME RATE TRUST

		CENTRAL INDEX KEY:			0000826020

		IRS NUMBER:				956874587

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0228



	FILING VALUES:

		FORM TYPE:		POS 8C

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-05410

		FILM NUMBER:		11783820



	BUSINESS ADDRESS:	

		STREET 1:		ING PRIME RATE TRUST

		STREET 2:		7337 E. DOUBLETREE RANCH ROAD

		CITY:			SCOTTSDALE

		STATE:			AZ

		ZIP:			85258

		BUSINESS PHONE:		4804773000



	MAIL ADDRESS:	

		STREET 1:		ING PRIME RATE TRUST

		STREET 2:		7337 E. DOUBLETREE RANCH ROAD

		CITY:			SCOTTSDALE

		STATE:			AZ

		ZIP:			85258



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PILGRIM AMERICA PRIME RATE TRUST

		DATE OF NAME CHANGE:	19960518



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST/

		DATE OF NAME CHANGE:	19960518



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PILGRIM PRIME RATE TRUST

		DATE OF NAME CHANGE:	19920703



</SEC-HEADER>

<DOCUMENT>
<TYPE>POS 8C
<SEQUENCE>1
<FILENAME>d28142.htm
<DESCRIPTION>POS 8C
<TEXT>
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<P style="margin:0px" align=right>As filed with the Securities and Exchange Commission on April 27, 2011</P>
<P style="margin:0px" align=right>Securities Act File No. 333-161327</P>
<P style="margin:0px" align=right>Investment Company Act File No. 811-05410 </P>
<P style="margin:0px; padding-bottom:4px; border-bottom:3px double #000000"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center>______________</P>
<P style="line-height:16pt; margin-top:0px; margin-bottom:18.667px; font-size:14pt" align=center><B>FORM N-2</B></P>
<P style="margin-top:0px; margin-bottom:18.667px" align=center><B>(Check Appropriate box or boxes)</B></P>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD WIDTH="99%" NOWRAP></TD><TD WIDTH="1%" NOWRAP></TD></TR>
<TR><TD VALIGN="top" WIDTH="99%" NOWRAP><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Registration Statement Under The Securities Act Of 1933</P>
</TD><TD VALIGN="top" WIDTH="1%" NOWRAP><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-family:Wingdings; font-size:12pt" align=right>x</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="99%" NOWRAP><P style="margin-top:0px; margin-bottom:16px" align=center>Pre-Effective Amendment No. </P>
</TD><TD VALIGN="top" WIDTH="1%" NOWRAP><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-family:Wingdings; font-size:12pt" align=right>o</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="99%" NOWRAP><P style="margin-top:0px; margin-bottom:13.333px" align=center>Post-Effective Amendment No. 3</P>
</TD><TD VALIGN="top" WIDTH="1%" NOWRAP><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-family:Wingdings; font-size:12pt" align=right>x</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="99%" NOWRAP><P style="margin-top:0px; margin-bottom:13.333px" align=center>and/or </P>
</TD><TD VALIGN="top" WIDTH="1%" NOWRAP><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="99%" NOWRAP><P style="line-height:14pt; margin-top:0px; margin-bottom:13.333px; font-size:12pt" align=center>Registration Statement Under The Investment Company Act Of 1940</P>
</TD><TD VALIGN="top" WIDTH="1%" NOWRAP><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-family:Wingdings; font-size:12pt" align=right>x</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="99%" NOWRAP><P style="margin-top:0px; margin-bottom:16px" align=center>Amendment No. 86<BR>
(Check appropriate box or boxes)</P>
</TD><TD VALIGN="top" WIDTH="1%" NOWRAP><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-family:Wingdings; font-size:12pt" align=right>x</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17pt; margin:0px; font-size:15pt" align=center><B>ING PRIME RATE TRUST</B></P>
<P style="line-height:normal; margin:0px; font-size:12pt" align=center>&nbsp;<FONT style="font-size:10pt">(Exact Name of Registrant Specified in Charter)</FONT></P>
<P style="margin:0px" align=center>7337 E. Doubletree Ranch Road, Suite 100</P>
<P style="margin:0px" align=center>Scottsdale, AZ 85258</P>
<P style="margin:0px" align=center>(Address of Principal Executive Offices)</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center>Registrant's Telephone Number, Including Area Code: &nbsp;(800) 992-0180</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD WIDTH="50%" NOWRAP></TD><TD WIDTH="50%" NOWRAP></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%" NOWRAP><P style="margin:0px" align=center>Huey P. Falgout, Jr.</P>
<P style="margin:0px" align=center>ING Investments, LLC</P>
<P style="margin:0px" align=center>7337 East Doubletree Ranch Road, Suite 100</P>
<P style="margin:0px" align=center>Scottsdale, AZ 85258</P>
<P style="margin:0px" align=center>(Name and Address of Agent for Service)</P>
</TD><TD VALIGN="top" WIDTH="50%" NOWRAP><P style="margin:0px" align=center>With copies to:</P>
<P style="margin:0px" align=center>Jeffrey S. Puretz, Esq.</P>
<P style="margin:0px" align=center>Dechert LLP</P>
<P style="margin:0px" align=center>1775 I Street, NW</P>
<P style="margin:0px" align=center>Washington, DC &nbsp;20006</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:13.333px" align=center>________________________</P>
<P style="margin:0px"><U>Approximate Date of Proposed Offering: </U></P>
<P style="margin:0px">As soon as practical after the effective date of this Registration Statement</P>
<P style="margin:0px"><BR></P>
<P style="line-height:normal; margin:0px">If any securities being registered on this form will be offered on a delayed or continuous basis
in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box.
&nbsp;<FONT style="font-family:Wingdings; font-size:12pt">x</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">It is proposed that this filing will become effective:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12pt; margin:0px; padding-bottom:4px; font-family:Wingdings; font-size:12pt; border-bottom:0px double #000000">x <FONT style="font-family:Times New Roman; font-size:10pt">When
declared effective pursuant to Section 8(c) of the Securities Act of 1933.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<DIV style="width:100%"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING PRIME RATE TRUST </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>(&#147;Registrant&#148;)</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>5,000,000 Common Shares </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>CONTENTS OF REGISTRATION STATEMENT</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">This Registration Statement consists of the following papers and documents:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">*</P>
<P style="line-height:14pt; margin:0px; text-indent:61.067px; font-size:12pt">Cover Sheet</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">*</P>
<P style="line-height:14pt; margin:0px; text-indent:61.067px; font-size:12pt">Contents of Registration Statement</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-60px; font-size:12pt">*</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt">ING Prime Rate Trust 5,000,000 Common Shares Prospectus dated June 30, 2011</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-60px; font-size:12pt">*</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt">ING Prime Rate Trust 5,000,000 and 25,000,000 Statement of Additional Information dated June 30, 2011</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-60px; font-size:12pt">*</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt">Part C</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">*</P>
<P style="line-height:14pt; margin:0px; text-indent:61.067px; font-size:12pt">Signature Page</P>
<P style="margin:0px"></P>

<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center></P>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
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<PAGE>
<table cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;"><tr><td style="font-family: Arial;font-weight: Bold;font-size: 29pt;line-height: 32pt;text-align: left;">Prospectus</td><td style="font-family: Arial;font-weight: Bold;font-size: 12.2pt;line-height: 14.2pt;text-align: right;">June
30, 2011</td></tr><tr><td colspan="2"><div style="background-color:black; width: 100%; height:4%;"></div><br ></td></tr><tr height="7%" style="background-color: gray; width: 100%; "><td colspan="2"></td></tr></table>    <UL><LI style="font-family: Arial; font-weight: bold; font-size: 10.2pt;line-height: 12.2pt; text-align: left;display:block;">ING Prime
Rate Trust<br >5,000,000 Common Shares<font style="font-family:Arial;font-weight:normal;font-size:8pt;line-height:10pt;text-align:left;display: block;padding-left:45pt;">XPPRX</font></LI></UL>    <div style="font-family: Arial;font-weight: normal;font-size: 9.2pt;line-height: 11pt;text-align: left;display: block;border:solid 1px Black;margin-top: 100pt;margin-bottom:20pt;padding-left:10pt;padding-right:10pt;">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. The
Trust has filed with the U.S.Securities and Exchange Commission
(&ldquo;SEC&rdquo;) a Statement of Additional Information
(&ldquo;SAI&rdquo;) dated June 30,
2011 containing additional
information about the Trust. The SAI is incorporated by reference in
its entirety into this Prospectus. You may obtain a free copy of the
SAI, annual shareholder report, and unaudited semi-annual shareholder
report by contacting the Trust at 1-800-336-3436 or by writing to the
Trust at 7337 East Doubletree Ranch Road, Suite
100, Scottsdale, Arizona 85258. The Trust&#8217;s SAI,
annual shareholder report, and unaudited semi-annual shareholder report
are also available free of charge on the Trust&#8217;s website at
www.ingfunds.com. The Prospectus, SAI, and other information about the
Trust are also available on the SEC&#8217;s website (www.sec.gov). The
table of contents for the SAI 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&#8217;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.</div> <table id="newcoverlogo" width="100%" style="padding-top:40px;"><tr><td colspan="2" align="left" style="font-family: Arial; font-weight: normal; font-size: 9pt;line-height: 11pt;padding-bottom:30px;"></td></tr><tr><td style="font-family: Arial; text-transform: uppercase; font-weight: bold; font-size: 12pt;" valign="bottom">
            INVESTMENTS</td><td align="right"><img src="ingk_logo.jpg"></td></tr><tr><td colspan="2"><div style="background-color: black; width: 100%; height: 1%;"></div></td></tr></table> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/></div>
<!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/></div>
<a name="TOC1"></a><table align="center" width="100%" style="background-color: #DCDDDF;border-collapse:collapse;"><tr>
        <td style="font-family: Arial; font-size: 12pt; line-height: 15pt; font-weight: bold;border-bottom: solid 1px Black;border-top: solid 1px Black;padding: 5pt 5pt 5pt 5pt; text-align: center;">Table of Contents</td></tr></table><div style="position:relative;margin-top:40pt;"> <table ID="TOCTable1" style="font-family:Arial;font-size:11pt;line-height:13pt;width:100%;text-align:left" align="center" width="90%"><tr><td style="font-weight: bold;">PROSPECTUS
SYNOPSIS<br ></td></tr><tr><td style="font-weight: bold;"><A href="#link-6fe34c63-1"><font style="cursor:hand;float:left;color:Black;">ING
Prime Rate Trust
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">1</td></tr><tr><td style="font-weight: bold;"><A href="#link-c130fdb5-18"><font style="cursor:hand;float:left;color:Black;">WHAT YOU PAY TO INVEST - TRUST
EXPENSES</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">5</td></tr><tr><td style="font-weight: bold;"><A href="#link-5dadcd19-20"><font style="cursor:hand;float:left;color:Black;">FINANCIAL
HIGHLIGHTS</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">6</td></tr><tr><td style="font-weight: bold;"><A href="#link-ff1f7a0c-21"><font style="cursor:hand;float:left;color:Black;">TRADING AND NAV
INFORMATION</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">9</td></tr><tr><td style="font-weight: bold;"><A href="#link-86e5908f-22"><font style="cursor:hand;float:left;color:Black;">INVESTMENT OBJECTIVE AND
POLICIES</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">10</td></tr><tr><td style="font-weight: bold;"><A href="#link-9639139a-28"><font style="cursor:hand;float:left;color:Black;">THE TRUST&#8217;S
INVESTMENTS</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">13</td></tr><tr><td style="font-weight: bold;"><A href="#link-5e8c1759-31"><font style="cursor:hand;float:left;color:Black;">RISK FACTORS AND SPECIAL
CONSIDERATIONS
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">15</td></tr><tr><td style="font-weight: bold;"><A href="#link-9b52dcc6-34"><font style="cursor:hand;float:left;color:Black;">HOW SHARES ARE
PRICED
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">21</td></tr><tr><td style="font-weight: bold;"><A href="#link-74f070aa-37"><font style="cursor:hand;float:left;color:Black;">ACCOUNT
POLICIES
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">23</td></tr><tr><td style="padding-left:10pt;"><A href="#link-86ebd559-38"><font style="cursor:hand;float:left;color:Black;">Account Access

</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">23</td></tr><tr><td style="padding-left:10pt;"><A href="#link-45560c03-39"><font style="cursor:hand;float:left;color:Black;">Privacy
Policy
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">23</td></tr><tr><td style="padding-left:10pt;"><A href="#link-0d25eae8-40"><font style="cursor:hand;float:left;color:Black;">Householding
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">23</td></tr><tr><td style="font-weight: bold;"><A href="#link-812e5233-41"><font style="cursor:hand;float:left;color:Black;">INVESTMENT MANAGEMENT AND OTHER SERVICE
PROVIDERS
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">24</td></tr><tr><td style="padding-left:10pt;"><A href="#link-dcf70ffd-42"><font style="cursor:hand;float:left;color:Black;">The Investment
Adviser
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">24</td></tr><tr><td style="padding-left:10pt;"><A href="#link-6037f710-44"><font style="cursor:hand;float:left;color:Black;">The Sub-Adviser and Portfolio
Managers
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">25</td></tr><tr><td style="padding-left:10pt;"><A href="#link-d87a31cf-47"><font style="cursor:hand;float:left;color:Black;">The
Administrator
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">25</td></tr><tr><td style="padding-left:10pt;"><A href="#link-83d3462d-48"><font style="cursor:hand;float:left;color:Black;">The Transfer Agent, Dividend Disbursing Agent, and
Registrar
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">25</td></tr><tr><td style="padding-left:10pt;"><A href="#link-6d4010a7-49"><font style="cursor:hand;float:left;color:Black;">The
Custodian
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">26</td></tr><tr><td style="padding-left:10pt;"><A href="#link-43f6aed4-50"><font style="cursor:hand;float:left;color:Black;">The
Distributor</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">26</td></tr><tr><td style="font-weight: bold;"><A href="#link-bf1187b1-51"><font style="cursor:hand;float:left;color:Black;">DIVIDENDS AND
DISTRIBUTIONS</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">27</td></tr><tr><td style="font-weight: bold;"><A href="#link-bd9e027e-54"><font style="cursor:hand;float:left;color:Black;">PLAN OF
DISTRIBUTION</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">28</td></tr><tr><td style="font-weight: bold;"><A href="#link-43649fc8-58"><font style="cursor:hand;float:left;color:Black;">DESCRIPTION OF THE
TRUST</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">30</td></tr><tr><td style="font-weight: bold;"><A href="#link-1e49baf4-62"><font style="cursor:hand;float:left;color:Black;">DESCRIPTION
OF THE CAPITAL
STRUCTURE</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">33</td></tr><tr><td style="font-weight: bold;"><A href="#link-16aa3c92-66"><font style="cursor:hand;float:left;color:Black;">TAX
MATTERS
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">35</td></tr><tr><td style="font-weight: bold;"><A href="#link-b785156b-67"><font style="cursor:hand;float:left;color:Black;">MORE INFORMATION ABOUT THE
TRUST
</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">36</td></tr><tr><td style="font-weight: bold;"><A href="#link-bb0e0475-71"><font style="cursor:hand;float:left;color:Black;">STATEMENT OF ADDITIONAL INFORMATION - Table of
Contents</font></A><hr noshade="noshade" style="border:dotted medium Black;margin-top:2pt;" ></td><td align="right">37</td></tr></table> </div><font style="width:100%;float:none;clear:both;"></font>
<!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-6fe34c63-1"></a><font style="font-family: Arial;font-weight: Bold;font-size: 18.2pt;line-height: 20pt;text-align: left;">ING
Prime Rate Trust </font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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> <p><a name="link-52e1d426-2"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">DESCRIPTION OF THE
TRUST</font></p><p><a name="link-b0f09b76-3"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">The
Trust</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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 15, 2011, the Trust&#8217;s
net asset value (&ldquo;NAV&rdquo;) per Common Share was &#36;[
].</font></p> <p> <a name="link-9567f92c-4"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">NYSE
Listed</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">As
of June 15, 2011, the Trust had [ ] Common Shares outstanding, which
are traded on the NYSE under the symbol PPR. At that date, the last
reported sales price of a Common Share of the Trust was &#36;[
].</font></p> <p> <a name="link-a99acf02-5"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Investment
Objective</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">To provide investors with as
high a level of current income as is consistent with the preservation
of capital. There is no assurance that the Trust will achieve its
investment objective.</font></p><p>
<a name="link-38c2ce7c-6"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Adviser/Sub-Adviser</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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, 2011, ING
Investments managed approximately &#36;[ ] billion in
assets.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 N.V.
(&ldquo;ING
Groep&rdquo;) (NYSE:ING). ING Groep
is a global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services to over 85 million
private, corporate and institutional clients in more than 40 countries.
With a diverse workforce of about 105,000 people, ING Groep is
dedicated to setting the standard in helping its clients manage their
financial future. ING Investments became an investment management firm
in April
1995.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING
Groep has adopted a formal restructuring plan that was approved by the
European Commission in November 2009 under which the ING life insurance
businesses, including the retirement services and investment management
businesses, which include the Adviser and its affiliates, would be
divested by ING Groep by the end of 2013. To achieve this goal, ING
Groep announced in November 2010 that it plans to pursue two separate
initial public offerings: one a U.S. focused offering that would
include U.S. based insurance, retirement services, and investment
management operations: and the other a European based offering for
European and Asian based insurance and investment management
operations. There can be no assurance that the restructuring plan will
be carried out through two offerings or at
all.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The
restructuring plan and the uncertainty about its implementation,
whether implemented through the planned initial public offerings or
through other means, in whole or in part, may be disruptive to the
businesses of ING entities, including the ING entities that service the
Trust, and may cause, among other things, interruption or reduction of
business and services, diversion of management&#8217;s attention from
day-to-day operations, and loss of key employees or customers. A
failure to complete the offerings or other means of implementation on
favorable terms could have a material adverse impact on the operations
of the businesses subject to the restructuring plan. The restructuring
plan may result in the Adviser&#8217;s loss of access to services and
resources of ING Groep, which could adversely affect its businesses and
profitability. In addition, the divestment of ING businesses, including
the Adviser, may potentially be deemed a &ldquo;change of
control&rdquo; of the entity. A change of control would result in
the termination of the Trust&#8217;s advisory and sub-advisory agreements,
which would trigger the necessity for new agreements that would require
approval of the Trust&#8217;s Board, and may trigger the need for shareholder
approval. Currently, the Adviser does not anticipate that the
restructuring will have a material adverse impact on the Trust or its
operations and
administration.</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Adviser
receives an annual fee, payable monthly, in an amount equal to 0.80% of
the Trust&#8217;s average daily gross asset value, minus the sum of the
Trust&#8217;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&#8217;s use of
leverage.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING Investment Management
Co. (&ldquo;ING IM&rdquo; or &ldquo;Sub-Adviser&rdquo;)
serves as sub-adviser to the Trust. ING IM is an affiliate of the
Adviser.</font></p><p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">See &ldquo;Investment
Management and Other Service Providers &#8212; Sub-Adviser&rdquo;
later in this Prospectus.</font></p><p>
<a name="link-915b77f8-7"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Distributions</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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&#8217;s Shareholder
Reinvestment
Program.</font></p> <p> <a name="link-6f43807e-8"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Principal Investment
Strategies</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Trust seeks to achieve
its investment objective by investing, under normal market conditions,
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&#8217; prior notice of any
change in this investment policy. Under normal market conditions, the
Trust invests at least 80% of its assets <br ><br ><br ></font><table width="100%"><tr><td style="font-family:Arial;font-size:9pt;line-height:11pt;width:50%;" align="left">ING
Prime Rate Trust </td><td style="font-family:Arial;font-size:10pt;line-height:12pt;width:50%;" align="left">1</td></tr></table><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><br >
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: 10pt;line-height: 12pt;text-align: left;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 that the Adviser or Sub-Adviser believes
justify treatment as senior debt. These Senior Loans are typically
below investment-grade quality.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;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 from large, well established and highly
rated counterparties.</font></p><p> <a name="link-5014f35b-9"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Other
Investment Strategies and
Policies</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Normally at least 80% of the
Trust&#8217;s portfolio will be invested in Senior Loans with maturities of
one to ten years. The maximum maturity on any loan in which the Trust
may invest is ten years.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">To seek to
increase the yield on the Common Shares, the Trust may engage in
lending its portfolio securities. Such lending will be fully secured by
investment-grade collateral held by an independent
agent.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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 or located in countries outside the United
States and outside 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.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Trust may engage in
executing repurchase and reverse repurchase
agreements.</font></p><p>
<a name="link-9a4bd4f4-10"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Leverage</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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.</font></p><p><a name="link-e12bd130-11"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Borrowings</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;s obligations
to holders of its debt are senior to its ability to pay dividends on,
or repurchase, Common Shares and preferred shares, or to pay holders of
Common Shares and preferred shares in the event of
liquidation.</font></p><p> <a name="link-901ccf2d-12"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Preferred
Shares</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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&#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.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The
Trust is authorized to issue an unlimited number of shares of a class
of preferred stock in one or more series
(&ldquo;Preferred
Shares&rdquo;).
In November 2000, the Trust issued 3,600 shares each of Series
M, T, W, Th, and F Preferred Shares for a total issuance of &#36;450
million.. These Auction Rate Cumulative Preferred Shares had a &#36;0.01
par value and &#36;25,000 liquidation preference per share. The Trust&#8217;s
obligations to holders of the Preferred Shares are senior to its
ability to pay dividends on, or repurchase, Common Shares, or to pay
holders of Common Shares in the event of
liquidation.</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The 1940 Act
also requires that the holders of the Preferred Shares, voting as a
separate class, have the right
to:</font></p><UL><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">elect
at least two trustees at all times;
and</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">elect
a majority of the trustees at any time when dividends on any series of
Preferred Shares are unpaid for two full
years.</LI></UL><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">In each case, the holders of
Common Shares voting separately as a class will elect the remaining
trustees.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 <em>pro rata</em> 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. While it is possible that the dividend rate for the
Preferred Shares will be set by means of an auction at some future
time, <br ><br ><br ></font><table width="100%"><tr><td style="font-family:Arial;font-size:10pt;line-height:12pt;width:50%;" align="right">2</td><td style="font-family:Arial;font-size:9pt;line-height:11pt;width:50%;" align="right">ING
Prime Rate Trust </td></tr></table><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><br >
there is no current expectation that this will
be the case. On June 9, 2008, the Trust announced the approval by the
Board of a partial redemption of its outstanding Preferred Shares.
Since June 9, 2008, the Trust has announced the approval by the Board
of a number of partial redemptions of its outstanding Preferred Shares.
As of June 30, 2011, pursuant to these partial redemptions, the Trust
has redeemed &#36;375 million of its previously outstanding Preferred
Shares and has &#36;75 million of Preferred Shares still outstanding. The
Preferred Shares were redeemed using proceeds available through the
Trust&#8217;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 will continue to 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&#8217;s leverage or its benefits from leverage will
diminish.
</font></p> <p><a name="link-5dd93d43-13"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Diversification</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The
Trust maintains a diversified investment portfolio through an
investment strategy which seeks to limit exposure to any one issuer or
industry.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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 make payment of scheduled principal or interest, the Trust will also
separately meet the foregoing requirements and consider each
interpositioned bank (a lender from which the Trust acquires a loan) to
be an issuer of the loan. This investment strategy is a fundamental
policy that may not be changed without shareholder approval. With
respect to no more than 25% of its total assets, the Trust may make
investments that are not subject to the foregoing
restrictions.</font></p><p>
<a name="link-f16a5db1-14"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Concentration</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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.</font></p><p>
<a name="link-f55b3988-15"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Plan of
Distribution</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Common Shares are
offered by the Trust through the Trust&#8217;s Shareholder
Reinvestment Program. The
Shareholder Reinvestment
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
Investments Distributor, LLC
(&ldquo;Distributor&rdquo;) reserve the right to reject any
purchase order. Please note that cash, traveler&#8217;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 Reinvestment
Program only if the Trust&#8217;s Common Shares are trading at a premium to
NAV. If the Trust&#8217;s Common Shares are trading at a discount to NAV,
Common Shares purchased under the Shareholder
Reinvestment Program will be
purchased on the open market. See &ldquo;Plan of
Distribution&rdquo; later in this
Prospectus.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Shareholders may elect to
participate in the Shareholder
Reinvestment Program by
telephoning the Trust or submitting a completed Participation Form to
BNY Mellon Investment Servicing (U.S.) Inc. (formerly, PNC Global
Investment Servicing (U.S.)
Inc.).</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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&#8217;s
Common Shares; or (ii) at a discount ranging from 0% to 5% of the
average daily market price of the Trust&#8217;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.</font></p><p>
<a name="link-0d2b8ef4-16"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Administrator</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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.</font></p><p> <a name="link-e365221c-17"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">RISK FACTORS
AND SPECIAL CONSIDERATIONS</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Credit Risk on Senior
Loans</strong>&nbsp;&nbsp;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.</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Demand For
Loans</strong>&nbsp;&nbsp;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.</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Discount from
NAV</strong>&nbsp;&nbsp;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. The Trust&#8217;s Common
<br ><br ><br ></font><table width="100%"><tr><td style="font-family:Arial;font-size:9pt;line-height:11pt;width:50%;" align="left">ING
Prime Rate Trust </td><td style="font-family:Arial;font-size:10pt;line-height:12pt;width:50%;" align="left">3</td></tr></table><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><br >
Shares may trade at a discount to NAV. This is
a risk separate and distinct from the risk that the Trust&#8217;s NAV per
Common Share may decrease.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Impact
of Shareholder Reinvestment Program and Privately Negotiated
Transactions</strong>&nbsp;&nbsp;The
issuance of Common Shares through the Shareholder
Reinvestment Program and/or
through privately negotiated transactions may have an adverse effect on
prices in the secondary market for the Trust&#8217;s Common Shares by
increasing the number of Common Shares available for sale. In addition,
the Common Shares may be issued at a discount to the market price for
such Common Shares, which may put downward pressure on the market price
for Common Shares of the Trust.</font></p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Interest
Rate</strong>&nbsp;&nbsp;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&#8217;s portfolio experience a
general decline, the yield on the Trust&#8217;s Common Shares will
fall and the value of the Trust&#8217;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.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Leverage</strong>&nbsp;&nbsp;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 15, 2011 the Trust had &#36;[ ]
million in outstanding borrowings under one credit facility and &#36;[ ]
million of Preferred Shares (issued and
outstanding).</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Limited Secondary Market for
Loans</strong>&nbsp;&nbsp;Because of the limited
secondary market for loans, the Trust may be limited in its ability to
sell loans in its portfolio in a timely fashion and/or at a favorable
price.</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Non-U.S. and Non-Canadian
Issuers</strong>&nbsp;&nbsp;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 outside
U.S. territories or possessions or
Canada.</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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:</font></p> <UL><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">less
rigorous regulatory, accounting, and reporting requirements than U.S.
borrowers;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">differing
legal systems and laws relating to creditors&#8217;
rights;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">the
potential inability to enforce legal
judgments;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">economic
adversity that would result if the value of the borrower&#8217;s non-U.S.
dollar denominated revenues and assets were to fall because of
fluctuations in currency values;
and</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">the
potential for political, social, and economic adversity in the foreign
borrower&#8217;s country.</LI></UL> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Temporary Defensive
Positions</strong> 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&#8217;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.</font></p><br ><br ><br ><table width="100%"><tr><td style="font-family:Arial;font-size:10pt;line-height:12pt;width:50%;" align="right">4</td><td style="font-family:Arial;font-size:9pt;line-height:11pt;width:50%;" align="right">ING
Prime Rate Trust </td></tr></table><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><br >
<p><a name="link-c130fdb5-18"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">WHAT
YOU PAY TO INVEST - TRUST
EXPENSES</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 the
average 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&#8217;s expense ratios if the Trust had not borrowed
or issued Preferred Shares, see &ldquo;Risk Factors and Special
Considerations - Annual Expenses Without Borrowings or Preferred
Shares.&rdquo;</font></p><p><a name="link-2bfdfe5a-19"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">FEES AND EXPENSES OF
THE
TRUST</font></p> <table cellpadding="4" cellspacing="0" style="font-family:Arial; font-size:9pt;line-height:12pt;width:100%;border:solid 1px Black;border-collapse:collapse;" border="true"  >
<tr><td align="left" valign="bottom" style="font-family:Arial;font-size:10pt;font-weight:bold;border-bottom:solid 1px Black;background-color:#DCDDDF;" rowSpan="0" colSpan="0"></td><td align="left" valign="bottom" style="font-family:Arial;font-size:10pt;font-weight:bold;border-bottom:solid 1px Black;background-color:#DCDDDF;" rowSpan="0" colSpan="0"></td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"><strong>Shareholder Transaction
Expenses:</strong></td><td align="left" valign="top" rowSpan="0" colSpan="0"></td></tr><tr bgcolor="#DEE9F6"><td valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Shareholder
Reinvestment Program
Fees</td><td valign="top" rowSpan="0" colSpan="0">None
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0"><strong>Privately Negotiated
Transactions:</strong></td><td valign="top" rowSpan="0" colSpan="0"></td></tr><tr bgcolor="#DEE9F6"><td valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Commission (as
a percentage of offering price)</td><td valign="top" rowSpan="0" colSpan="0">3.00% </td></tr><tr><td valign="top" rowSpan="0" colSpan="0"><strong>Annual
Expenses (as a percentage of average net assets attributable to Common
Shares):</strong></td><td valign="top" rowSpan="0" colSpan="0"></td></tr><tr bgcolor="#DEE9F6"><td valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Management and
Administrative
Fees<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup></td><td valign="top" rowSpan="0" colSpan="0">[
]% </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Interest Expense on Borrowed
Funds</td><td valign="top" rowSpan="0" colSpan="0">[ ]%
</td></tr><tr bgcolor="#DEE9F6"><td valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Other Operating
Expenses<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup></td><td valign="top" rowSpan="0" colSpan="0">[
]% </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">&nbsp;&nbsp;Total Annual
Expenses<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(3)</sup></td><td valign="top" rowSpan="0" colSpan="0">[
]%</td></tr>
</table>    <table style="font-family: Arial;font-weight: normal;font-size: 8pt;line-height: 10pt;text-align: left;display:block;" cellpadding="2"><tr><td valign="top" width="2.5%" align="left">(1)</td><td valign="top" width="97.5%" align="left">Pursuant
to the investment advisory agreement with the Trust, the Adviser is
paid a fee of 0.80% of the Trust&#8217;s Managed Assets. Pursuant to its
Administration Agreement with the Trust, the Administrator is paid a
fee of 0.25% of the Trust&#8217;s Managed Assets. See &ldquo;Investment
Management and Other Service Providers &#8212; The
Administrator.&rdquo;</td></tr><tr><td valign="top" width="2.5%" align="left">(2)</td><td valign="top" width="97.5%" 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, 2011, and do not include the
expenses of borrowing. During the fiscal year ended February 28, 2011,
the Trust incured a non-recurring Federal excise tax expense in the
amount of &#36;[ ] ([ ])% of average daily net assets) which has been fully
reimbursed by the Adviser and excluded from
expenses.</td></tr><tr><td valign="top" width="2.5%" align="left">(3)</td><td valign="top" width="97.5%" 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&#8217;s Managed Assets), the Total
Annual Expense ratio would be [
]%.</td></tr></table> <p>
<font style="font-family: Arial;font-weight: Bold;font-size: 12.2pt;line-height: 16pt;text-align: left;">Example</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;s Common Shares. For more complete
descriptions of certain of the Trust&#8217;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: 10pt;line-height: 12pt;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  >
<tr><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0"></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0"></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0"></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">1 Year</td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">3
Years</td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">5 Years</td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">10 Years </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">You would pay the
following expenses on a &#36;1,000 investment, assuming a 5% annual return
and borrowings by the Trust in an aggregate amount equal to 30% of its
Managed
Assets.</td><td valign="top" rowSpan="0" colSpan="0"></td><td valign="top" rowSpan="0" colSpan="0">&#36;</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> </table> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">5</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-5dadcd19-20"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">FINANCIAL
HIGHLIGHTS</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The financial
highlights on the following pages are intended to help you understand
the Trust&#8217;s shares&#8217; financial performance for the past
ten fiscal years, or if shorter, the period of each class&#8217;
operations. The financial information has been derived from the
Trust&#8217;s financial statements that were audited by KPMG LLP, an
independent registered public accounting firm. The report of KPMG LLP,
along with the financial statements included in the annual shareholder
report dated February 28,
2011, which includes the
financial highlights for the most recent ten fiscal years or, if
shorter, the period of each class&#8217; operations, are incorporated
herein by reference. A free copy of the annual shareholder report may
be obtained by calling 1-800-336-3436.</font></p>
<!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">6</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">FINANCIAL
HIGHLIGHTS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
<p><font style="font-family: Arial;font-weight: bold; line-height:13pt;font-size: 11pt;text-align: left;">Selected data
for a share of beneficial interest outstanding throughout each year or
period.</font></p> <table cellpadding="4" style="font-family:Arial;font-size:8pt;line-height:10pt;border-collapse:collapse;width:100%;"  >
<tr><td align="center" style="font-weight:bold;" width="12%" valign="bottom" rowSpan="0" colSpan="0"></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="0" colSpan="0"></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="1" colSpan="6">Per Share Operating
Performance<hr color="black" size="2" noShade="noShade" ></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="0" colSpan="0"></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="0" colSpan="0"></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="0" colSpan="0"></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="1" colSpan="2">Total
Investment<br >Return<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup><hr color="black" size="2" noShade="noShade" ></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="1" colSpan="4">Ratios to
average<br >net assets<hr color="black" size="2" noShade="noShade" ></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="1" colSpan="2">Supplemental<br >data
<hr color="black" size="2" noShade="noShade" ></td></tr><tr><td align="center" width="12%" valign="bottom" style="" rowSpan="0" colSpan="0"></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Net asset value, beginning of<br > year or
period<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Net investment income (loss)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Net realized and
unrealized gain (loss)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Distribution to Preferred
Shareholders<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Change in net asset value from<br >Share
offerings<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Total from investment
operations<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Distributions to Common Shareholders<br > from
net investment income<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Total distributions<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Net asset
value, end of year or period<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Closing market price at end
of<br >year or period<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Total investment return
at<br > net asset value<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Total investment
return at closing<br >market price<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(3)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses
(before interest and other fees<br > related to revolving credit
facility)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses prior to fee waivers
and/or<br > recoupments, if any<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses
net of fee waivers and/or<br > recoupments, if
any<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Net investment income
(loss)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Net assets, end of year or
period<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Portfolio Turnover <hr color="black" size="1" noShade="noShade" ></td></tr><tr><td align="center" width="12%" valign="bottom" style="" rowSpan="0" colSpan="0">Year or period
ended<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr
color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1"
noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;000&#8217;s)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">%
<hr color="black" size="1" noShade="noShade" ></td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0"><strong>ING Prime Rate
Trust</strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0"
colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-11</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><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><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><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><td valign="top" rowSpan="0"
colSpan="0"></td><td valign="top" rowSpan="0" colSpan="0"></td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-10</td><td 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">0.28</td><td 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:24pt;" align="center">(0.00)*</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">2.23</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.32)</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.32)</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">5.72</td><td valign="top" rowSpan="0" colSpan="0"
style="padding-left:20pt;" align="center">5.94</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">60.70</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">81.66</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.77<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.99<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.93</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">5.56</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">830,785</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">38
</td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-09</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">0.46
</td><td 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">(0.06)</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">(1.89)
</td><td 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">(0.47)</td><td 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">3.50
</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">(31.93)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(5)</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">(32.03)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(5)</sup></td><td 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">3.01 </td><td 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">7.86 </td><td 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:28pt;" align="center">10 </td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-29-08</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">0.75
</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">(0.16)</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">(0.98)</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">(0.72)</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">5.64 </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:16pt;" align="center">(17.25)</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">4.36 </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:16pt;" align="center">10.35 </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:28pt;" align="center">60 </td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-07</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">0.71
</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">(0.16)</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">0.61
</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">(0.71)</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">7.40
</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:16pt;" align="center">13.84 </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">4.62
</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">9.42 </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:28pt;" align="center">60
</td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-06</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">0.57 </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">(0.11)</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">0.58
</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">(0.57)</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">7.02
</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">(0.82)</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">4.27
</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">7.71 </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:28pt;" align="center">81
</td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-05</td><td 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">0.45 </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">(0.05)</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">0.56
</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.43)</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.48)</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">7.56
</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.70 </td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">2.04 </td><td 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">3.18
</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">6.04 </td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">1,082,748 </td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">93
</td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-29-04</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">0.46 </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">(0.04)</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">1.03</td><td 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">(0.46)</td><td 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">7.84 </td><td 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:16pt;" align="center">28.77 </td><td 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">2.40 </td><td 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">6.68 </td><td 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:28pt;" align="center">87 </td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-03</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">0.50
</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">(0.05)</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">(0.02)</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">(0.50)</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">6.46 </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">2.53 </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">2.68 </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">7.33 </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:28pt;" align="center">48 </td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-02</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">0.74
</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">(0.11)</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">(0.26)</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">(0.74)</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">6.77 </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">(9.20)</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">3.64 </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">9.79 </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:28pt;" align="center">53</td></tr>
</table> <p><br ></p><table style="font-family: Arial;font-weight: normal;font-size: 6.5pt; font-style:normal;line-height: 8.5pt;text-align: left;display:block;" cellpadding="2"><tr><td valign="top" width="2.5%" align="left">(1)</td><td valign="top" width="97.5%" align="left">Total
investment return calculations are attributable to common
shares.</td></tr><tr><td valign="top" width="2.5%" align="left">(2)</td><td valign="top" width="97.5%" 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. Total investment
return at net asset value is not annualized for periods less than one
year.</td></tr><tr><td valign="top" width="2.5%" align="left">(3)</td><td valign="top" width="97.5%" align="left">Total
investment return at market value has been calculated assuming a
purchase at market value at the beginning of each period and a sale at
market 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. Total investment
return at market value is not annualized for periods less than one
year.</td></tr><tr><td valign="top" width="2.5%" align="left">(4)</td><td valign="top" width="97.5%" align="left">Annualized
for periods less than one
year.</td></tr><tr><td valign="top" width="2.5%" align="left">(5)</td><td valign="top" width="97.5%" align="left">There
was no impact on total return due to payments by
affiliates.</td></tr><tr><td valign="top" width="2.5%" align="left">(6)</td><td valign="top" width="97.5%" align="left">Includes
excise tax fully reimbursed by the Investment
Adviser.</td></tr><tr><td valign="top" width="2.5%" align="left">*</td><td valign="top" width="97.5%" align="left">Amount
is more than
&#36;(0.005).</td></tr></table><font style="font-family: Arial;font-weight: normal; line-height:10pt;font-size: 8pt;text-align: left;width:100%;text-align:center;padding-top:30pt;display: block;">See Accompanying Notes
to Financial
Statements</font><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">7</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">FINANCIAL
HIGHLIGHTS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
<p><font style="font-family: Arial;font-weight: bold; line-height:13pt;font-size: 11pt;text-align: left;">Selected data
for a share of beneficial interest outstanding throughout each year or
period.</font></p> <table cellpadding="5" style="font-family:Arial;font-size:8pt;line-height:10pt;border-collapse:collapse;width:100%;"  >
<tr><td align="center" style="font-weight:bold;" width="12%" valign="bottom" rowSpan="0" colSpan="0"></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="1" colSpan="4">Ratios to average net assets<br >including
Preferred Shares<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(a)</sup><hr color="black" size="2" noShade="noShade" ></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="1" colSpan="4">Ratios to average net
assets<br >plus borrowings<hr color="black" size="2" noShade="noShade" ></td><td align="center" style="font-weight:bold;" valign="bottom" rowSpan="1" colSpan="7">Supplemental data
<hr color="black" size="2" noShade="noShade" ></td></tr><tr><td align="center" width="12%" valign="bottom" style="" rowSpan="0" colSpan="0"></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses (before interest and other
fees<br >related to revolving credit
facility)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses
prior to fee waivers and/or<br >recoupments, if
any<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses net
of fee waivers and/or<br >recoupments, if
any<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Net investment income
(loss)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses (before interest and other
fees<br >related to revolving credit
facility)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses
prior to fee waivers and/or<br >recoupments, if
any<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Expenses net
of fee waivers and/or<br >recoupments, if
any<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Net investment income
(loss)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(4)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Preferred Shares - Aggregate
amount<br >outstanding<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Liquidation and market value per
share<br > of Preferred Shares<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Asset coverage inclusive
of Preferred<br > Shares and debt per
share<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(b)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Borrowings at end of period<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Asset
coverage per &#36;1,000 of debt<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(b)</sup><hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Average borrowings
<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Common shares outstanding at end of<br > year or period
<hr color="black" size="1" noShade="noShade" ></td></tr><tr><td align="center" width="12%" valign="bottom" style="" rowSpan="0" colSpan="0">Year or period
ended<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(%)<hr color="black" size="1"
noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;000&#8217;s)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;000&#8217;s)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;000&#8217;s)<hr color="black" size="1" noShade="noShade" ></td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">(&#36;000&#8217;s)
<hr color="black" size="1" noShade="noShade" ></td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0"><strong>ING Prime Rate
Trust</strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td><td valign="top" rowSpan="0" colSpan="0"><strong></strong></td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top"
rowSpan="0" colSpan="0">02-28-11
</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><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><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><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 width="12%" valign="top" rowSpan="0" colSpan="0">02-28-10</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.36<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;"
align="center">1.52<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.48</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">4.26</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.67<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.87<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(6)</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.81</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">5.23</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">200,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;"
align="center">25,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">98,400</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">83,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">13,419</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">46,416</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">145,210
</td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-09</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.54</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.38</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.38</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">6.22</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.54</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.37</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.37</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">6.21</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">225,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;"
align="center">25,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">70,175</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">81,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">10,603</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">227,891</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">145,178
</td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-29-08</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.54</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.05</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.05</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">7.23</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.60</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.17</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.17</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">7.53</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">450,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">25,000</td><td valign="top"
rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">53,125</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">338,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:10pt;" align="center">4,956</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">391,475</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">145,094
</td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-07</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.57</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.27</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.27</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">6.68</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.56</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.25</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.25</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">6.63</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">450,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;"
align="center">25,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">62,925</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">281,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:10pt;" align="center">6,550</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">459,982</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">145,033
</td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-06</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.64</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.02</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">3.02</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">5.44</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.58</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.90</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.90</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">5.24</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">450,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">25,000</td><td valign="top"
rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">55,050</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">465,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:10pt;" align="center">4,335</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">509,178</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">145,033
</td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-05</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.60</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.22</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.21</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">4.21</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.63</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.27</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.26</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">4.32</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">450,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;"
align="center">25,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">53,600</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">496,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:10pt;" align="center">4,090</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">414,889</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">145,033
</td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-29-04</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.45</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.65</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.65</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">4.57</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.84</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.09</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.09</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">5.82</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">450,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">25,000</td><td valign="top"
rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">62,425</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">225,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:10pt;" align="center">7,490</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">143,194</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">137,638
</td></tr><tr bgcolor="#DCDDDF"><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-03</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.49</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.81</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.81</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">4.97</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.82</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.23</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.23</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">6.10</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">450,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;"
align="center">25,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">62,375</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">167,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:10pt;" align="center">9,218</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">190,671</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">136,973
</td></tr><tr><td width="12%" valign="top" rowSpan="0" colSpan="0">02-28-02</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.57</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.54</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.54</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">6.83</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.66</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.70</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">2.70</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">7.24</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">450,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">25,000</td><td valign="top"
rowSpan="0" colSpan="0" style="padding-left:5pt;" align="center">58,675</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">282,000</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:10pt;" align="center">6,092</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">365,126</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">136,973</td></tr>
</table> <p><br ></p><table style="font-family: Arial;font-weight: normal;font-size: 6.5pt; font-style:normal;line-height: 8.5pt;text-align: left;display:block;" cellpadding="2"><tr><td valign="top" width="2.5%" align="left">(a)</td><td valign="top" width="97.5%" align="left">Ratios
do not reflect the effect of dividend payments to Preferred
Shareholders; income ratios reflect income earned on assets
attributable to Preferred Shareholders; ratios do not reflect any
add-back for the
borrowings.</td></tr><tr><td valign="top" width="2.5%" align="left">(b)</td><td valign="top" width="97.5%" align="left">Asset
coverage ratios, as presented in previous annual reports, 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. 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&#8217;s Preferred Shares and borrowings described
above) in relation to the total amount of Preferred Shares and
borrowings outstanding. Asset coverage, with respect to borrowings,
represents the total assets of the Trust, less all liabilities and
indebtedness not represented by senior securities (i.e. the
Trust&#8217;s Preferred shares and borrowings described above) in
relation to the total amount of only borrowings outstanding (i.e. the
denominator of the borrowings ratio includes only borrowings; in
contrast, the denominator of the Preferred Share ratio includes both
borrowings and Preferred
Shares).</td></tr></table><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">8</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-ff1f7a0c-21"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">TRADING
AND NAV INFORMATION</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The following
table shows for the Trust&#8217;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  >
<tr><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0"></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="1" colSpan="2"><strong>Price</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="1" colSpan="2"><strong>NAV</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="1" colSpan="2"><strong>Premium/(Discount)</strong><br ><strong>To
NAV</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="2" colSpan="1"><strong>Reported</strong><br ><strong>NYSE
Volume</strong> </td></tr><tr><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="0" colSpan="0"><strong>Calendar Quarter
Ended</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="0" colSpan="0"><strong>High</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="0" colSpan="0"><strong>Low</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="0" colSpan="0"><strong>High</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="0" colSpan="0"><strong>Low</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="0" colSpan="0"><strong>High</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="0" colSpan="0"><strong>Low</strong>
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">March 31,
2008</td><td valign="top" rowSpan="0" colSpan="0">6.41</td><td valign="top" rowSpan="0" colSpan="0">5.25</td><td valign="top" rowSpan="0" colSpan="0">6.92</td><td valign="top" rowSpan="0" colSpan="0">5.87</td><td valign="top" rowSpan="0" colSpan="0">(4.33)</td><td valign="top" rowSpan="0" colSpan="0">(13.08)</td><td valign="top" rowSpan="0" colSpan="0">38,127,200
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">June 30,
2008</td><td valign="top" rowSpan="0" colSpan="0">6.05</td><td valign="top" rowSpan="0" colSpan="0">5.58</td><td valign="top" rowSpan="0" colSpan="0">6.53</td><td valign="top" rowSpan="0" colSpan="0">6.08</td><td valign="top" rowSpan="0" colSpan="0">(5.02)</td><td valign="top" rowSpan="0" colSpan="0">(11.33)</td><td valign="top" rowSpan="0" colSpan="0">22,528,000
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">September 30,
2008</td><td valign="top" rowSpan="0" colSpan="0">5.69</td><td valign="top" rowSpan="0" colSpan="0">4.23</td><td valign="top" rowSpan="0" colSpan="0">6.44</td><td valign="top" rowSpan="0" colSpan="0">5.60</td><td valign="top" rowSpan="0" colSpan="0">(11.65)</td><td valign="top" rowSpan="0" colSpan="0">(26.31)</td><td valign="top" rowSpan="0" colSpan="0">28,055,900
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">December 31,
2008</td><td valign="top" rowSpan="0" colSpan="0">4.39</td><td valign="top" rowSpan="0" colSpan="0">2.59</td><td valign="top" rowSpan="0" colSpan="0">5.56</td><td valign="top" rowSpan="0" colSpan="0">3.22</td><td valign="top" rowSpan="0" colSpan="0">3.68</td><td valign="top" rowSpan="0" colSpan="0">(35.03)</td><td valign="top" rowSpan="0" colSpan="0">45,017,400
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">March 31,
2009</td><td valign="top" rowSpan="0" colSpan="0">3.99</td><td valign="top" rowSpan="0" colSpan="0">2.98</td><td valign="top" rowSpan="0" colSpan="0">3.85</td><td valign="top" rowSpan="0" colSpan="0">3.35</td><td valign="top" rowSpan="0" colSpan="0">7.14</td><td valign="top" rowSpan="0" colSpan="0">(17.91)</td><td valign="top" rowSpan="0" colSpan="0">26,200,000
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">June 30,
2009</td><td valign="top" rowSpan="0" colSpan="0">4.21</td><td valign="top" rowSpan="0" colSpan="0">3.60</td><td valign="top" rowSpan="0" colSpan="0">4.91</td><td valign="top" rowSpan="0" colSpan="0">3.83</td><td valign="top" rowSpan="0" colSpan="0">(5.48)</td><td valign="top" rowSpan="0" colSpan="0">(15.77)</td><td valign="top" rowSpan="0" colSpan="0">28,921,000
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">September 30,
2009</td><td valign="top" rowSpan="0" colSpan="0">5.06</td><td valign="top" rowSpan="0" colSpan="0">4.16</td><td valign="top" rowSpan="0" colSpan="0">5.44</td><td valign="top" rowSpan="0" colSpan="0">4.89</td><td valign="top" rowSpan="0" colSpan="0">(6.31)</td><td valign="top" rowSpan="0" colSpan="0">(15.10)</td><td valign="top" rowSpan="0" colSpan="0">33,299,400
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">December 31,
2009</td><td valign="top" rowSpan="0" colSpan="0">5.25</td><td valign="top" rowSpan="0" colSpan="0">4.94</td><td valign="top" rowSpan="0" colSpan="0">5.60</td><td valign="top" rowSpan="0" colSpan="0">5.41</td><td valign="top" rowSpan="0" colSpan="0">(4.62)</td><td valign="top" rowSpan="0" colSpan="0">(9.49)</td><td valign="top" rowSpan="0" colSpan="0">34,169,700
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">March 31,
2010</td><td valign="top" rowSpan="0" colSpan="0">6.28</td><td valign="top" rowSpan="0" colSpan="0">5.27</td><td valign="top" rowSpan="0" colSpan="0">5.84</td><td valign="top" rowSpan="0" colSpan="0">5.60</td><td valign="top" rowSpan="0" colSpan="0">7.53</td><td valign="top" rowSpan="0" colSpan="0">(6.39)</td><td valign="top" rowSpan="0" colSpan="0">50,473,000
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">June 30,
2010</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><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">September
30,
2010</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><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">December
31,
2010</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><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">March
31, 2011
</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><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>
</table>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">On
June 15, 2011, the last reported sale price of a Common Share of the
Trust&#8217;s Common Shares on the NYSE was &#36;[ ]. The Trust&#8217;s NAV on June 15,
2011 was &#36;[ ]. See &ldquo;How Shares Are Priced &#8212; Net Asset
Value.&rdquo; This represented a ([ ])% discount below the NAV (&#36;[
]) as of that date.</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The
Trust&#8217;s Common Shares have traded in the market above, at, and below
NAV since March 9, 1992, when the Trust&#8217;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><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">9</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-86e5908f-22"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">INVESTMENT
OBJECTIVE AND
POLICIES</font></p><p><a name="link-27667bcc-23"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Investment
Objective</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Trust&#8217;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: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>1.Senior Loans.</strong> Under
normal market conditions, at least 80% of the Trust&#8217;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&#8217;
prior notice of any changes in this investment policy. Under normal
market conditions, 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: 10pt;line-height: 12pt;text-align: left;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&#8217;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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;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
counterparties.</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>2.Other
Investments.</strong> Under normal market conditions, 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: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">loans
to borrowers organized or located in countries outside the United
States and outside U.S. territories and possessions or
Canada;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">unsecured
floating rate loans, notes, and other debt
instruments;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">floating
rate subordinated
loans;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">tranches
of floating rate asset-backed securities, including structured
notes;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">short-term
debt securities;
and</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">equity
securities incidental to investments in
loans.</LI></UL> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>3.Cash and
Short-Term Instruments.</strong> Under normal market conditions, 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: 10pt;line-height: 12pt;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:80%;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>
<a name="link-df062120-24"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Fundamental Diversification
Policies</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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&#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 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: 10pt;line-height: 12pt;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> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">10</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">INVESTMENT
OBJECTIVE AND
POLICIES&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><a name="link-8467eaa7-25"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Investment
Policies</font></p><p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Adviser and Sub-Adviser
follow certain investment policies set by the Trust&#8217;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: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>1.Limitations
on currencies.</strong> The Trust&#8217;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: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>2.Maturity.</strong>
Although the Trust has no restrictions on portfolio maturity, under
normal market conditions, at least 80% of the Trust&#8217;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: 10pt;line-height: 12pt;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> <UL><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;"><strong>Unsecured
Debt Instruments.</strong> The Trust may not invest in unsecured
floating rate loans, notes, and other debt
instruments, in an aggregate amount that exceeds 20% of the Trust&#8217;s
total assets, measured at the time of
investment.</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;"><strong>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.</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;"><strong>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.</LI></UL> <p></p><p></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;s
Ratings Services (&ldquo;S&amp;P&rdquo;) or P-1 by Moody&#8217;s
Investors Service, Inc. (&ldquo;Moody&#8217;s&rdquo;), or of comparable
quality as determined by the Adviser or Sub-Adviser; (ii) certificates
of deposit, bankers&#8217; acceptances, and other bank deposits and
obligations; and (iii) securities issued or guaranteed by the U.S.
government, its agencies, or
instrumentalities.</font></p> <p> <a name="link-cd850913-26"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Policy on
Borrowing</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;s total income
available to holders of its Common Shares.</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;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> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">11</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">INVESTMENT
OBJECTIVE AND
POLICIES&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><a name="link-8a774839-27"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Policy on Issuance of
Preferred Shares</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#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 Preferred Shares.
See &ldquo;Risk Factors and Special Considerations &#8212;
Leverage.&rdquo; In November 2000,
the Trust issued 3,600 shares each of Series M, T, W, Th, and F
Preferred Shares for a total issuance of &#36;450 million.</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 <em>pro rata</em> 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. While
it is possible that the dividend rate for the Preferred Shares will be
set by means of an auction at some future time, there is no current
expectation that this will be the case. On June 9, 2008, the Trust
announced the approval by the Board of a partial redemption of its
outstanding Preferred Shares. Since June 9, 2008, the Trust has
announced the approval by the Board of a number of partial redemptions
of its outstanding Preferred Shares. As of June 30, 2011, pursuant to
these partial redemptions, the Trust has redeemed &#36;375 million of its
previously outstanding Preferred Shares and has &#36;75 million of
Preferred Shares still outstanding. The Preferred Shares were redeemed
using proceeds available through the Trust&#8217;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 will continue
to 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&#8217;s
leverage or its benefits from leverage will
diminish.</font></p> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">12</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-9639139a-28"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">THE
TRUST&#8217;S INVESTMENTS</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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>
<a name="link-3abfa868-29"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Senior Loan
Characteristics</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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&#8217;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Loan agreements may
provide for the termination of the agent&#8217;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&#8217;s or
entity&#8217;s bankruptcy estate. If, however, any such amount were included
in such person&#8217;s or entity&#8217;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> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">13</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">THE
TRUST&#8217;S INVESTMENTS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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> <a name="link-61fda1fe-30"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Investment by the
Trust</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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. 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
counterparties.</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Except for
rating agency guidelines imposed on the Trust&#8217;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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 value 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 value but typically the Trust will do so at
premium or discount to par value.</font></p>
<!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">14</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-5e8c1759-31"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">RISK
FACTORS AND SPECIAL
CONSIDERATIONS</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 addtional 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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Borrowings
under the Credit Facility Program.</strong>&nbsp;&nbsp;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&#8217;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;225 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 15,
2011 the Trust had
&#36;[ ] 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: 10pt;line-height: 12pt;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, Adviser, or Sub-Adviser until the
credit facility is repaid in full or until the event or condition is
cured.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Changes to
NAV.</strong>&nbsp;&nbsp;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;How Shares Are Priced
&#8212; Valuation of the Trust&#8217;s Assets&rdquo;
later in this Prospectus.</font></p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Credit
Derivatives.</strong>&nbsp;&nbsp;The Trust may enter into credit
default swaps, either as a buyer or a seller of the swap. As a buyer of
the swap, the Trust pays a fee to protect against the risk that a
security held by the Trust will default. As a seller of the swap, the
Trust receives payment(s) in return for its obligation to pay the
counterparty an agreed upon value of a security in the event of a
default of the security issuer. Credit default swaps are largely
unregulated and susceptible to liquidity, credit, and counterparty
risks.</font></p><p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Credit Risk on
Senior Loans.&nbsp;&nbsp;</strong>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: 10pt;line-height: 12pt;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. This 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: 10pt;line-height: 12pt;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&#8217;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 stocks of the borrower or its subsidiaries or
affiliates, the Trust bears the risk that the stocks 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&#8217;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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&#8217;s Investors Service, Inc. or
&ldquo;BBB&rdquo; by Standard &amp; Poor&#8217;s Ratings Services, 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
</font><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">15</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">RISK
FACTORS AND SPECIAL
CONSIDERATIONS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
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: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Demand for
Loans.</strong>&nbsp;&nbsp;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&#8217;s NAV to
decline.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Derivative
Instruments.</strong>&nbsp;&nbsp;Derivative instruments are subject
to a number of risks, including the risk of changes in the market price
of the underlying securities, credit risk with respect to the
counterparty, risk of loss due to changes in interest
rates, and liquidity risk. The use of certain
derivatives may also have a leveraging effect which may increase the
volatility of the Trust and reduce its returns.</font></p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Discount From
NAV.</strong>&nbsp;&nbsp;The Trust&#8217;s Common Shares have traded in
the market above, at, and below NAV since March 9, 1992, when the
Trust&#8217;s shares were initially listed on the NYSE. The reasons for the
Trust&#8217;s Common Shares trading at a premium to or discount from NAV are
not known to the Trust, and the Trust cannot predict whether its Common
Shares will trade in the future at a premium to or discount from NAV,
and if so, the level of such premium or discount. Shares of closed-end
investment companies frequently trade at a discount from NAV. The
possibility that Common Shares of the Trust will trade at a discount
from NAV is a risk separate and distinct from the risk that the Trust&#8217;s
NAV may decrease.</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Equity Securities Incidental to Investments
in Loans.</strong>&nbsp;&nbsp;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 style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Impact of
Shareholder Reinvestment Program and Privately Negotiated
Transactions.</strong>&nbsp;&nbsp;The issuance of Common
Shares through the Trust&#8217;s Shareholder
Reinvestment Program may
have an adverse effect on the secondary market for the Trust&#8217;s Common
Shares. The increase in the number of the Trust&#8217;s outstanding Common
Shares resulting from issuances pursuant to the Trust&#8217;s Shareholder
Reinvestment 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&#8217;s Shareholder
Reinvestment Program at any
time when Common Shares are trading at a price lower than the Trust&#8217;s
NAV per Common Share.</font></p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Interest
Rate.</strong>&nbsp;&nbsp;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: 10pt;line-height: 12pt;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&#8217;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><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">16</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">RISK
FACTORS AND SPECIAL
CONSIDERATIONS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;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: 10pt;line-height: 12pt;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: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Lending Portfolio
Securities.</strong>&nbsp;&nbsp;To generate additional income, the
Trust may lend portfolio securities, in an amount equal to up to
33<sup style="font-size:80%;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 style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Leverage.</strong>&nbsp;&nbsp;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 3,600 shares each of Series M, T, W,
Th, and F Preferred Shares for a total issuance of &#36;450 million.
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: 10pt;line-height: 12pt;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><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 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> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 15, 2011) is [ ]%. The current dividend rate on
the Preferred Shares (as of June 15, 2011) for each series: Series M -
[ ]%; Series T - [ ]%, Series W - [ ]%, Series Th - [ ]%; and Series F
[
]%.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 <em>pro rata</em> 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. While it is possible that the dividend rate for the
Preferred Shares will be set by means of an auction at some future
time, there is no current expectation that this will be the case. On
June 9, 2008, the Trust announced the approval by the Board of a
partial redemption of its outstanding Preferred Shares. Since June 9,
2008, the Trust has announced the approval by the Board of a number of
partial redemptions of its outstanding Preferred Shares. As of June 30,
2011, pursuant to these partial redemptions, the Trust has redeemed
&#36;375 million of its previously outstanding Preferred Shares and has &#36;75
million of Preferred Shares still outstanding. The Preferred Shares
were redeemed using proceeds available through the Trust&#8217;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 will
continue to monitor the </font><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">17</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">RISK
FACTORS AND SPECIAL
CONSIDERATIONS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
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&#8217;s leverage or its benefits from leverage will
diminish.</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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><p>
<a name="link-2a051f90-32"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;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: 10pt;line-height: 12pt;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" cellspacing="0" style="font-family:Arial; font-size:9pt;line-height:12pt;width:100%;border:solid 1px Black;border-collapse:collapse;" border="true"  >
<tr><td align="left" valign="bottom" style="font-family:Arial;font-size:10pt;font-weight:bold;border-bottom:solid 1px Black;background-color:#DCDDDF;" rowSpan="0" colSpan="0"><strong>Annual Expenses Without Borrowings or Preferred
Shares</strong><br >(as a percentage of net assets attributable to
Common Shares)</td><td align="left" valign="bottom" style="font-family:Arial;font-size:10pt;font-weight:bold;border-bottom:solid 1px Black;background-color:#DCDDDF;" rowSpan="0" colSpan="0"></td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0">Management and Administrative Fees
(as a percentage of Managed
Assets)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup></td><td align="left" valign="top" rowSpan="0" colSpan="0">[
]% </td></tr><tr bgcolor="#DEE9F6"><td valign="top" rowSpan="0" colSpan="0">Other Operating
Expenses<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup></td><td valign="top" rowSpan="0" colSpan="0">[
]% </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Total Annual
Expenses</td><td valign="top" rowSpan="0" colSpan="0">[
]%</td></tr>
</table>    <table style="font-family: Arial;font-weight: normal;font-size: 8pt;line-height: 10pt;text-align: left;display:block;" cellpadding="2"><tr><td valign="top" width="2.5%" align="left">(1)</td><td valign="top" width="97.5%" align="left">Pursuant
to the investment advisory agreement with the Trust, the Adviser is
paid a fee of 0.80% of the Trust&#8217;s Managed Assets. Pursuant to its
administration agreement with the Trust, the Administrator is paid a
fee of 0.25% of the Trust&#8217;s Managed Assets. See &ldquo;Investment
Management and Other Service Providers &#8212; The
Administrator.&rdquo;</td></tr><tr><td valign="top" width="2.5%" align="left">(2)</td><td valign="top" width="97.5%" 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, 2011, and does not include the
expenses of borrowing. During the fiscal year ended February 28, 2011,
the Trust incurred a non-recurring Federal excise tax expense in the
amount of &#36;[ ] ([ ]% of average daily net assets) which has been fully
reimbursed by the Adviser and excluded from
expenses.</td></tr></table> <p> <a name="link-985ced52-33"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Effect of
Leverage</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 30% of its Managed Assets and the
current Preferred Shares remain outstanding), the Trust would need to
earn [ ]% on its amount of
Managed Assets as of June 15,
2011.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The
following table is designed to illustrate the effect on return to a
holder of the Trust&#8217;s Common Shares of the leverage created by the
Trust&#8217;s use of borrowing, using the average annual interest rate of
[ ]% for the fiscal year
ended February 28, 2011,
assuming the Trust has used leverage by borrowing an amount equal to
30% of the Trust&#8217;s Managed Assets </font><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">18</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">RISK
FACTORS AND SPECIAL
CONSIDERATIONS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
and assuming hypothetical annual returns on
the Trust&#8217;s portfolio of minus 10% to plus 10%. As can be seen,
leverage generally increases the return to shareholders when portfolio
return is positive and decreases return when the portfolio return is
negative. Actual returns may be greater or less than those appearing in
the
table.</font></p>    <table  >
<tr><td valign="top" rowSpan="0" colSpan="0">Assumed Portfolio Return, net of
expenses<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(1)</sup></td><td valign="top" rowSpan="0" colSpan="0">(10)%</td><td valign="top" rowSpan="0" colSpan="0">(5)%</td><td valign="top" rowSpan="0" colSpan="0">0%</td><td valign="top" rowSpan="0" colSpan="0">5%</td><td valign="top" rowSpan="0" colSpan="0">10%
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Corresponding Return to Common
Shareholders<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">(2)</sup></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><td valign="top" rowSpan="0" colSpan="0">[
]%</td></tr>
</table> <table style="font-family: Arial;font-weight: normal;font-size: 8pt;line-height: 10pt;text-align: left;display:block;" cellpadding="2"><tr><td valign="top" width="2.5%" align="left">(1)</td><td valign="top" width="97.5%" 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" width="2.5%" align="left">(2)</td><td valign="top" width="97.5%" 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&#8217;s assets at the beginning of the Trust&#8217;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&#8217;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: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Limited Secondary Market for
Loans.</strong>&nbsp;&nbsp;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. Loans usually trade in large denominations and trades
can be infrequent and the market for loans may experience volatility.
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: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;text-align: left;display:block;">These considerations
may cause the Trust to sell assets 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 may
seek to avoid the necessity of selling assets to meet such needs by the
use of borrowings.</font></p><p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">From time to time,
the occurrence of one or more of the factors described above may create
a cascading effect where the market for debt instruments (including the
market for loans) first experiences volatility and then decreased
liquidity. Such conditions, or other similar conditions, may then
adversely affect the value of loans and other instruments, widening
spreads against higher-quality debt instruments, and making it harder
to sell loans at prices at which they have historically or recently
traded, thereby further reducing liquidity. For example, during the
global liquidity crisis in the second half of 2008, the average price
of loans in the S&amp;P/LSTA Leveraged Loan Index (which includes loans
of the type in which the Trust invests) declined by 32%, prior to
rebounding in 2009 and in early
2010.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 to generate extra income sometimes paid to large
lenders, the limitations of the secondary market may inhibit the Trust
from selling a portion of the loan and reducing its exposure to a
borrower when the Adviser or Sub-Adviser deems it advisable to do
so.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Non-U.S.
and Non-Canadian Issuers.</strong>&nbsp;&nbsp;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 outside 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&#8217; 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> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">19</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">RISK
FACTORS AND SPECIAL
CONSIDERATIONS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Prepayment and
Extension.</strong>&nbsp;&nbsp;Prepayment risk is the risk that
principal on a debt obligation may be repaid earlier than anticipated.
Loans typically do not have call protection and may be prepaid
partially or in full at any time without penalty. If a loan is prepaid,
the Trust may be forced to reinvest the proceeds in assets with lower
yields than the loan that was repaid. For the Trust&#8217;s fixed rate
investments, prepayment risk is the risk that principal on loan
obligations underlying a security may be repaid prior to the stated
maturity date, which may reduce the market value of the security and
the anticipated yield-to-maturity. Extension risk is the risk that an
issuer will exercise its right to repay principal on a fixed rate
obligation held by the Trust later than expected, which may decrease
the value of the obligation and may prevent the Trust from investing
expected repayment proceeds in securities paying yields higher than the
yields paid by the securities that were expected to be
repaid.</font></p><p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Ranking of
Senior Indebtedness.</strong>&nbsp;&nbsp;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 style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Restrictive Covenants and 1940 Act
Restrictions.</strong>&nbsp;&nbsp;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: 10pt;line-height: 12pt;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: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Short-Term Debt
Securities.</strong>&nbsp;&nbsp;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&#8217;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&#8217;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 style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Unsecured Debt Instruments and Subordinated
Loans.</strong>&nbsp;&nbsp;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&#8217;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&#8217;s
assets are insufficient to meet its obligations to its
creditors.</font></p> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">20</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-9b52dcc6-34"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">HOW
SHARES ARE PRICED</font></p><p><a name="link-c4fbc1fb-35"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Net Asset
Value</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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><a name="link-eb299de9-36"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;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: 10pt;line-height: 12pt;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 and the ING Fund 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: 10pt;line-height: 12pt;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 independent pricing services
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: 10pt;line-height: 12pt;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 an independent pricing service or other
sources believed to be reliable, 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 approved 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: 10pt;line-height: 12pt;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-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;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&#8217;s debt
structure;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;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-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;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&#8217;s business, cash flows, capital
structure, and future
prospects;</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;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-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;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-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">the
borrower&#8217;s management;
and</LI><LI style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;margin-bottom: 10pt;display:block;">the
general economic and market conditions affecting the fair value of the
loan.</LI></UL> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">21</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">HOW
SHARES ARE PRICED&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 as otherwise stated in the ING Fund
Valuation Procedures. 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><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">22</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-74f070aa-37"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">ACCOUNT
POLICIES</font></p><p><a name="link-86ebd559-38"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">Account
Access<br ></font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Unless
your Trust 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
1-800-336-3436. Should you wish to speak with a Shareholder Services
Representative, you may call the toll-free number listed
above.</font></p> <p> <a name="link-45560c03-39"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">Privacy
Policy</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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
1-800-336-3436, obtain a policy over the Internet at www.ingfunds.com,
or see the privacy promise that accompanies any Prospectus obtained by
mail.</font></p> <p>
<a name="link-0d25eae8-40"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">Householding</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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
Services Representative at 1-800-336-3436 or speak to your investment
professional. We will begin sending you individual copies 30 days after
receiving your request.</font></p><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">23</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-812e5233-41"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">INVESTMENT
MANAGEMENT AND OTHER SERVICE
PROVIDERS</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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
&ldquo;Management of the Trust&rdquo; in the
SAI.</font></p><p> <a name="link-dcf70ffd-42"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">The Investment
Adviser</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING Investments, an
Arizona limited liability company, serves as the investment 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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 N.V. (&ldquo;ING
Groep&rdquo;) (NYSE:ING). ING Groep
is a global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services to over 85 million
private, corporate and institutional clients in more than 40 countries.
With a diverse workforce of about 105,000 people, ING Groep is
dedicated to setting the standard in helping its clients manage their
financial future. ING Investments became an investment management firm
in April
1995.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING
Groep has adopted a formal restructuring plan that was approved by the
European Commission in November 2009 under which the ING life insurance
businesses, including the retirement services and investment management
businesses, which include the Adviser and its affiliates, would be
divested by ING Groep by the end of 2013. To achieve this goal, ING
Groep announced in November 2010 that it plans to pursue two separate
initial public offerings: one a U.S. focused offering that would
include U.S. based insurance, retirement services, and investment
management operations: and the other a European based offering for
European and Asian based insurance and investment management
operations. There can be no assurance that the restructuring plan will
be carried out through two offerings or at
all.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The
restructuring plan and the uncertainty about its implementation,
whether implemented through the planned initial public offerings or
through other means, in whole or in part, may be disruptive to the
businesses of ING entities, including the ING entities that service the
Trust, and may cause, among other things, interruption or reduction of
business and services, diversion of management&#8217;s attention from
day-to-day operations, and loss of key employees or customers. A
failure to complete the offerings or other means of implementation on
favorable terms could have a material adverse impact on the operations
of the businesses subject to the restructuring plan. The restructuring
plan may result in the Adviser&#8217;s loss of access to services and
resources of ING Groep, which could adversely affect its businesses and
profitability. In addition, the divestment of ING businesses, including
the Adviser, may potentially be deemed a &ldquo;change of
control&rdquo; of the entity. A change of control would result in
the termination of the Trust&#8217;s advisory and sub-advisory agreements,
which would trigger the necessity for new agreements that would require
approval of the Trust&#8217;s Board, and may trigger the need for shareholder
approval. Currently, the Adviser does not anticipate that the
restructuring will have a material adverse impact on the Trust or its
operations and
administration.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING
Investments&#8217; principal office is located at 7337 East Doubletree Ranch
Road, Suite 100, Scottsdale, Arizona 85258. As of March 31, 2011, ING
Investments managed approximately &#36;[ ] billion in
assets.</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;
written notice.</font></p><p> <a name="link-397a88c2-43"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Management
Fee</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 of 0.80% of the Trust&#8217;s Managed
Assets.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 (if
applicable), please refer to the Trust&#8217;s annual shareholder report
dated February 28,
2011.</font></p>
<!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">24</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">INVESTMENT
MANAGEMENT AND OTHER SERVICE
PROVIDERS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><a name="link-6037f710-44"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">The Sub-Adviser and
Portfolio Managers</font></p><p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Adviser 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>
<a name="link-c8bb72fd-45"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">ING Investment Management Co.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING IM, a Connecticut corporation, was founded in
1972 and 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. ING IM&#8217;s principal office is located at 230 Park Avenue, New
York, New York, 10169. As of March 31,
2011, ING IM managed
approximately &#36;[ ] billion in assets.</font></p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Portfolio Management.</strong> The
following individuals jointly share responsibility for the day-to-day
management of the Trust&#8217;s portfolio and have co-managed the Trust since
2000.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Jeffrey A. Bakalar,
Senior Vice President and Group Head of the ING IM Senior Loan Group,
since January 2000. 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></p>    <p style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Daniel A. Norman, Senior Vice President and Group
Head of the ING IM Senior Loan Group, since
January 2000. 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></p> <p>
<a name="link-be9dfd36-46"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;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: 10pt;line-height: 12pt;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> <a name="link-d87a31cf-47"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">The
Administrator</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING
Funds Services, LLC (&ldquo;Administrator&rdquo;) serves as
administrator to the Trust. Its principal office is located at 7337
East Doubletree Ranch Road, Suite 100, 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: 10pt;line-height: 12pt;text-align: left;display:block;">Under an
administration agreement between the Administrator and the Trust
(&ldquo;Administration Agreement&rdquo;), the Administrator
administers the Trust&#8217;s corporate affairs subject to the
supervision of the Trust&#8217;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&#8217;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: 10pt;line-height: 12pt;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 at an annual rate of 0.25% of the Trust&#8217;s
Managed Assets. The Administration Agreement may be cancelled by the
Trust or the Administrator upon 60 days&#8217; written
notice.</font></p><p> <a name="link-83d3462d-48"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">The Transfer
Agent, Dividend Disbursing Agent, and
Registrar</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">BNY Mellon Investment
Servicing (U.S.) Inc. (formerly, PNC Global Investment Servicing (U.S.)
Inc.) (&ldquo;Transfer Agent&rdquo;) serves as the transfer
agent, dividend disbursing agent, and registrar for the Common Shares
of the Trust. Its principal office is located at 301 Bellevue Parkway,
Wilmington, Delaware 19809.</font></p> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">25</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">INVESTMENT
MANAGEMENT AND OTHER SERVICE
PROVIDERS&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><a name="link-6d4010a7-49"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">The
Custodian</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Trust&#8217;s securities and
cash are held and maintained under a Custody Agreement with State
Street Bank and Trust Company (&ldquo;Custodian&rdquo;). Its
principal office is located at 801 Pennsylvania Avenue, Kansas City,
Missouri 64105.</font></p><p> <a name="link-43f6aed4-50"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">The
Distributor</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Pursuant to the terms of a
distribution agreement (&ldquo;Distribution Agreement&rdquo;),
ING Investments Distributor,
LLC will act as the Trust&#8217;s distributor for the optional cash
investments under the Trust&#8217;s Shareholder
Reinvestment 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. It is a
Delaware limited liability company with its principal offices at 7337
East Doubletree Ranch Road, Suite 100,
Scottsdale, Arizona 85258. See &ldquo;Plans of
Distribution&rdquo; in the
SAI.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Effective July 30,
2010, ING Funds Distributor, LLC changed its name to ING Investments
Distributor, LLC.</font></p> <p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Distributor
is a member of the Financial Industry Regulatory Authority
(&ldquo;FINRA&rdquo;). To obtain information about FINRA member
firms and their associated persons, you may contact FINRA at
www.finra.org or the Public
Disclosure Hotline at
800-289-9999.</font></p> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">26</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-bf1187b1-51"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">DIVIDENDS
AND
DISTRIBUTIONS</font></p><p><a name="link-e0f9a8f4-52"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;"><strong>Distribution
Policy</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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: 10pt;line-height: 12pt;text-align: left;display:block;">Capital
gains, if any, are declared and paid annually. Because the Trust
currently has capital loss carryforwards, it is not anticipated that
capital gains distributions will be made for the foreseeable
future.</font></p><p> <a name="link-fc9a1373-53"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Dividend
Reinvestment</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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 the
Transfer Agent written notice or by contacting the ING&#8217;s Shareholder
Services Department at
1-800-336-3436.</font></p><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">27</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-bd9e027e-54"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">PLAN
OF
DISTRIBUTION</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><a name="link-9af3eec9-55"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Shareholder
Reinvestment
Program</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The
following is a summary of the Shareholder Reinvestment Program
(&ldquo;Program&rdquo;). Shareholders are advised to
review a fuller explanation of the Program contained in the Trust&#8217;s
SAI.</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;text-align: left;display:block;">The Trust and the Distributor
reserve the right to reject any purchase order. Please note that cash,
traveler&#8217;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: 10pt;line-height: 12pt;text-align: left;display:block;">Common
Shares will be issued by the Trust under the Program when the Trust&#8217;s
Common Shares are trading at a premium to NAV. If the Trust&#8217;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 the Transfer Agent
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: 10pt;line-height: 12pt;text-align: left;display:block;">Shareholders may elect to
participate in the Program by telephoning the Trust or submitting a
completed Participation Form to the Transfer Agent, the Program
administrator. The Transfer Agent will credit to each participant&#8217;s
account funds it receives from: (i) Dividends paid on Trust shares
registered in the participant&#8217;s name; and (ii) optional cash
investments. The Transfer Agent 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&#8217;s distribution policy, see &ldquo;Dividends and
Distributions.&rdquo;</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 the Transfer Agent 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&#8217;s Shareholder Services
Department at
1-800-336-3436.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Participants will pay
a <em>pro rata</em> share of brokerage commissions with respect to the
Transfer Agent&#8217;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: 10pt;line-height: 12pt;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&#8217;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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 the
Transfer Agent written notice or by contacting ING&#8217;s Shareholder
Services Department at
1-800-336-3436. Shareholders
may elect to close their account at any time by giving the Transfer
Agent 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 the
Transfer Agent 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: 10pt;line-height: 12pt;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&#8217;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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Additional
information about the Program may be obtained by contacting ING&#8217;s
Shareholder Services Department at
1-800-336-3436.</font></p> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">28</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">PLAN
OF
DISTRIBUTION&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><a name="link-2cbb3eac-56"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Privately Negotiated
Transactions</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;s
Common Shares; or (ii) at a discount ranging from 0% to 5% of the
average of the daily market price of the Trust&#8217;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> <a name="link-00a36df0-57"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Use of
Proceeds</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">It is expected that 100% of
the net proceeds of Common Shares issued pursuant to the
Program and privately negotiated transactions will be
invested in Senior Loans and other securities consistent with the
Trust&#8217;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&#8217;s outstanding borrowings under its
credit facilities. See &ldquo;Investment Objective and Policies
&#8212; Policy on Borrowing.&rdquo;</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;">
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">As of June 15,
2011, the Trust had
&#36;[ ] million in outstanding
borrowings under one credit facility. By paying down the Trust&#8217;s
borrowings, the Trust can avoid adverse impacts on yields pending
investment of such proceeds in Senior Loans. As investment
opportunities are subsequently identified, it is expected that the
Trust will reborrow amounts previously repaid and invest such amounts
in additional Senior Loans.</font></p> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">29</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-43649fc8-58"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">DESCRIPTION
OF THE TRUST</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;s activities, review contractual arrangements with companies
that provide services to the Trust, and
review the Trust&#8217;s performance.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 15,
2011.</font></p>    <table  >
<tr><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Title of
Class</td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Number<br >Authorized</td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Number Held
By<br >the Trust for its<br >Own
Account</td><td align="center" valign="bottom" style="" rowSpan="0" colSpan="0">Number<br >Outstanding </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Common
Shares</td><td valign="top" rowSpan="0" colSpan="0">unlimited</td><td valign="top" rowSpan="0" colSpan="0">0</td><td valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series
M</td><td valign="top" rowSpan="0" colSpan="0">3,600</td><td valign="top" rowSpan="0" colSpan="0">0</td><td valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series
T</td><td valign="top" rowSpan="0" colSpan="0">3,600</td><td valign="top" rowSpan="0" colSpan="0">0</td><td valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series
W</td><td valign="top" rowSpan="0" colSpan="0">3,600</td><td valign="top" rowSpan="0" colSpan="0">0</td><td valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series
Th</td><td valign="top" rowSpan="0" colSpan="0">3,600</td><td valign="top" rowSpan="0" colSpan="0">0</td><td valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Preferred Shares, Series
F</td><td valign="top" rowSpan="0" colSpan="0">3,600</td><td valign="top" rowSpan="0" colSpan="0">0</td><td valign="top" rowSpan="0" colSpan="0">[
]</td></tr> </table> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;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&#8217;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&#8217;s registration statement and prospectuses for
such purposes; allocable communications expenses with respect to
investor services, and all expenses of shareholders&#8217; and Trustees&#8217;
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&#8217;s business.</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 </font><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">30</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">DESCRIPTION
OF THE TRUST&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 the Capital
Structure &#8212; Preferred
Shares.&rdquo;</font></p>    <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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 election by such holders and, in
such event, the holders of the remaining shares of Common Shares,
Preferred Shares, and any other preferred
shares will not be able to elect any of such
Trustees.</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;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: 10pt;line-height: 12pt;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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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> <a name="link-6db76159-59"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Conversion to Open-End
Fund</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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&#8217;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&#8217;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> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">31</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">DESCRIPTION
OF THE TRUST&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
 <p><a name="link-71cbf821-60"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Repurchase of Common
Shares</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">In recognition of the
possibility that the Trust&#8217;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&#8217;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> <a name="link-ee398a11-61"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Fundamental and
Non-Fundamental Policies of the
Trust</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: (i)
more than 50% of the outstanding shares of the Trust; or (ii) 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> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">32</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p style="margin-bottom:2pt; margin-top:2pt;"><a name="link-1e49baf4-62"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">DESCRIPTION
OF THE CAPITAL STRUCTURE</font></p><p><a name="link-56cacdf0-63"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Common
Shares</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Trust&#8217;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: 10pt;line-height: 12pt;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&#8217;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;Description of the Capital Structure &#8212; Preferred
Shares.&rdquo;</font></p>
<p><a name="link-29ba02d8-64"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Borrowings</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The
Trust&#8217;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&#8217;s assets. See &ldquo;Risk Factors and Special
Considerations.&rdquo;</font></p><p>
<a name="link-002e96fc-65"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Preferred
Shares</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">The Trust&#8217;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&#8217;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&#8217;s Certificate of
Designation establishing the terms of the Preferred
Shares.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Any decision to offer
Preferred Shares is subject to market conditions and to the Board and
the Adviser&#8217;s or Sub-Adviser&#8217;s continuing belief that leveraging the
Trust&#8217;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&#8217;s Declaration of
Trust) if and when it authorizes a Preferred Shares
offering.</font></p><p> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;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 <em>pro rata</em> 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. While it is possible that the dividend rate for the
Preferred Shares will be set by means of an auction at some future
time, there is no current expectation that this will be the case. On
June 9, 2008, the Trust announced the approval by the Board of a
partial redemption of its outstanding Preferred Shares. Since June 9,
2008, the Trust has announced the approval by the Board of a number of
partial redemptions of its outstanding Preferred </font><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">33</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">DESCRIPTION
OF THE CAPITAL STRUCTURE&nbsp;<i style="font-size:9.5pt;">(continued)</i></font>
Shares. As of June 30, 2011, pursuant to
these partial redemptions, the Trust has redeemed &#36;375 million of its
previously outstanding Preferred Shares and has &#36;75 million of
Preferred Shares still outstanding. The Preferred Shares were redeemed
using proceeds available through the Trust&#8217;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 will continue
to 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&#8217;s
leverage or its benefits from leverage will
diminish.</font></p> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">34</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-16aa3c92-66"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">TAX
MATTERS</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;text-align: left;display:block;">The federal
income tax treatment of the Trust&#8217;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: 10pt;line-height: 12pt;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&#8217;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.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"> <font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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. 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 style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;text-align: left;display:block;">Each shareholder will
receive an annual statement summarizing the shareholder&#8217;s dividend and
capital gains distributions.</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: 10pt;line-height: 12pt;text-align: left;display:block;">There may be tax consequences
to a shareholder if the shareholder sells the Trust&#8217;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: 10pt;line-height: 12pt;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% (currently scheduled
to increase to 31% after 2012) 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&#8217;s U.S. federal income tax
liability.</font></p><!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">35</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-b785156b-67"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">MORE
INFORMATION ABOUT THE
TRUST</font></p><p><a name="link-63afdfaa-68"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Legal
Matters</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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> <a name="link-5c4a8673-69"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Independent Registered
Public Accounting Firm</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">KPMG LLP serves
as the independent registered public accounting firm for the Trust. The
principal address of KPMG LLP is Two Financial Center, 60 South Street,
Boston, Massachusetts 02111.</font></p><p>
<a name="link-6ecfa8cb-70"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Registration
Statement</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">36</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p><a name="link-bb0e0475-71"></a><font style="font-family: Arial;font-weight: Bold;border-right: solid 1px Black;border-left: solid 1px Black;margin-bottom:10pt;border-bottom: solid 1px Black;border-top: solid 1px Black;font-size: 14.2pt;line-height: 16.2pt;text-align: center;padding-top:4pt; padding-bottom:4pt;background-color: #dcdddf; vertical-align:middle; width:100%;font-style:normal;">STATEMENT
OF ADDITIONAL INFORMATION - Table of
Contents</font></p> <a name="link-2fbe8cd6-72"></a> <table cellpadding="2" style="font-family:Arial; font-size:10pt;line-height:12pt;border-collapse:collapse;width:100%;" valign="bottom"  >
<tr><td style="font-family:Arial;font-size: 10pt;line-height:12pt;font-weight:bold;text-align:center;" align="left" valign="bottom" rowSpan="1" colSpan="2">TABLE OF CONTENTS </td></tr><tr><td style="text-decoration:underline;" align="left" valign="bottom" rowSpan="0" colSpan="0"></td><td style="text-decoration:underline;" align="right" valign="bottom" rowSpan="0" colSpan="0">Page
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Change of Name </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Investment
Objective </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Investment
Restrictions </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Additional Information About Investments and Investment
Techniques </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Management of the
Trust </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Code of Ethics </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Proxy Voting
Procedures </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Control Persons and Principal Holders of
Securities </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Investment Management and Other Service
Providers </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Adviser </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Sub-Adviser </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Administrator </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Distributor </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Shareholder
Reinvestment
Program </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Portfolio
Transactions </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Portfolio Turnover
Rate </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Net Asset Value </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Federal
Taxation </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Advertising and Performance
Data </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> General
Information </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Custodian </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[
] </td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Legal
Counsel </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Independent Registered Public Accounting
Firm </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Financial
Statements </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">[ ]
</td></tr><tr><td align="left" valign="top" rowSpan="0" colSpan="0"> <font style="float: left; color: Black;"> Appendix A </font> <hr noshade="noshade" style="border: dotted medium Black; margin-top: 2pt;" > </td><td align="right" valign="top" rowSpan="0" colSpan="0">A-1</td></tr>
</table> <!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <center style="font-size:11pt;line-height:13pt;">37</center><hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>

<!--page break--> <div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray;page-break-after:always;"/><a href="#TOC1"><font style="cursor:hand;float:left;color:Black;text-decoration:underline;float:none;clear:both;">Table Of Contents</font></a></div>
<p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: Normal;font-size: 12.2pt;font-style:italic;line-height: 14pt;text-align: center;width: 100%;display:block;">ING
Prime Rate Trust - 5,000,000 Common Shares of Beneficial
Interest<br >7337 East Doubletree
Ranch Road, Suite 100<br >Scottsdale, AZ
85258-2034<br >1-800-336-3436</font></p> <p><font style="font-family: Arial;font-weight: Normal;font-size: 12.2pt;font-style:italic;line-height: 14pt;text-align: center;width: 100%;display:block;"><strong>TRUST
ADVISORS AND
AGENTS</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Adviser</strong></font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING
Investments, LLC<br >7337 East
Doubletree Ranch Road, Suite 100<br >Scottsdale, AZ
85258</font></p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Sub-Adviser</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;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: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Administrator</strong></font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING
Funds Services, LLC<br >7337 East
Doubletree Ranch Road, Suite 100<br >Scottsdale, AZ
85258</font></p> <p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Custodian</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">State
Street Bank and Trust Company<br >801 Pennsylvania
Avenue<br >Kansas City, MO
64105</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Independent
Registered Public Accounting
Firm</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">KPMG
LLP<br >Two Financial Center<br >60 South
Street<br >Boston, MA
02111</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Distributor</strong></font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">ING
Investments Distributor, LLC<br >7337 East Doubletree Ranch Road,
Suite 100<br >Scottsdale, AZ
85258</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Transfer
Agent</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">BNY Mellon
Investment Servicing (U.S.) Inc. (formerly, PNC Global Investment
Servicing (U.S.) Inc.)<br >301 Bellevue
Parkway<br >Wilmington, DE 19809</font></p><p>
<font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Legal
Counsel</strong></font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Dechert
LLP<br >1775 I Street,
NW<br >Washington, DC
20006</font></p> <p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;"><strong>Institutional
Investors and
Analysts</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Call
1-800-336-3436</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">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.</font></p> <p style="margin-bottom:2pt; margin-top:2pt;"><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">This
information may also be reviewed or obtained from the SEC. In order to
review the information in person, you will need to visit the
SEC&#8217;s Public Reference Room in Washington, D.C. or call
202-551-8090 for information on the operation of the Public Reference
Room. Otherwise, you may obtain the information for a fee, by
contacting the SEC at:</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">U.S. Securities
and Exchange Commission</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Public
Reference Section<br >100 F Street, N.E.<br >Washington, D.C.
20549</font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">or at the e-mail address:
<strong>publicinfo@sec.gov</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">Or
obtain the information at no cost by visiting the SEC&#8217;s Internet
website at
<strong>www.sec.gov.</strong></font></p><p><font style="font-family: Arial;font-weight: normal;font-size: 10pt;line-height: 12pt;text-align: left;display:block;">When
contacting the SEC, you will want to refer to the Trust&#8217;s SEC file
number. The file number is as
follows:</font></p> <table cellpadding="0" style="font-family:Arial; font-size:9pt;line-height:11pt;"  >
<tr><td valign="top" rowSpan="0" colSpan="0"><strong>1940 Act File
No.</strong></td><td style="padding-left:40pt;" valign="top" rowSpan="0" colSpan="0"><strong>811-05410</strong></td></tr>
</table> <table cellpadding="4" width="100%" style="border-collapse:collapse;"><tr>
          <td align="right" style="font-family: Arial;font-weight: normal;font-size: 8pt;line-height: 12pt;text-align: right;display: block;">PRPRO-UPRT5M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0611-063011)</td>
<td style="font-family: Arial;font-weight: normal;font-size: 8pt;line-height: 10pt;text-align: right;display:block;"></td></tr>
<tr><td align="left" colspan="2"><img src="ing_bw.jpg"></td></tr><tr><td colspan="2" style="height:35px;"></td></tr>
<tr><td colspan="2" height="9pt" style="background-color:Black; padding-top:10pt;"></td></tr></table>


<div style="font-family: Arial; font-style: Normal;font-weight: Normal; font-size: 10pt;line-height: 12pt; text-align: left;padding-top:10pt;padding-bottom:10pt;">
          <hr size="3" width="100%" align="center" style="color:Gray"/></div>


<PAGE>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P style="margin:0px" align=left> </P>


<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>June 30, 2011</B></P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>ING Prime Rate Trust</B></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>7337 East Doubletree Ranch Road, Suite 1001</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>Scottsdale, Arizona 85258-2034</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center>(800) 336-3436</P>
<P style="margin:0px" align=justify> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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;).
&nbsp;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. &nbsp;There is no assurance that the Trust will achieve its investment objective. &nbsp;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;).</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 30, 2011, copies of
which may be obtained without charge from the Trust or the Trust&#146;s principal underwriter, ING Investments Distributor, LLC
(&#147;ING Investments Distributor&#148; or &#147;Distributor&#148;) at the address and phone number listed above. &nbsp;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. &nbsp;In addition, the Trust&#146;s financial
statements and the independent registered public accounting firm&#146;s report thereon included in the annual shareholder report dated
February 28, 2011, are incorporated herein by reference. &nbsp;</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Prospectuses and SAI omit certain information contained in
the registration statement filed with the U.S. Securities and Exchange Commission (&#147;SEC&#148;). &nbsp;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. &nbsp;The registration
statement is also available on the SEC&#146;s website (www.sec.gov). &nbsp;Capitalized terms used in this SAI have the same meaning as in
the Prospectuses and some additional terms are defined particularly for this SAI.</P>
<P style="margin:0px" align=left><BR></P>

<P style="margin:0px" align=justify>&nbsp;</P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">1</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<P style="margin:0px" align=justify>&nbsp;</P>

<P style="margin:0px"><BR> <BR>&nbsp;<BR></P>

<P STYLE="Line-Height: 12.5pt; Margin: 0px; Text-Indent: 0px; Font-Size: 10.5pt" ALIGN="CENTER"><B>TABLE OF CONTENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903838"><B>CHANGE OF NAME</B>
<B></B></P>

<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>3</A></B></P>



<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903839"><B>INVESTMENT
OBJECTIVE</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>3</A></B></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903840"><B>INVESTMENT
RESTRICTIONS</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>3</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903841"><B>ADDITIONAL
INFORMATION ABOUT INVESTMENTS AND INVESTMENT TECHNIQUES</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>5</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903842"><B>MANAGEMENT OF THE
TRUST</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>14</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903843"><B>CODE OF ETHICS</B>
<B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>27</B></A></P>


<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903844"><B>PROXY VOTING
PROCEDURES</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>28</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903845"><B>CONTROL PERSONS AND
PRINCIPAL HOLDERS OF SECURITIES</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>28</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903846"><B>INVESTMENT
MANAGEMENT AND OTHER SERVICE PROVIDERS</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>29</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903847"><B>ADVISER</B><B>
</B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>29</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903848"><B>SUB-ADVISER</B>
<B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>30</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903849"><B>ADMINISTRATOR</B>
<B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>33</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903850"><B>DISTRIBUTOR</B>
<B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>34</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903851"><B>SHAREHOLDER
REINVESTMENT PROGRAM</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>35</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903852"><B>PORTFOLIO
TRANSACTIONS</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>36</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903853"><B>PORTFOLIO TURNOVER
RATE</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>40</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903854"><B>NET ASSET VALUE</B>
<B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>40</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903855"><B>FEDERAL TAXATION
</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>40</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903856"><B>ADVERTISING AND
PERFORMANCE DATA</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>45</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903857"><B>GENERAL INFORMATION
</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>46</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903858"><B>CUSTODIAN</B>
<B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>46</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903859"><B>LEGAL COUNSEL</B>
<B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>46</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903860"><B>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>47</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903861"><B>FINANCIAL
STATEMENTS</B><B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>47</B></A></P>

<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><A HREF="#Toc290903862"><B>APPENDIX A</B>
<B></B></P>
<P STYLE="line-height:13pt; margin:0px; margin-top:-13px; font-family:Times New Roman Bold; font-size:11pt" ALIGN="RIGHT"><B>A-1</B></A></P>

<P style="margin:0px"><A NAME="_DV_M10"></A><A NAME="_DV_M11"></A><A NAME="_DV_M12"></A><A NAME="_DV_M13"></A><A NAME="_DV_M14"></A>
<A NAME="_DV_M15"></A>
<A NAME="_DV_M16"></A><A NAME="_DV_M17"></A><A NAME="_DV_M18"></A><A NAME="_DV_M19"></A><A NAME="_DV_M20"></A><A NAME="_DV_M21"></A>
<A NAME="_DV_M22"></A>
<A NAME="_DV_M23"></A><A NAME="_DV_M24"></A><A NAME="_DV_M26"></A><A NAME="_DV_M27"></A><A NAME="_Toc512174600"></A>
<A NAME="_Toc512174803"></A>
<A NAME="_Toc512217042"></A><A NAME="_Toc512217734"></A><A NAME="_Toc512341909"></A><A NAME="_DV_M28"></A><A NAME="_Toc290903838"></A>
<BR></P>
<P style="margin:0px"> <BR>&nbsp;<BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">2</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><BR></P>
<P STYLE="Line-Height: 12.5pt; Margin: 0px; Font-Size: 10.5pt" ALIGN="CENTER"><B><A name="Toc290903838">CHANGE OF NAME</A></B></P>
<P style="margin:0px" align=left><BR> &nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust changed its name from Pilgrim Prime Rate Trust to
Pilgrim America Prime Rate Trust in April 12, 1996, and then changed its name back to Pilgrim Prime Rate Trust on November 16, 1998.
&nbsp;Effective March 1, 2002, the Trust changed its name to ING Prime Rate Trust. </P>
<P style="margin:0px" align=left> &nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903839">INVESTMENT OBJECTIVE</A></B></P>
<P style="margin:0px" align=left><BR> &nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust&#146;s investment objective is to obtain as high a
level of current income as is consistent with the preservation of capital. &nbsp;The Trust seeks to achieve its investment objective by
investing, under normal market conditions, 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 market conditions, 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. &nbsp;</P>
<P style="margin:0px" align=left> &nbsp;<BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. </P>
<P style="margin:0px" align=justify><BR> &nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 organized
or located in countries outside the United States and outside 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, including
structured notes; short-term debt securities; and equity securities acquired in connection with investments in loans and other
instruments. &nbsp;(See &#147;Additional Information About Investments and Investment Techniques&#148; later in this SAI.) &nbsp;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.</P>
<P style="margin:0px" align=justify> &nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903840">INVESTMENT RESTRICTIONS</A></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust operates under a number of investment policies and
restrictions. &nbsp;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. &nbsp;In accordance with the 1940 Act, a majority
of the Trust&#146;s outstanding securities means the lesser of: (i) 67% or more of the Trust&#146;s shares present at a meeting, if the
holders of more than 50% of the Trust&#146;s shares are present or represented by proxy; or (ii) more than 50% of the Trust&#146;s
shares. &nbsp;The following investment restrictions have been designated as fundamental policies. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust will not:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>1.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>issue senior securities,
except insofar as the Trust may be deemed to have issued a senior security by reason of: &nbsp;(i) entering into certain interest rate
hedging transactions; &nbsp;(ii) entering into reverse repurchase agreements; (iii) 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) issuing a class
or classes of preferred shares in an amount not exceeding 50%, or such other percentage permitted by law, of the Trust&#146;s total
assets less all liabilities and indebtedness not represented by senior securities;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>2.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>invest more than 25% of its
total assets in any industry;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>3.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>invest in marketable
warrants other than those acquired in conjunction with Senior Loans and such warrants will not constitute more than 5% of its assets;</P>

<P style="margin:0px" align=justify>&nbsp;</P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">3</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px" align=justify>&nbsp;</P>


<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>4.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;In addition,
with respect to a Senior Loan under which the Trust does not have privity with the borrower or would not have a direct cause of action
against the borrower in the event of the failure of the borrower to pay scheduled principal or interest, the Trust will also separately
meet the foregoing requirements and consider each interpositioned bank (a lender

from which the Trust acquires a Senior Loan) to be an issuer of the Senior Loan;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>5.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>act as an underwriter of
securities, except to the extent that it may be deemed to act as an underwriter in certain cases when disposing of its portfolio
investments or acting as an agent or one of a group of co-agents in originating Senior Loans;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>6.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>purchase or sell equity
securities (except that the Trust may, incidental to the purchase or ownership of an interest in a Senior Loan, or as part of a borrower
reorganization, acquire, sell and exercise warrants and/or acquire or sell other equity securities), real estate, real estate mortgage
loans, commodities, commodity futures contracts, or oil or gas exploration or development programs; or sell short, purchase or sell
straddles, spreads, or combinations thereof, or write put or call options;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>7.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>make loans of money or
property to any person, except that the Trust: (i) may make loans to corporations or other business entities, or enter into leases or
other arrangements that have the characteristics of a loan; (ii) may lend portfolio instruments; and (iii) may acquire securities subject
to repurchase agreements;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>8.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>purchase shares of other
investment companies, except in connection with a merger, consolidation, acquisition or reorganization; or</P>
<P style="margin:0px" align=left><BR> &nbsp;<BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; padding-left:72px; text-indent:-24px; font-size:10.5pt" align=justify>9.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:72px; text-indent:0px; font-size:10.5pt" align=justify>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 1/3% (50% in the case of the issuance of a preferred class of
shares), or such other percentage permitted by law, of the value of the Trust&#146;s total assets (including, with respect to borrowings,
the amount borrowed) less all liabilities other than borrowings (or, in the case of the issuance of senior securities, less all
liabilities and indebtedness not represented by senior securities).</P>
<P style="margin:0px" align=left> &nbsp;<BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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</P>

<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">4</P>
<P style="margin:0px"><BR></P>
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<PAGE>
<BR>
<P style="margin:0px"><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>voluntary or involuntary liquidation of its assets.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust has also adopted a non-fundamental policy as required
by Rule 35d-1 under the 1940 Act to invest, under normal market conditions, at least 80% of its net assets (plus borrowings for
investment purposes) in floating rate secured Senior Loans. &nbsp;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. &nbsp;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.
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903841">ADDITIONAL INFORMATION ABOUT INVESTMENTS AND INVESTMENT
TECHNIQUES</A></B></P>
<P style="margin:0px" align=left><BR> &nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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; &nbsp;Additional information concerning certain of the Trust&#146;s investments and investment techniques
is set forth below.</P>
<P style="margin:0px" align=left> &nbsp;<BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; font-size:10.5pt" align=justify><B>Derivatives</B></P>
<P style="margin:0px" align=left> &nbsp;</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:0px; font-size:10.5pt" align=justify>Generally, derivatives can be
characterized as financial instruments
whose value is derived, at least in part, from the value of an underlying asset or assets. Types of derivatives include options, futures
contracts, options on futures,
and forward contracts. Derivative instruments may be used for a variety of reasons, including enhancing return, hedging certain market
risks, or providing a substitute
for purchasing or selling particular securities. Derivatives may provide a cheaper, quicker, or more specifically focused way for the
Trust to invest
than &#147;traditional&#148; securities would.</P>
<P style="margin:0px" align=left> &nbsp;<BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; font-size:10.5pt" align=justify>Derivatives can be volatile and involve
various types and degrees of risk, depending upon the characteristics of the particular derivative and the portfolio as a whole.
&nbsp;Derivatives permit the Trust to increase or decrease the level of risk, or change the character of the risk, to which its portfolio
is exposed in much the same way as the Trust can increase or decrease the level of risk, or change the character of the risk, of its
portfolio by making investments in specific securities.</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Derivatives may be purchased on established exchanges or
through privately negotiated transactions referred to as over-the-counter derivatives. Exchange-traded derivatives generally are
guaranteed by the clearing agency, which is the issuer or counterparty to such derivatives. This guarantee usually is supported by a
daily payment system (i.e., margin requirements) operated by the clearing agency in order to reduce overall credit risk. &nbsp;As a
result, unless the clearing agency defaults, there is relatively little counterparty credit risk associated with derivatives purchased on
an exchange. By contrast, no clearing agency guarantees over-the-counter derivatives. Therefore, each party to an over-the-counter
derivative bears the risk that the counterparty will default. Accordingly, the Trust will consider the creditworthiness of counterparties
to over-the-counter derivatives in the same manner as they would review the credit quality

of a security to be purchased by the Trust. &nbsp;Over-the-counter derivatives are less liquid than exchange-traded derivatives since the
other party to the transaction may be the only investor with sufficient understanding of the derivative to be interested in bidding for
it.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Equity Securities</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;Equity securities are subject to financial and
market risks and can be expected to fluctuate in value.</P>


<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">5</P>
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<BR>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Interest Rates and Portfolio Maturity</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.
&nbsp;The Trust&#146;s portfolio of loans will ordinarily have a dollar-weighted average time until the next interest rate adjustment of
ninety (90) days or less, although the time may exceed 90 days. 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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;In such a case, the amount of interest paid to the Trust would likely decrease.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 reaches its 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.
&nbsp;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.
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>During normal market conditions, changes in market interest
rates will affect the Trust in certain ways. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Market interest rate changes may also cause the Trust&#146;s
NAV to experience moderate volatility. &nbsp;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. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Finally, to the extent that changes in market rates of interest
are reflected, not in a change to a base rate such as</P>


<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">6</P>
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<PAGE>
<BR>
<P style="margin:0px"><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;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. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Interest Rate Hedging Transactions</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust has the ability, pursuant to its investment objective
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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. </P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">7</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px"><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Lease Participations</B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Lending Loan Interests and Other Portfolio Instruments</B>
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>To generate additional income, the Trust may lend its portfolio
securities, including interests in Senior Loans, in an amount equal to up to 33 1/3% of the Trust&#146;s total assets to broker-dealers,
major banks, or other recognized domestic institutional borrowers of securities. &nbsp;No lending may be made to any companies affiliated
with the Adviser or Sub-Adviser. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;The lending of financial instruments is a common practice in the securities industry. &nbsp;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. &nbsp;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. &nbsp;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. &nbsp;Any gain or loss in the market price of the</P>

<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">8</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px"><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>instruments loaned that may occur during the term of the loan
will be for the account of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust may lend its portfolio instruments so long as the
terms and the structure of such loans are not inconsistent with the requirements of the 1940 Act, which currently require that: (a) the
borrower pledge and maintain with the Trust collateral consisting of cash, a letter of credit issued by a domestic U.S. 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) the borrowers add to such collateral whenever the price of the instruments loaned rises (<I>i.e.</I>, the value of the loan
is marked-to-market on a daily basis); (c) the loan be made subject to termination by the Trust at any time; and (d) the Trust receives
reasonable interest on the loan (which may include the Trust&#146;s investing any cash collateral in interest bearing short-term
investments), any distributions on the loaned instruments and increase in their market
value. &nbsp;The Trust may lend its portfolio instruments to member banks of the Federal Reserve System, members of the
<A NAME="_DV_M80"></A>NYSE<A NAME="_DV_M81"></A> or other entities determined by the Adviser or Sub-Adviser to be creditworthy. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust may pay reasonable negotiated fees in connection with
loaned instruments. &nbsp;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. &nbsp;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.
&nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Originating Senior Loans &#150; Reliance on Agents</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;An agent for a loan is
required to administer and manage the Senior Loan and to service or monitor the collateral. &nbsp;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. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;The borrower compensates the agent for these services. &nbsp;Such compensation may include special fees paid
on structuring and funding the Senior Loan and other fees on a continuing basis. &nbsp;The precise duties and rights of an agent are
defined in the loan agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;The agent may enforce compliance by the borrower with the terms of the loan agreement.
&nbsp;Agents also have voting and consent rights under the applicable loan agreement. &nbsp;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. &nbsp;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</P>

<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">9</P>
<P style="margin:0px"><BR></P>
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<PAGE>
<BR>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>all lenders affected.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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.
&nbsp;Generally, loan agreements will hold the agent liable for any action taken or omitted that amounts to gross negligence or willful
misconduct. &nbsp;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. &nbsp;Instead, lenders will be required to look to the borrower for recourse.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>In a typical interest in a Senior Loan, the agent administers
the loan and has the right to monitor the collateral. &nbsp;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. &nbsp;The Trust normally looks to the agent to
collect and distribute principal of and interest on a Senior Loan. &nbsp;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. &nbsp;At times the Trust may also negotiate with the agent regarding
the agent&#146;s exercise of credit remedies under a Senior Loan. &nbsp;The agent is compensated for these services by the borrower as
set forth in the loan agreement. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;In the event an agent is
unable to perform its obligations as agent, another lender would generally serve in that capacity.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>Other Investment Companies</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>An investment company is a company engaged in the business of
pooling investors&#146; money and trading in securities for them. Examples include face-amount certificate companies, unit investment
trusts and management companies. When the Trust invests in other investment companies, shareholders of the Trust bear their proportionate
share of the underlying investment companies fees and expenses.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust may invest in other investment companies to the
extent permitted under the 1940 Act and the rules, regulations, and exemptive orders thereunder. For so long as shares of the Trust are
purchased by another fund in reliance on Section 12(d)(1)(G) of the 1940 Act, the Trust will not purchase securities of a registered
open-end investment company or registered unit investment trust in reliance on Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940
Act.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>There are some potential disadvantages associated with
investing in other investment companies. &nbsp;In addition to the advisory and operational fees, the Trust bears directly in connection
with its own operation, the Trust would also bear its pro-rata portions of each other investment company&#146;s advisory and operational
expenses. &nbsp;When the Trust invests in other investment companies, you indirectly pay a proportionate share of the expenses of that
other investment company (including management fees, administration fees, and custodial fees) in addition to the expenses of the Trust.
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Additional Information on Senior Loans</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;Senior Loans usually include restrictive covenants which must be
maintained by the borrower. &nbsp;Such covenants, in addition to the timely payment of interest and principal, may</P>

<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">10</P>
<P style="margin:0px"><BR></P>
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<BR>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=left> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;In addition, loan covenants may include mandatory
prepayment provisions stemming from free cash flow. &nbsp;Free cash flow is cash that is in excess of capital expenditures plus debt
service requirements of principal and interest. &nbsp;The free cash flow shall be applied to prepay the Senior Loan in an order of
maturity described in the loan documents. &nbsp;Under certain interests in Senior Loans, the Trust may have an obligation to make
additional loans upon demand by the borrower. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;However, in acquiring loans, the
Trust conducts an analysis and evaluation of the financial condition of each such lender. &nbsp;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 &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. &nbsp;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. &nbsp;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. &nbsp;The Trust also diversifies its portfolio with respect to lenders from which the Trust acquires loans. &nbsp;(See,
&#147;Investment Restrictions.&#148;)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Senior Loans, unlike certain bonds, usually do not have call
protection. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Senior Loans frequently require full or partial prepayment of a
loan when there are asset sales or a securities issuance. &nbsp;Prepayments on Senior Loans may also be made by the borrower at its
election. &nbsp;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. &nbsp;Prepayment would cause the actual duration of a Senior Loan to be shorter than its stated
maturity. &nbsp;Prepayment may be deferred by the Trust. &nbsp;This should, however, allow the Trust to reinvest in a new loan and
recognize as income any unamortized loan fees. &nbsp;In many cases this will result in a new facility fee payable to the Trust.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;(See, &#147;Portfolio Transactions.&#148;)</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Under a Senior Loan, the borrower generally must pledge as
collateral, assets which may include one or more of the following: cash, accounts receivable, inventory, property, plant and equipment,
both common and preferred stocks in its subsidiaries, trademarks, copyrights, patent rights, and franchise value. &nbsp;The Trust may
also receive guarantees as a form of collateral. &nbsp;In some instances, a Senior Loan may be secured only by stocks in a borrower or
its affiliates. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">11</P>
<P style="margin:0px"><BR></P>
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<BR>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Loan Participation and Assignments </B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust&#146;s investment in loan participations<B>
</B>typically will result in the Trust having a contractual relationship only with the lender and not with the borrower. &nbsp;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. &nbsp;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. &nbsp;As a result, the Trust may be subject to the credit risk of both the borrower and the lender that
is selling the participation. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>When the Trust purchases a loan assignment from lenders, it
will acquire direct rights against the borrowers on the loan. &nbsp;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. &nbsp;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. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust may be required to pay and receive various fees and
commissions in the process of purchasing, selling and holding loans. &nbsp;The fee component may include any, or a combination of, the
following elements: &nbsp;arrangement fees, assignment fees, non-use fees, facility fees, letter of credit fees, and ticking fees.
&nbsp;Arrangement fees are paid at the commencement of a loan as compensation for the initiation of the transaction. &nbsp;A non-use fee
is paid based upon the amount committed but not used under the loan. &nbsp;Facility fees are on-going annual fees paid in connection with
a loan. &nbsp;Letter of credit fees are paid if a loan involves a letter of credit. &nbsp;Ticking fees are paid from the initial
commitment indication until loan closing if for an extended period. &nbsp;The amount of fees is negotiated at the time of transaction.
</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Other Investments</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Assets not invested in Senior Loans will generally consist of
other instruments, including loans to borrowers organized or located in countries outside the United States and outside 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. &nbsp;Short-term debt
instruments may include: (i) 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) certificates of deposit, bankers&#146;
acceptances, and other bank deposits and obligations; and (iii) securities issued or guaranteed by the U.S. government, its agencies or
instrumentalities. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Repurchase Agreements</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust has the ability, pursuant to its investment objective
and policies, to enter into repurchase agreements.</P>

<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">12</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;Repurchase agreements will be considered borrowings by the Trust and as such, are subject to the restrictions on
borrowing. &nbsp;Borrowings by the Trust create an opportunity for greater total return but at the same time increase exposure to capital
risk. &nbsp;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. &nbsp;The Trust will receive payment for such
securities only upon physical delivery or evidence of book entry transfer by its custodian. &nbsp;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. &nbsp;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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Reverse Repurchase Agreements</B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left> <BR></P>

<P style="margin:0px"><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">13</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px" align=left><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>
<P STYLE="Line-Height: 12.5pt; Margin: 0px; Font-Size: 10.5pt" ALIGN="CENTER"><B><A name="Toc290903842">MANAGEMENT OF THE TRUST</A></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Information Regarding Individual Board Members of the Trust
</B></P>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust is governed by its Board of Trustees
(&#147;Board&#148;). Set forth in the table below is information regarding each Trustee of the Trust.</P>
<P style="margin:0px" align=left><BR> <BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=177.467></TD><TD width=9></TD><TD width=82></TD>
<TD width=104></TD><TD width=264></TD><TD width=142.933></TD><TD width=0.467></TD><TD width=176.6></TD></TR>
<TR><TD style="border:1px solid #000000" width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>
<B>Name, Address and Age</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Position(s) Held With Trust</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Term of Office and Length of Time Served<SUP>(1)</SUP></B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Principal Occupation(s) &#150;</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>During the Past 5 Years</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Number of Funds in Fund Complex Overseen by Trustee<SUP>(2)</SUP>
</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Other Board Positions &nbsp;Held by Trustee </B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-bottom:1px solid #000000" valign=top width=268.467 colspan=3>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><B>Independent Trustees</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=104><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=top width=264><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=top width=142.933><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2><P>&nbsp;</P></TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Colleen D. Baldwin</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 51</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">October 2007&#150;Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">President, Glantuam Partners, LLC, a business consulting firm (January 2009 &#150;
Present) and Consultant (January 2005 &#150; Present). </P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=143.4 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176.6>
<P style="line-height:11pt; margin:0px; font-size:9pt">None.</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>John V. Boyer </B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 57</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee </P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">January 2005 &#150; Present </P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">President and Chief Executive Officer, Bechtler Arts Foundation, an arts and
education foundation (January 2008 &#150; Present). &nbsp;Formerly, Consultant (July 2007 &#150; February 2008) and President and Chief
Executive Officer, Franklin and Eleanor Roosevelt Institute, a public policy foundation (March 2006 &#150; July 2007).</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=143.4 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176.6>
<P style="line-height:11pt; margin:0px; font-size:9pt">None.</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Patricia W. Chadwick </B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 62</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">January 2006 &#150; &nbsp;Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">Consultant and President, Ravengate Partners LLC, a consulting firm that provides
advice regarding financial markets and the global economy (January 2000 &#150; Present).</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Wisconsin Energy Corp. (June 2006 &#150; Present) and The Royce Fund (December
2009 &#150; Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Peter S. Drotch</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 69</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">October 2007&#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">Retired. &nbsp;Formerly, Partner, PriceWaterhouseCoopers LLP, an accounting firm
(until July 2000).</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">First Marblehead Corporation (September 2003 &#150; Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>J. Michael Earley</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 66</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">February 2002 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">Retired. &nbsp;Formerly, Banking President and Chief Executive Officer, Bankers
Trust Company, N.A., Des Moines (June 1992 &#150; December 2008).</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">None.</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Patrick W. Kenny </B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 68</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">January 2005 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">Retired. &nbsp;Formerly, President and Chief Executive Officer, International
Insurance Society (June 2001 &#150; June 2009). </P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=143.4 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176.6>
<P style="line-height:11pt; margin:0px; font-size:9pt">Assured Guaranty Ltd. (April 2004 &#150; Present).</P>
</TD></TR>
</TABLE>

<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">14</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px" align=left> <BR></P>


<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=177.467></TD><TD width=9></TD><TD width=82></TD>
<TD width=104></TD><TD width=264></TD><TD width=142.933></TD><TD width=0.467></TD><TD width=176.6></TD></TR>
<TR><TD style="border:1px solid #000000" width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>
<B>Name, Address and Age</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Position(s) Held With Trust</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Term of Office and Length of Time Served<SUP>(1)</SUP></B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Principal Occupation(s) &#150;</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>During the Past 5 Years</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Number of Funds in Fund Complex Overseen by Trustee<SUP>(2)</SUP>
</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Other Board Positions &nbsp;Held by Trustee </B></P>
</TD></TR>


<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Sheryl K. Pressler </B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 60</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">January 2006 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">Consultant (May 2001 &#150; Present). </P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Stillwater Mining Company (May 2002 &#150; Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Roger B. Vincent</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 65</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Chairman and Trustee</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">February 2002 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">President, Springwell Corporation, a corporate finance firm (March 1989 &#150;
Present). &nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">UGI Corporation (February 2006 &#150; Present) and UGI Utilities, Inc. (February
2006 &#150; Present).</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-bottom:1px solid #000000" valign=top width=372.467 colspan=4>
<P style="line-height:11pt; margin:0px; font-size:9pt"><B>Trustees who are &#147;Interested Persons&#148;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=264><P>&nbsp;</P></TD>
<TD style="border-bottom:1px solid #000000" valign=top width=142.933><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2><P>&nbsp;</P></TD>
</TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Robert W. Crispin<SUP>(3)</SUP></B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 64</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">October 2007 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">Retired. &nbsp;Formerly, Chairman and Chief Executive Officer, ING Investment
Management Co. (July 2001 &#150; December 2007).</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Intact Financial Corp. (December 2004 &#150; Present) and PFM Group (November 2010
&#150; Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=186.467 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Shaun P. Mathews<SUP> (3)</SUP></B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: &nbsp;55</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=82>
<P style="line-height:11pt; margin:0px; font-size:9pt">Trustee </P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt">June 2006 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=264>
<P style="line-height:11pt; margin:0px; font-size:9pt">President and Chief Executive Officer, ING Investments, LLC <SUP>(4)</SUP>
(November 2006 &#150; Present). &nbsp;Formerly, Head of ING Mutual Funds and Investment Products (November 2004 &#150; November 2006).
</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=142.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=177.067 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">ING Capital Corporation, LLC (December 2005 &#150; Present).</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>


<P style="margin:0px" align=left> <BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(1)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>Trustees are considered for election by
shareholders on an annual basis and 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 Fund, as defined in the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;) (&#147;Independent Trustees&#148;),
shall retire from service as a Trustee at the conclusion of the first regularly scheduled meeting of the Board that is held after the
Trustee reaches the age of 72. 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 Fund under applicable law,
whether for purposes of appointing a successor to the Trustee or if otherwise
necessary under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no
longer needed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(2)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>For the purposes of this table (except for Mr.
Mathews), &#147;Fund Complex&#148; means the following investment companies:&nbsp; ING Asia Pacific High Dividend Equity Income Fund; ING
Emerging Markets High Dividend Equity Fund; ING Emerging Markets Local Bond Fund; ING Equity Trust; ING Funds Trust; ING Global Advantage
and Premium Opportunity Fund; ING Global Equity Dividend and Premium Opportunity Fund; ING Infrastructure, Industrials and Materials
Fund; ING International High Dividend Equity Income Fund; ING Investors Trust; ING Mayflower Trust; ING Mutual Funds; ING Partners, Inc.;
ING Prime Rate Trust; ING Risk Managed Natural Resources Fund; ING Senior Income Fund; ING Separate Portfolios Trust; ING Variable
Insurance Trust and ING Variable Products Trust. For Mr. Mathews the Fund Complex also includes the following investment companies: ING
Balanced Portfolio, Inc.; ING Intermediate Bond Portfolio; ING Money
Market Portfolio; ING Series Fund, Inc.; ING Strategic Allocation Portfolios, Inc.; ING Variable Funds; and ING Variable Portfolios, Inc.
&nbsp;The number of Funds in the Fund Complex is [ &nbsp;&nbsp;} as of May 31, 2011. &nbsp;</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; text-indent:-48px; font-size:8pt" align=justify>.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(3)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>Messrs. Crispin and Mathews are deemed to be
&#147;interested persons&#148; of the Trust as defined in the 1940 Act because of their current or prior relationship with ING Groep.,
N.V., the parent corporation of the &nbsp;Adviser, ING Investments, LLC, and the distributor, ING Investments Distributor, LLC.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(4)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>ING Investments, LLC was previously named ING
Pilgrim Investments, LLC. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR></P>


<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">15</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Information Regarding Officers of the Trust </B></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Set forth in the table below is information regarding each
Officer of the Trust:</P>


<P style="margin:0px" align=left><BR> <BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=176></TD><TD width=27.733></TD><TD width=140.267>
</TD><TD width=15.733></TD><TD width=240.267></TD><TD width=15.733></TD><TD width=363.8></TD><TD width=15.733></TD></TR>
<TR><TD style="border:1px solid #000000" valign=bottom width=203.733 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Name, Address and Age</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=156 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Positions Held with the Trust</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Term of Office and Length of Time Served <SUP>(1)</SUP></B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Principal Occupation(s) During the Last Five Years</B></P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Shaun P. Mathews</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 55</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">President and Chief Executive Officer </P>
<P style="margin:0px"><BR></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">November 2006 &#150; Present </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">President and Chief Executive Officer, ING Investments, LLC<SUP> (2)</SUP>
(November 2006 &#150; Present). &nbsp;Formerly, Head of ING Mutual Funds and Investment Products (November 2004 &#150; November 2006).
</P>
</TD><A NAME="_DV_M298"></A></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Michael J. Roland</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 53</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Executive Vice President </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Chief Compliance Officer</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">February 2002 &#150; Present </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">March 2011 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Chief Compliance Officer of the ING Funds, Directed Services LLC<SUP>(6)</SUP> and
ING Investments, LLC<SUP>(2)</SUP> (March 2011 &#150; Present) and Executive Vice President and Chief Operating Officer, ING Investments,
LLC <SUP>(2) </SUP>and ING Funds Services, LLC <SUP>(3) </SUP>(January 2007 &#150; Present). Formerly, Executive Vice President, Head of
Product Management, ING Investments, LLC<SUP>(2)</SUP> and ING Funds Services, LLC<SUP>(3)</SUP> (January 2005 &#150; January 2007).
&nbsp;</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Stanley D. Vyner</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">230 Park Avenue</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">New York, New York 10169</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 61</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Executive Vice President</P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Chief Investment Risk Officer</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">August 2003 &#150; Present</P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">September 2009 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Executive Vice President, ING Investments, LLC <SUP>(2)</SUP> (July 2000 &#150;
Present) and Chief Investment Risk Officer, ING Investments, LLC <SUP>(2)</SUP> (January 2003 &#150; Present). </P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Todd Modic</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 43</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary
</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">March 2005 &#150; Present</P>
</TD><A NAME="_DV_M378"></A>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President, ING Funds Services, LLC <SUP>(3)</SUP> (March 2005 &#150;
Present).</P>
</TD><A NAME="_DV_M308"></A><A NAME="_DV_M318"></A></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Daniel A. Norman</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 53</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President</P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Treasurer</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">April 1995 &#150; Present</P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">June 1997 <FONT style="font-family:Symbol">-</FONT> Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President and Group Head, ING Investment<SUP> </SUP>Management<SUP>
</SUP>Co. (January 2000 &#150; Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>William H. Rivoir III</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 60</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President and Assistant Secretary</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">February 2001 <FONT style="font-family:Symbol">-</FONT> Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President, ING Investment Management Co. (January 2004 &#150;
Present). </P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Kimberly A. Anderson</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 46</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">November 2003 &#150; Present</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President, ING Investments, LLC <SUP>(2)</SUP> (October 2003 &#150;
Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Jeffrey A. Bakalar</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age<B>: </B>51</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">November 1999 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President and Group Head, ING Investment Management Co. (January 2000
&#150; Present). </P>
</TD></TR>
</TABLE>

<P style="margin:0px" align=left> <BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">16</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><BR></P>


<P style="margin:0px" align=left> <BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=176></TD><TD width=27.733></TD><TD width=140.267>
</TD><TD width=15.733></TD><TD width=240.267></TD><TD width=15.733></TD><TD width=363.8></TD><TD width=15.733></TD></TR>
<TR><TD style="border:1px solid #000000" valign=bottom width=203.733 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Name, Address and Age</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=156 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Positions Held with the Trust</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Term of Office and Length of Time Served <SUP>(1)</SUP></B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Principal Occupation(s) During the Last Five Years</B></P>
</TD></TR>



<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Elliot A. Rosen</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 58</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">May 2002 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President, ING Investment Management Co. (February 1999 &#150;
Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Robert Terris</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 41</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">May 2006 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:normal; margin:0px; font-size:9pt">Senior Vice President, Head of Division Operations, ING Funds Services, LLC
<SUP>(3)</SUP> (May 2006 &#150; Present). Formerly, Vice President of Administration, ING Funds Services, LLC <SUP>(3)</SUP> (October
2001 &#150;May 2006).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Maria M. Anderson</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 53</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">September 2004 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President, ING Funds Services, LLC <SUP>(3)</SUP> (September 2004 &#150;
Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Lauren D. Bensinger</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 57</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President </P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">August 2003 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President, ING Investments, LLC <SUP>(2)</SUP> and ING Funds Services, LLC
<SUP>(3)</SUP> (February 1996 &#150; Present); Director of Compliance, ING Investments, LLC <SUP>(2)</SUP> (October 2004 &#150; Present);
and Vice President and Money Laundering Reporting Officer, ING Investments Distributor, LLC<SUP>(5)</SUP> (April 2010 &#150; Present).
Formerly, Chief Compliance Officer, ING Investments Distributor, LLC<SUP>(5)</SUP> (August 1995 &#150; April 2010).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>William Evans</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">10 State House Square</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Hartford, Connecticut 06103</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 39</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">September 2007 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President (March 2010 &#150; Present) and Head of Manager Research and
Selection Group (April 2007 &#150; Present). &nbsp;Formerly, Vice President, U.S. Mutual Funds and Investment Products (May 2005 &#150;
April 2007). </P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Robyn L. Ichilov</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 43</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">November 1997 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President and Treasurer, ING Funds Services, LLC <SUP>(3)</SUP> (November
1995 &#150; Present) and ING Investments, LLC <SUP>(2)</SUP> (August 1997 &#150; Present).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Denise Lewis</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 47</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">January 2007 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President, ING Funds Services, LLC <SUP>(3)</SUP> (December 2006 &#150;
Present).&nbsp; Formerly, Senior Vice President, UMB Investment Services Group, LLC (November 2003 &#150; December 2006).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Kimberly K. Springer</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 54</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">March 2006 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President, ING Investment Management &#150; ING Funds (March 2010 &#150;
Present); Vice President, ING Funds Services, LLC <SUP>(3)</SUP> (March 2006 &#150; Present) and Managing Paralegal, Registration
Statements (June 2003 &#150; Present).</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">17</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><BR></P>


<P style="margin:0px" align=left> <BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=176></TD><TD width=27.733></TD><TD width=140.267>
</TD><TD width=15.733></TD><TD width=240.267></TD><TD width=15.733></TD><TD width=363.8></TD><TD width=15.733></TD></TR>
<TR><TD style="border:1px solid #000000" valign=bottom width=203.733 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Name, Address and Age</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=156 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Positions Held with the Trust</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Term of Office and Length of Time Served <SUP>(1)</SUP></B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Principal Occupation(s) During the Last Five Years</B></P>
</TD></TR>

<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Craig Wheeler</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 42</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Assistant Vice President</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">May 2008 - Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Assistant Vice President &#150; Director of Tax, ING Funds Services, LLC <SUP>(3)
</SUP> (March 2008 &#150; Present). Formerly, Tax Manager, ING Funds Services, LLC<SUP> (3)</SUP> (March 2005 &#150; March 2008).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Huey P. Falgout, Jr.</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 47</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Secretary</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">August 2003 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Senior Vice President and Chief Counsel, ING Investment Management &#150;ING Funds
(March 2010 &#150; Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003 &#150; March 2010). &nbsp;</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Paul Caldarelli</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 59</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Assistant Secretary</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">June 2010 &#150; Present </P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President and Senior Counsel, ING Investment Management &#150; ING Funds
(March 2010 &#150; Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008 &#150; March 2010) and Counsel, ING
Americas, U.S. Legal Services (May 2005 &#150; April 2008).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Theresa K. Kelety</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona &nbsp;85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 48</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Assistant Secretary</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">August 2003 &#150; Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President and Senior Counsel, ING Investment Management &#150; ING Funds
(March 2010 &#150; Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008 &#150; March 2010) and Counsel, ING
Americas, U.S. Legal Services (April 2003 &#150; April 2008).</P>
</TD></TR>
<TR>
<TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=203.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt"><B>Kathleen Nichols</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">7337 East Doubletree Ranch Road, Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">Age: 35</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=156 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Assistant Secretary</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=256 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">May 2008 - Present</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=379.533 colspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt">Vice President and Counsel, ING Investment Management &#150; ING Funds (March 2010
&#150; Present). Formerly, Counsel, ING Americas, U.S. Legal Services (February 2008 &#150; March 2010) and Associate, Ropes &amp; Gray
LLP (September 2005 &#150; February 2008).</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(1)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>The Officers hold office until the next annual
meeting of the Trustees and until their successors shall have been elected and qualified.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(2)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>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. </P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(3)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>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.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(4)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>Directed Services LLC is the successor in
interest to Directed Services, Inc.</P>
<P style="margin:0px" align=left> &nbsp;<BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-48px; font-size:8pt"
align=justify>(5)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>ING Investments Distributor, LLC was previously
named ING Funds Distributor, LLC. 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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="margin:0px" align=justify><BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">18</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B><I>The Board of Trustees </I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; font-size:10.5pt" align=justify>The Trust is governed by the
Trust&#146;s Board, which oversees the Trust&#146;s business and affairs. The Board delegates the day-to-day management of the Trust to
the Trust&#146;s officers and to various service providers that have been contractually retained to provide such day-to-day services.
&nbsp;The ING entities that render services to the Trust do so pursuant to contracts that have been approved by the Board. &nbsp;The
Trustees are experienced executives who, among other duties, oversee the Trust&#146;s activities, review contractual arrangements with
companies that provide services to the Trust, and review the Trust&#146;s investment performance. &nbsp;</P>

<P style="margin:0px" align=left> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>The Board Leadership Structure and Related Matters</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board is currently comprised of ten members, eight of whom
are independent or disinterested persons, which means that they are not &#147;interested persons&#148; of the Trust as defined in Section
2(a)(19) of the 1940 Act (&#147;Independent Trustees&#148;). &nbsp;The Trust is one of [ &nbsp;] registered investment companies (with a
total of approximately [ &nbsp;] separate series) and all of the Trustees serve as members of, as applicable, each investment
company&#146;s Board of Trustees or Board of Directors. &nbsp;The Board employs substantially the same leadership structure with respect
to each of these investment companies.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>One of the Independent Trustees, currently Roger B. Vincent,
serves as the Chairman of the Board of the Trust. The responsibilities of the Board Chairman include: coordinating with management in the
preparation of agendas for Board meetings; presiding at Board meetings; between Board meetings, serving as a primary liaison with other
Trustees, officers of the Trust, management personnel and legal counsel to the Independent Trustees; and such other duties as the Board
periodically may determine. &nbsp;Mr. Vincent holds no position with any firm that is a sponsor of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board performs many of its oversight and other activities
through the committee structure described below in the &#147;Board Committees&#148; section. Each Committee operates pursuant to a
written Charter approved by the Board. &nbsp;The Board currently conducts regular meetings eight (8) times a year. &nbsp;Six of these
regular meetings consist of sessions held over a two-day period and two of these meetings consist of a one-day session. &nbsp;In
addition, during the course of a year, the Board and many of its Committees typically hold special meetings by telephone or in person to
discuss specific matters that require action prior to their next regular meetings.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board believes that its leadership structure is an
effective means of empowering the Trustees to perform their fiduciary and other duties. For example, the Board&#146;s committee structure
faciliates, as appropriate, the ability of individual Board members to receive detailed presentations on topics under their review and to
develop increased familiarity with respect to such topics and with key personnel at relevant service providers. At least annually, with
guidance from its Nominating and Governance Committee, the Board analyzes whether there are potential means to enhance the efficiency and
effectiveness of the Board&#146;s operations.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Board Committees</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B><I>Audit Committee.</I></B><I> &nbsp;</I>The Board has
established an Audit Committee whose functions include, among other things, meeting 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 accounting controls, and
meeting with management concerning these matters, internal audit activities and other matters. &nbsp;The Audit Committee currently
consists of four (4) Independent Trustees. &nbsp;The following Trustees currently serve as members of the Audit Committee: Mses. Chadwick
and Pressler, and Messrs. Drotch and Earley. &nbsp;Mr. Earley currently serves as Chairperson of the Audit Committee. &nbsp;Messrs.
Drotch and Earley have each been designated as an Audit Committee Financial Experts under the Sarbanes-Oxley Act. &nbsp;The Audit
Committee, which currently meets regularly four (4) times per year, held five (5) meetings
during the fiscal year ended February 28, 2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B><I>Compliance Committee. &nbsp;</I></B>The Board has
established a Compliance Committee for the purpose of, among other things: (1) coordinating activities between the Board and the Chief
Compliance Officer (&#147;CCO&#148;) of the Trust;</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">19</P>
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<P style="margin:0px" align=left> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>(2) facilitating information flow among Board members and the
CCO between Board meetings; (3) working with the CCO and management to identify the types of reports to be submitted by the CCO to the
Compliance Committee and the Board; (4) coordinating CCO oversight activities with other ING Funds boards; (5) making recommendations
regarding the role, performance, and oversight of the CCO; (6) overseeing the implementation of the Trust&#146;s valuation procedures and
the fair value determinations made with respect to securities held by the Trust for which market value quotations are not readily
available; (7) overseeing management&#146;s administration of proxy voting; and (8) overseeing the effectiveness of brokerage usage by
the Trust&#146;s Adviser or Sub-Adviser, as applicable, and compliance with regulations regarding the allocation of brokerage for
services. &nbsp;The Compliance Committee currently consists of four (4) Independent
Trustees: Messrs. Boyer, Kenny, and Vincent, and Ms. Baldwin. &nbsp;Mr. Kenny currently serves as Chairperson of the Compliance
Committee. &nbsp;The Compliance Committee, which currently meets regularly four (4) times per year, held four &nbsp;(4) meetings<B>
</B>during the fiscal year ended February 28, 2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B><I>Contracts Committee.</I></B> 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 Trust. &nbsp;The responsibilities of the Contracts
Committee, among other things, include: &nbsp;(1) identifying the scope and format of information to be provided by service providers in
connection with applicable contract approvals or renewals; (2) providing guidance to independent legal counsel regarding specific
information requests to be made by such counsel on behalf of the Trustees; (3) evaluating regulatory and other developments that might
have an impact on applicable approval and renewal processes; (4) reporting to the Trustees its recommendations and decisions regarding
the foregoing matters; (5) assisting in the preparation of a written record of the
factors considered by Trustees relating to the approval and renewal of advisory and sub-advisory agreements; (6) recommending to the
Board specific steps to be taken by it regarding the contracts approval and renewal process, including, for example, proposed schedules
of meetings by the Trustees; and (7) otherwise providing assistance in connection with Board decisions to renew, reject or modify
agreements or plans. &nbsp;The Contracts Committee currently consists of five (5) Independent Trustees: Mses. Chadwick and Pressler, and
Messrs. Boyer, Drotch, and Vincent. &nbsp;Ms. Pressler currently serves as Chairperson of the Contracts Committee. &nbsp;The Contracts
Committee, which currently meets regularly seven (7) times per year, held ten (10) meetings during the fiscal year ended February 28,
2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; font-size:10.5pt" align=justify><B><I>Executive Committee</I>.</B> The
Board has established an Executive Committee whose function is to act on behalf of the full Board between meetings when necessary.
&nbsp;The Executive Committee currently consists of three (3) Independent Trustees and two (2) Trustees who are &nbsp;&#147;interested
persons,&#148; as defined in the 1940 Act. &nbsp;The following Trustees currently serve as members of the Executive Committee: Ms.
Pressler and Messrs. Boyer, Crispin, Mathews, and Vincent. &nbsp;Mr. Vincent, Chairman of the Board, currently serves as Chairperson of
the Executive Committee. &nbsp;The Executive Committee, which meets on an &#147;as needed&#148; basis, held no meetings during the fiscal
year ended February 28, 2011.</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B><I>Investment Review Committees</I>.</B> The Board has
established two Investment Review Committees to, among other things, monitor the investment performance of the Trust and make
recommendations to the Board with respect to investment management activities performed by the Adviser and Sub-Adviser on behalf of the
Trust, and to review and make recommendations regarding proposals by management to retain a new or additional sub-adviser for the Trust.
&nbsp;The Investment Review Committee for the Domestic Equity Funds (the &#147;DE IRC&#148;) and the Investment Review Committee for the
International/Balanced/Fixed-Income Funds (the &#147;IBF IRC&#148;) jointly monitor this Fund. &nbsp;Each committee is described below:
&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The DE IRC currently consists of four (4) Independent Trustees
and one (1) Trustee who is an &#147;interested person,&#148; as defined in the 1940 Act. &nbsp;The following Trustees serve as members of
the DE IRC: &nbsp;Ms. Chadwick, and Messrs. Crispin, &nbsp;Earley, Kenny, and Vincent. &nbsp;Ms. Chadwick currently serves as Chairperson
of the DE IRC. &nbsp;The DE IRC, which currently meets regularly six (6) times per year, held eight (8) meetings during the fiscal year
ended February 28, 2011.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">20</P>
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<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=left> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The IBF IRC currently consists of four (4) Independent Trustees
and one (1) Trustee who is an &#147;interested person,&#148; as defined in the 1940 Act. The following Trustees serve as members of the
IBF IRC: Mses. Baldwin and Pressler, and Messrs. Boyer, Drotch, and Mathews. &nbsp;Mr. Boyer currently serves as Chairperson of the IBF
IRC. The IBF IRC, which currently meets regularly six (6) times per year, held ten (10) meetings during the fiscal year ended February
28, 2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B><I>Nominating and Governance Committee.</I></B> The Board
has established a Nominating and Governance Committee for the purpose of, among other things: (1) identifying and recommending to the
Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board; (2) reviewing workload and capabilities
of Independent Trustees and recommending changes to the size or composition of the Board, as necessary; (3) monitoring regulatory
developments and recommending modifications to the Committee&#146;s responsibilities; (4) considering and, if appropriate, 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) conducting an annual review of the membership and chairpersons of all Board committees and of practices
relating to such membership and chairpersons; (6) 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; (8) developing (with assistance from
management) an annual meeting calendar for the Board and its committees; and (9) overseeing actions to facilitate attendance by
Independent Trustees at relevant educational seminars and similar programs.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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 nominees that it identifies initially as potential
candidates. &nbsp;A shareholder nominee for Trustee should be submitted in writing to the Trust&#146;s Secretary. &nbsp;Any such
shareholder nomination should include, at least, the following information as to each individual proposed for nominations as Trustee:
such person&#146;s written consent to be named in a 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, including such information as the Board may reasonably deem necessary to satisfy its oversight and due diligence
duties.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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<SUP>th</SUP> day prior to such meeting and not later
than the close of business on the later of the 60<SUP>th</SUP> day prior to such meeting or the 10<SUP>th</SUP> day following the day on
which public announcement of the date of the meeting is first made, by either the disclosure in a press release or in a document publicly
filed by the Trust with the SEC.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Nominating and Governance Committee consists of four (4)
Independent Trustees: Mses. Baldwin and Chadwick, and Messrs. Kenny and Vincent. Ms. Baldwin currently serves as Chairperson of the
Nominating and Governance Committee. The Nominating and Governance Committee, which currently meets regularly four (4) times per year,
held five (5) meetings during the fiscal year ended February 28, 2011.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-family:Times New Roman Bold; font-size:10.5pt" align=justify><B><I>The Board&#146;s Risk
Oversight Role</I></B></P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The day-to-day management of various risks relating to the
administration and operation
of the Trust is the responsibility of management and other service providers retained by the Board or by management, most of whom employ
professional personnel who
have risk management responsibilities. The Board oversees this risk management function consistent with and as part of its oversight
duties. The Board performs this
risk </P>

<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">21</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>management oversight function directly and, with respect to
various matters, through its committees. The following description provides an overview of many, but not all, aspects of the Board&#146;s
oversight of risk management for the Trust. &nbsp;In this connection, the Board has been advised that it is not practicable to identify
all of the risks that may impact the Trust or to develop procedures or controls that are designed to eliminate all such risk exposures,
and that applicable securities law regulations do not contemplate that all such risks be identified and addressed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board, working with management personnel and other service
providers, has endeavored to identify the primary risks that confront the Trust. In general, these risks include, among others,
investment risks, credit risks, liquidity risks, valuation risks, operational risks, reputational risks, regulatory risks, risks related
to potential legislative changes and the risk of conflicts of interest affecting ING affiliates in managing the Trust. &nbsp;The Board
has adopted and periodically reviews various policies and procedures that are designed to address these and other risks confronting the
Trust. &nbsp;In addition, many service providers to the Trust have adopted their own policies, procedures and controls designed to
address particular risks to the Trust. &nbsp;The Board and persons retained to render advice and service to the Board periodically review
and/or monitor changes to and developments relating to the effectiveness of
these policies and procedures.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board oversees risk management activities in part through
receipt and review by the Board or its committees of regular and special reports, presentations and other information from officers of
the Trust, including the CCOs for the Trust and its Adviser and the Trust&#146;s Chief Investment Risk Officer (&#147;CIRO&#148;), and
from other service providers. &nbsp;For example, management personnel and the other persons make regular reports and presentations to:
&nbsp;(1) the Compliance Committee regarding compliance with regulatory requirements; (2) the Investment Review Committees regarding
investment activities and strategies that may pose particular risks; (3) the Audit Committee with respect to financial reporting controls
and internal audit activities; (4) the Nominating and Governance Committee regarding corporate governance and best practice developments;
and (5) the Contracts Committee regarding regulatory and related
developments that might impact the retention of service providers to the Trust. The CIRO oversees an Investment Risk Department
(&#147;IRD&#148;) that provides an independent source of analysis and research for Board members in connection with their oversight of
the investment process and performance of portfolio managers. Among its other duties, the IRD seeks to identify and, where practicable,
measure the investment risks being taken by the Trust&#146;s portfolio managers. Although the IRD works closely with management of the
Trust in performing its duties, the CIRO is directly accountable to and maintains an ongoing dialogue with the Independent Trustees.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Qualifications of the Trustees</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board believes that each of the Trustees is qualified to
serve as a Trustee of the Trust based on its review of the experience, qualifications, attributes and skills of each Trustee. &nbsp;The
Board bases this conclusion on its consideration of various criteria, no one of which is controlling. &nbsp;Among others, the Board has
considered the following factors with respect to each Trustee: strong character and high integrity; an ability to review, evaluate,
analyze and discuss information provided; the ability to exercise effective business judgment in protecting shareholder interests while
taking into account different points of views; a background in financial, investment, accounting, business, regulatory or other skills
that would be relevant to the performance of a Trustee&#146;s duties; the ability and willingness to commit the time necessary to perform
his or her duties; and the ability to work in a collegial manner with
other Board members. Each Trustee&#146;s ability to perform his or her duties effectively is evidenced by his or her: experience in the
investment management business; related consulting experience; other professional experience; experience serving on the boards of
directors of other public companies; educational background and professional training; prior experience serving on the Board of Trustees
of the Trust, as well as the boards of other investment companies in the ING Funds Complex and/or of other investment companies; and
experience as attendees or participants in conferences and seminars that are focused on investment company matters and/or duties that are
specific to board members of registered investment companies.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Information indicating certain of the specific experience and
qualifications of each Trustee
relevant to the </P>
<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">22</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Board&#146;s belief that the Trustee should serve in this
capacity is provided in the table above in the section entitled &#147;Information Regarding Individual Board Members of the Trust.&#148;
&nbsp;That table includes, for each Trustee, positions held with the Trust, the length of such service, principal occupations during the
past five years, the number of series within the ING Funds Complex for which the Trustee serves as a Board member and certain
directorships held during the past five years. &nbsp;Set forth below are certain additional specific experiences, qualifications,
attributes or skills that the Board believes support a conclusion that each Trustee should serve as a Board member in light of the
Trust&#146;s business and structure. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Colleen D. Baldwin</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2007. &nbsp;She also has served as the Chairperson of the
Board&#146;s Nominating and Governance Committee since 2009. Ms. Baldwin has been President of Glautaum Partners, LLC, a business
consulting firm, since 2009. Prior to that, she served in senior positions at the following financial services firms: Chief Operating
Officer for Ivy Asset Management, Inc. (2002-2004), a hedge fund manager; Chief Operating Officer and Head of Global Business and Product
Development for AIG Global Investment Group (1995-2002), a global investment management firm; Senior Vice President at Bankers Trust
Company (1994-1995); and Senior Managing Director at J.P. Morgan &amp; Company (1987-1994). &nbsp;In addition to her undergraduate
degree, Ms. Baldwin has an MBA degree from Pace University. These positions and
experiences have provided Ms. Baldwin with a strong background in asset management matters and in the oversight of related service
activities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>John V. Boyer</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2005. &nbsp;He also has served as Chairperson of the
Trust&#146;s IBF IRC since 2006 and, prior to that, as Chairperson of the Trust&#146;s Compliance Committee. &nbsp;Since 2008, Mr. Boyer
has been President of the Bechtler Arts Foundation for which, among his other duties, Mr. Boyer oversees all fiduciary aspects of the
Foundation and assists in the oversight of the Foundation&#146;s endowment portfolio. &nbsp;Previously, he served as President and Chief
Executive Officer of the Franklin and Eleanor Roosevelt Institute (2006-2007) and as Executive Director of The Mark Twain House &amp;
Museum (1989-2006) where he was responsible for overseeing business operations, including endowment portfolios. &nbsp;He also served as a
board member of certain predecessor mutual funds of the ING Fund Complex
(1997-2005). In addition to his undergraduate degree, Mr. Boyer has an MFA degree from Princeton University. These positions and
experiences have provided Mr. Boyer with a strong background in business management, asset management oversight and related service
activities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Patricia W. Chadwick</I> has been a Trustee of the Trust and
a board member of other investment companies in the ING Fund Complex since 2006. &nbsp;She also has served as Chairperson of the
Trust&#146;s DE IRC since 2007. Since 2000, Ms. Chadwick has been the Founder and President of Ravengate Partners LLC, a consulting firm
that provides advice regarding financial markets and the global economy. She also is a director of The Royce Fund (since 2009), Wisconsin
Energy Corp. (since 2006) and AMICA Mutual Insurance Company (since 1992). &nbsp;Previously, she served in senior roles at several major
financial services firms where her duties included the management of corporate pension funds, endowments and foundations, as well as
management responsibilities for an asset management business. &nbsp;These positions and experiences have provided Ms. Chadwick with a
strong background in asset management matters and in the oversight of
related service providers.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Robert W. Crispin</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2007. &nbsp;He formerly served as Chairman and Chief Executive
Officer of ING Investment Management Co. (2001-2007), an investment sub-adviser to many of the funds in the ING Fund Complex, and in
other senior positions in financial service firms. These positions and experiences have provided Mr. Crispin with a strong background in
investment management and distribution activities and related administrative oversight activities, as well as with extensive knowledge of
many of the Trust&#146;s key service providers.</P>

<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">23</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Peter S. Drotch</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2007. &nbsp;Prior to his retirement in 2000, he was a partner at
the accounting firm of PricewaterhouseCoopers LLP, where he was the leader of the firm&#146;s asset management practice group and
acquired extensive experience with respect to audits and other financial matters relating to registered investment companies. &nbsp;Since
his retirement, he also has served on the boards of registered investment companies in other fund complexes (the State Street Research
Funds and BlackRock Funds) from 2005 to 2007 and as a consultant with respect to investment company regulatory compliance matters. In
addition to his undergraduate degree, Mr. Drotch is a Certified Public Accountant. &nbsp;These positions and experiences have provided
Mr. Drotch with a strong background in financial reporting, compliance and
internal control matters relating to registered investment companies.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><I>J. Michael Earley</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2002. &nbsp;He also has served as Chairperson of the
Trust&#146;s Audit Committee since 2003. Mr. Earley retired in 2008 as President and Chief Executive Officer of Bankers Trust Company,
N.A. (Des Moines, Iowa), where he had worked since 1992. He also has served on the boards of directors of that company (1992-2009) and of
Midamerica Financial Corporation (2002-2009), and as a board member of certain predecessor mutual funds of the ING Fund Complex
(1997-2002). In addition to his undergraduate degree, Mr. Earley has a JD degree from the University of Iowa. &nbsp;These positions and
experiences have provided Mr. Earley with a strong background in management matters relating to financial institutions and with respect
to financial reporting and internal controls matters.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Patrick W. Kenny</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2005. &nbsp;He also has served as the Chairperson of the
Trust&#146;s Compliance Committee since 2006. He previously served as President and Chief Executive Officer (2001-2009) of the
International Insurance Society (insurance trade association), Executive Vice President (1998-2001) of Frontier Insurance Group (property
and casualty insurance company), Senior Vice President (1995-1998) of SS&amp;C Technologies (software and technology company), Chief
Financial Officer (1988-1994) of Aetna Life &amp; Casualty Company (multi-line insurance company), and as Partner (until 1988) of KPMG
(accounting firm). Mr. Kenny currently serves (since 2004) on the board of directors of Assured Guaranty Ltd. (provider of financial
guaranty insurance) and previously served on the boards of Odyssey Re Holdings Corporation

(multi-line reinsurance company) (2006-2009) and of certain predecessor mutual funds of the ING Fund Complex (2002-2005). In addition to
his undergraduate degree, Mr. Kenny has an MS degree from the University of Missouri and is a Certified Public Accountant. &nbsp;These
positions and experiences have provided Mr. Kenny with a strong background in financial, accounting, insurance and management matters.
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Shaun P. Mathews</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2007. &nbsp;He also is President and Chief Executive Officer of
ING Investments, LLC (2006 to present). Mr. Mathews previously served as President of ING Mutual Funds and Investment Products
(2004-2006) and several other senior management positions in various aspects of the financial services business. &nbsp;These positions
and experiences have provided Mr. Mathews with extensive investment management, distribution and oversight experience, as well as with
extensive direct knowledge of many of the Trust&#146;s key service providers.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Sheryl K. Pressler</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2006. &nbsp;She also has served as Chairperson of the
Trust&#146;s Contracts Committee since 2007. Ms. Pressler has served as a consultant on financial matters since 2001. Previously, she
held various senior positions involving financial services, including as Chief Executive Officer (2000-2001) of Lend Lease Real Estate
Investments, Inc. (real estate investment management and mortgage servicing firm), Chief Investment Officer (1994-2000) of California
Public Employees&#146; Retirement System (state pension fund), and Director of Retirement Funds Management (1981-1994) of McDonnell
Douglas Corporation (aircraft manufacturer). In addition to her undergraduate degree, Ms. Pressler has an MBA degree from Washington
University. These positions and experiences have provided Ms. Pressler with extensive
experience in asset management and retirement service matters, as well as management oversight of such operations.</P>


<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">24</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Roger B. Vincent</I> has been a Trustee of the Trust and a
board member of other investment companies in the ING Fund Complex since 2002. He also has served as Chairman of the Board of Trustees
since 2007 and he previously served as Chairperson of the Contracts Committee and the DE IRC. Mr. Vincent currently is President (since
1989) of Springwell Corporation (corporate finance firm) and a Director of UGI Corporation and UGI Utilities, Inc. (since 2006). He
previously worked for 20 years at Bankers Trust Company. He also previously served as a Director of AmeriGas Partners, L.P. (1998-2006),
Tatham Offshore, Inc. (1996-2000) and Petrolane, Inc. (1993-1995), and as a board member of certain predecessor funds of the ING Fund
Complex (1994-2002). Mr. Vincent is a frequent speaker or panelist at mutual fund industry conferences and seminars. In addition to his
undergraduate degree, Mr. Vincent has an MBA degree from Harvard University.

These positions and experiences have provided Mr. Vincent with extensive experience in financial management and oversight matters.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Trustee Ownership of Securities</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>In order to further align the interests of the Independent
Trustees with shareholders, it is the policy of the Board for Independent Trustees to own, beneficially, shares of one or more funds in
the ING Fund Complex at all times (&#147;Ownership Policy&#148;). For this purpose, beneficial ownership of ING Fund shares includes, in
addition to direct ownership of ING Fund shares, ownership of a variable annuity contract or a variable life insurance policy whose
proceeds are invested in an ING Fund within the ING Fund Complex, as well as deferred compensation payments under the Board&#146;s
deferred compensation arrangements pursuant to which the future value of such payments is based on the notional value of designated ING
Funds within the ING Fund Complex.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Under this Ownership Policy, the initial value of investments
in the ING Fund Complex that are beneficially owned by a Trustee must equal at least $100,000. Existing Trustees were provided with a
reasonable amount of time, not to exceed three years, from the date upon which the minimum ownership requirement was set at $100,000 (in
July 2007) in order to satisfy the foregoing requirements. The Ownership Policy provides that a new Trustee shall satisfy the foregoing
requirements within a reasonable amount of time, not to exceed three years, after becoming a Trustee. A decline in the value of any ING
Fund investments will not cause a Trustee to have to make any additional investments under this Ownership Policy.<A NAME="_DV_IPM18"></A>
Currently, all Independent Trustees are in compliance with this ownership policy.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Investment in mutual funds of the ING Funds Complex by the
Trustees pursuant to this Ownership Policy are subject to: &nbsp;(1) policies, applied by the mutual funds of the ING Funds Complex to
other similar investors, that are designed to prevent inappropriate market timing trading practices; and (2) to any provisions of the ING
Funds&#146; Code of Ethics that otherwise apply to the Trustees.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Set forth below is the dollar range of equity securities owned
by each Trustee as of the calendar year ended December 31, 2010:</P>

<P style="margin:0px" align=left><BR> <BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=216></TD><TD width=184></TD><TD width=224></TD>
</TR>
<TR><TD style="border:1px solid #000000" width=216><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Name of Trustee
</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Dollar Range of Equity Securities in the Trust </B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Aggregate Dollar Range of Equity Securities in all Registered
Investment Companies Overseen by Trustee in Family of Investment Companies</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-bottom:1px solid #000000" valign=top width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><B>Independent Trustees</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=184><P>&nbsp;</P></TD><A NAME="_DV_M404"></A>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">Colleen D. Baldwin</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000<SUP>(1)</SUP></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">John V. Boyer</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">Patricia W. Chadwick<SUP> </SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">Peter S. Drotch</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">J. Michael Earley</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">Patrick W. Kenny</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$50,001 &#150; $100,000</P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000<SUP>(1)</SUP></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">Sheryl K. Pressler<SUP> </SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000<SUP>(1)</SUP></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">Roger B. Vincent</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000</P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000<SUP>(1)</SUP></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>


<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">25</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=left><BR> <BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=216></TD><TD width=184></TD><TD width=224></TD>
</TR>
<TR><TD style="border:1px solid #000000" width=216><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Name of Trustee
</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Dollar Range of Equity Securities in the Trust </B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Aggregate Dollar Range of Equity Securities in all Registered
Investment Companies Overseen by Trustee in Family of Investment Companies</B></P>
</TD></TR>


<TR><TD style="border-left:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><B>Trustees who are Interested Persons</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=184><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224><P>&nbsp;</P></TD><A NAME="_DV_M433">
</A><A NAME="_DV_M434"></A><A NAME="_DV_M437"></A><A NAME="_DV_M440"></A></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">Robert W. Crispin</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt">Shaun P. Mathews</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>None</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=224>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000</P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000<SUP>(1)</SUP></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>


<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; font-size:8pt" align=justify>(1)</P>
<P style="line-height:10pt; margin:0px; text-indent:48px; font-size:8pt" align=justify>Funds held in a 401k/Deferred Compensation
Account.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Independent Trustee Ownership of Securities</B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Set forth in the table below is information regarding each
Independent Trustee&#146;s (and his or her immediate family members&#146;) share ownership in securities of the Trust&#146;s investment
adviser or principal underwriter, and the ownership of securities in an entity controlling, controlled by or under common control with
the investment adviser or principal underwriter of the Trust (not including registered investment companies) as of December 31, 2010.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=139.2></TD><TD width=102></TD><TD width=102></TD>
<TD width=108></TD><TD width=96></TD><TD width=91.2></TD></TR>
<TR><TD style="border:1px solid #000000" width=139.2><P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><B>Name of
Trustee</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Name of Owners and Relationship to Trustee</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Company</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Title of Class</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Value of Securities</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Percentage of Class</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=139.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Colleen D. Baldwin</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$0</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=139.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>John V. Boyer</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$0</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=139.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Patricia W. Chadwick</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$0</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=139.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Peter S. Drotch</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$0</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=139.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>J. Michael Earley</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$0</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=139.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Patrick W. Kenny</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$0</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=139.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Sheryl K. Pressler</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$0</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=139.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Roger B. Vincent</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$0</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=91.2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>Compensation of Trustees</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Each Trustee is reimbursed for reasonable expenses incurred in
connection with each meeting of the Board or any of its Committee meetings attended. &nbsp;Each Independent Trustee is compensated for
his or her services, on a quarterly basis, according to a fee schedule adopted by the Board. &nbsp;The current fee schedule consists of
an annual retainer, compensation for Board and Committee Chairpersons, and additional compensation for attendance at regularly scheduled
meetings. &nbsp;The Board may from time to time designate other meetings as subject to compensation.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:0px; font-size:10.5pt" align=justify>Effective January 1, 2010, the Trust
pays each Trustee who is not an
interested person of the Trust a <I>pro rata</I> share, as described below, of: &nbsp;(i) an annual retainer of $200,000; (ii) Mr.
Vincent, as Chairman of the Board,
receives an additional annual retainer of $80,000; (iii) Mses. Baldwin, Chadwick and Pressler and Messrs. Earley, Boyer and Kenny, as
Chairpersons of Committees of the
Board, each receive an additional annual retainer of $25,000, $30,000, $65,000, $25,000, $30,000 and $25,000, respectively; (iv) $8,000
per attendance at any of the
regularly scheduled meetings (four (4) quarterly meetings, two (2) auxiliary meetings, and two (2) annual contract review meetings; and
(v) out-of-pocket expenses.
The Board at its discretion may from time to time designate other special meetings as subject to an attendance fee in the amount of
$4,000. The <I>pro rata</I> share
paid by the Trust is based on the Trust&#146;s average net assets as a percentage of the average net assets of all the funds managed by
the Adviser or its affiliate,
Directed Services LLC for which the Trustees serve in common as Trustees.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">26</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>


<P style="margin:0px" align=left><BR> <BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Future Compensation Payment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt;" align=justify>Each non-interested Director
 who was a Director on or before May 9, 2007, and who will have served as >a non-interested
 Director for five or more years for one or more ING Funds is entitled to a future payment
(&#147;Future Payment&#148;), if such Director: (a) retires in accordance with the Board&#146;s retirement policy; (b) dies; or (c)
becomes disabled. &nbsp;The Future Payment shall be made promptly to, as applicable, the Director or the Director&#146;s estate, in an
amount equal to two times the annual compensation payable to such Director, as in effect at the time of his or her retirement, death or
disability if the Director had served as Director for at least five years as of May 9, 2007, or in a
lesser amount calculated based on the proportion of time served by such Director (as compared to five years) as
of May 9, 2007. The annual compensation determination shall be based upon the annual
Board membership retainer fee in effect at the time of that Trustee&#146;s retirement, death or disability (but not any separate annual
retainer fees for chairpersons of committees and of the Board), provided that the annual compensation used for this purpose shall not
exceed the annual retainer fees as of May 9, 2007. This amount shall be paid by the ING Fund or ING Funds
 on whose Board the Director was serving at the time of his or her retirement, death or disability.
Each applicable Director may elect to receive payment of his or her
benefit in a lump sum or in three substantially equal payments.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The following table sets forth information provided by the
Trust&#146;s 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 28, 2011. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Compensation Table</B></P>
<P style="margin:0px" align=justify><BR></P>


<P style="margin:0px" align=left> <BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=183.133></TD><TD width=247.4></TD>
<TD width=200.667></TD></TR>
<TR><TD style="border:1px solid #000000" width=183.133><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Name of
Trustee</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Aggregate Compensation</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>from the Trust</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Total Compensation from the Trust and Fund Complex Paid to
Trustees<SUP>(1)(2)</SUP></B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Colleen D. Baldwin<SUP>(3)</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; padding-left:96px; padding-right:96px; font-size:9pt" align=center>$[]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]<SUP>(4)</SUP></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>John V. Boyer</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Patricia W. Chadwick</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Robert W. Crispin<SUP>(5)</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Peter S. Drotch</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>J. Michael Earley</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Patrick W. Kenny<SUP>(3)</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Shaun P. Mathews<SUP>(5)</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>N/A</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Sheryl K. Pressler</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Roger B. Vincent<SUP>(3)</SUP></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=247.4>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=200.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$[ &nbsp;]</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-24px; font-size:8pt"
align=justify>(1)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>Trustee compensation includes compensation paid
by funds that are not discussed in the Prospectuses or SAI.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-24px; font-size:8pt"
align=justify>(2)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>Represents compensation from 133 funds (total in
complex as of February 28, 2011).</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-24px; font-size:8pt"
align=justify>(3)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>For the fiscal year ended February 28, 2011, Ms.
Baldwin, Mr. Kenny, and Mr. Vincent deferred $[ &nbsp;], $[ &nbsp;], and $[ &nbsp;] &nbsp;respectively, of their compensation from the
Fund Complex.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-24px; font-size:8pt"
align=justify>(4)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>December 2009 includes a one-time payment for
Nominating &amp; Governance Chair services in the amount of $25,000.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-13.333px; padding-left:48px; text-indent:-24px; font-size:8pt"
align=justify>(5)</P>
<P style="line-height:10pt; margin:0px; padding-left:48px; font-size:8pt" align=justify>Mr. Crispin and Mr. 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 Investments Distributor, LLC. &nbsp;Officers and Trustees who are interested persons do not
receive any compensation from the Trust.</P>
<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:12.5pt; margin:0px; font-size:10.5pt" ALIGN="CENTER"><B><A name="Toc290903843">CODE OF ETHICS</A></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 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-</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">27</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 &nbsp;20549. &nbsp;Information on the operation of the Public Reference
Room may be obtained by calling the SEC at (202) 551-8090. &nbsp;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.</P>
<P style="margin:0px" align=center><BR></P>
<A NAME="_Toc290903844"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="#Toc290903844">PROXY VOTING PROCEDURES</A></B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board has adopted proxy voting procedures and guidelines to
govern the voting of proxies relating to the Trust&#146;s portfolio securities. &nbsp;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. &nbsp;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.
&nbsp;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 Compliance Committee oversees 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. &nbsp;Information
regarding how the Trust voted proxies relating to portfolio securities for the one-year period ending June 30<SUP>th</SUP> is available
no later than August 31<SUP>st</SUP> of each year through the ING Funds&#146; website (www.ingfunds.com) or by accessing the SEC&#146;s
EDGAR database (www.sec.gov).</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<A NAME="_Toc290903845"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903845">CONTROL PERSONS AND PRINCIPAL
HOLDERS OF SECURITIES</A></B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;A control
person may be able to take action regarding the Trust without the consent or approval of other shareholders. As of June [ &nbsp;], 2011
no person owned beneficially, or of record, more than 25% of the Trust.</P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=justify>&nbsp;</P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>As of June [ &nbsp;], 2011, the Trustees and Officers of the
Trust as a group owned beneficially less than 1% of the Trust&#146;s Common Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>As of June [ &nbsp;], 2011, the Trustees and Officers of the
Trust as a group owned beneficially less than 1% of the Trust&#146;s Preferred Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>As of June [ &nbsp;], 2011, 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:<A NAME="_DV_M814"></A></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=207.667></TD><TD width=104></TD>
<TD width=96></TD><TD width=87.6></TD></TR>
<TR><TD style="border:1px solid #000000" width=207.667><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Name and
Address</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=104>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Class and Type of</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Ownership</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=96>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Percentage of Class</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=87.6>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Percentage of Trust</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=207.667>
<P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=104><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=96><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=87.6><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=207.667>
<P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=104><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=96><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=87.6><P>&nbsp;</P></TD><A NAME="_DV_M816"></A>
<A NAME="_DV_M817"></A><A NAME="_DV_M818"></A><A NAME="_DV_M819"></A><A NAME="_DV_M820"></A><A NAME="_Toc512174616"></A>
<A NAME="_Toc512174819"></A><A NAME="_Toc512217059"></A><A NAME="_Toc512217751"></A><A NAME="_Toc512341915"></A><A NAME="_Toc517497110">
</A><A NAME="_Toc6929917"></A><A NAME="_Toc6931259"></A><A NAME="_Ref44209509"></A></TR>
</TABLE>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>


<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">28</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:12.5pt; margin:0px; font-size:10.5pt" ALIGN="CENTER"><B><A name="Toc290903846">INVESTMENT MANAGEMENT AND OTHER SERVICE PROVIDERS</A></B></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903847">ADVISER</A></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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 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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>ING Groep has adopted a formal restructuring plan that was
approved by the European Commission in November 2009 under which the ING life insurance businesses, including the retirement services and
investment management businesses, which include the Adviser and its immediate affiliates, would be divested by ING Groep by the end of
2013. To achieve this goal, ING Groep announced in November 2010 that it plans to pursue two separate initial
public offerings: one a U.S. focused offering that would include U.S. based insurance, retirement services, and investment management
operations; and the other a European based offering for European and Asian based insurance and investment management operations. There
can be no assurance that the restructuring plan will be carried out through two offerings or at all.</P>
<P style="margin:0px" align=left><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt;" align=justify>The restructuring plan and the uncertainty about
its implementation, whether
implemented through the planned initial public offerings or through other means, in whole or in part, may be disruptive to the businesses
of ING entities, including the
ING entities that service the Trust, and may cause, among other things, interruption or reduction of business and services, diversion of
management&#146;s attention from
day-to-day operations, and loss of key employees or customers. A failure to complete the offerings or other means of implementation on
favorable terms could have a
material adverse impact on the operations of the businesses subject to the restructuring plan. The restructuring plan may result in the
Adviser&#146;s loss of access to
services and resources of ING Groep, which could adversely affect their businesses and profitability. In addition, the divestment of ING
businesses, including the Adviser,
may potentially be deemed a &#147;change of control&#148; of the entity. A change of control would result in the termination of the
Trust&#146;s advisory and sub-advisory
agreements, which would trigger the necessity for new agreements that would require approval of the Trust&#146;s Board, and may trigger
the need for shareholder
approval. Currently, the Adviser does not anticipate that the restructuring will have a material adverse impact on the Trust or its
operations and administration.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>On February 26, 2001, the name of the Adviser changed from ING
Pilgrim Investments, Inc. to ING
Pilgrim Investments, LLC. On March 1, 2002, the name of the Adviser was changed from ING Pilgrim Investments, LLC to ING Investments,
LLC.</P>
<A NAME="_DV_M824"></A><A NAME="_DV_M827"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 </P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">29</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>On August 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.</P>


<A NAME="_DV_M828"></A><A NAME="_DV_M830"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>After an initial term of two years, the Investment Advisory
Agreement and Sub-Advisory Agreement continue in effect from year to year so long as such continuance is specifically approved at least
annually by: (a) the Board; or (b) the vote of a &#147;majority&#148; (as defined in the 1940 Act) of the Trust&#146;s outstanding shares
voting as a single class; provided that in either event the continuance is also approved by at least a majority of the Board who are not
&#147;interested persons&#148; (as defined in the 1940 Act) of the Adviser or Sub-Adviser, as the case may be, by vote cast in person at
a meeting called for the purpose of voting on such approval. &nbsp;</P>
<P style="margin:0px" align=left><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Investment Advisory Agreement is terminable without penalty
with not less than sixty (60) days&#146; notice by the Board or by a vote of the holders of a majority of the Trust&#146;s outstanding
shares voting as a single class, or upon not less than sixty (60) day&#146;s notice by the Investment Manager. &nbsp;The Investment
Advisory Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>For information regarding the basis for the Board&#146;s
approval of the investment advisory and investment sub-advisory relationships for the Trust, please refer to the Trust&#146;s annual
shareholder report dated February 28, 2011.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Advisory Fees</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Adviser receives an annual fee, payable monthly, in an
amount equal to 0.80% of the Trust&#146;s average daily gross asset value, minus the sum of the Trust&#146;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) (&#147;Managed
Assets&#148;).This definition includes the assets acquired through the Trust&#146;s use of leverage.</P>
<A NAME="_DV_M832"></A><A NAME="_DV_M833"></A><A NAME="_DV_M2"></A><A NAME="_DV_M834"></A><A NAME="_DV_M835"></A><A NAME="_DV_M836"></A>
<A NAME="_DV_M837"></A><A NAME="_DV_M838"></A><A NAME="_DV_M841"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>For the fiscal years ended February 28, 2011, February 28,
2010, and February 28, 2009, ING Investments was paid $[ &nbsp;]; $7,991,127; and $10,457,618, respectively, for services rendered to the
Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc290903848"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903848">SUB-ADVISER</A></B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>ING IM serves as Sub-Adviser to the Trust pursuant to the
Sub-Advisory Agreement between <A NAME="OLE_LINK2"></A>ING </P>


<P style="margin:0px" align=justify><BR>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">30</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Investments and ING IM. &nbsp;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 objective, policies and restrictions and applicable laws and
regulations. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;The Sub-Advisory Agreement
also may be terminated by: (i) ING Investments at any time, upon sixty (60) days&#146; written notice to the Trust and the Sub-Adviser;
(ii) at any time, without payment of any penalty by the Trust, by the Trust&#146;s Board or a majority of the outstanding voting
securities of the Trust upon sixty (60) days&#146; written notice to ING Investments and the Sub-Adviser; or (iii) by the Sub-Adviser
upon three (3) months&#146; written notice unless the Trust or ING Investments requests additional time to find a replacement for the
Sub-Adviser, in which case, the Sub-Adviser shall allow the additional time, requested by the Trust or ING Investments, not to exceed
three (3) additional months beyond the initial three (3) month notice period
provided; however, that the Sub-Adviser may terminate the Sub-Advisory Agreement at any time without penalty, effective upon written
notice to ING Investments and the Trust, in the event either the Sub-Adviser (acting in good faith) or ING Investments ceases to be
registered as an investment adviser under the Investment Advisers Act of 1940, as amended or otherwise becomes legally incapable of
providing investment management services pursuant to its respective contract with the Trust, or in the event ING Investments becomes
bankrupt or otherwise incapable of carrying out its obligations under the Sub-Advisory Agreement, or in the event that the Sub-Adviser
does not receive compensation for its services from ING Investments or the Trust as required by the terms of the Sub-Advisory Agreement.
&nbsp;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. &nbsp;The Sub-Advisory Agreement will terminate automatically in the event of an assignment (as defined in the 1940 Act).
&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.
&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Sub-Advisory Fee</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Total Sub-Advisory Fees Paid</B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>For the fiscal years ended February 28, 2011, February 28,
2010, and February 28, 2009, ING Investments paid ING IM, in its capacity as Sub-Adviser; $[ &nbsp;]; $3,596,007; and $4,694,428,
&nbsp;respectively, in sub-advisory fees.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>PORTFOLIO MANAGERS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Other Accounts Managed</I></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The following table shows the number of accounts and total
assets in the accounts managed by each Portfolio Manager as of February 28, 2011: &nbsp;</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="margin:0px" align=justify><BR></P>


<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">31</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=left><BR> <BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=106.933></TD><TD width=93.067></TD>
<TD width=102.667></TD><TD width=92.533></TD><TD width=99.067></TD><TD width=72.733></TD><TD width=83.067></TD></TR>
<TR><TD style="border:1px solid #000000" valign=bottom width=106.933 rowspan=2>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><B>Portfolio Manager</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=195.733 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Registered Investment Companies</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=191.6 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Other Pooled Investment Vehicles*</B></P>
</TD>
<TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=155.8 colspan=2><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Other Accounts</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=93.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Number of Accounts</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=102.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Total Assets</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=92.533>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Number of Accounts</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=99.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Total Assets</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=72.733>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Number of Accounts</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=83.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Total Assets</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=106.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Daniel A. Norman</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=93.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>3</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=102.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$2,510,000,000</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=92.533>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>11</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=99.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$7,010,000,000</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=72.733>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>1</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=83.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$200,000,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=106.933>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Jeffrey A. Bakalar</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=93.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>3</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=102.667>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$2,510,000,000</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=92.533>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>11</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=99.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$7,010,000,000</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=72.733>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>1</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=83.067>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$200,000,000</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=justify>*Eight of these accounts, with assets totaling $3.82 billion, have
management fees that are partially based upon performance.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Potential Material Conflicts of Interest</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>A potential conflict of interest may arise as a result of the
portfolio manager&#146;s responsibility for multiple accounts with similar investment guidelines. &nbsp;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. &nbsp;Similar conflicts
may arise when multiple accounts seek to dispose of the same investment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>A portfolio manager may also manage accounts whose objectives
and policies differ from those of the Trust. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;This
conflict may be heightened where an account is subject to a performance-based fee.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>As part of its compliance program, ING IM has adopted policies
and procedures reasonably designed to address the potential conflicts of interest described above.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Compensation</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Compensation consists of: (a) fixed base salary; (b) bonus
which is based on ING IM&#146;s performance, one- and three-year pre-tax performance of the accounts the portfolio managers are primarily
and jointly responsible for relative to account benchmarks and peer universe performance, and revenue growth of the accounts they are
responsible for; and (c) long-term equity awards tied to the performance of our parent company, ING Groep.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Portfolio managers are also eligible to participate in an
annual cash incentive plan. The overall design of the ING IM annual incentive plan was developed to closely tie pay to performance,
structured in such a way as to drive performance and promote retention of top talent. As with base salary compensation, individual
target awards are determined and set based on external market data and internal comparators. Investment </P>

<P style="margin:0px" align=justify><BR></P>


<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">32</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>performance is measured on
both relative and absolute performance in all areas. ING IM has a defined index, the Standard &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. &nbsp;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. &nbsp;The results for overall ING IM scorecards are calculated on an asset weighted performance basis of the individual team
scorecards. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Based on job function, internal comparators and external market
data, portfolio managers participate in the ING Long-Term Incentive Plan. &nbsp;Plan awards are based on the current year&#146;s
performance as defined by the ING IM component of the annual incentive plan. &nbsp;The awards vest in three years and are paid in a
combination of ING restricted stock, stock options and restricted performance units.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Portfolio managers whose base salary compensation exceeds a
particular threshold may participate in ING&#146;s deferred compensation plan. &nbsp;The plan provides an opportunity to invest deferred
amounts of compensation in mutual funds, ING stock or at an annual fixed interest rate. &nbsp;Deferral elections are done on an annual
basis and the amount of compensation deferred is irrevocable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Ownership of Securities</I></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The following table shows the dollar range of shares of the
Trust owned by each portfolio manager as of February 28, 2011, including investments by their immediate family members and amounts
invested through retirement and deferred compensation plans.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<A NAME="_Toc87161476"></A><A NAME="_Toc87169335"></A><A NAME="_Toc96943712"></A><TABLE style="font-size:10pt" cellspacing=0>
<TR height=0 style="font-size:0"><TD width=160></TD><TD width=216></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=160><P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>
<B>Portfolio Manager</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify><B>Dollar Range of Trust Shares Owned</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=160>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Daniel A. Norman</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Over $100,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=160>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>Jeffrey A. Bakalar</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=216>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>$50,001 - $100,000 </P>
</TD></TR>
</TABLE>

<P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_M842"></A><A NAME="_Toc512174618"></A><A NAME="_Toc512174821"></A><A NAME="_Toc512217061"></A><A NAME="_Toc512217753"></A>
<A NAME="_Toc290903849"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903849">ADMINISTRATOR</A></B></P>
<A NAME="_DV_M843"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>ING Funds Services, LLC (&#147;Administrator&#148; or &#147;
<A NAME="_DV_M844"></A>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: &nbsp;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.</P>
<A NAME="_DV_M845"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 </P>

<P style="margin:0px" align=justify><BR></P>


<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">33</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<A NAME="_DV_M846"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Administrative fees paid by the Trust for the fiscal years
ended February 28, 2011, February 28, 2010, and February 28, 2009, were $[&nbsp;&nbsp;], $2,497,227, and $3,268,006, respectively, for
services rendered to the Trust.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc290903850"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903850">DISTRIBUTOR</A></B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<A NAME="_DV_M856"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Shares of the Trust are distributed by
ING Investments Distributor. 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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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) 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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Common Shares will only be sold on such days as shall be
agreed to by the Trust and ING Investments 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 Investments Distributor will suspend the sale of Common Shares if
the per share price of the Common Shares is less than the minimum price.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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
Investments Distributor as underwriter will act as underwriter on a reasonable efforts basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>In connection with the sale of the Common Shares on behalf of
the Trust, ING Investments Distributor may be deemed to be an underwriter within the meaning of the 1940 Act. As described below, ING
Investments </P>

<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="margin:0px" align=justify><BR></P>


<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">34</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 Investments 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) the sale of all Common Shares subject thereto; or (ii)
termination of the Distribution Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc290903851"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903851">SHAREHOLDER REINVESTMENT PROGRAM</A>
</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust maintains a Shareholder Reinvestment 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. &nbsp;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.
&nbsp;&nbsp;&nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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), BNY Mellon Investment
Servicing (U.S.) Inc. (formerly, PNC Global Investment Servicing (U.S.) Inc.) (&#147;Transfer Agent&#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 the Transfer Agent has completed its purchases, the Transfer Agent 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. &nbsp;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 the Transfer Agent will purchase Common Shares on
the open market or the Trust will issue the Common Shares for the Program. &nbsp;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 the Transfer Agent will purchase Common Shares on the open market.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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) NAV at the close of business on the Valuation Date; or (ii)
the average of the daily Market Price of the shares during the DRIP Pricing Period, minus a discount of 5%. &nbsp;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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Common Shares purchased directly from the Trust pursuant to
optional cash investments will be acquired on an OCI Investment Date at the greater of: (i) NAV at the close of business on the Valuation
Date; or (ii) the average of the daily Market Price of the shares during the OCI Pricing Period minus a discount, determined at the sole
discretion of the Trust and announced in advance, ranging from 0% to 5%. 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</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="margin:0px" align=justify><BR></P>


<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">35</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Commission. &nbsp;Optional cash investments received by the Transfer Agent no later than
4:00 p.m. Eastern time on the OCI payment Due Date to be invested on the relevant OCI Investment Date.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>See &#147;Federal Taxation - Distributions&#148; for a
discussion of the federal income tax ramifications of obtaining Common Shares under the Program.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Privately Negotiated Transactions</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Common Shares may also be offered pursuant to privately
negotiated transactions between the Trust and specific investors. &nbsp;The terms of such privately negotiated transactions will be
subject to the discretion of the management of the Trust. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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&#146;s Common Shares; or (ii) 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. &nbsp;The
discount to apply to such privately negotiated transactions will be determined by the Trust with regard to each specific transaction.
&nbsp;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.</P>
<A NAME="_CODE_OF_ETHICS"></A><P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_M848"></A><A NAME="_Toc512174620"></A><A NAME="_Toc512174823"></A><A NAME="_Toc512217063"></A><A NAME="_Toc512217755"></A>
<A NAME="_Toc512341916"></A><A NAME="_Toc517497111"></A><A NAME="_Toc6929918"></A><A NAME="_Toc6931260"></A><A NAME="_Ref44209517"></A>
<A NAME="_Toc290903852"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903852">PORTFOLIO TRANSACTIONS</A></B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<A NAME="_DV_M849"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust will generally have at least
80% of its net assets (plus borrowings for investment purposes) invested in Senior Loans. &nbsp;The remaining assets of the Trust will
generally consist of loans to borrowers organized or located in countries outside the United States and outside 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. &nbsp;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. &nbsp;Costs associated with
purchasing or selling investments in the secondary market include processing fees paid to agents. &nbsp;These costs are allocated between
the purchaser and seller as agreed between the parties.</P>
<A NAME="_DV_M850"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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;). </P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">36</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>described herein as being performed by the Sub-Adviser.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc232569209"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>How Securities Transactions are Effected</B>
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;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. &nbsp;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. &nbsp;On
occasion, certain money market instruments may be purchased directly from an issuer, in which case no commissions or discounts are paid.
&nbsp;The Adviser or Sub-Adviser may also place trades using an ECN or ATS.</P>
<P style="margin:0px"><BR></P>

<A NAME="_Toc232569210"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>How the Adviser or Sub-Adviser Selects
Broker-Dealers</B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 &nbsp;(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.
&nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<A NAME="_Toc232569211"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>The Safe Harbor for Soft Dollar Practices</B>
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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
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 </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">37</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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; &nbsp;Section 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. &nbsp;</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><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 with corporate officers and industry spokespersons, economists, academics, and governmental
representatives. </P>
<P style="margin:0px" align=left><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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). &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><I>Benefits to the Adviser or Sub-Adviser - </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. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Broker-Dealers that are Affiliated with the Adviser or the Sub-Adviser</B>
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Prohibition on Use of Brokerage Commissions for Sales or Promotional
Activities </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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;).
&nbsp;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. &nbsp;</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">38</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<A NAME="_Toc232569213"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Principal Trades and Research</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc232569214"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>More Information about trading in Fixed-Income
Securities</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. </P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc232569215"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Transition Management</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc232569216"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Allocation of Trades </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;However, over time, the Trust&#146;s ability to participate in aggregate trades is
expected to provide better execution for the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc232569217"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Cross-Transactions</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Board has adopted a policy allowing trades to be made
between affiliated registered investment companies </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">39</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>or series thereof provided they meet the condition of Rule 17a-7 under the 1940 Act
and conditions of the policy.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>No brokerage commissions were paid by the Trust for the fiscal
years ended February 28, 2011, February 28, 2010, and February 28, 2009. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>No brokerage commissions were paid by the Trust during the
fiscal years ended February 28, 2011, February 28, 2010, and February 28, 2009, to firms which provided research, statistical or other
services to the Adviser.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<A NAME="_Toc290903853"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903853">PORTFOLIO TURNOVER RATE</A></B></P>
<A NAME="_DV_M863"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.
&nbsp;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. &nbsp;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. &nbsp;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.</P>


<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The annual rate of the Trust&#146;s total portfolio turnover
for the years ended February 28, 2011 and February 28, 2010 was [ &nbsp;]% and 38%, respectively. &nbsp;The annual turnover rate of the
Trust is generally expected to be between 50% and 100%, although as part of its investment policies, the Trust places no restrictions on
portfolio turnover and the Trust may sell any portfolio security without regard to the period of time it has been held. &nbsp;The annual
turnover rate of the Trust also includes Senior Loans on which the Trust has received full or partial payment. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<A NAME="_Toc290903854"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903854">NET ASSET VALUE</A></B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_M866"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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. &nbsp;The NAV per Common Share is made available for
publication.
<P style="margin:0px" align=justify><BR></P>
</A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903855">FEDERAL TAXATION</A></B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_M909"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The following is only a summary of
certain U.S. federal income tax considerations generally affecting the Trust and its shareholders. &nbsp;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. &nbsp;Shareholders should consult with their own tax advisers regarding the specific federal, state, local,
foreign and other tax consequences of investing in the Trust.</P>
<A NAME="_DV_M910"></A><A NAME="_Toc512174625"></A><A NAME="_Toc512174828"></A><A NAME="_Toc512217068"></A><A NAME="_Toc512217760"></A>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Qualification as a Regulated Investment Company</B></P>
<A NAME="_DV_M911"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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;). &nbsp;As a RIC, the
Trust generally will not be subject to federal </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">40</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<A NAME="_DV_M912"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>In addition to satisfying the requirements described above, the
Trust must satisfy an asset diversification test in order to qualify as a RIC. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>In general, gain or loss recognized by the Trust on the
disposition of an asset will be a capital gain or loss. &nbsp;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. &nbsp;</P>
<A NAME="_DV_M915"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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.</P>
<A NAME="_DV_M916"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;Such distributions generally would be eligible for the dividends-received deduction in the case
of corporate shareholders.</P>
<A NAME="_DV_M917"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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.</P>
<A NAME="_DV_M918"></A><A NAME="_Toc512174626"></A><A NAME="_Toc512174829"></A><A NAME="_Toc512217069"></A><A NAME="_Toc512217761"></A>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Excise Tax on Regulated Investment Companies</B></P>
<A NAME="_DV_M919"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>A 4% non-deductible excise tax is imposed on a RIC that fails
to distribute in each calendar year an amount equal to the sum of: (1) 98% of its ordinary taxable income for the calendar year; (2) 98%
of its capital gain </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">41</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>net income (<I>i.e.</I>, capital gains in excess of capital losses) for the one-year period ended on October 31 of
such calendar year; and (3) any ordinary taxable income and capital gain net income for previous years that was not distributed or taxed
to the RIC during those years. &nbsp;</P>
<A NAME="_DV_M920"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<A NAME="_DV_M921"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Hedging Transactions</B></P>
<A NAME="_DV_M922"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust has the ability, pursuant to its investment objective
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.</P>
<A NAME="_DV_M923"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<A NAME="_DV_M924"></A><A NAME="_Toc512174627"></A><A NAME="_Toc512174830"></A><A NAME="_Toc512217070"></A><A NAME="_Toc512217762"></A>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_Toc81970759"></A><A NAME="_Toc106436352"></A><A NAME="_Toc106436621"></A><A NAME="_Toc114112410"></A><A NAME="_Toc140908306">
</A><A NAME="_Toc146523466"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Capital Loss Carryforwards
</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:12px; text-indent:48px; font-size:10.5pt" align=justify>Capital loss
carryforwards were the following as of February 28, 2011:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=261.6></TD><TD width=108.8></TD>
<TD width=181></TD></TR>
<TR><TD style="border:1px solid #000000" valign=bottom width=261.6><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Fund</B>
</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=108.8>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>Amount</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>Expiration Dates</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6>
<P style="line-height:11pt; margin:0px; font-size:9pt"><B>Prime Rate</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6>
<P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6>
<P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6>
<P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6>
<P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6>
<P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P>&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=right><B>Total</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P>&nbsp;</P></TD>
<TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Distributions</B></P>
<A NAME="_DV_M925"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust anticipates distributing all or substantially all of
its investment company taxable income for the taxable year. &nbsp;Such distributions will be taxable to shareholders as ordinary income.
&nbsp;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.</P>
<A NAME="_DV_M926"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust may either retain or distribute to shareholders its
net capital gain for each taxable year. &nbsp;The Trust currently intends to distribute any such amounts. &nbsp;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%.
&nbsp;Distributions are subject to these capital gains rates regardless of the length of time the shareholder has held his shares.
&nbsp;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. &nbsp;In such event, it is expected that the Trust also will
elect to treat such gain as having been distributed to shareholders. &nbsp;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 </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">42</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>the tax basis for his
shares by an amount equal to the deemed distribution less the tax credit.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Current tax law 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. &nbsp;The rate reductions do
not apply to corporate taxpayers. &nbsp;The Trust will be able to separately report 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. &nbsp;A shareholder would also have to satisfy more than a 60-day holding period
with respect to any distributions of qualifying dividend in order to obtain the benefit of the lower rate. &nbsp;Distributions from
funds, such as the Trust, investing in debt instruments will not generally qualify for the lower rate. &nbsp;The 15% rate on long-term
capital gains is currently scheduled to increase to 20% after 2010 and
qualifying dividend income is currently scheduled to be taxed as ordinary income after 2010. </P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;</P>
<A NAME="_DV_M928"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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.</P>
<A NAME="_DV_M929"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>A distribution will be treated as paid on December 31 of the
current calendar year if it is declared by the Trust in October, November or December with a record date in such a month and paid by the
Trust during January of the following calendar year. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust will be required in certain cases to withhold and
remit to the U.S. Treasury at the current rate of 28% &nbsp;(currently scheduled to increase to 31% after 2010) of all dividends and
redemption proceeds payable to any shareholder if: (1) the shareholder fails to provide the Trust with a certified, correct
identification number or other required certifications; (2) the IRS notifies the Trust that the taxpayer identification number furnished
by the shareholder is incorrect; (3) 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) when required to do so, the shareholder fails to certify that
he or she is not subject to backup withholding. &nbsp;Corporate shareholders and other shareholders specified in the Code are exempt from
such backup withholding. Backup withholding is not an additional tax. &nbsp;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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>For taxable years beginning after December 31, 2012, an
additional 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends and capital gain
distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of US individuals,
estates and trusts to the extent that such person&#146;s &#147;modified adjusted gross income&#148; (in the case of an individual) or
&#147;adjusted gross income&#148; (in the case of an estate or trust) exceeds a threshold amount. In the case of an estate or trust, the
amount subject to the 3.8% Medicare tax will not exceed the undistributed net investment income of the trust or estate for such taxable
year.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Sale of Common Shares</B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 </P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">43</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 Reinvestment 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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Repurchases of Shares</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>As noted above, the Trust may take action to repurchase its
shares. &nbsp;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). &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Foreign Shareholders</B></P>
<A NAME="_DV_M933"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.</P>
<A NAME="_DV_M934"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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). &nbsp;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. &nbsp;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 (or a later date
if extended by the U.S. Congress) 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.
&nbsp;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. &nbsp;Congress is considering whether to extend the exemption from withholding for properly designated
interest and short-term capital gains for one year. &nbsp;However, there is no assurance that they will extend the exemption. </P>
<A NAME="_DV_M935"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;Such shareholders that are classified as corporations for U.S. tax purposes also may be subject to a branch profits
tax.</P>
<A NAME="_DV_M936"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>In the case of foreign non-corporate shareholders, the Trust
may be required to withhold U.S. federal income tax at a rate of 28% (currently scheduled to increase to 31% after 2010) 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. &nbsp;(See, &#147;Distributions.&#148;)</P>
<A NAME="_DV_M937"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The tax consequences to a foreign shareholder entitled to claim
the benefits of an applicable tax treaty may be different from those described herein. &nbsp;Foreign shareholders are urged to consult
their own tax advisers with </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">44</P>
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<BR>

<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>respect to the particular tax consequences to them of an investment in the Trust, including the applicability
of foreign taxes.</P>
<A NAME="_DV_M938"></A><A NAME="_Toc512174630"></A><A NAME="_Toc512174833"></A><A NAME="_Toc512217073"></A><A NAME="_Toc512217765"></A>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Effect of Future Legislation; Other Tax Considerations</B>
</P>
<A NAME="_DV_M939"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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. &nbsp;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.</P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Income received by the Trust from foreign sources may be
subject to withholding and other taxes imposed by such foreign jurisdictions, absent treaty relief. &nbsp;Distributions to shareholders
also may be subject to state, local, and foreign taxes, depending upon each shareholder&#146;s particular situation. &nbsp;Shareholders
are urged to consult their tax advisers as to the particular consequences to them of an investment in the Trust.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903856">ADVERTISING AND PERFORMANCE DATA</A>
</B></P>
<A NAME="_DV_M941"></A><A NAME="_DV_M942"></A><A NAME="_Toc512174632"></A><A NAME="_Toc512174835"></A><A NAME="_Toc512217075"></A>
<A NAME="_Toc512217767"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Advertising</B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>From time to time, advertisements and other sales materials for
the Trust may include information concerning the historical performance of the Trust. &nbsp;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. &nbsp;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. &nbsp;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. &nbsp;Any such
use of rankings and ratings in advertisements and sales literature will conform with the guidelines of FINRA approved by the SEC.
&nbsp;Ranking comparisons and ratings should not be considered representative of the Trust&#146;s relative performance for any future
period. &nbsp;</P>
<A NAME="_DV_M944"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Reports and promotional literature may also contain the
following information: &nbsp;(i) number of shareholders; (ii) average account size; (iii) identification of street and registered account
holdings; (iv) lists or statistics of certain of the Trust&#146;s holdings including, but not limited to, portfolio composition, sector
weightings, portfolio turnover rates, number of holdings, average market capitalization, and modern portfolio theory statistics alone or
in comparison with itself (over time) and with its peers and industry group; (v) public information about the assets class; and (vi)
discussions concerning coverage of the Trust by analysts.</P>
<A NAME="_DV_M945"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>In addition, reports and promotional literature may contain
information concerning the Adviser, the Sub-Adviser, ING Groep, the portfolio managers, the Administrator, or affiliates of the Trust
including: (i) performance rankings of other funds managed by the Adviser or Sub-Adviser, or the individuals employed by the Adviser or
Sub-Adviser who exercise responsibility for the day-to-day management of the Trust, including rankings and ratings of investment
companies published by Lipper, Morningstar, Value Line, Inc., CDA Technologies, Inc., or other rating services, companies, publications
or other persons who rank or rate investment companies or other investment products on overall performance or other criteria; (ii) lists
of clients, the number of clients, or assets under management; (iii) information regarding the acquisition of the ING Funds by ING
Capital Corporation LLC (&#147;ING Capital&#148;); (iv) the past performance of ING
Capital and ING Funds Services; (v) the past performance of other funds managed by the Adviser or Sub-Adviser; (vi) quotes from a
portfolio manager of the Trust or industry specialists; and (vii) information regarding rights offerings conducted by closed-end funds
managed by the Adviser or Sub-Adviser.</P>
<A NAME="_DV_M946"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust may compare the frequency of its reset period to the
frequency which LIBOR changes. &nbsp;Further, the Trust may compare its yield to: (i) LIBOR; (ii) the federal funds rate; (iii) the Prime
Rate, quoted daily in the </P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">45</P>
<P style="margin:0px"><BR></P>
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<PAGE>
<BR>

<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=left><BR> <BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Wall Street Journal as the base rate on corporate loans at large U.S. <A NAME="_DV_M947"></A>money center
commercial banks; (iv) the average yield reported by the Bank Rate Monitor National Index for money market deposit accounts offered by
the 100 leading banks and thrift institutions in the ten largest standard metropolitan statistical areas, (v) yield data published by
Lipper, Bloomberg, or other industry sources; or (vi) the yield on an investment in 90-day Treasury bills on a rolling basis, assuming
quarterly compounding. &nbsp;Further, the Trust may compare such other yield data described above to each other. &nbsp;The Trust may also
compare its total return, NAV stability and yield to fixed-income
investments. &nbsp;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.</P>
<A NAME="_DV_M948"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust may provide information designed to help individuals
understand their investment goals and explore various financial strategies. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Performance Data</B></P>
<A NAME="_DV_M950"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The Trust may quote annual total return and aggregate total
return performance data. &nbsp;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. &nbsp;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.</P>
<A NAME="_DV_M951"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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). &nbsp;The distribution rate
is based solely on the actual dividends and distributions, which are made at the discretion of management. &nbsp;The distribution rate
may or may not include all investment income, and ordinarily will not include capital gains or losses, if any. &nbsp;</P>
<A NAME="_DV_M952"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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.
&nbsp;Distribution rate, compounded distribution rate and NAV per share can be expected to fluctuate over time. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A NAME="Toc290903857">GENERAL INFORMATION</A></B></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_M953"></A><A NAME="_DV_M954"></A><A NAME="_Toc512174635"></A><A NAME="_Toc512174838"></A><A NAME="_Toc512217078"></A>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><A name="Toc290903858">Custodian</A></B></P>
<A NAME="_DV_M955"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>State Street Bank and Trust Company, 801 Pennsylvania Avenue,
Kansas City, Missouri 64105 has been retained to act as the custodian for the Trust. &nbsp;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. &nbsp;</P>

<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><A name="Toc290903859">Legal Counsel</A></B></P>
<A NAME="_DV_M957"></A><P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Legal matters for the Trust are passed upon by Dechert LLP,
1775 I Street, NW, Washington, DC 20006.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">46</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B><A name="Toc290903860">Independent Registered Public Accounting Firm</A>
</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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 Two Financial Center, 60 South Street, Boston, Massachusetts 02111.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903861">FINANCIAL STATEMENTS</A></B></P>
<P style="margin:0px" align=left><BR> <BR></P>
<A NAME="_DV_M961"></A><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The financial statements and the
independent registered public accounting firm&#146;s report thereon, appearing in the Trust&#146;s annual shareholder report for the year
ended February 28, 2010 are incorporated by reference in this SAI. &nbsp;The Trust&#146;s annual and semi-annual (unaudited) shareholder
reports are available at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258, upon request and without charge by
calling (800) 992-0180. <A NAME="_DV_M962"></A><A NAME="_DV_M963"></A><A NAME="_DV_X0"></A></P>
<P style="margin:0px" align=left> <BR>&nbsp;<BR></P>


<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">47</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B><A name="Toc290903862">APPENDIX A</A></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="Guidelines"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>

<PAGE>


<DIV ><P style="margin:10px" align=right><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ING FUNDS</B></P>

<P style="margin:0px" align=justify>&nbsp;</P>
<HR SIZE="1" COLOR="#000000" WIDTH="35%" ALIGN="CENTER">
<P style="margin:0px" align=justify>&nbsp;</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>PROXY VOTING PROCEDURES AND GUIDELINES</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Effective Date: &nbsp;July 10, 2003</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Revision Date: &nbsp;March 3, 2011</B></P>

<P style="margin:0px" align=justify>&nbsp;</P>
<HR SIZE="1" COLOR="#000000" WIDTH="35%" ALIGN="CENTER">
<P style="margin:0px" align=justify>&nbsp;</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify><B>I. </B></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt" align=justify><B>INTRODUCTION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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;). &nbsp;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;). &nbsp;The term &#147;proxies&#148; as used herein shall include votes in connection with annual and special meetings
of equity stockholders but not those regarding bankruptcy matters and/or related plans of reorganization. &nbsp;The Procedures and
Guidelines have been approved by the Funds&#146; Boards of Trustees/Directors<SUP>1</SUP> (each a &#147;Board&#148; and collectively, the
&#147;Boards&#148;), including a majority of the independent Trustees/Directors<SUP>2</SUP> of the Board. &nbsp;These Procedures and
Guidelines may be amended only by the Board. The Board shall review these Procedures and Guidelines at its discretion, and make any revisions
thereto as deemed appropriate by the Board.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>
<B>II.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B>COMPLIANCE COMMITTEE</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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;). &nbsp;The Proxy
Voting Procedures of the Adviser (the &#147;Adviser Procedures&#148;) are attached hereto as <B><I>Exhibit&nbsp;2</I></B>. &nbsp;Any
determination regarding the voting of proxies of each Fund </P>
<P style="margin:0px" align=justify><BR></P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="15%" ALIGN="LEFT">

<P style="line-height:13pt; margin-top:14.667px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-size:11pt" align=justify><SUP>1</SUP></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:24px; font-size:11pt" align=justify>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. &nbsp;No provision in these Procedures is intended to impose any duty upon the particular Board or
Compliance &nbsp;Committee with respect to any other Fund.</P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-size:11pt" align=justify><SUP>2</SUP> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:24px; font-size:11pt" align=justify>The independent
Trustees/Directors are those Board members who are not &#147;interested persons&#148; of the Funds within the meaning of Section 2(a)(19)
of the Investment Company Act of 1940.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-1</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;Each Committee 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.
&nbsp;Each Committee shall conduct itself in accordance with its charter.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>
<B>III.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B>DELEGATION OF VOTING AUTHORITY</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>A Board may elect to delegate the voting of proxies to the
Sub-Adviser of a portfolio or series of the ING Funds. &nbsp;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;). &nbsp;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<SUP>3</SUP><FONT style="font-family:Garamond">, has
approved them on behalf of such Sub-Adviser-Voted Series, and ratifies any subsequent changes at the next regularly scheduled meeting of
the Compliance Committee and the Board.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>A fund that is a &#147;feeder&#148; fund in a master-feeder
structure does not echo vote. &nbsp;Rather, it passes votes requested by the underlying master fund to its shareholders. &nbsp;This means
that, if the feeder fund is solicited by the master fund, it will request instructions from its own shareholders, either </P>

<P style="margin:0px" align=justify><BR></P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="15%" ALIGN="LEFT">

<P style="line-height:13pt; margin-top:14.667px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-size:11pt" align=justify><SUP>1</SUP></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6px; padding-left:24px; font-size:11pt">The independent Trustees/Directors are
those Board members who are not &#147;interested persons&#148; of the Funds within the meaning of Section 2(a)(19) of the Investment
Company Act of 1940.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-2</P>

<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.
&nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt"><B>IV.</B></P>
<P style="margin:0px; padding-left:48px; font-size:12pt"><B>APPROVAL AND REVIEW OF PROCEDURES </B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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>. &nbsp;The Board hereby
approves such procedures. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt"><B>V.</B></P>
<P style="margin:0px; padding-left:48px; font-size:12pt"><B>VOTING PROCEDURES AND GUIDELINES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>The Guidelines that are set forth in <B><I>Exhibit 3 </I></B>hereto specify the
manner in which the Funds generally will vote with respect to the proposals discussed therein.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Unless otherwise noted, the defined terms used hereafter shall have the same
meaning as defined in the Adviser Procedures</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">A.</P>
<P style="margin:0px; padding-left:96px; font-size:12pt">Routine Matters </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>The Agent shall be instructed to submit a vote in accordance with
the Guidelines where such Guidelines provide a clear policy (<I>e.g.</I>, &#147;For,&#148; &#147;Against,&#148; &#147;Withhold&#148; or
&#147;Abstain&#148;) on a proposal. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:72px; text-indent:-24px; font-size:12pt">B.</P>
<P style="margin:0px; padding-left:72px; font-size:12pt">Matters Requiring Case-by-Case Consideration &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-3</P>

<P style="margin:0px" align=justify><BR></P>
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<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;The Proxy Group may consult with the Agent and/or Investment Professional(s), as it deems
necessary. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>The Proxy Coordinator shall use best efforts to convene the Proxy
Group with respect to all matters requiring its consideration. &nbsp;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;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">1.</P>
<P style="margin:0px; padding-left:120px; font-size:12pt"><B>Within-Guidelines Votes:</B> &nbsp;Votes in Accordance with a Fund&#146;s
Guidelines and/or, where applicable, Agent Recommendation</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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. &nbsp;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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.</P>
<P style="margin:0px; text-indent:120px; font-size:12pt"><B>Non-Votes:</B> &nbsp;Votes in Which No Action is Taken</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>The Proxy Group may recommend that a Fund refrain from voting
under circumstances including, but not limited to, the following: &nbsp;(1) if the economic effect on shareholders&#146; interests or the
value of the portfolio holding is indeterminable or insignificant, <I>e.g.</I>, proxies in connection with 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) 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. &nbsp;In such instances, the Proxy Group may
instruct the Agent, through the Proxy Coordinator, not to vote such proxy. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-4</P>

<P style="margin:0px" align=justify><BR></P>
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<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt"><B>3.</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:120px;" ><B>Out-of-Guidelines Votes:</B> &nbsp;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</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>If the Proxy Group recommends that a Fund vote contrary to the
Guidelines, or the recommendation of the Agent, where applicable, if the Agent has made no recommendation on a matter and the Procedures
and Guidelines are silent, or the Agent&#146;s recommendation on a matter 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 who abstained from voting
on the matter or were 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).
&nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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: &nbsp;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). &nbsp;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.
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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.</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">4.</P>
<P style="margin:0px; padding-left:120px; font-size:12pt">Referrals to a Fund&#146;s Compliance Committee</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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 whether a conflict of interest exists, in determining how to vote the proxies </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-5</P>

<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>referred to
the Committee. &nbsp;The Committee will instruct the Agent through the Proxy Coordinator how to vote such referred proposals. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>The Proxy Coordinator shall use best efforts to timely refer
matters to a Fund&#146;s Committee for its consideration. &nbsp;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, in which case no action shall be taken on such matter (<I>i.e.</I>, a &#147;Non-Vote&#148;).
</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>The Proxy Coordinator will maintain a record of all proxy
questions that have been referred to a Fund&#146;s Committee, as well as all applicable recommendations, analysis, research and Conflicts
Reports. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt"><B>VI.</B></P>
<P style="margin:0px; padding-left:48px; font-size:12pt"><B>CONFLICTS OF INTEREST</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt"><B>VII.</B>
</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt"><B>REPORTING AND RECORD RETENTION </B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Annually in August, each Fund will post its proxy voting record, or
a link thereto, for the prior one-year period ending on June&nbsp;30<SUP>th</SUP> on the ING Funds&#146; website. &nbsp;The proxy voting
record for each Fund will also be available on Form N-PX in the EDGAR database on the SEC&#146;s website. &nbsp;For any Fund that is a
feeder in a master/feeder structure, no proxy voting record related to the portfolio securities owned by the master fund will be posted
on the ING Funds&#146; website or included in the Fund&#146;s Form N-PX; however, a cross-reference to the master fund&#146;s proxy
voting record as filed in the SEC&#146;s EDGAR database will be included in the Fund&#146;s Form N-PX and posted on the ING Funds&#146;
website. &nbsp;If any feeder fund was solicited for vote by its underlying master fund during the reporting period, a record of the votes
cast by means of the pass-through process described in
Section&nbsp;III above will be included on the ING Funds&#146; website and in the Fund&#146;s Form N-PX.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-6</P>

<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>EXHIBIT 1</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>to the</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ING Funds </B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Proxy Voting Procedures</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING EMERGING MARKETS HIGH DIVIDEND EQUITY FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING EMERGING MARKETS LOCAL BOND FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING EQUITY TRUST</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING FUNDS TRUST</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING INFRASTRUCTURE, INDUSTRIALS AND MATERIALS FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING INVESTORS TRUST<SUP>1</SUP></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING MAYFLOWER TRUST</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING MUTUAL FUNDS</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING PARTNERS, INC.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING PRIME RATE TRUST</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING RISK MANAGED NATURAL RESOURCES FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING SENIOR INCOME FUND</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING SEPARATE PORTFOLIOS TRUST</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING VARIABLE INSURANCE TRUST</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ING VARIABLE PRODUCTS TRUST</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="15%" ALIGN="LEFT">
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:-17.333px; font-size:11pt"><SUP>1</SUP></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; text-indent:24px; font-size:11pt"><I>Sub-Adviser-Voted Series:</I>
&nbsp;ING Franklin Mutual Shares Portfolio</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-7</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px; font-size:12pt" align=center><B>EXHIBIT 2</B></P>
<P style="margin:0px; font-size:12pt" align=center><B>to the </B></P>
<P style="margin:0px; font-size:12pt" align=center><B>ING Funds </B></P>
<P style="margin:0px; font-size:12pt" align=center><B>Proxy Voting Procedures</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ING INVESTMENTS, LLC,</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ING INVESTMENT MANAGEMENT CO.</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AND</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>DIRECTED SERVICES LLC</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="30%" ALIGN="CENTER">
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>PROXY VOTING PROCEDURES</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="30%" ALIGN="CENTER">
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>I.</B></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B>INTRODUCTION</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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. &nbsp;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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>In voting proxies, the Advisers are guided by general fiduciary
principles. &nbsp;Each must act prudently, solely in the interest of the beneficial owners of the Funds it manages. &nbsp;The Advisers
will not subordinate the interest of beneficial owners to unrelated objectives. &nbsp;Each Adviser will vote proxies in the manner that
it believes will do the most to maximize shareholder value.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless otherwise noted, best efforts shall be used to vote proxies
in all instances.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-8</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>II. &nbsp;</B></P>
<P style="margin:0px; text-indent:48px; font-size:12pt"><B>ROLES AND RESPONSIBILITIES</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">A.</P>
<P style="margin:0px; text-indent:96px; font-size:12pt">Proxy Coordinator</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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;). &nbsp;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 Guidelines.
&nbsp;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).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">B.</P>
<P style="margin:0px; text-indent:96px; font-size:12pt">Agent</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;The Agent is Institutional Shareholder Services
Inc., a subsidiary of MSCI Inc. &nbsp;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. &nbsp;To the extent
applicable, the Agent is required to vote and/or refer all proxies in accordance with these Adviser Procedures. &nbsp;The Agent will
retain a record of all proxy votes handled by the Agent. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>The Agent shall be instructed to obtain all proxies from the
Funds&#146; custodians and to review each proxy proposal against the Guidelines. &nbsp;The Agent also shall be requested to </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-9</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>call the
Proxy Coordinator&#146;s attention to specific proxy proposals that although governed by the Guidelines appear to involve unusual or
controversial issues.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;Unless otherwise specified, references
herein to recommendations of the Agent shall refer to those in which no conflict of interest has been identified.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12.5pt">C.</P>
<P style="margin:0px; padding-left:96px; font-size:12pt">Proxy Group</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>A minimum of four (4) members of the Proxy Group (or three (3) if
one member of the quorum is either the Fund&#146;s Chief Investment Risk Officer or Chief Financial Officer) shall constitute a quorum
for purposes of taking action at any meeting of the Group. &nbsp;The vote of a simple majority of the members present and voting shall
determine any matter submitted to a vote. &nbsp;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. &nbsp;A member of the Proxy
Group may abstain from voting on any given matter, provided that quorum is not lost for purposes of taking action and that the abstaining
member still participates in any conflict of interest processes
required in connection with the matter. &nbsp;The Proxy Group may meet in person or by telephone. &nbsp;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. &nbsp;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. &nbsp;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.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-10</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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 Guidelines, or
the recommendation of the Agent, where applicable, (2)&nbsp;the Agent has made no recommendation with respect to a vote on a proposal, or
(3)&nbsp;a matter requires case-by-case consideration, including those in which the Agent&#146;s recommendation is deemed to be
conflicted as provided for under these Adviser Procedures, provided that, if the Proxy Group has previously provided the Proxy
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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>If the Proxy Group recommends that a Fund vote contrary to the
Guidelines, or the recommendation of the Agent, where applicable, or if the Agent&#146;s recommendation on a matter is deemed to be
conflicted, it shall follow the procedures for such voting as established by a Fund&#146;s Board.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>The Proxy Coordinator shall use best efforts to convene the Proxy
Group with respect to all matters requiring its consideration. &nbsp;In the event quorum requirements cannot be timely met in connection
with a voting deadline, the Proxy Coordinator shall follow the procedures for such voting as established by a Fund&#146;s Board.</P>
<P style="margin:0px"><BR></P>
<A NAME="OLE_LINK13"></A><A NAME="OLE_LINK14"></A>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">D.</P>
<P style="margin:0px; padding-left:48px; text-indent:48px; font-size:12pt">Investment Professionals</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;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. &nbsp;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. &nbsp;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. &nbsp;In order </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-11</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt"><B>III.</B>
</P>
<P style="margin:0px; padding-left:48px; font-size:12pt"><B>VOTING PROCEDURES</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">A.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>In all cases, the Adviser shall follow the voting procedures as
set forth in the Procedures and Guidelines of the Fund on whose behalf the Adviser is exercising delegated authority to vote.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">B.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>Routine Matters </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>The Agent shall be instructed to submit a vote in accordance with
the Guidelines where such Guidelines provide a clear policy (<I>e.g.</I>, &#147;For,&#148; &#147;Against,&#148; &#147;Withhold&#148; or
&#147;Abstain&#148;) on a proposal. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:72px; text-indent:-24px; font-size:12pt">C.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>Matters Requiring Case-by-Case Consideration &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;The Proxy Group may consult with the Agent and/or Investment Professional(s), as it deems
necessary. </P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:120px;" align=justify><B>Within-Guidelines Votes:</B> &nbsp;Votes in Accordance with a Fund&#146;s
Guidelines and/or, where applicable, Agent Recommendation</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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 </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-12</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>this manner. &nbsp;Except as provided for herein, no Conflicts
Report (as such term is defined herein)
is required in connection with Within-Guidelines Votes.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:120px;" align=justify><B>Non-Votes:</B> &nbsp;Votes in Which No Action is Taken</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>The Proxy Group may recommend that a Fund refrain from voting
under circumstances including, but not limited to, the following: &nbsp;(1) if the economic effect on shareholders&#146; interests or the
value of the portfolio holding is indeterminable or insignificant, <I>e.g.</I>, proxies in connection with 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) 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. &nbsp;In such instances, the Proxy Group may
instruct the Agent, through the Proxy Coordinator, not to vote such proxy. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>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.</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt" align=justify>3.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:120px;" align=justify><B>Out-of-Guidelines Votes:</B> &nbsp;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</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:96px;" align=justify>If the Proxy Group recommends that a Fund vote contrary to the
Guidelines, or the recommendation of the Agent, where applicable, if the Agent has made no recommendation on a matter and the Procedures
and Guidelines are silent, or the Agent&#146;s recommendation on a matter 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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt" align=justify>4.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:120px;" align=justify>The Proxy Coordinator will maintain a record of all proxy
questions that have been referred to a Fund&#146;s Compliance Committee, as well as all applicable recommendations, analysis, research
and Conflicts Reports. </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-13</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt"><B>IV.</B>
</P>
<P style="margin:0px; padding-left:48px; font-size:12pt"><B>ASSESSMENT OF THE AGENT AND CONFLICTS OF INTEREST</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">In furtherance of the Advisers&#146; fiduciary duty to the Funds and their beneficial owners, the
Advisers shall establish the following:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-24px; font-size:12pt"
align=justify>A.</P>
<P style="margin:0px; padding-left:48px; font-size:12pt" align=justify>Assessment<B> </B>of the Agent</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;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 so not less than annually as well as prior to engaging the services of any new proxy service. &nbsp;The Agent shall also notify
the Advisers in writing within fifteen (15) calendar days of any material change to information previously provided to an Adviser in
connection with establishing the Agent&#146;s independence, competence or impartiality.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>Information provided in connection with assessment of the Agent
shall be forwarded to a member of the mutual funds practice group of ING Investment Management (&#147;Counsel&#148;) for review.
&nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-24px; font-size:12pt"
align=justify>B.</P>
<P style="margin:0px; padding-left:48px; font-size:12pt" align=justify>Conflicts of Interest</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>The Advisers shall establish and maintain procedures to identify
and address conflicts that may arise from time to time concerning the Agent. &nbsp;Upon the Advisers&#146; request, which shall be not
less than annually, and within fifteen (15) calendar days of any material change to such information previously provided to an Adviser,
the Agent shall provide the Advisers with such information as the Advisers deem reasonable and appropriate for use in determining
material relationships of the Agent that may pose a conflict of interest with respect to the Agent&#146;s proxy analysis or
recommendations. &nbsp;The Proxy Coordinator shall forward all such information to Counsel for review. &nbsp;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.
&nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. &nbsp;The members of the Proxy Group may not subordinate
the interests of the Fund&#146;s beneficial owners to unrelated objectives, including </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-14</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>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.
&nbsp;Completed Conflicts Reports should be provided to the Proxy Coordinator within two (2) business days and may be submitted to the
Proxy Coordinator verbally, provided the Proxy Coordinator documents the Conflicts Report in writing. &nbsp;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). &nbsp;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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:48px;" align=justify>The Proxy Coordinator shall forward all Conflicts Reports to
Counsel for review. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>V.</B></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B>REPORTING AND RECORD RETENTION</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The Adviser shall maintain the records required by Rule
204-2(c)(2), as may be amended from time to time, including the following: (1) A copy of each proxy statement received regarding a
Fund&#146;s portfolio securities. &nbsp;Such proxy statements received from issuers are available either in the SEC&#146;s EDGAR database
or are kept by the Agent and are available upon request. (2) A record of each vote cast on behalf of a Fund. (3) A copy of any document
created by the Adviser that was material to making a decision how to vote a proxy, or that memorializes the basis for that decision. (4)
A copy of written requests for Fund proxy voting information and any written response thereto or to any oral request for information on
how the Adviser voted proxies on behalf of a Fund. &nbsp;All proxy voting materials and supporting documentation will be retained for a
minimum of six (6) years, the first two years in the Advisers&#146; office.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-15</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>APPENDIX 1</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>to the</B></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt" align=center><B>Advisers&#146; Proxy Voting Procedures</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Proxy Group for registered investment company clients of ING
Investments, LLC, ING Investment Management Co. and Directed Services LLC:</B></P>
<P style="margin:0px" align=justify><BR></P>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%">
<TR height=0 style="font-size:0">
        <TD WIDTH="50%"></TD>
        <TD WIDTH="50%"></TD>
</TR>
<TR>
        <TD VALIGN="top"><P style="line-height:14pt; margin-left:40px; font-size:12pt" align=left><B>Name</B></P></TD>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Title or Affiliation</B></P></TD>
</TR>
<TR>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Stanley D. Vyner</P></TD>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Chief Investment Risk Officer and Executive Vice
President, ING Investments, LLC</P></TD>
</TR>
<TR>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Todd Modic</P></TD>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Senior Vice President, ING Funds Services, LLC and
ING Investments, LLC; and Chief Financial Officer of the ING Funds</P></TD>
</TR>
<TR>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Maria Anderson</P></TD>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Vice President of Fund Compliance, ING Funds
Services, LLC</P></TD>
</TR>
<TR>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Karla J. Bos</P></TD>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Proxy Coordinator for the ING Funds and Assistant
Vice President &#150; Proxy Voting, ING Funds Services, LLC</P></TD>
</TR>
<TR>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Julius A. Drelick III, CFA</P></TD>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Vice President, Platform Product Management and
Project Management, ING Funds Services, LLC</P></TD>
</TR>
<TR>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Harley Eisner</P></TD>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Vice President of Financial Analysis, ING Funds
Services, LLC</P></TD>
</TR>
<TR>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Theresa K. Kelety, Esq.</P></TD>
        <TD VALIGN="top"><P style="line-height:14pt; margin:0px; font-size:12pt">Vice President and Senior Counsel, ING Funds</P></TD>
</TR>
</TABLE>

<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">Effective as of January 1, 2010</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-16</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px; font-size:12pt" align=center><B>EXHIBIT 3</B></P>
<P style="margin:0px; font-size:12pt" align=center><B>to the </B></P>
<P style="margin:0px; font-size:12pt" align=center><B>ING Funds<BR>
Proxy Voting Procedures</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="35%" ALIGN="CENTER">
<P style="margin:0px" align=center>&nbsp;</P>
<A NAME="Guidelines"></A><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>PROXY VOTING GUIDELINES OF THE ING FUNDS</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="35%" ALIGN="CENTER">
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:1.533px; font-size:12pt"><B>I.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:1.533px; text-indent:46.467px; font-size:12pt"><B>INTRODUCTION</B></P>
<P style="margin:0px; padding-left:1.533px; font-size:12pt">&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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. &nbsp;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;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>Proxies must be voted in the best interest of the Fund(s).
&nbsp;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. &nbsp;The Guidelines are not exhaustive and do not
include all potential voting issues.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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. &nbsp;In voting proxies, the
Advisers are guided by general fiduciary principles. &nbsp;Each must act prudently, solely in the interest of the beneficial owners of
the Funds it manages. &nbsp;The Advisers will not subordinate the interest of beneficial owners to unrelated objectives. &nbsp;Each
Adviser will vote proxies in the manner that it believes will do the most to maximize shareholder value.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:67.667px; text-indent:-48px; font-size:12pt"><B>II.</B>
</P>
<P style="margin:0px; padding-left:67.667px; text-indent:-19.667px; font-size:12pt"><B>GUIDELINES</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The following Guidelines are grouped according to the types of proposals generally
presented to shareholders of U.S. issuers: &nbsp;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. &nbsp;An additional section addresses proposals most frequently
found in global proxies.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B><U>General Policies</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>These Guidelines apply to securities of publicly traded companies and to those of
privately held companies if publicly available disclosure permits such application. &nbsp;All matters for which such disclosure is not
available shall be considered CASE-BY-CASE.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-17</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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, <A NAME="OLE_LINK20"></A><A NAME="OLE_LINK21">
</A>Institutional Shareholder Services Inc., a subsidiary of MSCI Inc.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>Unless otherwise provided for herein, it shall generally be the policy of the Funds
to vote in accordance with the Agent&#146;s recommendation when such recommendation aligns with the recommendation of the relevant
issuer&#146;s management or management has made no recommendation. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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. &nbsp;Such input shall be given primary
consideration with respect to CASE-BY-CASE proposals being considered on behalf of the relevant Fund.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>The foregoing policies may be overridden in any case as provided for in the
Procedures. &nbsp;Similarly, the Procedures provide that proposals whose Guidelines prescribe a firm voting position may instead be
considered on a CASE-BY-CASE basis when unusual or controversial circumstances so dictate.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>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. &nbsp;No proposal shall be
supported whose implementation would contravene such requirements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>1.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>The Board of Directors</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Voting on Director Nominees in Uncontested Elections</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt; padding-left:0px;" align=justify>Unless otherwise provided for herein, the Agent&#146;s standards
with respect to determining director independence shall apply. &nbsp;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.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-18</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;Votes on director
nominees not subject to specific policies described herein should be made on a CASE-BY-CASE basis. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Where applicable and except as otherwise provided for herein, it
shall generally 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.
&nbsp;Support shall be withheld from nominees deemed responsible for governance shortfalls, 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. &nbsp;When a determination is
made to withhold support due to concerns other than those related to an individual director&#146;s independence or actions,
responsibility may be attributed to the entire board, a committee, or an individual (such as the CEO or committee chair), taking into
consideration whether the desired effect is to send a message or to remove the director from
service.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Where applicable and except as otherwise provided for herein,
generally vote FOR nominees 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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>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. &nbsp;WITHHOLD support if two-year attendance cannot be ascertained from available disclosure. &nbsp;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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless a company has implemented a policy that should reasonably
prevent abusive use of its poison pill, WITHHOLD support from nominees responsible for implementing excessive anti-takeover measures,
including failure to remove restrictive poison pill features or to ensure a pill&#146;s expiration or timely submission to shareholders
for vote. &nbsp;Rather than follow the Agent&#146;s practice of withholding support from all incumbent nominees, responsibility will
generally be assigned to the board chair or, if not standing for election, the lead director. &nbsp;If neither is standing for election,
WITHHOLD support from all continuing directors.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider on a CASE-BY-CASE basis any nominee whom the Agent cites
as having failed to implement a majority-approved shareholder proposal. &nbsp;Vote FOR if the shareholder proposal has been reasonably
addressed. &nbsp;Proposals seeking shareholder ratification of a poison pill may be deemed reasonably addressed if the company has
implemented a policy that should reasonably prevent abusive use of the pill. &nbsp;WITHHOLD support if the shareholder proposal at issue
is supported under these Guidelines and the board has not disclosed its reasoning for not implementing the proposal.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>If the board 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 board nominees on a CASE-BY-CASE basis. &nbsp;Generally, vote FOR nominees when:</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-19</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>The issue relevant to the majority negative vote
has been adequately addressed or cured, which may include disclosure of the board&#146;s rationale; or</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>The Funds&#146; Guidelines or voting record do
not support the relevant issue causing the majority negative vote.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>If the above provisions have not been satisfied, generally WITHHOLD
support from the chair of the nominating committee, or if not standing for election, consider CASE-BY-CASE.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>WITHHOLD support from inside directors or affiliated outside
directors who sit on the audit committee.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Vote FOR 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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Vote FOR 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).</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Compensation
Practices:</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>It shall generally be the policy of the Funds that matters of
compensation are best determined by an independent board and compensation committee. &nbsp;Votes on director nominees in connection with
compensation practices should be considered on a CASE-BY-CASE basis, and generally:</P>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Say on pay</U>. &nbsp;If shareholders have
been provided with an advisory vote on executive compensation (say on pay), and practices not supported under these Guidelines have been
identified, it shall generally be the policy of the Funds to align with the Agent when a vote AGAINST the say on pay proposal has been
recommended in lieu of withholding support from certain nominees for compensation concerns. &nbsp;Issuers receiving negative
recommendations on both director nominees and say on pay regarding issues not otherwise supported by these Guidelines will be considered
on a CASE-BY-CASE basis.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Tenure</U>. &nbsp;Where applicable and
except as otherwise provided for herein, vote FOR 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.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Pay for performance</U>. &nbsp;Consider
nominees receiving an adverse recommendation from the Agent CASE-BY-CASE when the Agent has identified a pay practice (or combination of
practices) not otherwise supported under these Guidelines that appears to have created a misalignment between CEO pay and performance
with regard to shareholder value. &nbsp;Generally vote FOR nominees if the company has provided a reasonable rationale regarding pay and
performance, or has demonstrated that they are reasonably correlated, or when the increased compensation relates solely to a practice or
practices (such as an increase in option awards or base salary) not deemed inherently problematic by the Agent. &nbsp;Generally WITHHOLD
support from nominees for </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-20</P>

<P style="margin:0px" align=justify><BR></P>
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<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>structuring equity compensation such that pay
is unreasonably insulated from performance conditions.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Pay disparity</U>. &nbsp;Generally DO NOT
WITHHOLD support from director nominees solely due to internal pay disparity as assessed by the Agent, but consider pay magnitude
concerns on a CASE-BY-CASE basis.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Change in control provisions</U>. &nbsp;If
the Agent recommends withholding support from nominees in connection with overly liberal change in control provisions, including those
lacking a double trigger, vote FOR such nominees if mitigating provisions or board actions (<I>e.g.</I>, clawbacks) are present, but
generally WITHHOLD support if they are not. &nbsp;If the Agent recommends withholding support from nominees in connection with potential
change in control payments or tax-gross-ups on change in control payments, vote FOR the nominees if the amount appears reasonable and no
material governance concerns exist. &nbsp;Generally WITHHOLD support if the amount is so significant (individually or collectively) as to
potentially influence an executive&#146;s decision to enter into a transaction or to effectively act as a poison pill.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Repricing</U>. &nbsp;If the Agent recommends
withholding support from nominees in connection with their failure to seek a shareholder vote on plans to reprice, replace, buy back or
exchange options, generally WITHHOLD support from such nominees, except that cancellation of options would not be considered an exchange
unless the cancelled options were regranted or expressly returned to the plan reserve for reissuance.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(7)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Tax benefits</U>. &nbsp;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), vote FOR such nominees if the company has provided an adequate rationale or the plan itself is
being put to shareholder vote at the same meeting. &nbsp;If the plan is up for vote, the provisions under Section 8., OBRA-Related
Compensation Proposals, shall apply.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(8)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Director perquisites</U>. &nbsp;If the Agent
recommends withholding support from nominees in connection with director compensation in the form of perquisites, generally vote FOR the
nominees if the cost is reasonable in the context of the directors&#146; total compensation<I> </I>and the perquisites themselves appear
reasonable given their purpose, the directors&#146; duties and the company&#146;s line of business.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(9)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Incentive plans</U>. &nbsp;Generally
WITHHOLD support from nominees in connection with long-term incentive plans, or total executive compensation packages, inadequately
aligned with shareholders because they are overly cash-based/lack an appropriate equity component, except that such cases will be
considered CASE-BY-CASE in connection with executives already holding significant equity positions. &nbsp;Generally consider nominees on
a CASE-BY-CASE basis in connection with short-term incentive plans over which the nominee has exercised discretion to exclude
extraordinary items, and WITHHOLD support if treatment of such items has been inconsistent (<I>e.g.</I>, exclusion of losses but not
gains).</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(10)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Options backdating</U>.
&nbsp;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.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(11)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Independence from
management</U>. &nbsp;Generally WITHHOLD support from nominees cited by the Agent for permitting named executives to have excessive input
into setting their own compensation.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-21</P>

<P style="margin:0px" align=justify><BR></P>
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<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(12)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Multiple concerns</U>.
&nbsp;If the Agent recommends withholding support from nominees in connection with other compensation practices such as tax gross-ups,
perquisites, retention or recruitment provisions (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. &nbsp;Generally DO NOT WITHHOLD
support solely due to any single such practice 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.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(13)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Commitments</U>.
&nbsp;Generally, vote FOR nominees receiving an adverse recommendation from the Agent due to problematic pay practices if the issuer
makes a public commitment (<I>e.g.</I>, via a Form 8-K filing) to rectify the practice on a going-forward basis.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(14)</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify><U>Other</U>. &nbsp;If the
Agent has raised other considerations regarding poor compensation practices, consider nominees on a CASE-BY-CASE basis. &nbsp;</P>

<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Accounting Practices:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Generally, vote FOR independent outside director
nominees serving on the audit committee.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Where applicable and except as otherwise
provided for herein, generally vote FOR nominees serving on the audit committee, or the company&#146;s CEO or CFO if nominated as
directors, who did not serve on that committee or have responsibility over the relevant financial function, as applicable, during the
majority of the time period relevant to the concerns cited by the Agent.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>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. &nbsp;Generally vote FOR nominees if the company has taken adequate steps to remediate the concerns cited, which
would typically include removing or replacing the responsible executives, and if the concerns are not re-occurring and/or the company has
not yet had a full year to remediate the concerns since the time they were identified. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>If total non-audit fees exceed the total of
audit fees, audit-related fees and tax compliance and preparation fees, the provisions under Section 3., Auditor Ratification, shall
apply. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Board Independence:</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 when the full board is not
majority independent on a CASE-BY-CASE basis. &nbsp;Generally:</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>WITHHOLD support from the fewest directors
whose removal would achieve majority independence across the remaining board,<FONT style="font-size:10pt"> </FONT>except that support may
be withheld from additional nominees whose relative level of independence cannot be differentiated.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>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.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-22</P>

<P style="margin:0px" align=justify><BR></P>
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<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Except as provided above, vote FOR
non-independent nominees in the role of CEO, and when appropriate, founder or chairman, and determine support for other non-independent
nominees based on the qualifications and contributions of the nominee as well as the Funds&#146; voting precedent for assessing relative
independence to management, <I>e.g.</I>, insiders holding senior executive positions are deemed less independent than affiliated
outsiders with a transactional or advisory relationship to the company, and affiliated outsiders with a material transactional or
advisory relationship are deemed less independent than those with lesser relationships.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Non-voting directors (<I>e.g.</I>, director
emeritus or advisory director) shall be excluded from calculations with respect to majority board independence.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>When conditions contributing to a lack of
majority independence remain substantially similar to those in the previous year, it shall generally be the policy of the Funds to vote
on nominees in a manner consistent with votes cast by the Fund(s) in the previous year.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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, or if the Agent recommends withholding support due to other material failures or egregious actions, consider on a
CASE-BY-CASE basis, factoring in the merits of the nominee&#146;s performance and rationale and disclosure provided. &nbsp;If the Agent
cites concerns regarding actions in connection with a candidate&#146;s service on another board, vote FOR the nominee if the issuer has
provided adequate rationale regarding the board&#146;s process for determining the appropriateness of the nominee to serve on the board
under consideration. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Performance Test for Directors</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider nominees failing the Agent&#146;s performance test, which
includes market-based and operating performance measures, on a CASE-BY-CASE basis. &nbsp;Input from the Investment Professional(s) for a
given Fund shall be given primary consideration with respect to such proposals.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Support will generally be WITHHELD from nominees receiving a
negative recommendation from the Agent due to sustained poor stock performance (measured by one- and three-year total shareholder
returns) combined with multiple takeover defenses/entrenchment devices if the issuer:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Is a controlled company or has a
non-shareholder-approved poison pill in place, without provisions to redeem or seek approval in a reasonable period of time; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Maintains a dual class capital structure,
imposes a supermajority vote requirement or has authority to issue blank check preferred stock.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Nominees receiving a negative recommendation from the Agent due to
sustained poor stock performance combined with other takeover defenses/entrenchment devices will be considered on a CASE-BY-CASE basis.
</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK7"></A><A NAME="OLE_LINK8"></A><P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Proposals
Regarding Board Composition or Board Service</B></P>
<P style="line-height:normal; margin:0px; font-size:12pt" align=justify>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 </P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-23</P>

<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:normal; margin:0px; font-size:12pt" align=justify>and CEO be
held separately, but vote FOR 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
corporate governance concerns have been identified. &nbsp;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, corporate governance concerns have been identified, or the proposal may result in a material reduction in
shareholders&#146; rights.<FONT style="font-size:10pt"><B> &nbsp;</B></FONT></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST shareholder proposals:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Asking that more than a simple majority of
directors be independent.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Asking that the independence of the compensation
and/or nominating committees be greater than that required by the listing exchange.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Limiting the number of public company boards on
which a director may serve.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Seeking to redefine director independence or
directors&#146; specific roles (<I>e.g.</I>, responsibilities of the lead director).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Requesting creation of additional board
committees or offices, except as otherwise provided for herein.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Limiting the tenure of outside directors or
impose a mandatory retirement age for outside directors (unless the proposal seeks to relax existing standards), but generally vote FOR
management proposals in this regard.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Stock Ownership Requirements</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Director and Officer Indemnification and Liability Protection</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Proposals on director and officer indemnification and liability
protection should be evaluated on a CASE-BY-CASE basis, using Delaware law as the standard. &nbsp;Vote AGAINST proposals to limit or
eliminate entirely directors&#146; and officers&#146; liability for monetary damages for violating the duty of care. &nbsp;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. &nbsp;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: </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>The director was found to have acted in good
faith and in a manner that he reasonably believed was in the best interests of the company; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Only if the director&#146;s legal expenses would
be covered.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-24</P>

<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>2.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Proxy Contests</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>These proposals should generally be analyzed on a CASE-BY-CASE
basis. &nbsp;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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Voting for Director Nominees in Contested Elections</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Votes in a contested election of directors must be evaluated on a
CASE-BY-CASE basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Reimburse Proxy Solicitation Expenses</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Voting to reimburse proxy solicitation expenses should be analyzed
on a CASE-BY-CASE basis, generally voting FOR if associated nominees are also supported. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>3.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Auditors</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Ratifying Auditors</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. Generally vote FOR shareholder proposals asking the issuer to present its auditor annually for ratification.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Auditor Independence</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Audit Firm Rotation</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST shareholder proposals asking for mandatory
audit firm rotation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>4.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Proxy Contest Defenses</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Presentation of management and shareholder proposals on the same matter on the
same agenda shall not require a Fund to vote FOR one and AGAINST the other. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Board Structure: Staggered vs. Annual Elections</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals to classify the board or
otherwise restrict shareholders&#146; ability to vote upon directors and FOR proposals to repeal classified boards and to elect all
directors annually.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Shareholder Ability to Remove Directors</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals that provide that directors may
be removed only for cause.</P>

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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals to restore shareholder ability to
remove directors with or without cause.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals that provide that only continuing
directors may elect replacements to fill board vacancies.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals that permit shareholders to elect
directors to fill board vacancies.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Cumulative Voting</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>If the company is controlled or 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, and vote FOR shareholder
proposals to restore or permit cumulative voting.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Time-Phased Voting</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Shareholder Ability to Call Special Meetings </B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR management or shareholder proposals that
provide shareholders with the ability to call special meetings. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Shareholder Ability to Act by Written Consent</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST shareholder proposals seeking the right to
act by written consent if the issuer:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Permits shareholders to call special meetings;
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Does not impose supermajority vote requirements;
and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Has otherwise demonstrated its accountability to
shareholders (<I>e.g.</I>, the company has reasonably addressed majority-supported shareholder proposals).</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider management proposals to eliminate the right to act by
written consent on a CASE-BY-CASE basis, generally voting FOR if the above conditions are present.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR shareholder proposals seeking the right to act
by written consent if the above conditions are not present.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Shareholder Ability to Alter the Size of the Board</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals that seek to fix the size of the
board or designate a range for its size.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals that give management the ability
to alter the size of the board outside of a specified range without shareholder approval.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>5.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Tender Offer Defenses</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Poison Pills</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 </P>

<P style="margin:0px" align=justify><BR></P>

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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review on a CASE-BY-CASE basis shareholder proposals to redeem a
company&#146;s poison pill.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review on a CASE-BY-CASE basis management proposals to approve or
ratify a poison pill or any plan or charter amendment (<I>e.g.</I>, investment restrictions) 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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Fair Price Provisions</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Vote proposals to adopt fair price provisions on a CASE-BY-CASE
basis.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST fair price provisions with shareholder vote
requirements greater than a majority of disinterested shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Greenmail</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals to adopt anti-greenmail charter or
bylaw amendments or otherwise restrict a company&#146;s ability to make greenmail payments.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review on a CASE-BY-CASE basis anti-greenmail proposals when they
are bundled with other charter or bylaw amendments.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Pale Greenmail</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review on a CASE-BY-CASE basis restructuring plans that involve the
payment of pale greenmail.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Unequal Voting Rights</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST dual-class exchange offers and dual-class
recapitalizations.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Supermajority Shareholder Vote Requirement</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals to require a supermajority
shareholder vote.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR management or shareholder proposals to lower
supermajority shareholder vote requirements, unless, for companies with shareholder(s) with significant ownership levels, the Agent
recommends retention of existing supermajority requirements in order to protect minority shareholder interests.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>White Squire Placements</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR shareholder proposals to require approval of
blank check preferred stock issues for other than general corporate purposes.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>6.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Miscellaneous</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Amendments to Corporate Documents</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 </P>

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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>as a
merger), generally, vote AGAINST proposals seeking to remove shareholder approval requirements or otherwise remove or diminish
shareholder rights, <I>e.g.</I>, by (1)&nbsp;adding restrictive provisions, (2) removing provisions or moving them to portions of the
charter not requiring shareholder approval, or (3)&nbsp;in corporate structures such as holding companies, removing provisions in an
active subsidiary&#146;s charter that provide voting rights to parent company shareholders. &nbsp;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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals for charter amendments that
support board entrenchment or may be used as an anti-takeover device (or to further anti-takeover conditions), particularly if the
proposal is bundled or the board is classified. </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals seeking charter or bylaw amendments
to remove anti-takeover provisions.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider proposals seeking charter or bylaw amendments not
addressed under these Guidelines on a CASE-BY-CASE basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Confidential Voting</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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: </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">In the case of a contested election, management should be
permitted to request that the dissident group honor its confidential voting policy. </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">If the dissidents agree, the policy remains in place. </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">If the dissidents do not agree, the confidential voting policy
is waived.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Generally, vote FOR management proposals to adopt confidential voting.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Proxy Access</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Majority Voting Standard</B></P>
<P style="line-height:normal; margin:0px; font-size:12pt" align=justify>Except as otherwise provided for herein, it shall generally be
the policy of the Funds to extend discretion to issuers to determine when it may be appropriate to adopt a majority voting standard
<FONT style="font-size:10pt">. &nbsp;</FONT>Generally, vote FOR management proposals, provided 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 a majority standard, and provided such standard does not conflict with state law in which
the company is incorporated. &nbsp;For issuers with a history of significant corporate governance concerns, consider such proposals on a
CASE-BY-CASE basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Bundled Proposals</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;</P>

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<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Shareholder Advisory Committees</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review on a CASE-BY-CASE basis proposals to establish a shareholder
advisory committee.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Reimburse Shareholder for Expenses Incurred</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Voting to reimburse expenses incurred in connection with
shareholder proposals should be analyzed on a CASE-BY-CASE basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Other Business</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Quorum Requirements</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review on a CASE-BY-CASE basis proposals to lower quorum
requirements for shareholder meetings below a majority of the shares outstanding.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Advance Notice for Shareholder Proposals</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Multiple Proposals</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>7.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Capital Structure</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Common Stock Authorization</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review proposals to increase the number of shares of common stock
authorized for issuance on a CASE-BY-CASE basis. &nbsp;Except where otherwise indicated, the Agent&#146;s proprietary approach of
determining appropriate thresholds and, for requests above such allowable threshold, applying a company-specific, qualitative review (
<I>e.g.</I>, considering rationale and prudent historical usage), will generally be utilized in evaluating such proposals.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally vote FOR:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Proposals to authorize capital increases within
the Agent&#146;s allowable thresholds or those in excess but meeting Agent&#146;s qualitative standards, but consider on a CASE-BY-CASE
basis those requests failing the Agent&#146;s review for proposals in connection with which a contrary recommendation from the Investment
Professional(s) has been received and is to be utilized (<I>e.g., </I>in support of a merger or acquisition proposal).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>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. &nbsp;In those cases, consider on a CASE-BY-CASE </P>

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<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>basis if a contrary recommendation from the
Investment Professional(s) has been received and is to be utilized.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Proposals to authorize capital increases
exceeding the Agent&#146;s thresholds when a company&#146;s shares are in danger of being delisted or if a company&#146;s ability to
continue to operate as a going concern is uncertain.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Proposals to increase the number of authorized
shares of a class of stock if the issuance which the increase is intended to service is not supported under these Guidelines.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Nonspecific proposals authorizing excessive
discretion to a board.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Dual Class Capital Structures</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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) bundled with favorable proposal(s), (2) approval of such proposal(s) is a condition of such favorable
proposal(s), or (3) part of a recapitalization for which support is recommended by the Agent or an Investment Professional.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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, when the
relevant Fund owns the class with inferior voting rights, but generally vote FOR management proposals and AGAINST shareholder proposals
when the relevant Fund owns the class with superior voting rights. &nbsp;Consider CASE-BY-CASE if bundled with favorable proposal(s), (2)
approval of such proposal(s) is a condition of such favorable proposal(s), or (3) part of a recapitalization for which support is
recommended by the Agent or an Investment Professional.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Stock Distributions: Splits and Dividends</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Reverse Stock Splits</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider on a CASE-BY-CASE basis management proposals to implement
a reverse stock split. &nbsp;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, </P>

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<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>consider management&#146;s rationale
and/or disclosure, generally voting FOR, but generally not supporting additional requests for capital increases on the same agenda.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Preferred Stock</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review proposals to increase the number of shares of preferred
stock authorized for issuance on a CASE-BY-CASE basis, and except where otherwise indicated, generally utilize the Agent&#146;s approach
for evaluating such proposals. &nbsp;This approach incorporates both qualitative and quantitative measures, including a review of past
performance (<I>e.g.</I>, board governance, shareholder returns and historical share usage) and the current request (<I>e.g.</I>,
rationale, whether shares are blank check and declawed, and dilutive impact as determined through the Agent&#146;s proprietary model for
assessing appropriate thresholds).</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Shareholder Proposals Regarding Blank Check Preferred Stock</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Adjustments to Par Value of Common Stock</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR management proposals to reduce the par value of
common stock.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Preemptive Rights</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Review on a CASE-BY-CASE basis shareholder proposals that seek
preemptive rights or management proposals that seek to eliminate them. &nbsp;In evaluating proposals on preemptive rights, consider the
size of a company and the characteristics of its shareholder base.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Debt Restructurings</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. </P>

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<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Share Repurchase Programs</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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
parties.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR management proposals to cancel repurchased
shares.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals for share repurchase methods
lacking adequate risk mitigation or exceeding appropriate volume or duration parameters for the market.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider shareholder proposals seeking share repurchase programs on
a CASE-BY-CASE basis, with input from the Investment Professional(s) for a given Fund to be given primary consideration.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Tracking Stock</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Votes on the creation of tracking stock are determined on a
CASE-BY-CASE basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>8.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Executive and Director Compensation </U>
</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:66px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:86px; text-indent:0px; font-size:12pt" align=justify>Ge<A NAME="OLE_LINK3"></A>nerally, vote in
accordance with the Agent&#146;s recommendations FOR equity-based plans with costs within such cap and AGAINST those
with costs in excess of it, except that plans above the cap may be supported if so recommended by the Agent or Investment Professional as
a condition to a major transaction such as a merger.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:66px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:86px; text-indent:0px; font-size:12pt" align=justify>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.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:66px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:86px; text-indent:0px; font-size:12pt" align=justify>Generally, vote FOR plans
with costs within the cap if the primary considerations raised by the Agent pertain to burn rate thresholds set by the Agent or matters
that would not result in a negative vote under these Guidelines on a management say on pay proposal or the relevant board or committee
member(s).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:66px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:86px; text-indent:0px; font-size:12pt" align=justify>Generally, vote AGAINST plans
administered by potential grant recipients.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:66px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:86px; text-indent:0px; font-size:12pt" align=justify>Generally, vote AGAINST
proposals to eliminate existing shareholder approval requirements for material plan changes, unless the company has provided a reasonable
rationale and/or adequate disclosure regarding the requested changes.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:66px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:86px; text-indent:0px; font-size:12pt" align=justify>Generally vote AGAINST
long-term incentive plans that are inadequately aligned with shareholders because they lack an appropriate equity component, except that
such cases will be considered CASE-BY-CASE in connection with executives already holding significant equity positions.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:66px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:86px; text-indent:0px; font-size:12pt" align=justify>Generally, vote AGAINST plans
that contain an overly liberal change in control definition (<I>e.g.</I>, does not result in actual change in control).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:66px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:86px; text-indent:0px; font-size:12pt" align=justify>Consider plans CASE-BY-CASE
if the Agent raises other considerations not otherwise provided for herein.</P>

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<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Restricted Stock or Stock Option Plans</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Management Proposals Seeking Approval to Reprice Options</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Director Compensation</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 when costs exceed the Agent&#146;s threshold. &nbsp;DO NOT VOTE AGAINST plans for which burn rate is the sole
consideration raised by the Agent.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Employee Stock Purchase Plans</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>OBRA-Related Compensation Proposals</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Votes on plans intended to qualify for favorable tax treatment
under the provisions of Section 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. &nbsp;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.</P>

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<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Amendments that Place a Cap on Annual Grants
or Amend Administrative Features</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify>Generally, vote FOR plans that simply amend
shareholder-approved plans to include administrative features or place a cap on the annual grants any one participant may receive to
comply with the provisions of Section 162(m) of OBRA.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Amendments to Add Performance-Based Goals</B>
</P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify>Generally, vote FOR amendments to add
performance goals to existing compensation plans to comply with the provisions of Section 162(m) of OBRA.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Amendments to Increase Shares and Retain Tax
Deductions Under OBRA</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify>Votes on amendments to existing plans to
increase shares reserved and <A NAME="OLE_LINK11"></A><A NAME="OLE_LINK12"></A>to qualify the plan for favorable tax treatment under the
provisions of Section 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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Approval of Cash or Cash-and-Stock Bonus
Plans</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify>Generally, vote FOR cash or cash-and-stock bonus
plans to exempt the compensation from taxes under the provisions of Section 162(m) of OBRA, with primary consideration given to
management&#146;s assessment that such plan meets the requirements for exemption of performance-based compensation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Shareholder Proposals Regarding Executive and Director Pay</B>
</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;Vote AGAINST shareholder proposals that seek disclosure of executive
or director compensation if providing it would be out of step with market practice and disruptive to the business.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Severance and Termination Payments</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR shareholder proposals seeking double triggers
on change in control awards.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally vote FOR shareholder proposals to submit executive
severance agreements for shareholder ratification, if such proposals specify change in control events, Supplemental Executive Retirement
Plans, or deferred executive compensation plans, or if ratification is required by the listing exchange.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;Generally
vote FOR such compensation arrangements if:</P>

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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:66px; text-indent:-24px; font-size:12pt"
align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:66px; font-size:12pt" align=justify>The primary considerations raised by the Agent
would not result in a negative vote under these Guidelines on a management say on pay proposal or the relevant board or committee
member(s);</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:66px; text-indent:-24px; font-size:12pt"
align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:66px; font-size:12pt" align=justify>The issuer has provided adequate rationale
and/or disclosure; or</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:66px; text-indent:-24px; font-size:12pt"
align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:66px; font-size:12pt" align=justify>Support is recommended by the Agent or
Investment Professional (<I>e.g.</I>, as a condition to a major transaction such as a merger).</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>However, vote in accordance with the Agent&#146;s recommendations
AGAINST new or materially amended plans, contracts or payments that include single trigger change in control provisions or do not require
an actual change in control in order to be triggered, except that plans, contracts or payments with single triggers may be supported if
mitigating provisions or board actions (<I>e.g.</I>, clawbacks) are present.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Employee Stock Ownership Plans (ESOPs)</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>401(k) Employee Benefit Plans</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals to implement a 401(k) savings plan
for employees.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK22"></A><A NAME="OLE_LINK23"></A><P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Holding
Periods</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals requiring mandatory periods for
officers and directors to hold company stock.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Advisory Votes on Executive Compensation (Say on Pay)</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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, factoring in whether the
issuer has made improvements to its overall compensation program and generally voting FOR if the company has provided a reasonable
rationale and/or adequate disclosure regarding the matter(s) under consideration. &nbsp;For say on pay proposals not supported by the
Agent and referencing incentive plan concerns:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify><U>Long-term incentive plans</U>:
&nbsp;Proposals will be voted AGAINST if they cite long-term incentive plans that are inadequately aligned with shareholders because they
are cash-based or lack an appropriate equity component, except that such cases will be considered CASE-BY-CASE in connection with
executives already holding significant equity positions.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify><U>Short-term incentive plans</U>:
&nbsp;Proposals will be considered on a CASE-BY-CASE basis if they cite short-term incentive plans over which the board has exercised
discretion to exclude extraordinary items, and voted AGAINST if treatment of such items has been inconsistent (<I>e.g.</I>, exclusion of
losses but not gains).</P>

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<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals when named executives have
material input into setting their own compensation.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals presented by issuers subject to
Troubled Asset Relief Program (TARP) provisions if there is inadequate discussion of the process for ensuring that incentive compensation
does not encourage excessive risk-taking.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Frequency of Advisory Votes on Executive Compensation</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, support proposals seeking an annual say on pay and
oppose those seeking a less frequent say on pay.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>9.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>State of Incorporation</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Voting on State Takeover Statutes</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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, anti-greenmail provisions, and
disgorgement provisions).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Voting on Reincorporation Proposals</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 as a potential takeover defense, but if so
assessed, weighing management&#146;s rationale for the change. &nbsp;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. &nbsp;Generally, vote
AGAINST shareholder reincorporation proposals not also supported by the company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>10.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Mergers and Corporate Restructurings</U>
</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Mergers and Acquisitions</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Votes on mergers and acquisitions should be considered on a
CASE-BY-CASE basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Corporate Restructuring</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=justify><BR></P>

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<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Adjournment</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals to adjourn a meeting to provide
additional time for vote solicitation when the primary proposal is also voted FOR.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Appraisal Rights</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals to restore, or provide shareholders
with, rights of appraisal.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Changing Corporate Name</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR changing the corporate name.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>11.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Mutual Fund Proxies</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Approving New Classes or Series of Shares</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR the establishment of new classes or series of
shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Authorizing the Board to Hire and Terminate Subadvisors Without
Shareholder Approval</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR these proposals.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Master-Feeder Structure</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR the establishment of a master-feeder structure.
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Establish Director Ownership Requirement</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST shareholder proposals<B> </B>for the
establishment of a director ownership requirement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The matters below should be examined on a CASE-BY-CASE basis:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Election of Directors</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Converting Closed-end Fund to Open-end Fund</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Proxy Contests</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Investment Advisory Agreements</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Preferred Stock Proposals</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>1940 Act Policies</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Changing a Fundamental Restriction to a
Nonfundamental Restriction</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Change Fundamental Investment Objective to
Nonfundamental</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Name Rule Proposals</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Disposition of Assets/Termination/Liquidation
</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Changes to the Charter Document</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Changing the Domicile of a Fund</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Change in Fund&#146;s Subclassification</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Distribution Agreements</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Mergers</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Reimburse Shareholder for Expenses Incurred</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Terminate the Investment Advisor</P>

<P style="margin:0px" align=justify><BR></P>

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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>12.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Social and Environmental Issues</U></B>
</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Boards of directors and company management are responsible for
guiding the corporation in connection with matters that are most often the subject of shareholder proposals on social and environmental
issues: &nbsp;ensuring that the companies they oversee comply with applicable legal, regulatory and ethical standards, effectively
managing risk, and assessing and addressing matters that may have a financial impact on shareholder value. &nbsp;The Funds will generally
vote in accordance with the board&#146;s recommendation on such proposals unless it appears both that the stewardship noted above has
fallen short and the issue is material to the company. &nbsp;The former may be evidenced by the company&#146;s failure to align its
actions and disclosure with market practice and that of its peers, or the company&#146;s having been subject to significant
controversies, litigation, fines or penalties in connection with the relevant issue.
&nbsp;Such instances will be considered CASE-BY-CASE. &nbsp;The Funds will generally vote AGAINST shareholder proposals seeking to
dictate corporate conduct, impose excessive costs or restrictions, duplicate policies already substantially in place, or release
information that would not help a shareholder evaluate an investment in the corporation as an economic matter.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:0px; text-indent:0px; font-size:12pt" align=justify><B>13.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify><B><U>Global Proxies</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Companies incorporated outside the U.S. shall generally be subject
to the foregoing U.S. Guidelines if they are listed on a U.S. exchange and treated as a U.S. domestic issuer by the Securities and
Exchange Commission. &nbsp;Where applicable and not provided for otherwise herein, certain U.S. Guidelines may also be applied to
companies incorporated outside the U.S., <I>e.g.</I>, companies with a significant base of U.S. operations and employees. &nbsp;However,
the following provide for differing regulatory and legal requirements, market practices and political and economic systems existing in
various global markets.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless otherwise provided for herein, it shall generally be the
policy of the Funds to vote AGAINST global proxy proposals when the Agent recommends voting AGAINST such proposal because relevant
disclosure by the issuer, or the time provided for consideration of such disclosure, is inadequate. &nbsp;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. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 when shareholders must choose between alternate proposals.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Routine Management Proposals </B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Generally, vote FOR the following and other similar routine management proposals:
</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the opening of the shareholder meeting</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">that the meeting has been convened under local regulatory
requirements</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the presence of quorum</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the agenda for the shareholder meeting</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the election of the chair of the meeting</P>

<P style="margin:0px" align=justify><BR></P>

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<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the appointment of shareholders to co-sign the minutes of the
meeting</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">regulatory filings (<I>e.g.</I>, to effect approved share
issuances)</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the designation of inspector or shareholder representative(s)
of minutes of meeting</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the designation of two shareholders to approve and sign
minutes of meeting</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the allowance of questions</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the publication of minutes</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">the closing of the shareholder meeting</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider proposals seeking authority to call shareholder meetings
on less than 21 days&#146; notice on a CASE-BY-CASE basis, with voting decisions generally based on the Agent&#146;s approach to consider
whether the issuer has provided clear disclosure of its compliance with any hurdle conditions for the authority imposed by applicable law
and has historically limited it use of such authority to time-sensitive matters.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Discharge of Management/Supervisory Board Members</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.
&nbsp;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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Director Elections</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless otherwise provided for herein, the Agent&#146;s standards
with respect to determining director independence shall apply. &nbsp;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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;Further, unless otherwise
provided for herein, the application of Guidelines in connection with such standards shall apply only when the nominee&#146;s level of
independence can be ascertained based on available disclosure. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>For issuers domiciled in Canada, Finland, France, Ireland, the
Netherlands, Sweden or tax haven markets, generally vote AGAINST non-independent directors when the full board serves as the audit
committee, or the company does not have an audit committee. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;If the slate is bundled and audit committee membership
is unclear or proposed as a </P>

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<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>separate agenda item, vote FOR if the Agent otherwise recommends
support. &nbsp;For Canadian issuers, the
Funds&#146; U.S. Guidelines with respect to audit committees shall apply; in addition, nominees (or slates of nominees) will be voted
AGAINST if they do not comply with regulatory requirements to disclose audit fees broken down by category. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Negative recommendations from the Agent on slate ballots of
nominees at Canadian issuers will be considered on a CASE-BY-CASE basis if the board is classified or the Agent cites other concerns not
otherwise supported by these Guidelines, generally voting AGAINST when concerns relate to dual class capital structures or other
anti-takeover/entrenchment devices.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR non-independent directors when the full board
serves as the compensation or nominating committee, or the company does not have a compensation or nominating committee, if the board
meets the applicable independence requirements of the relevant listing exchange. &nbsp;Vote FOR non-independent directors who sit on the
compensation or nominating committees if such committee meets the applicable independence requirements of the relevant listing exchange.
</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally follow the 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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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 d<A NAME="OLE_LINK16"></A><A NAME="OLE_LINK17">
</A>oes not meet the Agent&#146;s independence standards or the board&#146;s independence cannot be ascertained due to inadequate
disclosure.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>For issuers in Japan, generally follow the Agent&#146;s
recommendations in furtherance of greater board independence and minority shareholder protections, including:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>At listed subsidiary companies with controlling
shareholders, if the board after the shareholder meeting does not include at least two directors deemed independent under the
Agent&#146;s standards, generally vote AGAINST reelection of top executives.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>At companies with a three-committee structure,
generally vote AGAINST outside director nominees not deemed independent under the Agent&#146;s standards; however, generally vote FOR
affiliated outsiders if the board after the shareholder meeting is majority independent.</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK4"></A><P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Bundled slates of nominees (<I>e.g.</I>, France,
Hong Kong or Spain);</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Simultaneous reappointment of retiring directors
(<I>e.g.</I>, South Africa);</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>In markets with term lengths capped by
legislation or market practice, nominees whose terms exceed the caps or are not disclosed (except that bundled slates with such lack of
disclosure shall be considered on a CASE-BY-CASE basis); or</P>

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<P style="margin:0px" align=justify><BR></P>

<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>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. &nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 (<I>e.g.</I>, director terms longer than four years) indicate diminished
accountability to shareholders and so dictate that less latitude should be extended to the issuer.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>When cumulative or net voting applies, generally vote with the
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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>The scandal or shortfall in controls took place
at the company, or an affiliate, for which the nominee is being considered;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Culpability can be attributed to the nominee (
<I>e.g.</I>, nominee manages or audits relevant function); and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>The nominee has been directly implicated, with
resulting arrest and criminal charge or regulatory sanction.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>The founding family has retained undue influence
over the company despite a history of scandal or problematic controls;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>The nominees have engaged in protectionist
activities such as introduction of a poison pill or preferential and/or dilutive share issuances; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Evidence exists regarding compliance or
accounting shortfalls.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>If the Agent recommends withholding support due to other material
failures or egregious actions, the Funds&#146; U.S. Guidelines with respect to such issues shall apply. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider nominees serving on the remuneration committee on a
CASE-BY-CASE basis if the Agent recommends withholding support from nominees in connection with remuneration practices not otherwise
supported by these Guidelines, including cases in which the issuer has not followed market practice by submitting a resolution on
executive compensation.</P>

<P style="margin:0px" align=justify><BR></P>

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<P style="margin:0px" align=justify><BR></P>
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<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>For issuers in markets in which nominees&#146; attendance records
are adequately disclosed, the Funds&#146; U.S. Guidelines with respect to director attendance shall apply. &nbsp;The same two-year
attendance policy shall be applied regarding attendance by directors and statutory auditors of Japanese companies if year-over-year data
can be tracked by nominee. &nbsp;For issuers in Canada, generally vote AGAINST a slate of nominees if one or more nominees fail the
attendance Guideline, unless the Agent cites compelling reasons for supporting the slate (<I>e.g.</I>, the issuer&#146;s commitment to
replace slate elections with individual elections within a year).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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) an unqualified
candidate will generally not be supported simply to effect a &#147;protest vote&#148; and (2) 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).</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="OLE_LINK9"></A><A NAME="OLE_LINK10"></A><P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>In cases where a director holds more than one board seat and
corresponding votes, manifested as one seat as a physical person plus an additional seat as a representative of a legal entity, generally
vote with the Agent&#146;s recommendation to withhold support (AGAINST or ABSTAIN, as appropriate) from the legal entity and vote on the
physical person.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote with the 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).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote with the Agent&#146;s recommendation when more
candidates are presented than available seats and no other provisions under these Guidelines apply.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Board Structure</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.
&nbsp;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 style="font-family:Verdana"><B> </B></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Director and Officer Indemnification and Liability Protection</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote in accordance with the Agent&#146;s standards for
indemnification and liability protection for officers and directors, voting AGAINST overly broad provisions.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Independent Statutory Auditors</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>With respect to Japanese companies that have not adopted the
three-committee 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 </P>

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<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>company, its main bank or one of its top
shareholders. &nbsp;Where shareholders must vote on multiple nominees in a single resolution, vote AGAINST all nominees. &nbsp;
<A NAME="OLE_LINK18"></A><A NAME="OLE_LINK19"></A>When 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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST incumbent nominees at companies implicated
in scandals or exhibiting poor internal controls.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Key Committees</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, except where market practice otherwise dictates, 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). &nbsp;If not otherwise addressed under these Guidelines,
consider other negative recommendations from the Agent regarding committee members on a CASE-BY-CASE basis.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Director and Statutory Auditor Remuneration</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 or market standards for independence.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>For European issuers, vote AGAINST non-executive director
remuneration if:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>The advance general meeting documents do not
specify fees paid to non-executive directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>The company seeks to excessively increase the
fees relative to market or sector practices without providing a reasonable rationale for the increase; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>It provides for granting of stock options or
similarly structured equity-based compensation.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>For Toronto Stock Exchange (TSX) issuers, the Agent&#146;s limits
with respect to equity awards to non-employee directors shall apply.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Bonus Payments</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>With respect to Japanese companies, generally follow the
Agent&#146;s guidelines on retirement and annual bonus payments, which include voting FOR retirement bonus proposals if all payments are
for directors or auditors who have served as executives of the company and AGAINST such proposals if any payments are for outsiders,
except when deemed appropriate by the Agent, provided that no payments shall be supported unless the individual or aggregate amounts are
disclosed. &nbsp;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.</P>

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<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Stock Option Plans for Independent Internal Statutory Auditors</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Amendment Procedures for Equity Compensation Plans and ESPPs</B>
</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Compensation Plans and Shares Reserved for Equity Compensation
Plans</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless otherwise provided for herein, votes with respect to 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) or awards thereunder, the issuance of shares in connection with such plans, or related management
proposals (<I>e.g.</I>, article amendments), should be determined on a CASE-BY-CASE basis, with voting decisions generally based on the
Agent&#146;s approach to evaluating such proposals, considering quantitative or qualitative factors as appropriate for the market and
utilizing 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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST &nbsp;proposals that:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>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);</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Provide deep or near-term discounts (or the
equivalent, such as dividend equivalents on unexercised options) 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 or performance requirements (<I>e.g.</I>, Japan) or
broad-based employee participation otherwise meeting the Agent&#146;s standards (<I>e.g.</I>, France);</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Are administered with discretion by potential
grant recipients, unless such discretion is deemed acceptable due to market practice or other mitigating provisions;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>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);</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Permit financial assistance in the form of
non-recourse (or essentially non-recourse) loans in connection with executive&#146;s participation;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>For matching share plans, do not meet the
Agent&#146;s standards, considering holding period, discounts, dilution, participation, purchase price and performance criteria; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Provide for vesting upon change in control if
deemed 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);</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>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);</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Permit post-employment vesting or exercise if
deemed inappropriate by the Agent;</P>

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<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>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;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Provide for contract or notice periods or
severance/termination payments that exceed market practice, <I>e.g.</I>, relative to multiples of annual compensation; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR such plans/awards or the related issuance of
shares that (1) do not suffer from the defects noted above or (2) otherwise meet the Agent&#146;s tests if the considerations raised by
the Agent pertain primarily to performance hurdles, discretionary bonuses, recruitment awards, retention incentives, non-compete payments
or vesting upon change in control (other than addressed above), if:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>The company has provided adequate disclosure
and/or a reasonable rationale regarding the relevant plan/award, practice or participation; </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(2)</P>
<P style="line-height:normal; margin:0px; padding-left:60px; font-size:12pt" align=justify>The recipient&#146;s overall compensation
appears reasonable<FONT style="font-size:10pt">;</FONT> </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Potential payments or awards are not so
significant (individually or collectively) as to potentially influence an executive&#146;s decision-making (<I>e.g.</I>, to enter into a
transaction that will result in a change of control payment) or to effectively act as a poison pill; and </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>The board and/or responsible committee meets
exchange or market standards for independence.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless otherwise provided for herein, market practice of the
primary country in which a company does business or competes for talent, or in which an employee is serving, as applicable, shall
supersede that of the issuer&#146;s domicile.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider proposals in connection with such plans or the related
issuance of shares in other instances on a CASE-BY-CASE basis. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Remuneration Reports (Advisory Votes on Executive Compensation)</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, withhold support (AGAINST or ABSTAIN as appropriate for
specific market and level of concerns identified) from remuneration reports/advisory votes on compensation that include compensation
plans that:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Permit practices or features not supported under
these Guidelines, including financial assistance under the conditions described above;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Permit retesting excessive relative to market
practice (irrespective of the Agent&#146;s support for the report as a whole);</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Cite long-term incentive plans deemed to be
inadequately based on equity awards (<I>e.g.</I>, cash-based plans or plans lacking an appropriate equity component);</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Cite equity award valuation methods triggering a
negative recommendation from the Agent; </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Include components, metrics or rationales that
have not been disclosed in line with market practice (although retrospective disclosure may be considered adequate);</P>

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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>For issuers in Australia, permit open market
purchase of shares in support of equity grants in lieu of seeking shareholder approval, but only if the issuer has a history of
significant negative votes when formally seeking approval for such grants; or</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:60px; text-indent:-24px; font-size:12pt"
align=justify>(7)</P>
<P style="line-height:14pt; margin:0px; padding-left:60px; font-size:12pt" align=justify>Include provisions for retirement benefits or
equity incentive awards to outside directors if not in line with market practice, except that reports will generally be voted FOR if
contractual components are reasonably aligned with market practices on a going-forward basis (<I>e.g.</I>, existing obligations related
to retirement benefits or terms contrary to evolving standards would not preclude support for the report).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Reports receiving the Agent&#146;s support and not triggering the
concerns cited above will generally be voted FOR. &nbsp;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:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-24px; font-size:12pt"
align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>The company has provided a reasonable rationale
and/or adequate disclosure regarding the matter(s) under consideration;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-24px; font-size:12pt"
align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>The recipient&#146;s overall compensation
appears reasonable; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-24px; font-size:12pt"
align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>The board and/or responsible committee meets
exchange or market standards for independence.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Reports with typically unsupported features may be voted FOR when
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).</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Shareholder Proposals Regarding Executive and Director Pay</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>The Funds&#146; U.S. Guidelines with respect to such shareholder
proposals shall apply.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>General Share Issuances</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless otherwise provided for herein, voting decisions shall
generally be based on the Agent&#146;s practice to determine support for general issuance requests (with or without preemptive rights),
or related requests to repurchase and reissue shares, based on their amount relative to currently issued capital, 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). &nbsp;Requests to reissue repurchased shares will not be supported unless a related general issuance request
is also supported.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider specific issuance requests on a CASE-BY-CASE basis based
on the proposed use and the company&#146;s rationale.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 when 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.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST nonspecific proposals authorizing excessive
discretion to a board.</P>

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<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Increases in Authorized Capital</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless otherwise provided for herein, voting decisions should
generally be based on the Agent&#146;s approach, as follows. &nbsp;Generally:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>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.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Vote FOR specific proposals to increase
authorized capital, unless:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:68px; font-size:12pt" align=justify>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</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:68px; font-size:12pt" align=justify>The increase would leave the company with less
than 30 percent of its new authorization outstanding after adjusting for all proposed issuances.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Vote AGAINST proposals to adopt unlimited
capital authorizations.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>The Agent&#146;s market-specific exceptions to
the above parameters shall be applied.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Preferred Stock</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Unless otherwise provided for herein, voting decisions should
generally be based on the Agent&#146;s approach, including:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>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.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>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.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Vote AGAINST the creation of (1) a new class of
preference shares that would carry superior voting rights to the common shares or (2) blank check preferred stock unless the board states
that the authorization will not be used to thwart a takeover bid.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Poison Pills/Protective Preference Shares</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. &nbsp;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 responsibility for the actions can be reasonably attributed to the
nominee. &nbsp;Generally DO NOT VOTE AGAINST director remuneration in connection with poison pill considerations raised by the Agent.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Waiver on Tender-Bid Requirement</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Approval of Financial Statements and Director and Auditor
Reports</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR<B> </B>management proposals seeking approval of
financial accounts and reports, unless there is concern about the company&#146;s financial accounts and reporting, which, in the case of
related party transactions, would include concerns raised by the Agent regarding consulting </P>

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<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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 or market standards
for independence. &nbsp;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 or disclosure provided and generally voted FOR if
the overall compensation package and/or program at issue appears reasonable. &nbsp;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. &nbsp;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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Remuneration of Auditors</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Indemnification of Auditors</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Generally, vote AGAINST proposals to indemnify auditors.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Ratification of Auditors and Approval of Auditors&#146; Fees</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>For Canadian issuers, the Funds&#146; U.S. Guidelines with respect
to auditors and auditor fees shall apply. &nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>For other markets, generally, follow the Agent&#146;s standards for
proposals seeking auditor ratification or approval of auditors&#146; fees, which generally indicate a vote FOR such proposals if the
level of disclosure and independence meet the Agent&#146;s standards. &nbsp;However, if fees for non-audit services (excluding
significant, one-time events) exceed 50 percent of total auditor fees, consider on a CASE-BY-CASE basis, and vote FOR ratification of
auditors or approval of auditors&#146; fees if it appears that remuneration for the non-audit work is not so lucrative as to taint the
auditor&#146;s independence.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Audit Commission</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Allocation of Income and Dividends</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Wingdings">&#167;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt">The dividend payout ratio has been consistently below 30
percent without adequate explanation; or</P>

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<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Wingdings">&#167;</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt">The payout is excessive given the company&#146;s financial
position.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally vote FOR such proposals by issuers in other markets.
&nbsp;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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Stock (Scrip) Dividend Alternatives</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Debt Instruments</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST proposals authorizing excessive discretion
to a board to issue or set terms for debt instruments (<I>e.g.</I>, commercial paper).</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Debt Issuance Requests</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>When evaluating a debt issuance request, the issuing company&#146;s
present financial situation is examined. &nbsp;The main factor for analysis is the company&#146;s current debt-to-equity ratio, or
gearing level. &nbsp;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. &nbsp;A gearing level up to 100 percent is considered acceptable. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR debt issuances for companies when the gearing
level is between zero and 100 percent. &nbsp;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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Financing Plans</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR<B> </B>the adoption of financing plans if they
are in the best economic interests of shareholders.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Related Party Transactions</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Consider related party transactions on a CASE-BY-CASE basis.
&nbsp;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).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Approval of Donations</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote AGAINST such proposals unless adequate, prior
disclosure of amounts is provided; if so, single- or multi-year authorities may be supported.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-49</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Capitalization of Reserves</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Generally, vote FOR proposals to capitalize the company&#146;s
reserves for bonus issues of shares or to increase the par value of shares.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Investment of Company Reserves</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>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.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>Article Amendments</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Review on a CASE-BY-CASE basis all proposals seeking amendments to the articles
of association.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Generally, vote FOR an article amendment if:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">It is editorial in nature;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">Shareholder rights are protected;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">There is negligible or positive impact on shareholder value;
</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">Management provides adequate reasons for the amendments or the
Agent otherwise supports management&#146;s position;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">It seeks to discontinue and/or delist a form of the
issuer&#146;s securities when the relevant Fund does not hold the affected security type; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">The company is required to do so by law (if applicable).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Generally, vote AGAINST an article amendment if:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">It removes or lowers quorum requirements for board or
shareholder meetings below levels recommended by the Agent;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">It reduces relevant disclosure to shareholders;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">It seeks to align the articles with provisions of another
proposal not supported by these Guidelines;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">It is not supported under these Guidelines, is presented
within a bundled proposal, and the negative impact, on balance, outweighs any positive impact; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt">It imposes a negative impact on existing shareholder rights,
including rights of the Funds, or diminishes accountability to shareholders to the extent that any positive impact would not be deemed to
be sufficient to outweigh removal or diminution of such rights.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>With respect to article amendments for Japanese companies:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Generally vote FOR management proposals to amend
a company&#146;s articles to expand its business lines.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:normal; margin:0px; padding-left:72px; font-size:12pt" align=justify>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<FONT style="font-size:10pt"><B> </B></FONT>or raises
anti-takeover concerns.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>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.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-50</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>
<P style="margin:0px" align=justify><BR></P>

<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; font-size:12pt" align=justify>Generally follow the Agent&#146;s guidelines
with respect to management proposals regarding amendments to authorize share repurchases at the board&#146;s discretion, voting AGAINST
proposals unless there is little to no likelihood of a &#147;creeping takeover&#148; (major shareholder owns nearly enough shares to
reach a critical control threshold) or constraints on liquidity (free float of shares is low), and where the company is trading at below
book value or is facing a real likelihood of substantial share sales; or where this amendment is bundled with other amendments which are
clearly in shareholders&#146; interest.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Other Business</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>In connection with global proxies, vote in accordance with the
Agent&#146;s market-specific recommendations on management proposals for Other Business, generally AGAINST.</P>

<P style="margin:0px" align=justify><BR></P>

<P STYLE="line-height:14pt; margin:0px; padding-left:0px; font-size:12pt" ALIGN="CENTER">A-51</P>

<P style="margin:0px" align=justify><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<P style="margin:0px" align=justify><BR></P>


<PAGE>


<div width=100%>

<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>PART C</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>OTHER INFORMATION</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>ING Prime Rate Trust</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>(5,000,000 Common Shares)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>Item 25.</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Financial Statements and Exhibits</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>.</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>Financial Statements</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>Contained in Part A:</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Financial Highlights for the years ended February 28, 2011, 2010 and 2009, February 29, 2008, February
28, 2007, 2006 and 2005, February 29, 2004, February 28, 2003 and 2002.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Financial Statements are incorporated in Part B by reference to Registrant's February 28, 2011 annual
shareholder report (audited). </P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>2.</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>Exhibits</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>Agreement and Declaration of Trust dated December 2, 1987.<SUP> 1</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment to the Agreement and Declaration of Trust dated March 26, 1996 and effective April 12,
1996.<SUP> 1</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment to the Agreement and Declaration of Trust dated October 23, 1998 and effective November 16,
1998.<SUP> 7</SUP></P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment to the Agreement and Declaration of Trust dated October 20, 2000 and effective October 20,
2000.<SUP> 9</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iv)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment to the Agreement and Declaration of Trust dated February 20, 2002 and effective March 1,
2002.<SUP> 10</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(v)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment to the Agreement and Declaration of Trust dated June 11, 2010 &#150; Filed herein.</P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>By-Laws adopted at a meeting of the Board of Trustees on December 2, 1987.<SUP> 15</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment dated June 18, 1997 to By-Laws, amends paragraph 3.5 and 3.6 of Article 3.<SUP> 2</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment adopted on August 2, 1999 to By-Laws, amends Section 11.5 of Article 11.<SUP> 8</SUP></P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment adopted on July 26, 2000 to By-Laws, amends Section 11.1 and 11.3 of Article 11.<SUP> 9</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iv)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment adopted on November 10, 2005 to By-Laws, amends Section 11.5 of Article 11.<SUP> 15</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">1</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(c)</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Not Applicable</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-96px; font-size:11pt" align=justify>(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; text-indent:48px; font-size:11pt" align=justify>Certificate of Designation for Preferred Shares dated &nbsp;October 20, 2000 &#150; Filed
herein.</P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>2.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>Form of Share Certificate.<SUP> 9</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(e)</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Shareholder Investment Program.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(f)</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Not Applicable</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>(g)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>Investment Management Agreement between ING Investment Management, LLC and ING Prime Rate Trust dated
September 1, 2000.<SUP> 9</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amended Schedule of Approvals dated June 2009 with respect to the Investment Management Agreement
between ING Investments, LLC and ING Prime Rate Trust &#150; Filed herein.</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>First Amendment dated September 2, 2004 to the Investment Management Agreement between ING Investment
Management, LLC and ING Prime Rate Trust.<SUP> 13</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:141.333px; text-indent:-45.333px; font-size:11pt" align=justify>2.</P>
<P style="line-height:13pt; margin:0px; padding-left:141.333px; font-size:11pt" align=justify>Sub-Advisory Agreement between ING Investments, LLC and Aeltus Investment Management, Inc. dated August
19, 2003.<SUP> 11</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>First Amendment effective September 1, 2003 to the Sub-Advisory Agreement between ING Investments, LLC
and Aeltus Investment Management, Inc. with regard to ING Prime Rate Trust.<SUP>12</SUP></P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Schedule A to the Sub-Advisory Agreement dated September 3, 2003.<SUP>16</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Second Amendment effective September 15, 2007 to the Sub-Advisory Agreement between ING Investments, LLC
and ING Investment Management Co. (formerly Aeltus Investment Management, Inc.) with regard to ING Prime Rate Trust.<SUP>16</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iv)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Third Amendment to Sub-Advisory Agreement effective August 1, 2008 between ING Investments, LLC and ING
Investment Management Co. (formerly Aeltus Investment Management, Inc.) with regard to ING Prime Rate Trust.<SUP>18</SUP></P>


<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>(h)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>Amended and Restated Distribution Agreement between ING Prime Rate Trust and ING Funds Distributor, LLC
(5 Million) dated June 15, 2004.<SUP> 15</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>2.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>Underwriting Agreement for the Preferred Shares dated November 13, 2000.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Underwriting Agreement for the Preferred Shares dated October 30, 2000.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>3.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>ING Prime Rate Trust Shareholder Reinvestment Program dated April 2006.<SUP> 15</SUP></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Not Applicable</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(j)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>1. </P>
<P style="line-height:13pt; margin-top:0px; padding-left:48px; text-indent:96px; font-size:11pt" align=justify>Custodian and Investment Accounting Agreement between
Registrant and State Street Bank and Trust Company effective November 1, 2001.<SUP> 12</SUP></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>First Amendment dated March 1, 2002 to the Custodian and Investment Accounting Agreement.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amended and Restated Exhibit A effective November 22, 2002 with respect to the Custodian and Investment
Accounting Agreement.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Second Amendment dated October 1, 2007 to the Custodian and Investment Accounting Agreement.<SUP>16</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iv)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Draft Fee Schedule dated December 17, 2007.<SUP>16</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(v) </P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Third Amendment dated August 2, 2010 to the Custodian and Investment Accounting Agreement &#150; Filed
herein.</P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>2.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>Fee Allocation Agreement (FT Interactive) dated August 21, 2003.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:192px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt" align=justify>Amended Schedule A dated July 2010 to the FT Fee Allocation Agreement &#150; Filed herein.
</P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>3.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>Amended and Restated Proxy Agent Fee Allocation Agreement dated January 1, </P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>2007 amends and restates the Proxy Agent Allocation Agreement dated August 21, 2003.<SUP> 15</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:192px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt" align=justify>Amended Schedule A dated July 2010 to the Amended and Restated ISS Proxy Agent Fee Allocation Agreement
&#150; Filed herein.</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:192px; text-indent:-48px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt" align=justify>Schedule B dated June 30, 2003 to Amended and Restated ISS Proxy Agent Fee Allocation Agreement.<SUP> 15</SUP></P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>4.</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:96px; font-size:11pt" align=justify>Allocation Agreement Fidelity Bond made May 24, 2002.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:192px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt" align=justify>Amended Schedule A dated May 2007 with respect to the Allocation Agreement (Blanket Bond).<SUP> 15</SUP> </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>5.</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:96px; font-size:11pt" align=justify>Allocation Agreement Directors &amp; Officers Liability made May 24, 2002.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:192px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt" align=justify>Amended Schedule A dated May 2007 with respect to the Allocation Agreement &#150; Directors &amp; Officers
Liability.<SUP> 15</SUP> </P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>6.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>Agency Agreement by and between ING Prime Rate Trust and DST Systems, Inc. made November 30,
2000.<SUP> 12</SUP></P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:192px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt" align=justify>Amended and Restated Exhibit A dated April 28, 2008 with respect to the Agency Agreement between ING Prime
Rate Trust and DST Systems, Inc.<SUP> 16</SUP></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">3</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>7.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>Transfer Agency Services Agreement dated February 25, 2009 PNC Global Investment Servicing (U.S.)
Inc., (&#147;PNC&#148;) and ING Prime Rate Trust.<SUP>17</SUP> </P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:192px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt" align=justify>Amended Schedule A dated February 1, 2011 to the Transfer Agency Services Agreement between PNC Global
Investment Servicing (U.S.) Inc. and ING Prime Rate Trust &#150; Filed herein.</P>


<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(k)</P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>Amended and Restated Administration Agreement dated November 30, 2008.<SUP>18</SUP></P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>2.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>Revolving Credit and Security Agreement between ING Prime Rate Trust and Citibank dated July 16,
2003.<SUP> 12</SUP></P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment No. 1 to the Revolving Credit and Security Agreement dated February 3, 2004.<SUP> 12</SUP> </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment No. 2 to the Revolving Credit and Security Agreement dated July 13, 2004.<SUP> 13</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Amendment No. 3 to the Revolving Credit and Security Agreement dated October 15, 2004.<SUP> 13</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>3.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>Second Amended and Restated Credit Agreement with Bank of America.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>4.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>Auction Agency Agreement dated November 16, 2000.<SUP> 12</SUP> </P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>&nbsp;(i)</P>
<P style="line-height:13pt; margin:0px; text-indent:192px; font-size:11pt" align=justify>Auction Agency Agreement dated November 2, 2000.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>5.</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt" align=justify>Broker-Dealer Agreement (UBS) dated November 16, 2000.<SUP> 12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Broker-Dealer Agreement (Salomon Smith Barney) dated November 16, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Broker-Dealer Agreement (Lehman Brothers) dated November 16, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Broker-Dealer Agreement (Gruntal &amp; Co.) dated November 16, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(iv)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Broker-Dealer Agreement (PaineWebber) dated November 2, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(v)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Broker-Dealer Agreement (Gruntal &amp; Co.) dated November 2, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(vi)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Broker-Dealer Agreement (Salomon Smith Barney) dated November 2, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(vii)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>Broker-Dealer Agreement (Lehman Brothers) dated October 31, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>6.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>DTC Letter of Representations as to Preferred Shares dated November 15, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">4</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:189.333px; text-indent:-48px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:189.333px; font-size:11pt" align=justify>DTC Letter of Representation as to Preferred Shares dated November 1, 2000.<SUP>12</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>(l)</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinion of Dechert LLP.<SUP>17</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(m)</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Not Applicable</P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>(n)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>Consent of Dechert LLP &#150; To be filed in sub-subsequent Post-Effective Amendment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; font-size:11pt" align=justify>2. </P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>Consent of KPMG LLP &#150; To be filed in sub-subsequent Post-Effective Amendment.</P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(o)</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Not Applicable</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(p)</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Certificate of Initial Capital.<SUP>4</SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(q)</P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify>Not Applicable</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(r)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>ING Funds and Advisers Code of Ethics, adopted on April 1, 2010.<SUP>19 </SUP></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>__________________________________________________</P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>1</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 20 to Registrant&#146;s Registration Statement under
the Investment Company Act of 1940 (the &#147;1940 Act&#148;) on Form N-2 (File No. 811-5410), filed on September 16, 1996.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>2</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 24 to Registrant&#146;s Registration Statement under
the 1940 Act on Form N-2 (File No. 811-5410), filed on November 7, 1997.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>3</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 22 to Registrant&#146;s Registration Statement under
the 1940 Act on Form N-2 (File No. 811-5410), filed on June 23, 1997.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>4</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Pre-Effective Amendment No. 1 to Registrant&#146;s initial registration
statement on form N-2 (File No. 33-18886), filed on January 22, 1988.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>5</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 27 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on May 15, 1998.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>6</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 28 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on August 19, 1998.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>7</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 29 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on December 2, 1998.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>8</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 33 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on May 9, 2000.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>9</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 38 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on October 23, 2000.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>


<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">5</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>10</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 45 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on April 30, 2002.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>11</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 53 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on June 26, 2003.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>12</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 58 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on June 28, 2004.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>13</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 61 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on June 30, 2005.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>14</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 66 to Registrant&#146;s registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on June 30, 2006.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>15</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 70 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on June 29, 2007.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>16</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 74 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on June 27, 2008.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>17</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 80 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (File No. 811-5410), filed on August 13, 2009.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>18</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 82 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (file No. 811-5410), filed on April 22, 2009.</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>19</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 84 to Registrant&#146;s Registration Statement under the
1940 Act on Form N-2 (file No. 811-5410), filed on June 28, 2010.</P>


<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 26.</B></P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>Marketing Agreements</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Not Applicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 27.</B></P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>Other Expenses of Issuance and Distribution</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Not Applicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 28.</B></P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>Persons Controlled by or Under Common Control</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Not Applicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 29.</B></P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>Number of Holders of Securities</B></P>
<P style="margin:0px" align=justify><BR></P>


<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD></TR>
<TR><TD VALIGN="top"><P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>(1) Title of Class</B></P>
</TD><TD><P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>(2) Number of Record Holders</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>as of June 15, 2011</B></P>
</TD></TR>
<TR><TD VALIGN="top" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Auction Rate Cumulative Preferred Shares of beneficial interest, par value $0.01 per share:</P>
</TD><TD VALIGN="top" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series M</P>
</TD><TD><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>[1,400</P>
</TD></TR>
<TR><TD VALIGN="top" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series T</P>
</TD><TD BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>1,400</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series W</P>
</TD><TD><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>1,400</P>
</TD></TR>
<TR><TD VALIGN="top" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series Th</P>
</TD><TD BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>1,400</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series F</P>
</TD><TD><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>1,400</P>
</TD></TR>
<TR><TD VALIGN="top" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Common Shares of beneficial interest, par value $0.01 per share</P>
</TD><TD BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>4,124]</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">6</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=justify><BR>
<BR></P>



<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 30.</B></P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>Indemnification</B></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Registrant's Agreement and Declaration of Trust generally provides that the Trust shall indemnify each of its Trustees and
officers (including persons who serve at the Trust's request as directors, officers, or trustees of another organization in which the Trust has any interest as a shareholder, creditor, or otherwise)
(&quot;Covered Persons&quot;) against all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred
in connection with the defense or disposition of any action, suit, or other proceeding, whether civil or criminal, by reason of being or having been such a Covered Person except with respect to any
matter as to which such Covered Person shall have been finally adjudicated: &nbsp;(a) not to have acted in good faith in the reasonable belief that such Covered Person's action was in the best interest
of the Trust; or (b) to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties involved in the conduct of such Covered
Person's office.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Trustees, officers, and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission, such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. &nbsp;In the event that a claim for indemnification against such liabilities (other than the payment of the Registrant of expenses
incurred or paid by a Trustee, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such Trustee, officer, or controlling
person in connection with the securities being registered, the Registrant will submit, unless in the opinion of its counsel the matter has been settled by controlling precedent, to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 31.</B></P>


<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>&nbsp;Business and Other Connections of Investment Adviser</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Information as to the Trustees and officers of the Adviser, together with information as to any other business, profession,
vocation, or employment of a substantial nature engaged in by the directors and officers of the Adviser in the last two years, is included in its application for registration as an investment
adviser on Form ADV (File No. 801-48282) filed under the Investment Advisers Act of 1940, as amended (&#147;Advisers Act&#148;), and is incorporated herein by reference thereto.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Information as to the directors and officers of the sub-adviser, together with information as to any other business, profession,
vocation, or employment of a substantial nature engaged in by the directors and officers of the sub-adviser in the last two years, is included in its application for registration as an investment
adviser on Form ADV for ING Investment Management Co. (File No. 801-9046) filed under the Investment Adviser Act of 1940, as amended, and is incorporated by reference thereto.</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 32.</B></P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>&nbsp;Location of Accounts and Records</B></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>The amounts and records of the Registrant will be maintained at its office at 7337 E. Doubletree Ranch Road, Suite 100,
Scottsdale, Arizona 85258, at the office of its sub-adviser, ING Investment Management </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">7</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Co., 230 Park Avenue, New York, NY 10169, and at the office of its custodian, State Street Bank &amp;
Trust, 801 Pennsylvania, Kansas City, Missouri 64105.</P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 33.</B></P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>&nbsp;Management Services</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Not Applicable.</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify><B>Item 34.</B></P>
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt" align=justify><B>&nbsp;Undertakings</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>The Registrant undertakes to suspend the Offer until the prospectus is amended if: &nbsp;(a) subsequent to the
effective date of this registration statement, the net asset value declines more than ten percent from its net asset value as of the effective date of this registration statement; or (b) the net asset
value increases to an amount greater than the net proceeds as stated in the prospectus included in this registration statement.</P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>2.</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>Not Applicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>3.</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>Not Applicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt" align=justify>4.</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>The Registrant undertakes:</P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>a.</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>to file, during any period in which offers or sales are being made, a post-effective amendment to the registration
statement: (i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the 1933 Act; (ii)&nbsp;to reflect in the prospectus any facts or events after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and
(iii)&nbsp;to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the
registration statement.</P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>b.</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered herein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;
and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>c.</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>to remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>d.</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>Not Applicable </P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>e.</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>that, for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in the
initial distribution of securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned
Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: (i)&nbsp;any preliminary prospectus or prospectus of the undersigned Registrant
relating to the offering required to be filed pursuant to Rule&nbsp;497 under the 1933 Act; (ii)&nbsp;the portion of any advertisement pursuant to Rule&nbsp;482 under the 1933 Act relating to the
offering </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">8</P>
<P style="margin:0px"><BR></P>


<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>




<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>containing material information about the undersigned Registrant or its securities
provided by or on behalf of the undersigned Registrant; and (iii)&nbsp;any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>


<A NAME="eolPage74"></A><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>5.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>a.</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>The Registrant undertakes that for the purpose of determining any liability under the 1933 Act, the information
omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 497(h) under the
1933 Act [17 CFR 230.497(h)] shall be deemed to be part of this Registration Statement as of the time it was declared effective; and </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>b.</P>
<P style="line-height:13pt; margin:0px; padding-left:96px; font-size:11pt" align=justify>that for the purpose of determining any liability under the 1933 Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be
the initial bona fide offering thereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>6.</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt
delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>


<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">9</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Pursuant to requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the
Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Scottsdale and State of Arizona on the 27<SUP>th</SUP>
day of April, 2011. </P>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=right>ING PRIME RATE TRUST</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=right><U>&nbsp;By:/s/ Huey P. Falgout, Jr.</U></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;Huey P. Falgout, Jr.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=right>&nbsp;Secretary</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following
persons in the capacities and on the date indicated:</P>
<P style="margin:0px" align=justify><BR></P>


<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD WIDTH="259.2"></TD><TD WIDTH="48"></TD><TD WIDTH="186"></TD><TD WIDTH="144"></TD></TR>
<TR><TD VALIGN="top" WIDTH="259.2"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Signature</P>
</TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="186"><P style="line-height:13pt; margin:0px; font-size:11pt">Title</P>
</TD><TD VALIGN="top" WIDTH="144"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Date</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF">
<P style="line-height:13pt; margin:0px; font-size:11pt">Interested Trustee and
President and Chief Executive Officer</P>
</TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD STYLE="border-top:1px solid #000000" VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Shaun P. Mathews*</P>
</TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD>
<TD VALIGN="TOP" WIDTH="186"><P style="line-height:13pt; margin:0px; font-size:11pt">Senior Vice President, Chief/Principal Financial Officer</P>
</TD><TD VALIGN="TOP" WIDTH="144"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="259.2"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Todd Modic*</P>
</TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF">
<P style="line-height:13pt; margin:0px; font-size:11pt">Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Colleen D. Baldwin*</P>
</TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186"><P style="line-height:13pt; margin:0px; font-size:11pt">Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="259.2"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>John V. Boyer*</P>
</TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt">Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Patricia W. Chadwick*</P>
</TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186"><P style="line-height:13pt; margin:0px; font-size:11pt">Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="259.2"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Robert W. Crispin*</P>
</TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt">Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Peter S. Drotch*</P>
</TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186"><P style="line-height:13pt; margin:0px; font-size:11pt">Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD STYLE="border-top:1px solid #000000" VALIGN="top" WIDTH="259.2"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>J. Michael Earley*</P>
</TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt">Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Patrick W. Kenny*</P>
</TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD STYLE="border-bottom:1px solid #000000" VALIGN="TOP" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186"><P style="line-height:13pt; margin:0px; font-size:11pt">Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="259.2"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Sheryl K. Pressler*</P>
</TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt">Chairman and Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>April 27, 2011</P>
</TD></TR>
<TR><TD STYLE="border-top:1px solid #000000" VALIGN="TOP" WIDTH="259.2" BGCOLOR="#CCEEFF"><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Roger B. Vincent*</P>
</TD><TD VALIGN="TOP" WIDTH="48" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="186" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="144" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="259.2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="144"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom" WIDTH="259.2"><P style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;* By: /s/ Huey P. Falgout, Jr.<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huey P. Falgout, Jr.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-Fact**</P>
</TD><TD VALIGN="top" WIDTH="48"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="186"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="144"><P>&nbsp;</P></TD></TR>


</TABLE>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">10</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=justify><BR>
<BR></P>



<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>-----------------------------</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>** Powers of Attorney for Todd Modic and each Trustee are attached hereto.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">11</P>


<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>

</div>


<PAGE>


<div width=100%>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Colleen D. Baldwin</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Colleen D. Baldwin</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ John V. Boyer</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">John V. Boyer</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Patricia W. Chadwick</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Patricia W. Chadwick</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Robert W. Crispin</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Robert W. Crispin</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.&nbsp;</P>
<P style="margin:0px"><BR></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Peter S. Drotch</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Peter S. Drotch</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ J. Michael Earley</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">J. Michael Earley</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center>&nbsp;<B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Patrick W. Kenny</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Patrick W. Kenny</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Officer and Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.<FONT style="font-family:Arial"> </FONT></P><P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Shaun P. Mathews</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Shaun P. Mathews</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">President and Chief Executive Officer and</P>
<P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Officer, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety and Shaun P. Mathews, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 width="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&nbsp;This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Todd Modic</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Todd Modic</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Senior Vice President, Chief/Principal Financial</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Officer and Assistant Secretary</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>&nbsp;POWER OF ATTORNEY</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 width="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Sheryl K. Pressler</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Sheryl K. Pressler</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Director and Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="margin:0px" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px" align=justify>I, the undersigned Director/Trustee, on behalf of the following Registered Investment Companies, constitute and appoint Huey P. Falgout,&nbsp;Jr., Jeffrey S. Puretz,&nbsp;David J. Harris, Theresa K. Kelety, Shaun P. Mathews and Todd Modic, each of them individually, the true and lawful attorneys-in-fact and agents, with full power to&nbsp;each of them to sign for me, and in my name and in the capacity indicated below, as the case may&nbsp;be, any and all&nbsp;Registration Statements on Form N-1A, Form N-2 and Form N-14,&nbsp;and any amendments thereto, under the Securities Act of 1933 and under the Investment Company Act of 1940, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any and all such Registration Statements&nbsp;under the Securities Act of 1933 and the Investment Company Act of 1940 and any amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorneys-in-fact,&nbsp;each of them individually, full power and authority to do and perform each and every act&nbsp;deemed&nbsp;required and necessary&nbsp;to comply with the Securities Act of 1933 and the Investment Company Act of 1940.</P><P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 width="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:10pt; margin:0px; font-size:8pt"><B>REGISTRANT</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt"><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>SECURITIES ACT<BR>
OF<BR>
1933</B></P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt" align=center><B>&nbsp;</B></P>
</TD><TD VALIGN="top"><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>INVESTMENT<BR>
COMPANY<BR>
ACT OF 1940</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia Pacific High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-139981</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22004</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Investors Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-23512</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5629</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Partners,&nbsp;Inc.</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-32575</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-08319</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Equity Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-56881</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-8817</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Funds Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-59745</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8895</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Global Advantage and Premium Opportunity Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-126570</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21786</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend and Premium Opportunity Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-114333</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-21553</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Infrastructure, Industrials and Materials Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-147343</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-22144</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International High Dividend Equity Income Fund</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-142112</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22051</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Mayflower Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>33-67852</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-7978</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Mutual Funds</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-56094</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-7428</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Risk Managed Natural Resources Fund</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-136495</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-21938</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Separate Portfolios Trust</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>333-141111</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-22025</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Variable Insurance Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-83071</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-9477</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Variable Products Trust</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>33-73140</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-8220</P>
</TD></TR>
<TR><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px">ING Prime Rate Trust</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>333-161327 (5mil)<BR>
333-161328 (25mil)</P>
</TD><TD STYLE="background-color:#CCEEFF" VALIGN="bottom"><P>&nbsp;</P></TD><TD STYLE="background-color:#CCEEFF" VALIGN="top"><P style="margin:0px" align=center>811-5410<BR>
811-5410</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Senior Income Fund</P>
</TD><TD VALIGN="bottom"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px" align=center>333-150236</P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px" align=center>811-10223</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">This Power of Attorney, which shall not be affected by the disability of the undersigned, is executed and effective as of January 14, 2011.&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border-bottom:1.333px solid #000000" VALIGN="top"><P style="margin:0px">/s/ Roger B. Vincent</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Roger B. Vincent</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
<TR><TD VALIGN="top" COLSPAN="2"><P style="margin:0px">Chairman and Director/Trustee</P>
</TD><TD VALIGN="top"><P style="margin:0px; font-size:1pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
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<div width=100%>

<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>EXHIBIT INDEX</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>ING Prime Rate Trust</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>(5,000,000 Common Shares)</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=159.2></TD><TD width=479.2></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=159.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>EXHIBIT NUMBER</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=479.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><B>EXHIBIT NAME</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=159.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>(2)(a)(1)(v)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=479.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Amendment to the Agreement and Declaration of Trust dated June 11, 2010</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=159.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>(2)(d)(1)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=479.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Certificate of Designation for Preferred Shares dated &nbsp;October 20, 2000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=159.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>(2)(g)(1)(i)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=479.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Amended Schedule of Approvals dated June 2009 with respect to the Investment Management Agreement between ING Investments, LLC and ING Prime Rate Trust</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=159.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>(2)(j)(1)(v)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=479.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Third Amendment dated August 2, 2010 to the Custodian and Investment Accounting Agreement</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=159.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>(2)(j)(2)(i)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=479.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Amended Schedule A dated July 2010 to the FT Fee Allocation Agreement</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=159.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>(2)(j)(3)(i)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=479.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Amended Schedule A dated July 2010 to the Amended and Restated ISS Proxy Agent Fee Allocation Agreement</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=159.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>(2)(j)(7)(i)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=479.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Amended Schedule A dated February 1, 2011 to the Transfer Agency Services Agreement between PNC Global Investment Servicing (U.S.) Inc. and ING Prime Rate Trust</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align="center">12</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.(A)(1)(V)
<SEQUENCE>2
<FILENAME>d28142_ex2a1v.htm
<DESCRIPTION>EX-2.(A)(1)(V)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE></TITLE>
<META NAME="author" CONTENT="Wolters-Kluwer">
<META NAME="date" CONTENT="04/18/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<div width=100%>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exihibit (2)(a)(1)(v)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>WRITTEN INSTRUMENT AMENDING</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>THE AGREEMENT AND DECLARATION OF TRUST</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>OF </B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ING PRIME RATE TRUST</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">This Amendment to the Agreement and Declaration of Trust (&#147;Declaration&#148;) of ING Prime Rate Trust (the
&#147;Trust&#148;), is made this 11th day of June, 2010 by the parties signatory hereto, as Trustees of the Trust (the &#147;Trustees&#148;).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>WITNESSETH</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B>WHEREAS, </B>the Declaration of Trust was made on December 2, 1987, and amended on March 26, 1996, October 23, 1998,
October 20, 2000, and February 20, 2002, and the Trustees now desire to amend the Declaration to change the Resident Agent; and</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B>WHEREAS, </B>Article IX, Section 7 of the Declaration provides that the Trustees may amend the Declaration without the
vote or consent of shareholders to cure any ambiguity by an instrument signed by a majority of the Trustees; and </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B>WHEREAS, </B>the Trustees have determined that the following amendment to the Declaration shall not adversely affect the
rights of the shareholders of the Trust.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B>NOW, THEREFORE, </B>the Trustees hereby declare that Article IX be amended, effective upon the filing of this instrument
with the Secretary of the Commonwealth of Massachusetts, to incorporate new Section 8 to read as follows:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; padding-right:96px; font-size:12pt">Section 8. &nbsp;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; padding-right:96px; text-indent:96px; font-size:12pt"><U>Resident Agent</U>. &nbsp;The address of the Trust&#146;s registered office in the
Commonwealth of Massachusetts is 155 Federal Street Suite 700, Boston, Massachusetts, 02110. &nbsp;The name of its Registered Agent at such address is the CT Corporation System. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt">The Trustees hereby agree that this document may be signed in counterparts but treated as one document.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<PAGE>

<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B>IN WITNESS WHEREOF,</B> the undersigned have executed this instrument this _<U>11</U>_ day of
June, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD WIDTH="50%"></TD><TD WIDTH="50%"></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Colleen D. Baldwin</U>_____________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Colleen D. Baldwin, as Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ J. Michael Earley</U>_______________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">J. Michael Earley, as Trustee</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ John V. Boyer</U>__________________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">John V. Boyer, as Trustee</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Patrick W. Kenny</U>_______________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Patrick W. Kenny, as Trustee</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Patricia W. Chadwick</U>____________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Patricia W. Chadwick, as Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Shaun P. Mathews</U>_______________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Shaun P. Mathews, as Trustee</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Robert W. Crispin</U>_______________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Robert W. Crispin, as Trustee</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Sheryl K. Pressler</U>________________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Sheryl K. Pressler, as Trustee</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Peter S. Drotch</U>__________________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Peter S. Drotch, as Trustee</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><U>/s/ Roger B. Vincent</U>_________________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Roger B. Vincent, as Trustee</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.(D)(1)
<SEQUENCE>3
<FILENAME>d28142_ex2d1.htm
<DESCRIPTION>EX-2.(D)(1)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE></TITLE>
<META NAME="author" CONTENT="Administrator">
<META NAME="date" CONTENT="04/19/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">

<DIV width=100%>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=center>PILGRIM PRIME RATE TRUST</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=center>CERTIFICATE OF DESIGNATION FOR PREFERRED SHARES</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=center>(THE &quot;CERTIFICATE&quot;)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Pilgrim Prime Rate Trust, a Massachusetts business trust (the &quot;Trust&quot;), certifies that:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>FIRST: Section I of Article III of the Trust's Declaration of Trust (which, as hereafter restated or amended
from time to time, is together with this Certificate herein called the &quot;Declaration&quot;) empowers the Board of Trustees of the Trust to authorize the issuance of one or more series of a class
of preferred shares, provided that to the extent required by the Investment Company Act of 1940, no such series shall have priority over any other series within its class upon the distribution of
assets or in respect of the payment of dividends.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>SECOND: Pursuant to the authority so vested in the Board of Trustees of the Trust, the Board of Trustees has, by resolution,
authorized the creation of 18,000 Auction Rate Cumulative Preferred Shares, $.01 par value, liquidation preference of $25,000 per share, classified as Series M, T, W, Th and F Auction Rate Cumulative
Preferred Shares (the &quot;Preferred Shares&quot;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>THIRD: The preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions
of redemption of the shares of each series of Preferred Shares are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>DESIGNATION</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><U>SERIES M</U>: A series of 3,600 Preferred Shares, liquidation preference $25,000 per share, is hereby designated &quot;Series M
Auction Rate Cumulative Preferred Shares&quot; (&quot;Series M&quot;). Each share of Series M may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated
authority; have an initial Dividend Rate and an initial Dividend Payment Date as shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated
authority; and have such other preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption, in addition to those required by
applicable law or set forth in the Declaration applicable to preferred shares of the Trust, as are set forth in Part I and Part II of this Certificate. &nbsp;The Series M shall constitute a separate
series of Preferred Shares of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><U>SERIES T</U>: A series of 3,600 Preferred Shares, liquidation preference $25,000 per share, is hereby designated &quot;Series T
Auction Rate Cumulative Preferred Shares&quot; (&quot;Series T&quot;). Each share of Series T may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated
authority; have an initial Dividend Rate and an initial Dividend Payment Date as shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated
authority; and have such other preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption, in addition to those required by
applicable law or set forth in the Declaration applicable to preferred shares of the Trust, as are set forth in Part I and Part II of this Certificate. &nbsp;The Series T shall constitute a separate
series of Preferred Shares of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><U>SERIES W</U>: A series of 3,600 Preferred Shares, liquidation preference $25,000 per share, is hereby designated &quot;Series W
Auction Rate Cumulative Preferred Shares&quot; (&quot;Series W&quot;). Each share of Series W may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their delegated
authority; have an initial Dividend Rate and an initial Dividend Payment Date as shall be determined in advance of the issuance thereof by the Board of Trustees </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>of the Trust or pursuant to their delegated authority; and have such other preferences, rights, voting powers, restrictions,
limitations as to dividends, qualifications and terms and conditions of redemption, in addition to those required by applicable law or set forth in the Declaration applicable to preferred shares
of the Trust, as are set forth in Part I and Part II of this Certificate. &nbsp;The Series W shall constitute a separate series of Preferred Shares of the Trust. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><U>SERIES TH</U>: A series of 3,600 Preferred Shares, liquidation preference $25,000 per share, is hereby designated &quot;Series
Th Auction Rate Cumulative Preferred Shares&quot; (&quot;Series Th&quot;). Each share of Series Th may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their
delegated authority; have an initial Dividend Rate and an initial Dividend Payment Date as shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to
their delegated authority; and have such other preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption, in addition to those
required by applicable law or set forth in the Declaration applicable to preferred shares of the Trust, as are set forth in Part I and Part II of this Certificate. &nbsp;The Series Th shall constitute
a separate series of Preferred Shares of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><U>SERIES F</U>: A series of 3,600 Preferred Shares, liquidation preference $25,000 per share, is hereby designated &quot;Series
F Auction Rate Cumulative Preferred Shares&quot; (&quot;Series F&quot;). Each share of Series F may be issued on a date to be determined by the Board of Trustees of the Trust or pursuant to their
delegated authority; have an initial Dividend Rate and an initial Dividend Payment Date as shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant
to their delegated authority; and have such other preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption, in addition
to those required by applicable law or set forth in the Declaration applicable to preferred shares of the Trust, as are set forth in Part I and Part II of this Certificate. &nbsp;The Series F shall
constitute a separate series of Preferred Shares of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Subject to the provisions of Section 3(j) of Part I of this Certificate, the Board of Trustees of the Trust may, in the future,
authorize the issuance of additional series of the Trust's preferred shares, including additional Series of Preferred Shares as long as any additional series of Preferred Shares has the same
preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption and other terms of each of the respective series herein described,
except that the Applicable Rate for its initial Dividend Period, its initial Dividend Payment Date and any other changes in the terms herein set forth shall be as set forth in an amendment to this
Certificate. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>As used in Part I and Part II of this Certificate, capitalized terms shall have the meanings provided in Section 19 of Part I of
this Certificate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>PART I: PREFERRED SHARES TERMS</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>1. <U>Number of Shares; Ranking</U>.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) The initial number of authorized shares constituting Series M is 3,600 shares. The initial number of
authorized shares constituting Series T is 3,600 shares. The initial number of authorized shares constituting Series W is 3,600 shares. The initial number of authorized shares constituting Series
Th is 3,600 shares. The initial number of authorized shares constituting Series F is 3,600 shares. No fractional shares of any Series shall be issued. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) Shares of each Series which at any time have been redeemed or purchased by the Trust shall, after such
redemption or purchase, have the status of authorized but unissued preferred shares. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(c) Shares of each Series shall rank on a parity with shares of any other series of preferred shares (including
any other shares of Preferred Shares) as to the payment of dividends to which such shares are entitled and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the
Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(d) No Holder of shares of any Series shall have, solely by reason of being such a holder, any preemptive or
other right to acquire, purchase or subscribe for any shares of any Series, shares of Common Shares of the Trust or other securities of the Trust which it may hereafter issue or sell.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>2. <U>Dividends</U>.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) The Holders of shares of each Series shall be entitled to receive, when, as and if declared by the Board of
Trustees, out of funds legally available therefor, cumulative cash dividends on their shares at the Applicable Rate, determined as set forth in paragraph (c) of this Section 2, and no more, payable on
the respective dates determined as set forth in paragraph (b) of this Section 2. Dividends on the Outstanding shares of each Series issued on the Date of Original Issue shall accumulate from the Date
of Original Issue. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) (i) Dividends shall be payable when, as and if declared by the Board of Trustees following the initial
Dividend Payment Date, subject to subparagraph (b)(ii) of this Section 2, on the shares of each Series, as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(A) with respect to any Dividend Period of one year or less, on the Business Day following
the last day of such Dividend Period; provided however, if the Dividend Period is more than 91 days then on the 91st, 181st and 271st days within such period, if applicable, and on the
Business Day following the last day of such Dividend Period; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>&nbsp;(B) with respect to any Dividend Period of more than one year, on a quarterly basis on
each January 1, April 1, July 1 and October 1 within such Dividend Period and on the Business Day following the last day of such Dividend Period. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) If a day for payment of dividends resulting from the application of subparagraph (b)(i)
above is not a Business Day, then the Dividend Payment Date shall be the first Business Day following such day for payment of dividends. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) The Trust shall pay to the Paying Agent not later than 12:00 p.m., New York City time,
on the Business Day next preceding each Dividend Payment Date for a Series, an aggregate amount of funds available on the next Business Day in The City of New York, New York, equal to the dividends to
be paid to all Holders of such Series on such Dividend Payment Date. The Trust shall not be required to establish any reserves for the payment of dividends.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iv) All moneys paid to the Paying Agent for the payment of dividends shall be held in trust
for the payment of such dividends by the Paying Agent for the benefit of the Holders specified in subparagraph (b)(v) of this Section 2. Any moneys paid to the Paying Agent in accordance with the
foregoing but not applied by the Paying Agent to </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>the payment of dividends, including interest earned on such moneys, will, to the extent permitted by law, be
repaid to the Trust at the end of 90 days from the date on which such moneys were to have been so applied.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(v) Each dividend on each Series shall be paid on the Dividend Payment Date therefor to the
Holders of that Series as their names appear on the share ledger or share records of the Trust on the Business Day next preceding such Dividend Payment Date, to the Holders as their names appear on
the share ledger or share records of the Trust on such date; provided, however, if dividends are in arrears, they may be declared and paid at any time to Holders as their names appear on the share
ledger or share records of the &nbsp;Trust on such date not exceeding 15 days preceding the payment date thereof, as may be fixed by the Board of Trustees. No interest will be payable in respect of
any dividend payment or payments which may be in arrears. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(c) (i) The dividend rate on Outstanding shares of each Series during the period from and after the Date of
Original Issue to and including the last day of the initial Dividend Period therefor shall be equal to the rate per annum set forth under &quot;Designation&quot; above. For each subsequent Dividend
Period, the dividend rate shall be equal to the rate per annum that results from an Auction; provided, however, that if an Auction for any subsequent Dividend Period of a Series is not held for any
reason or if Sufficient Clearing Orders have not been made in an Auction (other than as a result of all shares of any Series being the subject of Submitted Hold Orders), then the dividend rate on
the shares of that Series for any such Dividend Period shall be the Maximum Rate (except (i) during a Default Period when the dividend rate shall be the Default Rate, as set forth in Section 2(c)(ii)
below) or (ii) after a Default Period and prior to the beginning of the next Dividend Period when the dividend rate shall be the Maximum Rate at the close of business on the last day of such Default
Period). &nbsp;The rate per annum at which dividends are payable on shares of each Series as determined pursuant to this Section 2(c)(i) shall be the &quot;Applicable Rate.&quot;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) Subject to the cure provisions in Section 2(c)(iii) below, a &quot;Default
Period&quot; with respect to a particular Series will commence on any date the Trust fails to deposit irrevocably in trust in same-day funds, with the Paying Agent by 12:00 noon, New York
City time, (A) the full amount of any declared dividend on that Series payable on the Dividend Payment Date (a &quot;Dividend Default&quot;) or (B) the full amount of any redemption price
(the &quot;Redemption Price&quot;) payable on the date fixed for redemption (the &quot;Redemption Date&quot;) (a &quot;Redemption Default&quot;) and together with a Dividend Default and a
Redemption Default, hereinafter referred to as &quot;Default&quot;). &nbsp;Subject to the cure provisions of Section 2(c)(iii) below, a Default Period with respect to a Dividend Default or
a Redemption Default shall end on the Business Day on which, by 12:00 noon, New York City time, all unpaid dividends and any unpaid Redemption Price shall have been deposited irrevocably in
trust in same-day funds with the Paying Agent. In the case of a Dividend Default, no Auction shall be held during a Default Period applicable to that Series and the Applicable Rate for each
Dividend Period commencing during a Default Period will be equal to the Default Rate, and each subsequent Dividend Period commencing after the beginning of a Default Period shall be a Standard
Rate Period; provided, however, that the commencement of a Default Period will not by itself cause the commencement of a new Dividend Period. No Auction shall be held during a Default Period
applicable to that Series.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) No Default Period with respect to a Dividend Default or Redemption Default shall be
deemed to commence if the amount of any dividend or any Redemption Price due (if such default is not solely due to the willful failure of the Trust) is deposited irrevocably in trust, in same-day
funds with the Paying Agent by 12:00 noon, New York City time within three Business Days after the applicable Dividend Payment Date or Redemption Date, together with an amount equal to the Default
Rate applied to the amount of such non-payment based on the actual number of days comprising such period divided by 360. The Default Rate shall be equal to the Reference Rate multiplied by three (3).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iv) The amount of dividends per share payable (if declared) on each Dividend Payment Date
of each Dividend Period of less than one (1) year (or in respect of dividends on another date in connection with a redemption during such Dividend Period) &nbsp;shall be computed by multiplying the
Applicable Rate (or the Default Rate) for such Dividend Period (or a portion thereof) by a fraction, the numerator of which will be the number of days in such Dividend Period (or portion thereof)
that such share was Outstanding and for which the Applicable Rate or the Default Rate was applicable and the denominator of which will be 360, multiplying the amount so obtained by $25,000, and
rounding the amount so obtained to the nearest cent. During any Dividend Period of one (1) year or more, the amount of dividends per share payable on any Dividend Payment Date (or in respect of
dividends on another date in connection with a redemption during such Dividend Period) shall be computed as described in the preceding sentence, except that it will be determined on the basis of
a year consisting of twelve 30-day months. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(d) Any dividend payment made on shares of any Series shall first be credited against the
earliest accumulated but unpaid dividends due with respect to such Series. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(e) For so long as the Preferred Shares are Outstanding, except as otherwise contemplated
by Part I of this Certificate, the Trust will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options,
warrants or rights to subscribe for or purchase, Common Shares or other shares, ranking junior to the Preferred Shares as to dividends or upon liquidation) with respect to Common Shares or any
other shares of the Trust ranking junior to the Preferred Shares as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common
Shares or other shares ranking junior to the Preferred Shares (except by conversion into or exchange for shares of the Trust ranking junior to the Preferred Shares as to dividends and upon
liquidation), unless (i) immediately after such transaction, the Trust would have Eligible Assets with an aggregate Discounted Value at least equal to the Preferred Shares Basic Maintenance
Amount and the 1940 Act Preferred Shares Asset Coverage would be achieved, (ii) all cumulative and unpaid dividends due on or prior to the date of the transaction have been declared and paid
in full with respect to the Trust's preferred shares, including the Preferred Shares, and (iii) the Trust has redeemed the full number of preferred shares required to be redeemed by any mandatory
provision for redemption including shares of the Preferred Shares required to be redeemed by any provision for mandatory redemption contained in Section 3(a)(ii) of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(f) For so long as the Preferred Shares are Outstanding, except as set forth in the next
sentence, the Trust will not declare, pay or set apart for payment on any series of shares of the Trust ranking, as to the payment of dividends, on a parity with the Preferred </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Shares for any period unless full cumulative dividends have been or contemporaneously are declared and paid
on the Preferred Shares through their most recent Dividend Payment Date. When dividends are not paid in full upon the Preferred Shares through their most recent Dividend Payment Date or upon any
other series of shares ranking on a parity as to the payment of dividends with Preferred Shares through their most recent respective Dividend Payment Dates, all dividends declared upon Preferred
Shares and any other such series of shares ranking on a parity as to the payment of dividends with Preferred Shares shall be declared pro rata so that the amount of dividends declared per share
on Preferred Shares and such other series of preferred shares shall in all cases bear to each other the same ratio that accumulated dividends per share on the Preferred Shares and such other
series of preferred shares bear to each other.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>&nbsp;(g) The Trust will not declare, pay or set apart for payment any dividend or
other distribution in respect to any Series (i) if there is any event of payment default which has occurred and is continuing under indebtedness senior to such Series (such senior indebtedness
including but not limited to indebtedness under the Bank of America Credit Agreement and the GE Loan Agreement) or (ii) unless immediately after such transaction, the Trust would have Eligible
Assets with an aggregate Discounted Value at least equal to the asset coverage requirements under the indebtedness senior to such Series.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>3. <U>Redemption</U>.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) (i) After the initial Dividend Period, subject to the provisions of this Section 3 and to the extent
permitted under the 1940 Act and Massachusetts law, the Trust may, at its option, redeem in whole or in part out of funds legally available therefor shares of any Series herein designated as (A)
having a Dividend Period of one year or less, on the Business Day after the last day of such Dividend Period by delivering a notice of redemption not less than 15 calendar days and not more than
40 calendar days prior to the Redemption Date, at a redemption price per share equal to $25,000, plus an amount equal to accumulated but unpaid dividends thereon (whether or not earned or declared)
to the Redemption Date (&quot;Redemption Price&quot;), or (B) having a Dividend Period of more than one year, on any Business Day prior to the end of the relevant Dividend Period by delivering a
notice of redemption not less than 15 calendar days and not more than 40 calendar days prior to the Redemption Date, at the Redemption Price, plus a redemption premium, if any, determined by the
Board of Trustees after consultation with the Broker-Dealers and set forth in any applicable Specific Redemption Provisions at the time of the designation of such Dividend Period as set forth in
Section 4 of Part I of this Certificate; provided, however, that during a Dividend Period of more than one year no shares of any Series will be subject to optional redemption except in accordance
with any Specific Redemption Provisions approved by the Board of Trustees after consultation with the Broker-Dealers at the time of the designation of such Dividend Period. Notwithstanding the
foregoing, the Trust shall not give a notice of or effect any redemption pursuant to this Section 3(a)(i) unless, on the date on which the Trust gives such notice and on the Redemption Date (a)
the Trust has available Deposit Securities with maturity or tender dates not later than the day
preceding the applicable Redemption Date and having a value not less than the amount (including any applicable premium) due to Holders of each Series by reason of the redemption of each Series on
the Redemption Date and (b) the Trust would have Eligible Assets with an aggregate Discounted Value at least equal the Preferred Shares Basic Maintenance Amount immediately subsequent to such
redemption, if such redemption were to occur on such date, it being understood that the provisions of paragraph (d) of this Section 3 shall be applicable in such circumstances in the event the
Trust makes the deposit and takes the other action required thereby. </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(ii) If the Trust fails as of any Valuation Date to meet the Preferred Shares Basic Maintenance Amount Test or,
as of the last Business Day of any month, the 1940 Act Preferred Shares Asset Coverage, and such failure is not cured within five Business Days following the relevant Valuation Date in the case of a
failure to meet the Preferred Shares Basic Maintenance Amount Test or the last Business Day of the following month in the case of a failure to meet the 1940 Act Preferred Shares Asset Coverage (each
an &quot;Asset Coverage Cure Date&quot;), the Preferred Shares will be subject to mandatory redemption out of funds legally available therefor. The number of Preferred Shares to be redeemed in such
circumstances will be equal to the lesser of (A) the minimum number of Preferred Shares the redemption of which, if deemed to have occurred immediately prior to the opening of business on the relevant
Asset Coverage Cure Date,</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Would result in the Trust meeting the Preferred Shares Basic Maintenance Amount Test, and the 1940 Act Preferred Shares Asset
Coverage, as the case may be, in either case as of the relevant Asset Coverage Cure Date (provided that, if there is no such minimum number of shares the redemption of which would have such result,
all Preferred Shares then Outstanding will be redeemed), and (B) the maximum number of shares of Preferred Shares that can be redeemed out of funds expected to be available therefor on the Mandatory
Redemption Date at the Mandatory Redemption Price set forth in subparagraph (a)(iv) of this Section 3. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(iii) [Reserved]</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(iv) In determining the Preferred Shares required to be redeemed in accordance with the foregoing Section 3(a)(ii),
the Trust shall allocate the number of shares required to be redeemed to satisfy the Preferred Shares Basic Maintenance Amount Test or the 1940 Act Preferred Shares Asset Coverage, as the case may be, pro
rata among the Holders of the Preferred Shares in proportion to the number of shares they hold and shares of other preferred shares subject to mandatory redemption provisions similar to those contained in
this Section 3, subject to the further provisions of this subparagraph (iv). The Trust shall effect any required mandatory redemption pursuant to: (A) the Preferred Shares Basic Maintenance Amount Test,
as described in subparagraph (a)(ii) of this Section 3, no later than 30 days after the Trust last met the Preferred Shares Basic Maintenance Amount Test, or (B) the 1940 Act Preferred Shares Asset
Coverage, as described in subparagraph (a)(ii) of this Section 3, no later than 30 days after the Asset Coverage Cure Date (the &quot;Mandatory Redemption Date&quot;), except that if the Trust does
not have funds legally available for the redemption of, or is not otherwise legally permitted to redeem, the number of Preferred Shares which would be required to be redeemed by the Trust under clause
(A) of subparagraph (a)(ii) of this Section 3 if sufficient funds were available, together with shares of other preferred shares which are subject to mandatory redemption under provisions similar to
those contained in this Section 3, or the Trust otherwise is unable to effect such redemption on or prior to such Mandatory Redemption Date, the Trust shall redeem those Preferred Shares, and shares
of other preferred shares which it was unable to redeem, on the earliest practicable date on which the Trust will have such funds available, upon notice pursuant to Section 3(b) to record owners of
shares of the Preferred Shares to be
redeemed and the Paying Agent. The Trust will deposit with the Paying Agent funds sufficient to redeem the specified number of Preferred Shares with respect to a redemption required under subparagraph
(a)(ii) of this Section 3, by 1:00 p.m., New York City time, of the Business Day immediately preceding the Mandatory Redemption Date. If fewer than all of the Outstanding Preferred Shares are to be
redeemed pursuant to this Section 3(a)(iv), the number of shares to be redeemed shall be redeemed pro rata from the Holders of such shares in proportion to the number of such shares held by such
Holders, by lot or by such other method as the Trust shall deem fair and equitable, subject, however, to the terms of any applicable Specific Redemption Provisions. &quot;Mandatory Redemption
Price&quot; means the Redemption Price plus (in the case of a Dividend Period of one year or more only) a redemption premium, if any, determined by the Board of Trustees after &nbsp;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>consultation with the Broker-Dealers and set forth in any applicable Specific Redemption Provisions.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) In the event of a redemption pursuant to the foregoing Section 3(a), the Trust will file a notice of its
intention to redeem with the Securities and Exchange Commission so as to provide at least the minimum notice required under Rule 23c-2 under the 1940 Act or any successor &nbsp;provision. In addition,
the Trust shall deliver a notice of redemption to the Auction Agent (the &quot;Notice of Redemption&quot;) containing the information set forth below (i) in the case of an optional redemption pursuant
to Section 3(a)(i) above, one Business Day prior to the giving of notice to the Holders, (ii) in the case of a mandatory redemption pursuant to Section 3(a)(ii) above, on or prior to the 10th
day preceding the Mandatory Redemption Date. The Auction Agent will use its reasonable efforts to provide telephonic notice to each Holder of shares of any Series called for redemption not later than
the close of business on the Business Day immediately following the day on which the Auction Agent determines the shares to be redeemed (or, during a Default Period with respect to such shares, not
later than the close of business on the Business Day immediately following the day on which the Auction Agent receives Notice of Redemption from the Trust). The Auction Agent shall confirm such
telephonic notice in writing not later than the close of business on the third Business Day preceding the date fixed for redemption by providing the Notice of Redemption to each Holder of shares
called for redemption, the Paying Agent (if different from the Auction Agent) and the Securities Depository. Notice of Redemption will be addressed to the registered owners of shares of any Series
at their addresses appearing on the share records of the Trust. Such Notice of Redemption will set forth (i) the date fixed for redemption, (ii) the number and identity of shares of each Series to
be redeemed, (iii) the redemption price (specifying the amount
of accumulated dividends to be included therein), (iv) that dividends on the shares to be redeemed will cease to accumulate on such date fixed for redemption, and (v) the provision under which
redemption shall be made. No defect in the Notice of Redemption or in the transmittal or mailing thereof will affect the validity of the redemption proceedings, except as required by applicable
law. If fewer than all shares held by any Holder are to be redeemed, the Notice of Redemption mailed to such Holder shall also specify the number of shares to be redeemed from such Holder.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(c) Notwithstanding the provisions of paragraph (a) of this Section 3, no preferred shares, including the
Preferred Shares, may be redeemed at the option of the Trust unless all dividends in arrears on the Outstanding Preferred Shares and any other preferred shares have been or are being contemporaneously
paid or set aside for payment; provided, however, that the foregoing shall not prevent the purchase or acquisition of outstanding preferred shares pursuant to the successful completion of an otherwise
lawful purchase or exchange offer made on the same terms to Holders of all outstanding preferred shares. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(d) Upon the deposit of funds sufficient to redeem shares of any Series with the Paying Agent and the giving of
the Notice of Redemption to the Auction Agent under paragraph (b) of &nbsp;this Section 3, dividends on such shares shall cease to accumulate and such shares shall no longer be deemed to be Outstanding
for any purpose (including, without limitation, for purposes of calculating whether the Trust has met the Preferred Shares Basic Maintenance Amount Test or the 1940 Act Preferred Shares Asset Coverage),
and all rights of the Holders of the shares so called for redemption shall cease and terminate, except the right of such Holder to receive the redemption price specified herein, but without any interest
or other additional amount. Such redemption price shall be paid by the Paying Agent to the nominee of the Securities Depository. The Trust shall be entitled to receive from the Paying Agent, promptly
after the date fixed for redemption, any cash deposited with the Paying Agent in excess of (i) the aggregate redemption price of the shares of any Series called for redemption on such date and (ii)
such other amounts, if</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>any, to which Holders of shares of any Series called for redemption may be entitled. &nbsp;Any funds so deposited that are unclaimed
at the end of two years from such redemption date shall, to the extent permitted by law, be paid to the Trust, after which time the Holders of shares of each Series so called for redemption may look only
to the Trust for payment of the redemption price and all other amounts, if any, to which they may be entitled; provided, however, that the Paying Agent shall notify all Holders whose funds are unclaimed
by placing a notice in the Wall Street Journal concerning the availability of such funds for three consecutive weeks. The Trust shall be entitled to receive, from time to time after the date fixed for
redemption, any interest earned on the funds so deposited. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(e) To the extent that any redemption for which Notice of Redemption has been given is not made by reason of the
absence of legally available funds therefor, or is otherwise prohibited, such redemption shall be made as soon as practicable to the extent such funds become legally available or such redemption is no
longer otherwise prohibited. Failure to redeem shares of any Series shall be deemed to exist at any time after the date specified for redemption in a Notice of Redemption when the Trust shall have
failed, for any reason whatsoever, to deposit in trust with the Paying Agent the redemption price with respect to any shares for which such Notice of Redemption has been given. &nbsp;Notwithstanding
the fact that the Trust may not have redeemed shares of each Series for which a Notice of Redemption has been given, dividends may be declared and paid on shares of any Series and shall include those
shares of any Series for which Notice of Redemption has been given but for which deposit of funds has not been made. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(f) All moneys paid to the Paying Agent for payment of the redemption price of shares of &nbsp;any Series called
for redemption shall be held in trust by the Paying Agent for the benefit of holders of shares so to be redeemed. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(g) So long as any shares of any Series are held of record by the nominee of the Securities Depository, the
redemption price for such shares will be paid on the date fixed for redemption to the nominee of the Securities Depository for distribution to Agent Members for distribution to the persons for whom
they are acting as agent. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(h) Except for the provisions described above, nothing contained in this Certificate limits any right of the
Trust to purchase or otherwise acquire any shares of each Series outside of an Auction at any price, whether higher or lower than the price that would be paid in connection with an optional or
mandatory redemption, so long as, at the time of any such purchase, there is no arrearage in the payment of dividends on, or the mandatory or optional redemption price with respect to, any shares
of each Series for which Notice of Redemption has been given and the Trust meets the 1940 Act Preferred Shares Asset Coverage and the Preferred Shares Basic Maintenance Amount Test after giving
effect to such purchase or acquisition on the date thereof. Any shares which are purchased, redeemed or otherwise acquired by the Trust shall have no voting rights. If fewer than all the Outstanding
shares of any Series are redeemed or otherwise acquired by the Trust, the Trust shall give notice of such transaction to the Auction Agent, in accordance with the procedures agreed upon by the Board
of Trustees. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(i) In the case of any redemption pursuant to this Section 3, only whole shares of each Series shall be redeemed,
and in the event that any provision of the Declaration would require redemption of a fractional share, the Auction Agent shall be authorized to round up so that only whole shares are redeemed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(j) Notwithstanding anything herein to the contrary, including, without limitation, Section 6(i) of Part I of this
Certificate, the Board of Trustees may authorize, create or issue other series </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>of preferred shares, including other series of Preferred Shares, series of stock ranking on a parity with the Preferred Shares with
respect to the payment of dividends or the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Trust, to the extent permitted by the 1940 Act, as amended, if upon
issuance, the net proceeds from the sale of such stock (or such portion thereof needed to redeem or repurchase the Outstanding Preferred Shares) are deposited with the Auction Agent in accordance with
Section 3(d) of Part I of this Certificate, Notice of Redemption as contemplated by Section 3(b) of Part I of this Certificate has been delivered prior thereto or is sent promptly thereafter, and such
proceeds are used to redeem all Outstanding Preferred Shares or if upon the issuance of any such series, the Trust would meet the 1940 Act Preferred Shares Asset Coverage, the Preferred Shares Basic
Maintenance Amount Test and the requirements of Section 12(b) of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(k) Notwithstanding anything herein to the contrary, redemptions of preferred shares pursuant to this Section 3
shall comply with the terms and covenants of the Bank of America Credit Agreement and the GE Loan Agreement and no such redemptions shall be permitted to the extent they will cause an event of default
under such agreements.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>4. <U>Designation of Dividend Period</U>.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) The initial Dividend Period for each Series is as set forth under &quot;Designation&quot; above. &nbsp;The
Trust will designate the duration of subsequent Dividend Periods of each Series; provided, however, that no such designation is necessary for a Standard Rate Period and, provided further, that any
designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full
amount of any dividend on, or the redemption price of, each Series shall have been cured as provided above, (iii) Sufficient Clearing Orders shall have existed in an Auction held on the Auction Date
immediately preceding the first day of such proposed Special Rate Period, (iv) if the Trust shall have mailed a Notice of Redemption with respect to any shares, the redemption price with respect to
such shares shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, the Trust has confirmed that as of the Auction Date next preceding the
first day of such Special Rate Period, it has Eligible Assets with an aggregate Discounted Value at least equal to the Preferred Shares Basic Maintenance Amount, and the Trust has consulted with the
Broker-Dealers and has provided notice of such designation and a Preferred Shares Basic Maintenance Certificate to each Rating Agency. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) If the Trust proposes to designate any Special Rate Period, not fewer than 7 Business Days (or two Business
Days in the event the duration of the Dividend Period prior to such Special Rate Period is fewer than 8 days) nor more than 30 Business Days prior to the first day of such Special Rate Period, notice
shall be (i) made by press release and (ii) communicated by the Trust by telephonic or other means to the Auction Agent and confirmed in writing promptly thereafter. &nbsp;Each such notice shall state
(A) that the Trust proposes to exercise its option to designate a succeeding Special Rate Period, specifying the first and last days thereof and (B) that the Trust will by 3:00 p.m., New York City time,
on the second Business Day next preceding the first day of such Special Rate Period, notify the Auction Agent, who will promptly notify the Broker-Dealers, of either (x) its determination, subject to
certain conditions, to proceed with such Special Rate Period, subject to the terms of any Specific Redemption Provisions, or (y) its determination &nbsp;not to proceed with such Special Rate Period, in
which latter event the succeeding Dividend Period shall be a Standard Rate Period. No later than 3:00 p.m., New York City time, on the second Business Day next preceding the first day of any proposed
Special Rate Period, the Trust shall deliver to the Auction Agent, who will promptly deliver to the Broker- Dealers and Existing Holders, either: </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) a notice stating (A) that the Trust has determined to designate the next succeeding
Dividend Period as an Special Rate Period, specifying the first and last days thereof and (B) the terms of any Specific Redemption Provisions; or </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) a notice stating that the Trust has determined not to exercise its option to designate
a Special Rate Period. &nbsp;If the Trust fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent or is unable to make the confirmation
provided in clause (v) of Paragraph (a) of this Section 4 by 3:00 p.m., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Trust shall be
deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect set forth in clause (ii) above, thereby resulting in a Standard Rate Period.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>5. <U>Restrictions on Transfer</U>. &nbsp;Shares of each Series may be transferred only (a) pursuant to an order placed in an Auction,
(b) to or through a Broker-Dealer or (c) to the Trust or any Affiliate. Notwithstanding the foregoing, a transfer other than pursuant to an Auction will not be effective unless the selling Existing Holder
or the Agent Member of such Existing Holder, in the case of An Existing Holder whose shares are listed in its own name on the books of the Auction Agent, or the Broker-Dealer or Agent Member of such
Broker-Dealer, in the case of a transfer between persons holding shares of any Series through different Broker-Dealers, advises the Auction Agent of such transfer. The certificates representing the
shares of each Series issued to the Securities Depository will bear legends with respect to the restrictions described above and stop-transfer instructions will be issued to the Transfer Agent and/or
Registrar.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>6. <U>Voting Rights</U>.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) Except as otherwise provided in the Declaration or as otherwise required by applicable law, (i) each Holder of
shares of any Series shall be entitled to one vote for each share of any Series held on each matter submitted to a vote of shareholders of the Trust, and (ii) the holders of outstanding shares of preferred
shares, including each Series, and shares of Common Shares shall vote together as a single class on all matters submitted to stockholders; provided, &nbsp;&nbsp;however, that, at any meeting of the
shareholders of the Trust held for the election of trustees, the holders of outstanding shares of preferred shares, including each Series, represented in person or by proxy at said meeting, shall be
entitled, as a class, to the exclusion of the holders of all other securities and classes of capital stock of the Trust, to elect two trustees of the Trust, each share of preferred shares, including
each Series, entitling the holder thereof to one vote. Except as set forth in paragraph (b) of this Section 6, the class of outstanding preferred shares, including each Series, shall not be entitled
to participate in the election of any other trustees of the Trust. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) During any period in which any one or more of the conditions described below shall exist (such period being
referred to herein as a &quot;Voting Period&quot;), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees
elected exclusively by the holders of shares of preferred shares, including each Series, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the holders of
shares of preferred shares, including each Series, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the holders of all other securities and classes of capital stock
of the Trust), to elect such smallest number of additional trustees, together with the two trustees that such holders are in any event entitled to elect. A Voting Period shall commence: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) if at the close of business on any Dividend Payment Date accumulated dividends (whether or
not earned or declared) on preferred shares, including each Series, equal to at least two full years' dividends shall be due and unpaid; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>&nbsp;(ii) if at any time holders of any other shares of preferred shares are entitled under
the 1940 Act to elect a majority of the trustees of the Trust. Upon the termination of a Voting Period, the voting rights described in this paragraph (b) of Section 6 shall cease, subject always,
however, to the revesting of such voting rights in the holders of preferred shares, including each Series, upon the further occurrence of any of the events described in this paragraph (b) of Section 6. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(c) As soon as practicable after the accrual of any right of the holders of shares of preferred shares, including
each Series, to elect additional trustees as described in paragraph (b) of this Section 6, the Trust shall notify the Auction Agent, and the Auction Agent shall call a special meeting of such holders,
by mailing a notice of such special meeting to such holders, such meeting to be held not less than 10 nor more than 90 days after the date of mailing of such notice. &nbsp;If the Trust fails to send
such notice to the Auction Agent or if the Auction Agent does not call such a special meeting, it may be called by any such holder on like notice. The record date for determining the holders entitled
to notice of and to vote at such special meeting shall be the close of business on the fifth Business Day preceding the day on which such notice is mailed. At any such special meeting and at each meeting
of holders of preferred shares, including each Series, held during a Voting Period at which trustees are to be elected, such holders, voting together as a class (to the exclusion of the holders of all
other securities and classes of capital stock of the Trust), shall be entitled to elect the number of trustees prescribed in paragraph (b) of this Section 6 on a one-vote-pershare basis. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(d) The holders of preferred shares, including each Series, may also have such other voting rights as are
contemplated by Article III of the Trust's Declaration. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(e) For purposes of determining any rights of the holders of preferred shares, including each Series, to vote on any
matter, whether such right is created by the Certificate, by statute or otherwise, if redemption of some or all of the preferred shares, including each Series, is required, no holder of preferred shares,
including each Series, shall be entitled to vote and no share of preferred shares, including each Series, shall be deemed to be &quot;outstanding&quot; for the purpose of voting or determining the number
of shares required to constitute a quorum, if prior to or concurrently with the time of determination, sufficient Deposit Securities for the redemption of such shares have been deposited in the case of
Preferred Shares in trust with the Paying Agent for that purpose and the requisite Notice of Redemption with respect to such shares shall have been given as provided in Section 3(b) of
Part I of this Certificate and in the case of other preferred shares the Trust has otherwise met the conditions for redemption applicable to such preferred shares. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(f) The terms of office of all persons who are trustees of the Trust at the time of a special meeting of Holders of
the Preferred Shares and holders of other preferred shares to elect trustees pursuant to paragraph (b) of this Section 6 shall continue, notwithstanding the election at such meeting by the holders of the
number of trustees that they are entitled to elect. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(g) Simultaneously with the termination of a Voting Period, the terms of office of the additional trustees elected
by the Holders of the Preferred Shares and holders of other preferred shares pursuant to paragraph (b) of this Section 6 shall terminate, the remaining trustees shall constitute the trustees of the Trust
and the voting rights of such holders to elect additional trustees</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>pursuant to paragraph (b) of this Section 6 shall cease, subject to the provisions of the last sentence of paragraph (b) of this
Section 6. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(h) Unless otherwise required by law or in the Trust's charter documents, the Holders of Preferred Shares shall
not have any relative rights or &nbsp;preferences or other special rights other than those specifically set forth herein. In the event that the Trust fails to pay any dividends on the Preferred Shares
of the Trust or fails to redeem any Preferred Shares which it is required to redeem, or any other event occurs which requires the mandatory redemption of Preferred Shares and the required Notice of
Redemption has not been given, other than the rights set forth in paragraph (a) of Section 3 of Part I of this Certificate, the exclusive remedy of the Holders of Preferred Shares shall be the right
to vote for trustees pursuant to the provisions of paragraph (b) of this Section 6. In no event shall the Holders of Preferred Shares have any right to sue for, or bring a proceeding with respect to,
such dividends or redemptions or damages for the failure to receive the same. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(i) So long as any of the preferred shares, are outstanding, the Trust will not, without the affirmative vote of
the holders of a majority of the outstanding preferred shares, (i) institute any proceedings to be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or Insolvency proceedings
against it, or file a petition seeking or consenting to reorganization or relief under any applicable federal
or state law relating to bankruptcy or insolvency, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part
of its property, or make any assignment for the benefit of creditors, or, except as may be required by applicable law, admit in writing its inability to pay its debts generally as they become due or take
any corporate action in furtherance of any such action; &nbsp;(ii) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the
happening of a contingency or otherwise) the creation, incurrence or existence of any material lien,
mortgage, pledge, charge, security interest, security agreement, conditional sale or trust receipt or other material encumbrance of any kind upon any of the Trust's &nbsp;&nbsp;assets as a whole, except
(A) liens the validity of which are being contested in good faith by appropriate proceedings, (B) liens for taxes that are not then due and payable or that can be paid thereafter without penalty, (C)
liens, pledges, charges, security interests, security agreements or other encumbrances arising in connection with any indebtedness senior to the Preferred Shares, (D) liens, pledges, charges, security
interests, security agreements or other encumbrances arising in connection with any indebtedness permitted under clause (iii) below and (E) liens to secure payment for services rendered including,
without limitation, services rendered by the Trust's Paying Agent and the Auction Agent; or (iii) create, authorize, issue, incur or suffer to exist any indebtedness for borrowed money or any direct
or indirect guarantee of such indebtedness for borrowed money or any direct or indirect guarantee of such indebtedness, except the Trust may borrow as may be permitted by the Trust's investment
restrictions; provided, however, that transfers of assets by the Trust subject to an obligation to repurchase shall not be deemed to be indebtedness for purposes of this provision to the extent
that after any such transaction the Trust has Eligible Assets with an aggregate Discounted Value at least equal to the Preferred Shares Basic Maintenance Amount as of the immediately preceding
Valuation Date. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(j) The affirmative vote of the holders of a majority of the outstanding preferred shares, including each Series,
voting as a separate class, shall be required to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares or any action requiring a vote of security
holders of the Trust under Section 13(a) of the 1940 Act. In the &nbsp;event a vote of holders of preferred shares is required pursuant to the provisions of Section 13(a) of the 1940 Act, the Trust
shall, not later than ten Business Days prior to the date on which such vote is to be taken, notify each Rating Agency that such vote is to be taken and the nature of the </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>action with respect to which such vote is to be taken and shall, not later than ten Business Days after the date on which such
vote is taken, notify each Rating Agency of the results of such vote.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(k) The affirmative vote of the holders of a majority of the outstanding preferred shares of any series, voting
separately from any other series, shall be required with respect to any matter that materially and adversely affects the rights, preferences, or powers of that series in a manner different from that
of other series or classes of the Trust's shares of &nbsp;capital stock. For purposes of the foregoing, no matter shall be deemed to adversely affect any right, preference or power unless such matter
(i) alters or abolishes any preferential right of such series; (ii) creates, alters or abolishes any right in respect of redemption of such series; or (iii) creates or alters (other than to abolish)
any restriction on transfer applicable to such series. The vote of holders of any series described in this Section 6(k) will in each case be in addition to a separate vote of the requisite percentage
of Common Shares and/or preferred shares necessary to authorize the action in question. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(l) The Board of Trustees, without the vote or consent of any holder of the preferred shares or any other
shareholder of the Trust, may from time to time amend, alter or repeal any or all of the definitions contained herein, add covenants and other obligations of the Trust, or confirm the applicability
of covenants and other obligations set forth herein, all in connection with obtaining or maintaining the rating of any Rating Agency with respect to each Series, and any such amendment, alteration
or repeal will not be deemed to affect the preferences, rights or powers of Preferred Shares or the Holders thereof, provided that the Board of Trustees receives written confirmation from each
relevant Rating Agency (with such confirmation in no event being required to be obtained from a particular Rating Agency with respect to definitions or other provisions relevant only to and adopted
in connection with another Rating Agency's rating of any Series) that any such amendment, alteration or repeal would not adversely affect the rating then assigned by such Rating Agency. &nbsp;In
addition, subject to compliance with applicable law, the Board of Trustees may amend the definition of Maximum Rate to increase the percentage amount by which the Reference Rate is multiplied to
determine the Maximum Rate shown therein without the vote or consent of the holders of preferred shares, including each Series, or any other shareholder of the Trust, and without receiving any
confirmation from any Rating Agency, after consultation with the Broker-Dealers, provided that immediately following any such increase the
Trust would meet the Preferred Shares Basic Maintenance Amount Test. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(m) Unless otherwise required by law, Holders of shares of each Series shall not have any relative rights or
preferences or other special rights other than those specifically set forth herein. &nbsp;The Holders of shares of each Series shall have no rights to cumulative voting. In the event that the Trust
fails to pay any dividends on the shares of any Series, the exclusive remedy of the Holders shall be the right to vote for trustees pursuant to the provisions of this Section 6. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(n) The foregoing voting provisions will not apply with respect to any series if, at or prior to the time when
a vote is required, such shares have been (i) redeemed or (ii) called for redemption and sufficient funds shall have been deposited in trust to effect such redemption.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>7. <U>Liquidation Rights</U>.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) In the event of any liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary
or involuntary, the Holders of Preferred Shares, including each Series, shall be entitled to receive out of the assets of the Trust available for distribution to stockholders, after claims of creditors
but before distribution to stockholders, after claims of creditors but before any distribution or payment shall be made in respect of the Common Stock or any other stock of the </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Trust ranking junior to the preferred shares, as to liquidation payments, a liquidation distribution in the amount of $25,000 per
share (the &quot;Liquidation Preference&quot;), plus an amount equal to all unpaid dividends accrued to and including the date fixed for such distribution or payment (whether or not declared by the Trust,
but excluding interest thereon), but such Holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) If, upon any such liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary or
involuntary, the assets of the Trust available for distribution among the holders of all outstanding preferred shares, including each Series, shall be insufficient to permit the payment in full to
such holders of the amounts to which they are entitled, then such available assets shall be distributed among the holders of preferred shares, including each Series, ratably in any such distribution
of assets according &nbsp;to the respective amounts which would be payable on all such shares if all amounts thereon were paid in full. Unless and until payment in full has been made to the holders
of preferred shares, including each Series, of the liquidation distributions to which they are entitled, no dividends or distributions will be made to holders of Common Stock or any stock of the Trust
ranking junior to the preferred shares as to liquidation. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(c) Neither the consolidation nor merger of the Trust with or into any other corporation or corporations, nor the
sale, lease, exchange or transfer by the Trust of all or substantially all of its property and assets, shall be deemed to be a liquidation, dissolution or winding up of the Trust for purposes of this
Section 7.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(d) After the payment to Holders of Preferred Shares of the full preferential amounts provided for in this
Section 7, the Holders of the Preferred Shares as such shall have no right or claim to any of the remaining assets of the Trust. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(e) In the event the assets of the Trust or proceeds thereof available for distribution to the Holders of
Preferred Shares, upon dissolution, liquidation or winding up of the affairs of the Trust, whether voluntary or involuntary, shall be insufficient to pay in full all amounts to which such Holders
are entitled pursuant to paragraph (a) of this Section 7, no such distribution shall be made on account of any shares of any other series of preferred shares unless proportionate
distributive amounts shall be paid on account of the Preferred Shares, ratably, in proportion to the full distributable amounts to which holders of all preferred shares are entitled
upon such dissolution, liquidation or winding up. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(f) Subject to the rights of the holders of other preferred shares or after payment shall have been made in full
to the Holders of Preferred Shares as provided in paragraph (a) of this Section 7, but not prior thereto, any other series or class of stock ranking junior to the Preferred Shares with respect to the
distribution of assets upon dissolution, liquidation or winding up of the affairs of the Trust shall, subject to any respective terms and provisions (if any) applying thereto, be entitled to receive any
and all assets remaining to be paid or distributed, and the Holders of the Preferred Shares shall not be entitled to share therein.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>8. <U>Auction Agent</U>. For so long as any shares of Preferred Shares are Outstanding, the Auction Agent, duly appointed by the
Trust to so act, shall be in each case a commercial bank, trust company or other financial institution independent of the Trust and its Affiliates (which, however, may engage or have engaged in
business transactions with the Trust or its Affiliates) and at no time shall the Trust or any of its Affiliates act as the Auction Agent in connection with the Auction Procedures. If the Auction
Agent resigns or for any reason its appointment is terminated during any period that any shares of any Series are Outstanding, the Trust shall use its </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>best efforts promptly thereafter to appoint another qualified commercial bank, trust company or financial institution to act as the
Auction Agent.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>9. <U>1940 Act Preferred Shares Asset Coverage</U>. The Trust shall maintain, as of the last Business Day of each month in which any
Preferred Shares are Outstanding, the 1940 Act Preferred Shares Asset Coverage; provided, however, that Section 3(a)(ii) shall be the sole remedy in the event the Trust fails to do so.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>10. <U>Preferred Shares Basic Maintenance Amount</U>. So long as any Preferred Shares are Outstanding and any Rating Agency so
requires, the Trust shall maintain, as of each Valuation Date, Moody's Eligible Assets and S&amp;P Eligible Assets, as applicable, having an aggregate Discounted Value equal to or greater than the
Preferred Shares Basic Maintenance Amount; provided, however, that Section 3(a)(ii) shall be the sole remedy in the event the Trust fails to do so.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>11. [Reserved]</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>12. <U>Certain Other Restrictions</U>. (a) So long as any Preferred Shares are Outstanding and any Rating Agency so requires, the
Trust will not, unless it has received written confirmation from such Rating Agency that any such action would not impair the rating then assigned by such Rating Agency to the Preferred Shares, engage
in any one or more of the following transactions:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:162px; text-indent:-66px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:162px; font-size:11pt" align=justify>purchase or sell futures contracts or options thereon with respect to portfolio securities or write put or
call options on portfolio securities;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:162px; text-indent:-66px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:162px; font-size:11pt" align=justify>except in connection with a refinancing of the Preferred Shares, issue additional shares of any series of
preferred shares, including any Series or reissue any shares of preferred shares, including any Series previously purchased or redeemed by the Trust; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:162px; text-indent:-66px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin:0px; padding-left:162px; font-size:11pt" align=justify>engage in any short sales of securities; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iv)</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:96px; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lend portfolio securities;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:162px; text-indent:-66px; font-size:11pt" align=justify>(iv)</P>
<P style="line-height:13pt; margin:0px; padding-left:162px; font-size:11pt" align=justify>merge or consolidate into or with any other corporation;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:162px; text-indent:-66px; font-size:11pt" align=justify>(v)</P>
<P style="line-height:13pt; margin:0px; padding-left:162px; font-size:11pt" align=justify>engage in any reverse repurchase agreement; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:156px; text-indent:-60px; font-size:11pt" align=justify>(vii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change the Pricing Service to a
service other than an Approved Pricing Service.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) So long as any Preferred Shares are Outstanding and are rated by S&amp;P:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:161px; text-indent:-65px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:161px; font-size:11pt" align=justify>the rating on each S&amp;P Eligible Asset must be updated no less frequently than monthly;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:161px; text-indent:-65px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:161px; font-size:11pt" align=justify>the prices for S&amp;P Eligible Assets which have a Market Value Price shall be updated as of each Valuation
Date;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:161px; text-indent:-65px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin:0px; padding-left:161px; font-size:11pt" align=justify>the prices for S&amp;P Eligible Assets which have an Approved Price shall be updated no less frequently than
monthly;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>(iv) </P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>no less frequently than semi-annually, the Trust's independent auditors shall verify the pricing of at least
25% of the S&amp;P Eligible Assets and provide to S&amp;P a letter describing the results of such verification. For the purposes of this item (iv), &quot;verify&quot; shall mean that the independent
auditors agreed the prices reported by the Trust to the prices received by the Trust from an Approved Pricing Service; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-48px; font-size:11pt" align=justify>(v) </P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt" align=justify>the Trust shall notify S&amp;P if, on any Valuation Date, the aggregate Discounted Value of the S&amp;P Eligible
Assets is less than 125% of the Preferred Shares Basic Maintenance Amount.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>13. <U>Compliance Procedures For Asset Maintenance Tests</U>. For so long as any Preferred Shares are Outstanding and any Rating
Agency so requires:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) As of each Valuation Date, the Trust shall determine (i) the Market Value of each Eligible Asset owned by the
Trust on that date, (ii) the Discounted Value of each such Eligible Asset, (iii) whether the Preferred Shares Basic Maintenance Amount Test is met as of that date, (iv) the value (as used in the 1940
Act) of the total assets of the Trust, less all liabilities, and (v) whether the 1940 Act Preferred Shares Asset Coverage is met as of that date. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) Upon any failure to meet the Preferred Shares Basic Maintenance Amount Test or 1940 Act Preferred Shares
Asset Coverage on any Valuation Date, the Trust may use reasonable commercial efforts (including, without limitation, altering the composition of its portfolio, purchasing shares of the Preferred
Shares outside of an Auction or, in the event of a failure to file a certificate on a timely basis, submitting the requisite certificate), to meet (or certify in the case of a failure to file a
certificate on a timely basis, as the case may be) the Preferred Shares Basic Maintenance Amount Test or 1940 Act Preferred Shares Asset Coverage on or prior to the Asset &nbsp;Coverage Cure Date. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(c) [Reserved]</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(d) The Trust shall deliver to the Auction Agent and each Rating Agency a certificate which sets forth a
determination of items (i)-(iii) of paragraph (a) of this Section 13 (a &quot;Preferred Shares Basic Maintenance Certificate&quot;) as of (A) the Date of Original Issue, (B) the last Valuation
Date of each month, (C) any date requested by any Rating Agency, (D) a Business &nbsp;Day on or before any Asset Coverage Cure Date relating to the Trust's cure of a failure to meet the Preferred
Shares Basic Maintenance Amount Test, and (E) any day that Common or Preferred Shares are redeemed. Such Preferred Shares Basic Maintenance Certificate shall be delivered in the case of clause (i)(A)
on the Date of Original Issue and in the case of all other clauses above on or before the seventh Business Day after the relevant Valuation Date or Asset Coverage Cure Date.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(e) The Trust shall deliver to the Auction Agent and each Rating Agency a certificate which sets forth a
determination of items (iv) and (v) of paragraph (a) of this Section 13 (a &quot;1940 Act Preferred Shares Asset Coverage Certificate&quot;) (i) as of the Date of Original Issue, and (ii) as of
(A) the last Valuation Date of each quarter thereafter, and (B) as of a Business Day on or before any Asset Coverage Cure Date relating to the failure to meet the 1940 Act Preferred Shares Asset
Coverage. Such 1940 Act Preferred Shares Asset Coverage Certificate shall be delivered in the case of clause (i) on the Date of Original Issue and in the case of clause (ii) on or before the seventh
Business Day after the relevant Valuation Date or the Asset Coverage Cure </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Date. The certificates required by paragraphs (d) and (e) of this Section 13 may be combined into a single certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(f) [Reserved]</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(g) Within ten Business Days of the Date of Original Issue, the Trust shall deliver to the Auction Agent and
each Rating Agency a letter prepared by the Trust's independent auditors (an &quot;Auditor's Certificate&quot;) regarding the accuracy of the calculations made by the Trust in the Preferred Shares
Basic Maintenance Certificate and the 1940 Act Preferred Shares Asset Coverage Certificate required to be delivered by the Trust on the Date of Original Issue. &nbsp;Within ten Business Days after
delivery of the Preferred Shares Basic Maintenance Certificate and the 1940 Act Preferred Shares Asset Coverage Certificate relating to the last Valuation Date of each fiscal quarter of the Trust,
the Trust will deliver to the Auction Agent and each Rating Agency an Auditor's Certificate regarding the accuracy of the calculations made by the Trust in such Certificates and in one other Preferred
Shares Basic Maintenance Certificate randomly selected by the Trust's independent auditors during such fiscal quarter. In addition, the Trust will deliver to the persons specified in the preceding
sentence an Auditor's Certificate regarding the accuracy of the calculations made by the Trust on each Preferred Shares Basic Maintenance Certificate and 1940 Act Preferred Shares Asset Coverage
Certificate delivered in relation to an Asset Coverage Cure Date within ten days after the relevant Asset Coverage Cure Date. If an Auditor's Certificate shows that an error was made in any such
report, the calculation or determination made by the Trust's independent auditors will be conclusive and binding on the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(h) The Auditor's Certificates referred to in paragraph (g) above will confirm, based upon the independent
auditors review of portfolio data provided by the Trust, (i) the mathematical accuracy of the calculations reflected in the related Preferred Shares Basic Maintenance Amount Certificates and 1940
Act Preferred Shares Asset Coverage Certificates, (ii) that, based upon such calculations, the Trust had, at such Valuation Date, met the Preferred Shares Basic Maintenance Amount Test, and (iii) that the
Trust met the Moody's General Portfolio Requirements and the S&amp;P Diversity I or S&amp;P Diversity II requirements, as applicable. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(i) In the event that a Preferred Shares Basic Maintenance Certificate or 1940 Act Preferred Shares Asset
Coverage Certificate with respect to an applicable Valuation Date is not delivered within the time periods specified in this Section 13, the Trust shall be deemed to have failed to meet the
Preferred Shares Basic Maintenance Amount Test or the 1940 Act Preferred Shares Asset Coverage, as the case may be, on such Valuation Date for purposes of Section 13(b) of Part I of this
Certificate. In the event that a Preferred Shares Basic Maintenance Certificate, a 1940 Act Preferred Shares Asset Coverage Certificate or an applicable Auditor's Certificate with respect
to an Asset Coverage Cure Date is not delivered within the time periods specified herein, the Trust shall be deemed to have failed to meet the Preferred Shares Basic Maintenance Amount Test or the
1940 Preferred Shares Asset Coverage, as the case may be, as of the related Valuation Date.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>14. [Reserved]</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>15. <U>Notice</U>. All notices or communications hereunder, unless otherwise specified in this Certificate, shall be sufficiently
given if in writing and delivered in person, by telecopier or mailed by first-class mail, postage prepaid. Notices delivered pursuant to this Section 15 shall be deemed given on the earlier of the date
received or the date five days after which such notice is mailed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>16. <U>Waiver</U>. To the extent permitted by Massachusetts Law, holders of at least two-thirds of the Outstanding Preferred
Shares, acting collectively, or each Series, acting as a separate series, may waive any provision hereof intended for their respective benefit in accordance with such procedures as may from time
to time be established by the Board of Trustees.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>17. <U>Termination</U>. In the event that no shares of the Preferred Shares are Outstanding, all rights and preferences of such
shares established and designated hereunder shall cease and terminate, and all obligations of the Trust under this Certificate shall terminate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>18. <U>Amendment</U>. Subject to the provisions of this Certificate, the Board of Trustees may, by resolution duly adopted without
shareholder approval (except as otherwise provided by this Certificate or required by applicable law), amend this Certificate to (1) reflect any amendments hereto which the Board of Trustees is entitled
to adopt pursuant to the terms of Section 6(l) of Part I of this Certificate without shareholder approval or (2) add additional shares of each Series (and terms relating thereto). All such additional
shares shall be governed by the terms of this Certificate. To the extent permitted by applicable law, the Board of Trustees may interpret, amend or adjust the provisions of this Certificate to resolve
any inconsistency or ambiguity or to remedy any patent defect.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>19. <U>Definitions</U>. As used in Part I and Part II of this Certificate, the following terms shall have the following meanings
(with terms defined in the singular having comparable meanings when used in the plural and vice versa), unless the context otherwise requires: &quot;'AA' Financial Composite Commercial Paper Rate&quot;
on any date means (i) the interest equivalent of the 7-day rate, in the case of a Dividend Period which is a Standard Rate Period or shorter; for Dividend Periods greater than 7 days but fewer than or
equal to 31 days, the 30-day rate; for Dividend Periods greater than 31 days but fewer than or equal to 61 days, the 60-day rate; for Dividend Periods greater than 61 days but fewer than or equal to
91 days, the 90 day rate; for Dividend Periods greater than 91 days but fewer than or equal to 270 days, the rate described in (ii); for Dividend Periods greater than 270 days, the Treasury Index Rate;
on commercial paper on behalf of issuers whose corporate bonds are rated &quot;AA&quot; by S&amp;P, or the equivalent of such rating by another nationally recognized rating agency, as announced by the
Federal Reserve Bank of New York for the close of business on the Business Day immediately preceding such date; or (ii) if the Federal Reserve Bank of New York does not make available such a rate, then
the arithmetic average of the interest equivalent of such rates on commercial paper placed on behalf of such issuers, as quoted on a discount basis or otherwise by the Commercial Paper Dealers to the
Auction Agent for the close of business on the Business Day immediately preceding such date (rounded to the next highest .001 of 1%). If any Commercial Paper Dealer does not quote a rate required to
determine the &quot;AA&quot; Financial Composite Commercial Paper Rate, such rate shall be determined on the basis of the quotations (or quotation) furnished by the remaining Commercial Paper Dealers
(or Dealer), if any, or, if there are no
such Commercial Paper &nbsp;Dealers, by the Auction Agent. For Dividend Periods greater than 360 days, the Treasury Index Rate. For purposes of this definition, (A) &quot;Commercial Paper Dealers&quot;
shall mean (1) Salomon Smith Barney Inc., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Goldman Sachs &amp; Co.; (2) in lieu of any thereof, its respective Affiliate
or successor; and (3) in the event that any of the foregoing shall cease to quote rates for commercial paper of issuers of the sort described above, in substitution therefor, a
nationally recognized dealer in commercial paper of such issuers then making such quotations selected by the Trust, and (B) &quot;interest equivalent&quot; of a rate stated on a discount basis for
commercial paper of a given number of days' maturity shall mean a number equal to the quotient (rounded upward to the next higher one-thousandth of 1%) of (1) such rate expressed as a decimal,
divided by (2) the difference between (x) 1.00 and (y) a fraction, the numerator of which shall be the product of such rate expressed as a decimal, multiplied by the </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>number of days in which such commercial paper shall mature and the denominator of which shall be 360. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Advance Rate&quot; means the Moody's Advance Rate (if Moody's is then rating the Preferred Shares) and the
S&amp;P Advance Rate (if S&amp;P is then rating the Preferred Shares), whichever is applicable. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Affiliate&quot; means any person known to the Auction Agent to be controlled by, in control of or under
common control with the Trust; provided that ING Pilgrim Investments, Inc. shall not be deemed to be an Affiliate nor shall any corporation or any person controlled by, in control of or under common
control with such corporation, one of the trustees, directors or executive officers of which is also a trustee, director or executive officer of the &nbsp;Trust, be deemed to be an Affiliate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Agent Member&quot; means a member of or a participant in the Securities Depository that will act on behalf
of a Bidder. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;All Hold Rate&quot; means 80% of the &quot;AA&quot; Financial Composite Commercial Paper Rate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Applicable Rate&quot; means, with respect to each Series for each Dividend Period (i) if Sufficient Clearing
Orders exist for the Auction in respect thereof, the Winning Bid Rate, (ii) if Sufficient Clearing Orders do not exist for the Auction in respect thereof, the Maximum Rate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Approved Dealer&quot; means any Broker-Dealer listed in Exhibit A to this Certificate or any other broker-dealer
designated in writing by the Trust provided that no Rating Agency, in its reasonable discretion, has objected to such designated broker-dealer in writing to the Trust within ten business days of receipt of
the Trust's written notice of such designation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Approved Price&quot; means the &quot;fair value&quot; as determined by the Trust in accordance with the
valuation procedures adopted from time to time by the Board of Trustees and for which the Trust receives a mark-to-market price (which, for the purpose of clarity, shall not mean a Market Value Price)
from an independent source at least semi-annually.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Approved Pricing Service&quot; means Loan Pricing Corporation or any other quotation service designated in
writing by the Trust provided that no Rating Agency has objected, in its reasonable discretion, in writing to the Trust within ten business days of receipt of the Trust's written notice of the designation
of such quotation service. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Asset Coverage Cure Date&quot; has the meaning set forth in Section 3(a)(ii) of this Certificate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Auction&quot; means each periodic operation of the procedures set forth under &quot;Auction Procedures.&quot;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Auction Agent&quot; means Bankers Trust Company unless and until another commercial bank, trust company, or
other financial institution appointed by a resolution of the Board of Trustees enters into an agreement with the Trust to follow the Auction Procedures for the purpose of determining the Applicable Rate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Auction Date&quot; means the first Business Day next preceding the first day of a Dividend Period for each
Series.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Auction Procedures&quot; means the procedures for conducting Auctions set forth in Part II hereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Auditor's Certificate&quot; has the meaning set forth in Section 13(g) of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Bank of America Credit Agreement&quot; means that certain Second Amended and Restated Credit Agreement
dated as of September 2, 1998 (as amended or supplemented thereafter) among Pilgrim Prime Rate Trust, a Massachusetts business trust, various financial institutions party to the Credit Agreement,
Bank of America, N.A., a national banking association, State Street Bank and Trust Company, Deutsche Bank AG, and Commerzbank AG. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Beneficial Owner,&quot; with respect to shares of each Series, means a customer of a Broker-Dealer who
is listed on the records of that Broker-Dealer (or, if applicable, the Auction Agent) as a holder of shares of such series. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Bid&quot; has the meaning set forth in Section 2(a)(ii) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Bidder&quot; has the meaning set forth in Section 2(a)(ii) of Part II of this Certificate; provided,
however, that neither the Trust nor any Affiliate shall be permitted to be a Bidder in an Auction. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Board of Trustees&quot; means the Board of Trustees of the Trust or any duly authorized committee thereof
as permitted by applicable law.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Broker-Dealer&quot; means any broker-dealer or broker-dealers, or other entity permitted by law to perform
the functions required of a Broker-Dealer by the Auction Procedures, that has been selected by the Trust and has entered into a Broker-Dealer Agreement that remains effective. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Broker-Dealer Agreement&quot; means an agreement between the Auction Agent and a Broker-Dealer, pursuant to
which such Broker-Dealer agrees to follow the Auction Procedures.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Business Day&quot; means a day on which the New York Stock Exchange is open for trading and which is not a
Saturday, Sunday or other day on which banks in The City of New York, New York are authorized or obligated by law to close.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Code&quot; means the Internal Revenue Code of 1986, as amended. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Commercial Paper Dealers&quot; has the meaning set forth in the definition of &quot;AA&quot; Financial
Composite Commercial Paper Rate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Commission&quot; means the Securities and Exchange Commission.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Common Share&quot; means the shares of beneficial interest, par value $.01 per share, of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Date of Original Issue&quot; means the date on which a Series is originally issued by the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Default Period&quot; has the meaning set forth in Sections 2(c) (ii) or (iii) of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Default Rate&quot; means the Reference Rate multiplied by three (3).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Deposit Securities&quot; means cash and any obligations or securities, including Short Term Money Market
Instruments that are Eligible Assets, rated at least AAA, A-1+ or SP-1+ by S&amp;P, except that, for purposes of optional redemption such obligations or securities shall be considered &quot;Deposit
Securities&quot; only if they are also rated at least P-1 by Moody's.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Discounted Value&quot; means the product of the Market Value (plus accrued interest) of an Eligible Asset
multiplied by the applicable Advance Rate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Dividend Default&quot; has the meaning set forth in Section 2(c)(iii) of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Dividend Payment Date&quot; means (i) with respect to any Dividend Period of one year or less, the Business
Day next succeeding the last day thereof and, if any, the 91st, 181st and 271st days thereof, and (ii) with respect to any Dividend Period of more than one year, on a quarterly basis on each January 1,
April 1, July 1 and October 1 and on the Business Day following the last day of such Dividend Period.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Dividend Period&quot; means, with respect to each Series, the period commencing on the Date of Original
Issue thereof and ending on the date specified for such series on the Date of Original Issue thereof and thereafter, as to such Series, the period commencing on the day following each Dividend Period
for such Series and ending on the day established for such Series by &nbsp;the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Eligible Assets&quot; means Moody's Eligible Assets (if Moody's is then rating the Preferred Shares) and
S&amp;P Eligible Assets (if S&amp;P is then rating the Preferred Shares), whichever is applicable. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Existing Holder,&quot; has the meaning set forth in Section 1(d) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;GE Loan Agreement&quot; means that certain Revolving Loan Agreement dated as of July 16, 1998 (as the same
may be amended, supplemented, restated or otherwise modified from time to time) and is entered into among Pilgrim Prime Rate Trust (f/k/a Pilgrim America Prime Rate Trust), a Delaware corporation, ING
Pilgrim Investments, Inc. (f/k/a Pilgrim America Investments, Inc.), a Delaware corporation, Edison Asset Securitization, L.L.C., a Delaware limited liability company and General Electric Capital
Corporation, a New York Corporation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Hold Order&quot; has the meaning set forth in Section 2(a)(ii) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Holder&quot; means, with respect to Preferred Shares, the registered holder of shares of each Series as the
same appears on the share ledger or share records of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Loan&quot; means any assignment of or participation in any bank loan denominated in U.S. dollars including
term loans, the funded and unfunded portions of revolving credit lines (provided that the Trust shall place in reserve an amount equal to any unfunded portion of any revolving credit line) and debtor-in
possession financings; provided that such loan (a) is not extended for </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>the purpose of purchasing or carrying any margin stock and (b) is similar to those typically made, syndicated, purchased or
participated by a commercial bank in the ordinary course of business.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Mandatory Redemption Date&quot; has the meaning set forth in Section 3(a)(iv) of Part I of &nbsp;this
Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Mandatory Redemption Price&quot; has the meaning set forth in Section 3(a)(iv) of Part I of this
Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Market Value&quot; means the Market Value Price or, if a Market Value Price is not readily available, the
Approved Price of each Eligible Asset held by the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Market Value Price&quot; means the price of an Eligible Asset which is the price obtained from an Approved
Pricing Service or, if such price is not available, the lower of the bid prices quoted by two Approved Dealers. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Maximum Rate&quot; means, on any date on which the Applicable Rate is determined, the applicable percentage
of the &quot;AA&quot; Financial Composite Commercial Paper Rate on the date of such Auction determined as set forth below based on the lower of the credit ratings assigned to the Preferred Shares by
Moody's and S&amp;P subject to upward but not downward adjustment in the discretion of the Board of Trustees after consultation with the Broker-Dealers; provided that immediately following any such
increase the Trust would be in compliance with the Preferred Shares Basic Maintenance Amount.</P>
<P style="margin:0px" align=justify><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="75%" align=center>
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2">Moody's<BR>
                     <U>Credit Rating</U>
</TH>
     <TH COLSPAN="2">S&amp;P<BR>
                     <U>Credit Rating</U>
</TH>
     <TH COLSPAN="2">Applicable<BR>
                     <U>Percentage</U>
</TH>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">aa3 or Above</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">&nbsp;</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">AA- or Above</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">&nbsp;</TD>
     <TD ALIGN="CENTER" BGCOLOR="#CCEEFF">150%</TD>
        <TD ALIGN="LEFT" BGCOLOR="#CCEEFF"></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">a3 or a1</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="LEFT">A- to A+</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="CENTER">160%</TD>
        <TD ALIGN="LEFT"></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">baa3 to baa1</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">&nbsp;</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">BBB- to BBB+</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">&nbsp;</TD>
     <TD ALIGN="CENTER" BGCOLOR="#CCEEFF">250%</TD>
        <TD ALIGN="LEFT" BGCOLOR="#CCEEFF"></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">Below baa3</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="LEFT">Below BBB-</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="CENTER">275%</TD>
        <TD ALIGN="LEFT"></TD>
</TR>
</TABLE>

<P style="margin:0px" align=justify><BR></P>


<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Moody's&quot; means Moody's Investors Service, Inc. and its successors at law.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Moody's Advance Rate&quot; means, so long as the Trust's portfolio complies with the Moody's General
Portfolio Requirements, the percentage determined below: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:161px; text-indent:-65px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin:0px; padding-left:161px; font-size:11pt" align=justify>Loans: for each Moody's Asset Category, the percentage specified in the table below opposite such Moody's
Asset Category. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="75%" align=center>
<TR VALIGN="BOTTOM">
     <TH ALIGN="CENTER" WIDTH="50%"><U>Moody's Asset Category</U></TH><th>&nbsp;</th>
     <TH align=center colspan="2"><U>Advance Rate</U></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="50%">A</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="25%">84</TD>
        <TD ALIGN="LEFT" WIDTH="25%">.5%</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER" WIDTH="50%">B</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="25%">73</TD>
        <TD ALIGN="LEFT" WIDTH="25%">%</TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="50%">C</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="25%">62</TD>
        <TD ALIGN="LEFT" WIDTH="25%">%</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER" WIDTH="50%">D</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="25%">45</TD>
        <TD ALIGN="LEFT" WIDTH="25%">%</TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="50%">E</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="25%">45</TD>
        <TD ALIGN="LEFT" WIDTH="25%">%</TD>
</TR>
</TABLE>


<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) Short Term Money Market Instruments: (A) 97%, so long as such investments mature or
have a demand feature at par exercisable within 30 days, (B) 90%, so long as such investments mature or have a demand feature at par not exercisable </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>within 30 days, and (C) 83%, if such securities are not rated by Moody's, so long as such investments are
rated at least A-2/AA or SP-2/AA by S&amp;P and mature or have a demand feature at par exercisable within 30 days.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) Cash; 100%.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Moody's Asset Category&quot; means the following five categories (and, for purposes of this categorization,
the Market Value Price of a Moody's Eligible Asset trading at par is equal to $1.00).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Moody's Asset Category A&quot; means Performing Senior Loans which have a Market Value Price or an Approved
Price greater than or equal to $.90. &quot;Moody's Asset Category B&quot; means:</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) Performing Senior Loans which have a Market Value Price or an Approved Price of greater
than or equal to $.80 but less than $.90; and </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) non-Performing Senior Loans which have a Market Value Price or an Approved Price greater
than or equal to $.85. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Moody's Asset Category C&quot; means: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) Performing Senior Loans which have a Market Value Price or an Approved Price greater than
or equal to $.70 but less than $.80; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) non-Performing Senior Loans which have a Market Value Price or an Approved Price greater
than or equal to $.75 but less than $.85.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Moody's Asset Category D&quot; means Senior Loans which have a Market Value Price or an Approved price less
than $.75. &quot;Moody's Asset Category E&quot; means Non-Senior Loans which have a Market Value Price or an Approved Price. &nbsp;Notwithstanding any other provision contained above, for purposes of
determining whether a Moody's Eligible Asset falls within a specific Moody's Asset Category, to the extent that any Moody's Eligible Asset would fall in more than one of the Moody's Asset Categories,
such Moody's Eligible Asset shall be deemed to fall into the Moody's Asset Category with the highest applicable Moody's Advance Rate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Moody's Eligible Assets&quot; means:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) Senior Loans; provided, however, that (a) Senior Loans with an Approved Price will qualify
as Moody's Eligible Assets only up to a maximum of 10% of the Trust's total assets; and (b) Senior Loans under Moody's Asset Category D will qualify as Moody's Eligible Assets only up to a maximum of
20% of the Trust's total assets. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) Non-Senior Loans; provided, however, that Non-Senior Loans will qualify as Moody's
Eligible Assets only up to a maximum of 10% of the Trust's total assets.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) Short-Term Money Market Instruments so long as (a) such securities are rated at
least P-2, (b) in the case of demand deposits, time deposits, banker's acceptances and certificate of deposit and overnight funds, the supporting entity is rated at least A2, (c) such securities
are U.S. Government Securities, or (d) in all other cases, the supporting entity (1) is rated A2 and the security matures within one month, (2) is rated </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>A2 and the security matures within three months or (3) is rated at least Aa3 and the security matures within
six months. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iv) Cash.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Moody's General Portfolio Requirements&quot; means that the Trust's portfolio must meet the following
diversification requirements: (a) no more than 25% by par value of the Trust's total assets can be invested in the securities of borrowers and other issuers having their principal business activities
in the same Moody's Industry Classification; provided, that this limitation shall not apply with respect to U.S. Government Securities and provided further that for purposes of this subsection (a),
the term &quot;issuer&quot; shall not include a lender selling a participation to the Trust or any other person interpositioned between such lender and the Trust with respect to a participation and
(b) no more than 10% by par value of the Trust's total &nbsp;assets can be invested in securities of a single issuer, and provided further that for purposes of this subsection (b), the term
&quot;issuer&quot; includes both the borrower under a loan agreement and the lender selling a participation to the Trust together with any other persons interpositioned between such lender and
the Trust with respect to such participation. &quot;Moody's Industry Classification&quot; means, for the purposes of determining Moody's Eligible Assets, each of the following industry
classifications (or such other classifications as Moody's may from time to time approve for application to the Preferred Shares:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>1. Aerospace and Defense: Major Contractor, Subsystems, Research, Aircraft Manufacturing, Arms, Ammunition </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>2. Automobile: Automobile Equipment, Auto-Manufacturing, Auto Parts Manufacturing, Personal Use Trailers, Motor Homes, Dealers </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>3. Banking: Bank Holding, Savings &nbsp;and Loans, Consumer Credit, Small Loan, Agency, Factoring, Receivables</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>4. Beverage, Food and Tobacco: Beer and Ale, Distillers, Wines and Liquors, Distributors, Soft Drink Syrup, Bottlers, Bakery, Mill
Sugar, Canned Foods, Corn Refiners, Dairy Products, Meat Products, Poultry Products, Snacks, Packaged Foods, Distributors, Candy, Gum, Seafood, Frozen Food, Cigarettes, Cigars, Leaf/Snuff, Vegetable Oil</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>5. Buildings and Real Estate: Brick, Cement, Climate Controls, Contracting, Engineering, Construction, Hardware, Forest Products
(building-related only), Plumbing, Roofing, Wallboard, Real Estate, Real Estate Development, REITs, Land Development</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>6. Chemicals, Plastics and Rubber: Chemicals (non-agriculture), Industrial Gases, Sulphur, Plastics, Plastic Products, Abrasives,
Coatings, Paints, Varnish, Fabricating </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>7. Containers, Packaging and Glass: Glass, Fiberglass, Containers made of: Glass, Metal, Paper, Plastic, Wood or Fiberglass </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>8. Personal and Non-Durable Consumer Products (Manufacturing Only): Soaps, Perfumes, Cosmetics, Toiletries, Cleaning Supplies,
School Supplies</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>9. Diversified/Conglomerate Manufacturing</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>10. Diversified/Conglomerate Service</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>11. Diversified Natural Resources, Precious Metals and Minerals: Fabricating, Distribution, Mining and Sales</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>12. Ecological: Pollution Control, Waste Removal, Waste Treatment and Waste Disposal</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>13. Electronics: Computer Hardware, Electric Equipment, Components, Controllers, Motors, Household Appliances, Information Service
Communicating Systems, Radios, TVs, Tape Machines, Speakers, Printers, Drivers, Technology </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>14. Finance: Investment Brokerage, Leasing, Syndication, Securities</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>15. Farming and Agriculture: Livestock, Grains, Produce, Agriculture Chemicals, Agricultural Equipment, Fertilizers</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>16. Grocery: Grocery Stores, Convenience Food Stores</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>17. Healthcare, Education and Childcare: Ethical Drugs, Proprietary Drugs, Research, Health Care Centers, Nursing Homes, HMOs,
Hospitals, Hospital Supplies, Medical Equipment </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>18. Home and Office Furnishings, Housewares, and Durable Consumer Products: Carpets, Floor Coverings, Furniture, Cooking, Ranges </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>19. Hotels, Motels, Inns and Gaming</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>20. Insurance: Life, Property and Casualty, Broker, Agent, Surety</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>21. Leisure, Amusement, Entertainment: Boating, Bowling, Billiards, Musical Instruments, Fishing, Photo Equipment, Records, Tapes,
Sports, Outdoor Equipment (Camping), Tourism, Resorts, Games, Toy Manufacturing</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>22. Machinery (Non-Agriculture, Non-Construction, Non-Electronic): Industrial, Machine Tools, Steam Generators</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>23. Mining, Steel, Iron and Non-Precious Metals: Coal, Copper, Lead, Uranium, Zinc, Aluminum, Stainless Steel, Integrated Steel,
Ore Production, Refractories, Steel Mill Machinery, Mini-Mills, Fabricating, Distribution and Sales</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>24. Oil and Gas: Crude Producer, Retailer, Well Supply, Service and Drilling</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>25. Personal, Food and Miscellaneous</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>26. Printing and Publishing: Graphic Arts, Paper, Paper Products, Business Forms, Magazines, Books, Periodicals, Newspapers,
Textbooks</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>27. Cargo Transport: Rail, Shipping, Railroads, Rail-car Builders, Ship Builders, Containers, Container Builders, Parts,
Overnight Mail, Trucking, Truck Manufacturing, Trailer Manufacturing, Air Cargo, Transport </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>28. Retail Stores: Apparel, Toy, Variety, Drugs, Department, Mail Order Catalog, Showroom</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>29. North American Cellular and North American Cable</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>30. Data and Internet Services</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>31. Satellite</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>32. Telecommunications Equipment</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>33. Other Telecommunications</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>34. Textiles and Leather: Producer, Synthetic Fiber, Apparel Manufacturer, Leather Shoes</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>35. Utilities: Electric, Water, Hydro Power, Gas, Diversified</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>36. Radio and TV Broadcasting</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>37. Foreign Cellular, Foreign Cable, Foreign TV, Foreign Radio and Equipment</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>38. Other Broadcasting and Entertainment</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;1940 Act&quot; means the Investment Company Act of 1940, as amended.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;1940 Act Preferred Shares Asset Coverage&quot; means asset coverage, as determined in accordance with
Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Trust which are stock, including all Outstanding Preferred Shares (or such other asset coverage
as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends
on its common shares), determined on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of such determination. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;1940 Act Preferred Shares Asset Coverage Certificate&quot; means the certificate required to be delivered
by the Trust pursuant to Section 13(e) of Part I of this Certificate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Non-Senior Loan&quot; means a Loan that is a hybrid loan, a subordinated loan or an unsecured loan. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Notice of Redemption&quot; means any notice with respect to the redemption of Preferred Shares pursuant
to Section 3 of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Order&quot; has the meaning set forth in Section 2(a)(ii) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Outstanding&quot; means, as of any date, Preferred Shares theretofore issued by the Trust except, without
duplication, (i) Preferred Shares theretofore canceled, redeemed or repurchased by the Trust, or delivered to the Auction Agent for cancellation or with respect to which the Trust has given notice of
redemption and irrevocably deposited with the Paying Agent sufficient funds to redeem such Preferred Shares and (ii) any Preferred Shares represented by any certificate in lieu of which a new
certificate has been executed and delivered by the Trust. Notwithstanding the foregoing, (A) for purposes of voting rights (including the determination of the number of shares required to constitute
a quorum), any Preferred Shares as to which the Trust or any Affiliate shall be the Existing Holder shall be disregarded and not deemed Outstanding; (B) in connection with any Auction, any Preferred
Shares as to which the Trust or any person known to the Auction </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Agent to be an Affiliate shall be the Existing Holder shall be disregarded and not deemed Outstanding; and (C) for purposes of
determining the Preferred Shares Basic Maintenance Amount, Preferred Shares held by the Trust shall be disregarded and not deemed Outstanding, but shares held by any Affiliate shall be deemed Outstanding.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Paying Agent&quot; means Bankers Trust Company unless and until another entity appointed by a resolution
of the Board of Trustees enters into an agreement with the Trust to serve as paying agent, which paying agent may be the same as the Auction Agent. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Performing&quot; means that no default as to the payment of principal or interest has occurred and is
continuing. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Person&quot; or &quot;person&quot; means and includes an individual, a partnership, the Trust, a trust, a
corporation, a limited liability company, an unincorporated association, a joint venture or other entity or a government or any agency or political subdivision thereof. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Potential Beneficial Owner,&quot; has the meaning set forth in Section 1of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Preferred Shares&quot; has the meaning set forth in paragraph SECOND of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Preferred Shares Basic Maintenance Amount&quot; as of any Valuation Date means the dollar amount equal to
the sum of </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) (A) the sum of the products resulting from multiplying the number of Outstanding shares of
each Series of Preferred Shares on such date by the Liquidation Preference (and redemption premium, if any) per share of such Series; (B) the aggregate amount of dividends that will have accumulated at
the Applicable Rate (whether or not earned or declared) to and including the first Dividend Payment Date for each Outstanding Preferred Share that follows such Valuation Date (or to the 30th day after
such Valuation Date, if such 30th day occurs before the first following Dividend Payment Date); (C) the amount of anticipated Trust non-interest expenses for the 90 days subsequent to such
Valuation Date; (D) the amount of the current outstanding balances of any indebtedness which is senior to the Preferred Shares plus interest actually accrued together with 30 days additional interest
on the current outstanding balances calculated at the current rate multiplied by 1.93 and (E) any other current liabilities payable during the 30 days subsequent to such Valuation Date, including,
without limitation, any indebtedness service to the Preferred Shares and indebtedness due within one year and any redemption premium due with respect to Preferred Shares for which a Notice of
Redemption has been given, as of such Valuation Date to the extent not reflected in any of (i)(A) through (i)(D): less </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) the sum of any cash plus the value of any Trust assets irrevocably deposited by the
Trust for the payment of any (i)(B) through (i)(E) (except that if the security matures prior to the relevant redemption payment date and is either fully guaranteed by the U.S. Government or is
rated P2 by Moody's and A2 by S&amp;P, it will be valued at its face value). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Preferred Shares Basic Maintenance Amount Test&quot; means a test which is met if the lower of the
aggregate Discounted Values of the Moody's Eligible Assets or the S&amp;P Eligible Assets meets or exceeds the Preferred Shares Basic Maintenance Amount. </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Preferred Shares Basic Maintenance Certificate&quot; has the meaning set forth in Section 13(d) of Part
I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Rate Period&quot; means either a Standard Rate Period or a Special Rate Period.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Rating Agency&quot; means Moody's and S&amp;P as long as such rating agency is then rating the Preferred
Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Redemption Date&quot; has the meaning set forth in Section 2(c)(ii) of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Redemption Default&quot; has the meaning set forth in Section 2(c)(ii) of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Redemption Price&quot; has the meaning set forth in Section 3(a)(i) of Part I of this Certificate.</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Reference Rate&quot; means, with respect to the determination of the Default Rate, the applicable
&quot;AA&quot; Financial Composite Commercial Paper Rate (for a Dividend Period of fewer than 184 days) or the applicable Treasury Index Rate (for a Dividend Period of 184 days or more).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Registrar&quot; means Bankers Trust Company unless and until another entity appointed by a resolution
of the Board of Trustees enters into an agreement with the Trust to serve as transfer agent. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P&quot; means Standard &amp; Poor's and its successors at law.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Advance Rate&quot; means the rate set forth below for each type of S&amp;P Eligible Asset:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) Loans: depending upon whether the Trust's portfolio meets the requirements of either
S&amp;P Diversity I or S&amp;P Diversity II, for each S&amp;P Asset Category, the applicable percentage specified in the table below opposite such S&amp;P Asset Category.</P>
<P style="margin:0px" align=justify><BR></P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="75%" align=center>
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2" ALIGN="left"><U>S&amp;P Asset Category</U></TH>
     <TH COLSPAN="2">S&amp;P Diversity I<BR>
                            <U>Advance Rate</U>
</TH>
     <TH COLSPAN="2">S&amp;P Diversity II<BR>
                            <U>Advance Rate</U>
</TH>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">A</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">&nbsp;</TD>
     <TD ALIGN="RIGHT" BGCOLOR="#CCEEFF">80</TD>
        <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">%</TD>
     <TD ALIGN="RIGHT" BGCOLOR="#CCEEFF">86</TD>
        <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">%</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">B</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT">74</TD>
        <TD ALIGN="LEFT">%</TD>
     <TD ALIGN="RIGHT">82</TD>
        <TD ALIGN="LEFT">%</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">C</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">&nbsp;</TD>
     <TD ALIGN="RIGHT" BGCOLOR="#CCEEFF">57</TD>
        <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">%</TD>
     <TD ALIGN="RIGHT" BGCOLOR="#CCEEFF">68</TD>
        <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">%</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT">D</TD>
     <TD ALIGN="LEFT">&nbsp;</TD>
     <TD ALIGN="RIGHT">47</TD>
        <TD ALIGN="LEFT">%</TD>
     <TD ALIGN="RIGHT">60</TD>
        <TD ALIGN="LEFT">%</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">E</TD>
     <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">&nbsp;</TD>
     <TD ALIGN="RIGHT" BGCOLOR="#CCEEFF">47</TD>
        <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">%</TD>
     <TD ALIGN="RIGHT" BGCOLOR="#CCEEFF">49</TD>
        <TD ALIGN="LEFT" BGCOLOR="#CCEEFF">%</TD>
</TR>
</TABLE>



<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) Short Term Money Market Instruments: (A) 97%, so long as such investments mature or
have a demand feature at par exercisable within 30 days, and (B) 90%, so long as such investments mature or have a demand feature at par not exercisable within the 30 days but exercisable within
one year. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) Cash; 100%.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Asset Category&quot; means the following five categories (and, for purposes of this
categorization, the Market Value Price of an S&amp;P Eligible Asset trading at par is equal to $ 1.00).</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Asset Category A&quot; means Performing Senior Loans which have a Market Value Price or an Approved
Price greater than $.90. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Asset Category B&quot; means Performing Senior Loans which have a Market Value Price or an Approved
Price greater than or equal to $.85 but equal to or less than $.90.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Asset Category C&quot; means non-Performing Senior Loans which have a Market Value Price or an
Approved Price greater than $.85. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Asset Category D&quot; means: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) Performing Senior Loans which have a Market Value Price or an Approved Price less than
$.85; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) Non-Performing Senior Loans which have a Market Value Price or an Approved Price less
than or equal to $.85.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Asset Category E&quot; means (i) Senior Loans whose total syndication is less than $150 million
(to the extent such loans exceed 15% of the Trust's total assets), (ii) Senior Loans which are rated below B- by S&amp;P or are unrated (to the extent such loans exceed 15% of the Trust's total
assets), and (iii) Non-Senior Loans. Notwithstanding any other provision contained above, for purposes of determining whether an S&amp;P Eligible Asset falls within a specific S&amp;P Asset Category,
to the extent that any S&amp;P Eligible Asset would fall in more than one of the five S&amp;P Asset Categories, such S&amp;P Eligible Asset shall be deemed to fall into the S&amp;P Asset Category
with the highest applicable S&amp;P Advance Rate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Diversity I&quot; means that the Trust's portfolio meets the following requirements: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(1) the Trust's total assets must be invested in the securities of borrowers and other
issuers having their principal business activities in at least four S&amp;P Industry Classifications (the electric, gas, water and telephone utility industries, commercial banks, thrift
institutions and finance companies being treated as separate industries for purposes of this restriction); provided, that this limitation shall not apply with respect to U.S. Government
Securities and provided further that for purposes of this subsection (1), the term &quot;issuer&quot; shall not include a lender selling a participation to the Trust or any other person
interpositioned between such lender and the Trust with respect to a participation; and (2) the Trust's total assets must be invested in securities of at least 20 different issuers, provided
that for purposes of this subsection (2), the term &quot;issuer&quot; includes both the borrower under a loan agreement and the lender selling a participation to the Trust together with any
other persons interpositioned between such lender and the Trust with respect to a participation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Diversity II&quot; means that the Trust's portfolio meets the following requirements:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(1) the Trust's total assets must be invested in the securities of borrowers and other
issuers having their principal business activities in at least 10 S&amp;P Industry Classifications (the electric, gas, water and telephone utility industries, commercial banks, thrift institutions
and finance companies being treated as separate industries for purposes of this restriction); provided, that this limitation shall not apply with respect to U.S. Government Securities and provided
further that for purposes of this subsection (1), the term &quot;issuer&quot; shall not include a lender selling a participation to the Trust or any other </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>person interpositioned between such lender and the Trust with respect to a participation; and (2) the Trust's
total assets must be invested in securities of at least 30 different issuers, provided that for purposes of this subsection (2), the term &quot;issuer&quot; includes both the borrower under a loan
agreement and the lender selling a participation to the Trust together with any other persons interpositioned between such lender and the Trust with respect to a participation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Eligible Assets&quot; means:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) Senior Loans; provided, however, that (a) Senior Loan Participations and Non-Senior
Loans will qualify as S&amp;P Eligible Assets only up to an aggregate maximum of 15% of the Trust's total assets, (b) Senior Loans whose total syndication is less than $150 million will qualify as
S&amp;P Eligible Assets only up to a maximum of 35% of the Trust's total assets, (c) Senior Loans and Non-Senior Loans rated below B- by S&amp;P or unrated will qualify as S&amp;P Eligible Assets
only up to an aggregate maximum of 50% of the Trust's total assets, (d) Senior Loans and Non-Senior Loans with an Approved Price will qualify as S&amp;P Eligible Assets only up to an aggregate
maximum of 5% of the Trust's total assets, (e) a Senior Loan or a Non-Senior Loan to a single issuer, plus any other investment in the securities of such issuer, will qualify as an S&amp;P Eligible
Asset only up to an aggregate maximum of 5% (for the S&amp;P Diversity I Advance Rate) or 3.33% (for the S&amp;P Diversity II Advance Rate) of the Trust's total assets, provided that, for purposes
of this subsection (e), the term &quot;issuer&quot; includes both the borrower under a loan agreement and the lender selling a participation to the Trust together with any other persons
interpositioned between such lender and the Trust with respect to a participation, (f) Senior Loans and Non-Senior Loans to borrowers and other issuers having their principal business activities
in the same S&amp;P Industry Classification will qualify as S&amp;P Eligible Assets only up to an aggregate maximum of 25% (for the S&amp;P Diversity I Advance Rate) or 10% (for the S&amp;P
Diversity II Advance Rate) of the Trust's total assets, provided that this limitation shall not apply with respect to U.S. Government Securities and provided further that, for purposes of this
subsection (f), the term &quot;issuer&quot; shall not include a lender selling a participation to the
Trust or any other person interpositioned between such lender and the Trust with respect to a participation. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) Non-Senior Loans; provided, however, that (a) unsecured Non-Senior Loans will qualify
as S&amp;P Eligible Assets only up to a maximum of 3% of the Trust's total assets, (b) Senior Loan Participations and Non-Senior Loans will qualify as S&amp;P Eligible Assets only up to an aggregate
maximum of 15% of the Trust's total assets, (c) Senior Loans and Non-Senior Loans rated below Bby S&amp;P or unrated will qualify as S&amp;P Eligible Assets only up to an aggregate maximum of 50% of
the Trust's total assets, (d) Senior Loans and Non-Senior Loans with an Approved Price will qualify as S&amp;P Eligible Assets only up to an aggregate maximum of 5% of the Trust's total assets, (e) a
Senior Loan or a Non-Senior Loan to a single issuer, plus any other investment in the securities of such issuer, will qualify as an S&amp;P Eligible Asset only up to an aggregate maximum of 5% (for
the S&amp;P Diversity I Advance Rate) or 3.33% (for the S&amp;P Diversity I Advance Rate) of the Trust's total assets, provided that, for purposes of this subsection (e), the term &quot;issuer&quot;
includes both the borrower under a loan agreement and the lender selling a participation to the Trust together with any other persons interpositioned between such lender and the Trust with respect to
a participation, (f) Senior Loans and Non-Senior Loans to borrowers and other issuers having their principal business activities in the same S&amp;P Industry Classification will qualify as S&amp;P
Eligible Assets only up to an aggregate maximum of 25% (for the S&amp;P Diversity I Advance Rate) or 10% (for the S&amp;P Diversity </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>I Advance Rate) of the Trust's total assets, provided that this limitation shall not apply with respect to U.S.
Government Securities and provided further that, for purposes of this subsection (f), the term &quot;issuer&quot; &nbsp;shall not include a lender selling a participation to the Trust or any other
person interpositioned between such lender and the Trust with respect to a participation.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) Short-Term Money Market Instruments provided that (a) such securities are rated at
least A-1 and mature within 30 days or are rated at least A-1+ and mature within one year, and provided further that such securities rated A-1 will qualify as S&amp;P Eligible Assets only up to a
maximum of 20% of the Trust's total assets, (b) in the case of demand deposits, time deposits, banker's acceptances, certificates of deposit and overnight funds, the supporting entity is rated at
least A+, (c) such securities are U.S. Government Securities or (d) in all other cases, the supporting entity is rated at least A+. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iv) Cash.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;S&amp;P Industry Classification&quot; means, for the purposes of determining S&amp;P Eligible Assets,
each of the following industry classifications (or such other classifications as S&amp;P may from time to time approve for application to the Preferred Shares:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>1. Aerospace and Defense: Aircraft manufacturer/components, Arms and ammunition</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>2. Air transport</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>3. Automotive: Manufacturers, Parts and Equipment, Tire and Rubber</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>4. Beverage and Tobacco</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>5. Broadcast Radio and Television</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>6. Brokers/Dealers/Investment Houses</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>7. Building and Development: Builders, Land Development/Real Estate, REITs</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>8. Business Equipment and Services: Graphic Arts, Office Equipment/Computers, Data Processing Service Bureaus, Computer Software</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>9. Cable and Satellite Television</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>10. Chemical/Plastics: Coatings/Paints/Varnishes</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>11. Clothing/Textiles</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>12. Conglomerates</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>13. Containers and Glass Products</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>14. Cosmetic/Toiletries</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>15. Drugs</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
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<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>16. Ecological Services and Equipment: Waste Disposal Services and Equipment</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>17. Electronics/Electric</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>18. Equipment Leasing: Auto Leasing/Rentals, Commercial Equipment Leasing, Data Processing Equipment Service/Leasing</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>19. Farming/Agriculture: Agricultural Products and Equipment, Fertilizers </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>20. Financial Intermediaries: Bank/Thrifts, Finance Companies</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>21. Food/Drug Retailers</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>22. Food Products</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>23. Food Service: Food Service/Restaurants, Vending</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>24. Forest Products: Building Materials, Paper Products/Containers</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>25. Health Care</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>26. Home Furnishings: Appliances, Furniture and Fixtures, Housewares</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>27. Lodging and Casinos</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>28. Industrial Equipment: Machinery, Manufacturing/Industrial, Specialty Instruments</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>29. Insurance</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>30. Leisure Goods/Activities/Movies</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>31. Nonferrous Metals/Minerals: Aluminum Producers, Mining (including coal), Other Metal/Mineral Producers</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>32. Oil and Gas: Producers/Refiners, Gas Pipelines</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>33. Publishing</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>34. Rail Industries: Railroads, Rail Equipment</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>35. Retailers (except food and drug)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>36. Steel</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>37. Surface Transport: Shipping/Shipbuilding, Trucking</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>38. Telecommunications/Cellular Communications</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>39. Utilities: Electric, Local Gas, Water</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
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<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>The Trust shall use its discretion in determining which industry classification is applicable to a particular
investment. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Securities Act&quot; means the Securities Act of 1933, as amended.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Securities Depository&quot; means The Depository Trust Company and its successors and assigns or any
successor securities depository selected by the Trust that agrees to follow the procedures required to be followed by such securities depository in connection with the shares of each Series.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Sell Order&quot; has the meaning set forth in Section 2(b) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Senior Loan&quot; means any secured Loan that is not subordinated by its terms to any other indebtedness
of the borrower.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Senior Loan Participations&quot; means participations by the Trust in a lender's portion of a Senior Loan
where the Trust has a contractual relationship with such lender and not the borrower, and such lender is rated at least A- 1/A-. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Series&quot; means any of the series of Preferred Shares issued by the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Series F&quot; means the shares of Series F of the Preferred Shares or any other shares of preferred stock
hereinafter designated as shares of Series F of the Preferred Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Series M&quot; means the shares of Series M of the Preferred Shares or any other shares of preferred stock
hereinafter designated as shares of Series M of the Preferred Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Series T&quot; means the shares of Series T of the Preferred Shares or any other shares of preferred stock
hereinafter designated as shares of Series T of the Preferred Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Series Th&quot; means the shares of Series Th of the Preferred Shares or any other shares of preferred stock
hereinafter designated as shares of Series Th of the Preferred Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Series W&quot; means the shares of Series W of the Preferred Shares or any other shares of preferred stock
hereinafter designated as shares of Series W of the Preferred Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Short-Term Money Market Instrument&quot; means the following types of instruments if, on the date of
purchase or other acquisition thereof by the Trust, the remaining term to maturity thereof is not in excess of 180 days:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) commercial paper rated A-1 if such commercial paper matures in 30 days or A-1+ if such
commercial paper matures in over 30 days;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) demand or time deposits in, and banker's acceptances and certificates of deposit of (A)
a depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia or (B) a United States branch office or agency of
a foreign depository institution (provided that such branch office or agency is subject to banking regulation under the laws of the United States, any state thereof or the District of Columbia);</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) overnight funds; and</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iv) U.S. Government Securities.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Special Rate Period&quot; means a Dividend Period that is not a Standard Rate Period.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Specific Redemption Provisions&quot; means, with respect to any Special Rate Period of more than one year,
either, or any combination of (i) a period (a &quot;Non-Call Period&quot;) determined by the Board of Trustees after consultation with the Broker-Dealers, during which the shares subject to such Special
Rate Period are not subject to redemption at the option of the Trust pursuant to Section 3(a)(i) and/or Section 3(a)(ii) and/or 3(a)(iii) of Part I of this Certificate and (ii) a period (a &quot;Premium
Call Period&quot;), consisting of a number of whole years as determined by the Board of Trustees after consultation with the Broker-Dealers, during each year of which the shares subject to such Special
Rate Period shall be redeemable at the Trust's option pursuant to Section 3(a)(i) and/or in connection with any mandatory redemption pursuant to Section 3(a)(ii) and/or 3(a)(iii) at a price per share
equal to the Liquidation Value plus accumulated but unpaid &nbsp;dividends (whether or not earned or declared) plus a premium expressed as a percentage or percentages of the Liquidation Value or
expressed as a formula using specified variables as determined by the Board of Trustees after consultation with the Broker-Dealers.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Standard Rate Period&quot; means a Dividend Period of 7 days, unless such 7th day is not a Business Day,
then the number of days ending on the Business Day next preceding such 7th day.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Submission Deadline&quot; means 1:00 P.M., New York City time, on any Auction Date or such other time on
any Auction Date by which Broker-Dealers are required to submit Orders to the Auction Agent as specified by the Auction Agent from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Transfer Agent&quot; means Bankers Trust Company, unless and until another entity appointed by a resolution
of the Board of Trustees enters into an agreement with the Trust to serve as Transfer Agent.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Treasury Index Rate&quot; means the average yield to maturity for actively traded marketable U.S. Treasury
fixed interest rate securities having the same number of 30-day periods to maturity as the length of the applicable Dividend Period, determined, to the extent necessary, by linear interpolation based
upon the yield for such securities having the next shorter and next longer number of 30-day periods to maturity treating all Dividend Periods with a length greater than the longest maturity for such
securities as having a length equal to such longest maturity, in all cases based upon data set forth in the most recent weekly statistical release published by the Board of Governors of the Federal
Reserve System (currently in H.15 (519)); provided, however, if the most recent such statistical release shall not have been published during the 15 days preceding the date of computation, the
foregoing computations shall be based upon the average of comparable data as quoted to the Trust by at least three recognized dealers in U.S. Government securities selected by the Trust. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;U.S. Government Securities&quot; means direct obligations of the United States or by its agencies or
instrumentalities that are entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the periodic payment of interest and the full
payment of principal at maturity or call for redemption. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Valuation Date&quot; means each Business Day of each week. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot; Voting Period&quot; has the meaning set forth in Section 6(b) of Part I of this Certificate.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Winning Bid Rate&quot; has the meaning set forth in Section 4(a)(iii) of Part II of this Certificate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>20. <U>Interpretation</U>. References to sections, subsections, clauses, sub-clauses, paragraphs and subparagraphs are to such
sections, subsections, clauses, sub-clauses, paragraphs and subparagraphs contained in this Part I or Part II hereof, as the case may be, unless specifically identified otherwise.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>PART II: AUCTION PROCEDURES</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>1. Certain Definitions. As used in Part II of this Certificate, the following terms shall have the following meanings, unless the
context otherwise requires and all section references below are to &nbsp;Part II of this Certificate except as otherwise indicated: Capitalized terms not defined in Section 1 of Part II of this
Certificate shall have the respective meanings specified in Part I of this Certificate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Agent Member&quot; means a member of or participant in the Securities Depository that will act on behalf
of a Bidder. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Available Preferred Shares&quot; has the meaning set forth in Section 4(a)(i) of Part II of this Certificate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Existing Holder&quot; means (a) a person who has signed a Master Purchaser's Letter and beneficially owns
those Preferred Shares listed in that person's name in the records of the Auction Agent or (b) the beneficial owner of those Preferred Shares which are listed under such person's Broker-Dealer's name
in the records of the Auction Agent, which Broker-Dealer shall have signed a Master Purchaser's Letter. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Hold Order&quot; has the meaning set forth in Section 2(a)(ii) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Master Purchaser's Letter&quot; means a letter which is required to be executed by each prospective purchaser
of Preferred Shares or the Broker-Dealer through whom such shares will be held. </P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Order&quot; has the meaning set forth in Section 2(a)(ii) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Potential Holder,&quot; means (1) any Existing Holder who may be interested in acquiring additional
Preferred Shares or (ii) any other person who may be interested in acquiring Preferred Shares and who has signed a Master Purchaser's letter or whose shares will be listed under such person's
Broker-Dealer's name on the records of the Auction Agent which Broker-Dealer shall have executed a Master Purchaser's letter. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Sell Order&quot; has the meaning set forth in Section 2(b) of Part II of this Certificate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Submitted Bid Order&quot; has the meaning set forth in Section 4(a) of Part II of this Certificate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Submitted Hold Order&quot; has the meaning set forth in Section 4(a) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Submitted Order&quot; has the meaning set forth in Section 4(a) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
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<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Submitted Sell Order&quot; has the meaning set forth in Section 4(a) of Part II of this Certificate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Sufficient Clearing Orders&quot; means that all Preferred Shares are the subject of Submitted Hold Orders
or that the number of Preferred Shares that are the subject of Submitted Buy Orders by Potential Holders specifying one or more rates equal to or less than the Maximum Rate exceeds or equals the sum
of (A) the number of Preferred Shares that are subject of Submitted Hold/Sell Orders by Existing Holders specifying one or more rates higher than the Maximum Applicable Rate and (B) the number of
Preferred Shares that are subject to Submitted Sell Orders.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>&quot;Winning Bid Rate&quot; means the lowest rate specified in the Submitted Orders which, if (A) each Submitted
Hold/Sell Order from Existing Holders specifying such lowest rate and all other Submitted Hold/Sell Orders from Existing Holders specifying lower rates were accepted And (B) each Submitted Buy Order
from Potential Holders specifying such lowest rate and all other Submitted Buy Orders from Potential Holders specifying lower rates were accepted, would result in the Existing Holders described in
clause (A) above continuing to hold an aggregate number of Preferred Shares which, when added to the number of Preferred Shares to be purchased by the Potential Holders described in clause (B) above
and the number of Preferred Shares subject to Submitted Hold Orders, would be equal to the number of Preferred Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>2. <U>Orders</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) On or prior to the Submission Deadline on each Auction Date for shares of a series of Preferred Shares: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) each Beneficial Owner of shares of such series may submit to its Broker-Dealer by telephone
or otherwise information as to:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(A) the number of Outstanding shares, if any, of such series held by such Beneficial Owner which
such Beneficial Owner desires to continue to hold without regard to the Applicable Rate for shares of such series for the next succeeding Rate Period of such shares;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(B) the number of Outstanding shares, if any, of such series held by such Beneficial Owner which
such Beneficial Owner offers to sell if the Applicable Rate for shares of such series for the next succeeding Rate Period of shares of such series shall be less than the rate per annum specified by such
Beneficial Owner; and/or </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(C) the number of Outstanding shares, if any, of such series held by such Beneficial Owner which
such Beneficial Owner offers to sell without regard to the Applicable Rate for shares of such series for the next succeeding Rate Period of shares of such series; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) each Broker-Dealer, using lists of Potential Beneficial Owners shall in good faith for the
purpose of conducting a competitive Auction in a commercially reasonable manner, contact Potential Beneficial Owners (by telephone or otherwise), including &nbsp;Persons that are not Beneficial Owners,
on such lists to determine the number of shares, if any, of such series which each such Potential Beneficial Owner offers to purchase if the Applicable Rate for shares of such series for the next
succeeding Rate Period of shares of </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
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<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>such series shall not be less than the rate per annum specified by such Potential Beneficial Owner.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>For the purposes hereof, the communication by a Beneficial Owner or Potential Beneficial Owner to a Broker-Dealer,
or by a Broker-Dealer to the Auction Agent, of information referred to in clause (i)(A), (i)(B), (i)(C) or (ii) of this paragraph (a) is hereinafter referred to as an &quot;Order&quot; and collectively
as &quot;Orders&quot; and each Beneficial Owner and each Potential Beneficial Owner placing an Order with a Broker-Dealer, and such Broker-Dealer placing an Order with the Auction Agent, is hereinafter
referred to as a &quot;Bidder&quot; and collectively as &quot;Bidders&quot;; an Order containing the information referred to in clause (i)(A) of this paragraph (a) is hereinafter referred to as a
&quot;Hold Order&quot; and collectively as &quot;Hold Orders&quot;; an Order containing the information referred to in clause (i)(B) or (ii) of this paragraph (a) is hereinafter referred to as a
&quot;Bid&quot; and collectively as &quot;Bids&quot;; and an Order containing the information referred to in clause (i)(C) of this paragraph (a) is hereinafter referred to as a &quot;Sell Order&quot;
and collectively as &quot;Sell Orders.&quot;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(b) (i) A Bid by a Beneficial Owner or an Existing Holder of shares of a series of Preferred
Shares subject to an Auction on any Auction Date shall constitute an irrevocable offer to sell:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(A) the number of Outstanding shares of such series specified in such Bid if the Applicable
Rate for shares of such series determined on such Auction Date shall be less than the rate specified therein;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(B) such number or a lesser number of Outstanding shares of such series to be determined as
set forth in clause (iv) of paragraph (a) of Section 5 of this Part II if the Applicable Rate for shares of such series determined on such Auction Date shall be equal to the rate specified therein;or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(C) the number of Outstanding shares of such series specified in such Bid if the rate
specified therein shall be higher than the Maximum Rate for shares of such series, or such number or a lesser number of Outstanding shares of such series to be determined as set forth in clause
(iii) of paragraph (b) of Section 5 of this Part II if the rate specified therein shall be higher than the Maximum Rate for shares of such series and Sufficient Clearing Bids for shares of such
series do not exist. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) A Sell Order by a Beneficial Owner or an Existing Holder of shares of a series of
Preferred Shares subject to an Auction on any Auction Date shall constitute an irrevocable offer to sell: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:144px; text-indent:48px; font-size:11pt" align=justify>(A) the number of Outstanding shares of such series specified in such Sell Order; or </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:144px; text-indent:48px; font-size:11pt" align=justify>(B) such number or a lesser number of Outstanding shares of such series as set forth in
clause (iii) of paragraph (b) of Section 5 of this Part II if Sufficient Clearing Bids for shares of such series do not exist; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>provided however, that a Broker-Dealer that is an Existing Holder with respect to shares of a series of Preferred Shares shall
not be liable to any Person for failing to sell such shares pursuant to a Sell Order described in the proviso to paragraph (c) of Section 3 of this Part II if (1) such shares were transferred by the
Beneficial Owner thereof without compliance by such Beneficial </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Owner or its transferee Broker-Dealer (or other transferee person, if permitted by the Trust) with the provisions of Section 6 of
this Part II or (2) such Broker-Dealer has informed the Auction Agent pursuant to the terms of its Broker-Dealer Agreement that, according to such Broker-Dealer's records, such Broker-Dealer believes
it is not the Existing Holder of such shares. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) A Bid by a Potential Holder of shares of a series of Preferred Shares subject to an
Auction on any Auction Date shall constitute an irrevocable offer to purchase:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(A) the number of Outstanding shares of such series specified in such Bid if the Applicable
Rate for shares of such series determined on such Auction Date shall be higher than the rate specified therein; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(B) such number or a lesser number of Outstanding shares of such series as set forth in
clause (v) of paragraph (a) of Section 5 of this Part II if the &nbsp;&nbsp;Applicable Rate for shares of such series determined on such Auction Date shall be equal to the rate specified therein.
(c) No Order for any number of Preferred Shares other than whole shares shall be valid.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>3. <U>Submission Of Orders By Broker-Dealers To Auction Agent</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) Each Broker-Dealer shall submit in writing to the Auction Agent prior to the &nbsp;Submission Deadline on
each Auction Date all Orders for Preferred Shares of a series subject to an Auction on such Auction Date obtained by such Broker-Dealer, designating itself (unless otherwise permitted by the Trust)
as an Existing Holder in respect of shares subject to Orders submitted or deemed submitted to it by Beneficial Owners and as a Potential Holder in respect of shares subject to Orders submitted to it
by Potential Beneficial Owners, and shall specify with respect to each Order for such shares: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) the name of the Bidder placing such Order (which shall be the Broker-Dealer unless
otherwise permitted by the Trust); </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) the aggregate number of shares of such series that are the subject of such Order;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) to the extent that such Bidder is an Existing Holder of shares of such series:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(A) the number of shares, if any, of such series subject to any Hold Order of such Existing
Holder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(B) the number of shares, if any, of such series subject to any Bid of such Existing Holder
and the rate specified in such Bid; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(C) the number of shares, if any, of such series subject to any Sell Order of such Existing
Holder; and </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iv) to the extent such Bidder is a Potential Holder of shares of such series, the rate and
number of shares of such series specified in such Potential Holder's Bid. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) If any rate specified in any Bid contains more than three figures to the right of the decimal point, the
Auction Agent shall round such rate up to the next highest one thousandth (.001) of 1%.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(c) If an Order or Orders covering all of the Outstanding Preferred Shares of a series held by any Existing Holder
is not submitted to the Auction Agent prior to the Submission Deadline, the Auction Agent shall deem a Hold Order to have been submitted by or on behalf of such Existing Holder covering the number of
Outstanding shares of such series held by such Existing Holder and not subject to Orders submitted to the Auction Agent; provided, however, that if an Order or Orders covering all of the Outstanding
shares of such series held by any Existing Holder &nbsp;is not submitted to the Auction Agent prior to the Submission Deadline for an Auction relating to a Special Rate Period consisting of more than
7 Rate Period days, the Auction Agent shall deem a &nbsp;&nbsp;Sell Order to have been submitted by or on behalf of such Existing Holder covering the number of outstanding shares of such series held by
such Existing Holder and not subject to Orders submitted to the Auction Agent. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(d) If one or more Orders of an Existing Holder is submitted to the Auction Agent covering in the aggregate more
than the number of Outstanding Preferred Shares of a series subject to an Auction held by such Existing Holder, such Orders shall be considered valid in the following order of priority: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) all Hold Orders for shares of such series shall be considered valid, but only up to and
including in the aggregate the number of Outstanding shares of such series held by such Existing Holder, and if the number of shares of such series subject to such Hold Orders exceeds the number of
Outstanding shares of such series held by such Existing Holder, the number of shares subject to each such Hold Order shall be reduced pro rata to cover the number of Outstanding shares of such series
held by such Existing Holder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) </P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:96px; font-size:11pt" align=justify>(A) any Bid for shares of such series shall be considered valid up to and including the excess
of the number of Outstanding shares of such series held by such Existing Holder over the number of shares of such series subject to any Hold Orders referred to in clause (i) above; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(B) subject to subclause (A), if more than one Bid of an Existing Holder for shares of such
series is submitted to the Auction Agent with the same rate and the number of Outstanding shares of such series subject to such Bids is greater &nbsp;than such excess, such Bids shall be considered
valid up to and including the amount of such excess, and the number of shares of such series subject to each Bid with the same rate shall be reduced pro rata to cover the number of shares of such
series equal to such excess; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(C) subject to subclauses (A) and (B), if more than one Bid of an Existing Holder for shares
of such series is submitted to the Auction Agent with different rates, such Bids shall be considered valid in the ascending order of their respective rates up to and including the amount of such excess;
and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(D) in any such event, the number, if any, of such Outstanding shares of such series subject
to any portion of Bids considered not valid in whole or in part under this clause (ii) shall be treated as the subject of a Bid for shares of such series by or on behalf of a Potential Holder at the
rate therein specified; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) all Sell Orders for shares of such series shall be considered valid up to and including
the excess of the number of Outstanding shares of such series held by such </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Existing Holder over the sum of shares of such series subject to valid Hold Orders referred to in clause (i)
above and valid Bids referred to in clause (ii) above. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(e) If more than one Bid for one or more shares of a series of Preferred Shares is submitted to the Auction Agent
by or on behalf of any Potential Holder, each such Bid submitted shall be a separate Bid with the rate and number of shares therein specified.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(f) Any Order submitted by a Beneficial Owner or a Potential Beneficial Owner to its Broker-Dealer, or by a
Broker-Dealer to the Auction Agent, prior to the Submission Deadline on any Auction Date, shall be irrevocable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>4. <U>Determination Of Sufficient Clearing Bids, Winning Bid Rate And &amp; Applicable Rate</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(a) Not earlier than the Submission Deadline on each Auction Date for shares of a series of Preferred Shares, the
Auction Agent shall assemble all valid Orders submitted or deemed submitted to it by the Broker-Dealers in respect of shares of such series (each such Order as submitted or deemed submitted by a
Broker-Dealer being hereinafter referred to individually as a &quot;Submitted Hold Order,&quot; a &quot;Submitted Bid&quot; or a &quot;Submitted Sell Order,&quot; as the case may be, or as a
&quot;Submitted Order&quot; and collectively as &quot;Submitted Hold Orders,&quot; &quot;Submitted Bids&quot; or &quot;Submitted Sell Orders,&quot; as the case may be, or as &quot;Submitted
Orders&quot;) and shall determine for such series: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) the excess of the number of Outstanding shares of such series over the number of Outstanding
shares of such series subject to Submitted Hold Orders (such excess being hereinafter referred to as the &quot;Available Preferred Shares&quot; of such series);</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) from the Submitted Orders for shares of such series whether: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(A) the number of Outstanding shares of such series subject to Submitted Bids of Potential
Holders specifying one or more rates equal to or lower than the Maximum Rate (for all Rate Periods) for shares of such series; exceeds or is equal to the sum of</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(B) the number of Outstanding shares of such series subject to Submitted Bids of Existing
Holders specifying one or more rates higher than the Maximum Rate (for all Rate Periods) for shares of such series; and </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(C) the number of Outstanding shares of such series subject to Submitted Sell Orders (in the
event such excess or such equality exists (other than because the number of shares of such series in subclauses (B) and (C) above is zero because all of the Outstanding shares of such series are subject
to Submitted Hold Orders), such Submitted Bids in subclause (A) above being hereinafter referred to collectively as &quot;Sufficient Clearing Bids&quot; for shares of such series); and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) if Sufficient Clearing Bids for shares of such series exist, the lowest rate specified in
such Submitted Bids (the &quot;Winning Bid Rate&quot; for shares of such series) which if: (A) (I) each such Submitted Bid of Existing Holders specifying such lowest rate and (II) all other such Submitted
Bids of Existing Holders specifying lower rates were rejected, thus entitling such Existing Holders to continue to hold the shares of such series that are subject to such Submitted Bids; and</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(B) (I) each such Submitted Bid of Potential Holders specifying such lowest rate and (II) all
other such Submitted Bids of Potential Holders specifying lower rates were accepted; would result in such Existing Holders described in subclause (A) above continuing to hold an aggregate number of
Outstanding shares of such series which, when added to the number of Outstanding shares of such series to be purchased by such Potential Holders described in subclause (B) above, would equal not less
than the Available Preferred Shares of such series.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(b) Promptly after the Auction Agent has made the determinations pursuant to paragraph (a) of this Section 4, the
Auction Agent shall advise the Trust of the Maximum Rate for shares of the series of Preferred Shares for which an Auction is being held on the Auction Date and, based on such determination, the
Applicable Rate for shares of such series for the next succeeding Rate Period thereof as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(i) if Sufficient Clearing Bids for shares of such series exist, that the Applicable Rate for
all shares of such series for the next succeeding Rate Period thereof shall be equal to the Winning Bid Rate for shares of such series so determined; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(ii) if Sufficient Clearing Bids for shares of such series do not exist (other than because all
of the Outstanding shares of such series are subject to Submitted Hold Orders), that the Applicable Rate for all shares of such series for the next succeeding Rate Period thereof shall be equal to the
Maximum Rate for shares of such series; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(iii) if all of the Outstanding shares of such series are subject to Submitted Hold Orders,
that the Applicable Rate for all shares of such series for the next succeeding Rate Period thereof shall be All Hold Rate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>5. <U>Acceptance And Rejection Of Submitted Bids And Submitted Sell Orders And Allocation </U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>Existing Holders shall continue to hold the Preferred Shares that are subject to Submitted Hold Orders, and, based
on the determinations made pursuant to paragraph (a) of Section 4 of this Part II, the Submitted Bids and Submitted Sell Orders shall be accepted or rejected by the Auction Agent and the Auction Agent
shall take such other action as set forth below:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(a) If Sufficient Clearing Bids for shares of a series of Preferred Shares have been made, all
Submitted Sell Orders with respect to shares of such series shall be accepted and, subject to the provisions of paragraphs (d) and (e) of this Section 5, Submitted Bids with respect to shares of such
series shall be accepted or rejected as follows in the following order of priority and all other Submitted Bids with respect to shares of such series shall be rejected:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(i) Existing Holders' Submitted Bids for shares of such series specifying any rate that is
higher than the Winning Bid Rate for shares of such series shall be accepted, thus requiring each such Existing Holder to sell the Preferred Shares subject to such Submitted Bids; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(ii) Existing Holders' Submitted Bids for shares of such series specifying any rate that is
lower than the Winning Bid Rate for shares of such series shall be rejected, thus entitling each such Existing Holder to continue to hold the Preferred Shares subject to such Submitted Bids; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(iii) Potential Holders' Submitted Bids for shares of such series specifying any rate that is
lower than the Winning Bid Rate for shares of &nbsp;such series shall be accepted;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(iv) each Existing Holder's Submitted Bid for shares of such series specifying a rate that is
equal to the Winning Bid Rate for shares of such series shall be rejected, thus entitling such Existing Holder to continue to hold the Preferred Shares subject to such Submitted Bid, unless the number
of Outstanding Preferred Shares subject to all such Submitted Bids shall be Greater than the number of Preferred Shares (&quot;remaining shares&quot;) in the excess of the Available Preferred Shares of
such series over the number of Preferred Shares subject to Submitted Bids described in clauses (ii) and (iii) of this paragraph (a), in which event such Submitted Bid of such Existing Holder shall be
rejected in part, and such Existing Holder shall be entitled to continue to hold Preferred Shares subject to such Submitted Bid, but only in an amount equal to the Preferred Shares of such series
obtained by multiplying the number of remaining shares by a fraction, the numerator of which shall be the number of Outstanding Preferred Shares held by such Existing Holder subject to such Submitted
Bid and the denominator of which shall be the aggregate number of Outstanding Preferred Shares subject to such Submitted Bids made by all such Existing Holders that specified a rate equal to the Winning
Bid Rate for shares of such series; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(v) each Potential Holder's Submitted Bid for shares of such series specifying a rate that is
equal to the Winning Bid Rate for shares of such series shall be accepted but only in an amount equal to the number of shares of such series obtained by multiplying the number of shares in the excess
of the Available Preferred Shares of such series over the number of Preferred Shares subject to Submitted Bids described in clauses (ii) through (iv) of this paragraph (a) by a fraction, the numerator
of which shall be the number of Outstanding &nbsp;Preferred Shares subject to such Submitted Bid and the denominator of which shall be the aggregate number of Outstanding Preferred Shares subject to
such Submitted Bids made by all such Potential Holders that specified a rate equal to the Winning Bid Rate for shares of such series. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:48px; font-size:11pt" align=justify>(b) If Sufficient Clearing Bids for shares of a series of Preferred Shares have not been made
(other than because all of the Outstanding shares of such series are subject to Submitted Hold Orders), subject to the provisions of paragraph (d) of this Section 5, Submitted Orders for shares of such
series shall be accepted or rejected as follows in the following order of priority and all other Submitted Bids for shares of such series shall be &nbsp;rejected:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(i) Existing Holders' Submitted Bids for shares of such series specifying any rate that is equal
to or lower than the Maximum Rate for shares of such series shall be rejected, thus entitling such Existing Holders to continue to hold the Preferred Shares subject to such Submitted Bids;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(ii) Potential Holders' Submitted Bids for shares of such series specifying any rate that is
equal to or lower than the Maximum Rate for shares of such series shall be accepted; and </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:96px; text-indent:48px; font-size:11pt" align=justify>(iii) Each Existing Holder's Submitted Bid for shares of such series specifying any rate that
is higher than the Maximum Rate for shares of such series and the Submitted Sell Orders for shares of such series of each Existing Holder shall be accepted, thus entitling each Existing Holder that
submitted or on &nbsp;whose behalf was submitted any such Submitted Bid or Submitted Sell Order to sell the shares of such series subject to such Submitted Bid or Submitted Sell Order, but in both
cases only in an amount equal to the number of shares of such series obtained by multiplying the number of shares of such series subject to Submitted Bids described in clause (ii) of this paragraph
(b) by a fraction, the numerator of which shall be the number of Outstanding shares of such series held by such Existing Holder subject to such Submitted Bid or Submitted Sell Order and the denominator
of which shall be the aggregate number of Outstanding shares of such series subject to all such Submitted Bids and Submitted Sell Orders.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(c) If all of the Outstanding shares of a series of Preferred Shares are subject to Submitted Hold Orders, all
Submitted Bids for shares of such series shall be rejected.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(d) If, as a result of the procedures described in clause (iv) or (v) of paragraph (a) or clause (iii) of
paragraph (b) of this Section 5, any Existing Holder would be entitled or required to sell, or any Potential Holder would be entitled or required to purchase, a fraction of a share of a &nbsp;series
of Preferred Shares on any Auction Date, the Auction Agent shall, in such manner as it shall determine in its sole discretion, round up or down the number of Preferred Shares of such series to be
purchased or sold by any Existing Holder or Potential Holder on such Auction Date as a result of such procedures so that the number of shares so purchased or sold by each Existing Holder or Potential
Holder on such Auction Date shall be whole shares of a series of Preferred Shares.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(e) If, as a result of the procedures described in clause (v) of paragraph (a) of this Section 5 any Potential
Holder would be entitled or required to purchase less than a whole share of a series of Preferred Shares on any Auction Date, the Auction Agent shall, in such manner as it shall determine in its sole
discretion, allocate Preferred Shares of such series for purchase among Potential Holders so that only whole shares of Preferred Shares of such series are purchased on such Auction Date as a result of
such procedures by any Potential Holder, even if such allocation results in one or more Potential Holders not purchasing Preferred Shares of such series on such Auction Date.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(f) Based on the results of each Auction for shares of a series of Preferred Shares, the Auction Agent shall
determine the aggregate number of shares of such series to be purchased and the aggregate number of shares of such series to be sold by Potential Holders and Existing Holders and, with respect to
each Potential Holder and Existing Holder, to the extent that such aggregate number of shares to be purchased and such aggregate number of shares to be sold differ, determine to which other Potential
Holder(s) or Existing Holder(s) they shall deliver, or from which other Potential Holder(s) or Existing Holder(s) they shall receive, as the case may be, Preferred Shares of such series. Notwithstanding
any provision of the Auction Procedures or the Settlement Procedures to the contrary, in the event an Existing Holder or Beneficial Owner of shares of a series of Preferred Shares with respect to whom
a Broker- Dealer submitted a Bid to the Auction Agent for such shares that was accepted in whole or in part, or submitted or is deemed to have submitted a Sell Order for such shares that was accepted
in whole or in part, fails to instruct its Agent Member to deliver such shares against payment therefor, partial deliveries of</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Preferred Shares that have been made in respect of Potential Holders' or Potential Beneficial Owners' Submitted Bids for shares
of such series that have been accepted in whole or in part shall constitute good delivery to such Potential Holders and Potential Beneficial Owners.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>(g) Neither the Trust nor the Auction Agent nor any affiliate of either shall have any responsibility or
liability with respect to the failure of an Existing Holder, a Potential Holder, a Beneficial Owner, a Potential Beneficial Owner or its respective Agent Member to deliver Preferred Shares of any
series or to pay for Preferred Shares of any series sold or purchased pursuant to the Auction Procedures or otherwise.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>6. <U>Transfer Of Preferred Shares</U></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt" align=justify>Unless otherwise permitted by the Trust, a Beneficial Owner or an Existing Holder may sell, transfer or
otherwise dispose of Preferred Shares only in whole shares and only pursuant to a Bid or Sell Order placed with the Auction Agent in accordance with the procedures described in this Part II or
to a Broker-Dealer; provided, however, that (a) a sale, transfer or other disposition of Preferred Shares from a customer of a Broker-Dealer who is listed on the records of that Broker-Dealer as
the holder of such shares to that Broker-Dealer or another customer of that Broker-Dealer shall not be deemed to be a sale, transfer or other disposition for purposes of this Section 6 if such
Broker-Dealer remains the Existing Holder of the shares so sold, transferred or disposed of immediately after such sale, transfer or disposition and (b) in the case of all transfers other than
pursuant to Auctions, the Broker-Dealer (or other Person, if permitted by the Trust) to whom such transfer is made shall advise the Auction Agent of such transfer. </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><U>EXHIBIT A</U></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>APPROVED BROKER-DEALERS</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Bank of American National Trust &amp; Savings Assoc./Nationsbank, N.A.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>BankBoston Corporation</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Bank of Montreal</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Bear Stearns Companies Inc.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Canadian Imperial Bank of Commerce</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Credit Suisse First Boston /Donaldson, Lufkin &amp; Jenrette, Inc.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>The Chase Manhattan Bank/J.P. Morgan Securities Inc.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Citibank N.A. /Salomon Smith Barney Holdings Inc.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Deutsche Bank</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>First Chicago NBD Corporation/Bank One Corporation</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>First Union National Bank</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Goldman Sachs &amp; Co.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Lehman Brothers, Inc.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Merrill Lynch &amp; Co., Inc.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Morgan Guaranty Trust Company of New York</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Morgan Stanley Dean Witter &amp; Co.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Toronto-Dominion Bank</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(d)(1)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>IN WITNESS WHEREOF, the Trust has caused these representations to be signed in its name and on its behalf by its Senior Executive
Vice-President and attested by its Assistant Secretary his 20th day of October, 2000. The Trust's Declaration of Trust, as amended, is on file with the Secretary of State of the Commonwealth
of Massachusetts, and the said officers of the Trust have executed this Certificate as officers and not individually, and the obligations and rights set forth in this Certificate are not binding upon
any such officers, or the Trustees or shareholders of the Trust, individually, but are binding only upon the assets and property of the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:48px; font-size:11pt" align=justify>PILGRIM PRIME RATE TRUST</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:48px; font-size:11pt" align=justify>By:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:48px; font-size:11pt" align=justify><U>/s/ James Hennessey_________</U></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:48px; font-size:11pt" align=justify>Senior Executive Vice President</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>ATTEST:</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>By:</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify><U>/a/ Illegible_________</U></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Assistant Secretary</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>

</DIV>

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<DOCUMENT>
<TYPE>EX-2.(G)(1)(I)
<SEQUENCE>4
<FILENAME>d28142_ex2g1i.htm
<DESCRIPTION>EX-2.(G)(1)(I)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>INVESTMENT MANAGEMENT AGREEMENT</TITLE>
<META NAME="author" CONTENT="Gloria Lopez">
<META NAME="date" CONTENT="04/18/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<div width=100%>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(g)(1)(i)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>AMENDED SCHEDULE OF APPROVALS</B></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>&nbsp;</B></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>with respect to the </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>INVESTMENT MANAGEMENT AGREEMENT </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>between </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>ING PRIME RATE TRUST</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>and </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>ING INVESTMENTS, LLC</B></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B>an Arizona Limited Liability Company </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px"><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt"><B><U>Trust</U></B></P>
</TD><TD VALIGN="top"><P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center><B><U>Annual Investment Management Fee </U></B></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center>(as a percentage of Managed Assets) </P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:13.5pt; margin:0px; font-size:11.5pt">ING Prime Rate Trust </P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=center>0.80%</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</div>

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<DOCUMENT>
<TYPE>EX-2.(J)(1)(V)
<SEQUENCE>5
<FILENAME>d28142_ex2j1v.htm
<DESCRIPTION>EX-2.(J)(1)(V)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE></TITLE>
<META NAME="author" CONTENT="bzedwards">
<META NAME="date" CONTENT="04/22/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">

<div width="100%">

<P style="line-height:14pt; margin:0px; font-family:Courier New; font-size:12pt" align=right>Exhibit (2)(j)(1)(v)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.2pt; margin:0px; font-family:Times New Roman Bold; font-size:12pt" align=center><B>T<small>HIRD</small> A<small>MENDMENT</small> <small>TO</small> C<small>USTODIAN</small> <small>AND</small> I<small>NVESTMENT</small>
A<small>CCOUNTING</small> A<small>GREEMENT</small></B></FONT></P>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:12.2pt; margin:0px; text-indent:48px; font-size:12pt" align=justify><B>T<small>HIS</small> T<small>HIRD</small> A<small>MENDMENT</small> <small>TO</small> C<small>USTODIAN</small>
<small>AND</small> I<small>NVESTMENT</small> A<small>CCOUNTING</small> A<small>GREEMENT</small></B> (the &#147;Amendment&#148;) is made and entered into as of August <U>2</U>, 2010
by and among each of the funds set forth on Exhibit A attached hereto, each a business trust or corporation organized and existing under the laws of the jurisdiction listed on
Exhibit A<B> </B>(each, a &#147;Fund&#148;) and <B>S<small>TATE</small> S<small>TREET</small> B<small>ANK</small> <small>AND</small> T<small>RUST</small> C<small>OMPANY</small></B>,
a Massachusetts trust company (&#147;State Street&#148;).</P>

<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.2pt; margin:0px; font-family:Times New Roman Bold; font-size:12pt" align=center><B>W<small>ITNESSETH</small></B><FONT style="font-family:Times New Roman"><B>:</B></FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.2pt; margin:0px; text-indent:48px; font-family:Times New Roman Bold; font-size:11pt" align=justify><B>W<small>HEREAS</small></B><FONT style="font-family:Times New Roman">,
Fund and State Street are parties to that certain Custodian and Investment Accounting Agreement dated as of November 1, 2001, and amended as of March 1, 2002 and October 1, 2007
(the &#147;Agreement&#148;); and</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.2pt; margin:0px; text-indent:48px; font-family:Times New Roman Bold; font-size:11pt" align=justify><B>W<small>HEREAS</small></B><FONT style="font-family:Times New Roman">,
Fund and State Street desire to amend and supplement the Agreement upon the following terms and conditions.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.2pt; margin:0px; text-indent:48px; font-family:Times New Roman Bold; font-size:11pt" align=justify><B>N<small>OW</small>
T<small>HEREFORE</small></B>,
for and in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Fund and State Street hereby
agree that the Agreement is amended and supplemented as follows:</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>1.</P>
<P style="line-height:12.2pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>The second &#147;Whereas&#148; clause is amended to read:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:normal; margin:0px; padding-left:48px; padding-right:48px; text-indent:48px" align=justify><FONT style="font-size:11pt">W<small>HEREAS</small>, Fund intends that this Agreement be
applicable to each of its series listed on Exhibit A</FONT> <FONT style="font-size:11pt">(such series together with all other series subsequently made subject to this Agreement in accordance with Section
17.2, shall be referred to herein as the &#147;</FONT><FONT style="font-size:11pt"><B><I>Portfolio(s)</I></B></FONT><FONT style="font-size:11pt">&#148;);</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>2.</P>
<P style="line-height:12.2pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Exhibit A is replaced in its entirety by the Exhibit A dated August <U>2</U>, 2010 attached hereto and
incorporated herein by this reference.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>3.</P>
<P style="line-height:12.2pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Section 17.2 is amended to read:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; padding-right:48px; text-indent:48px; font-family:Times New Roman Bold; font-size:11pt" align=justify>SECTION 17.2 &nbsp;&nbsp;ADDITIONAL FUNDS AND
PORTFOLIOS<FONT style="font-family:Times New Roman">. &nbsp;In the event that any management investment company in addition to those listed on Appendix A hereto desires to have State Street render
services as custodian under the terms hereof, it shall so notify State Street in writing, and if State Street agrees in writing to provide such services, such management investment company shall
become a Fund hereunder and be bound by all terms and conditions and provisions hereof. &nbsp;In the event that any Fund desires to have State Street render services as custodian under the terms
hereof with respect to one or more series in addition to those set forth on Exhibit A hereto, it shall so notify State Street in writing, and if State Street agrees in writing to provide such
services, such series shall become a Portfolio hereunder.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify>4.</P>
<P style="line-height:12.2pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>This Amendment is intended to modify and amend the Agreement and the terms of this Amendment and the
Agreement are to be construed to be cumulative and not exclusive of each other. Except as provided herein, the Agreement is hereby ratified and confirmed and remains in full force and effect.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-family:Courier New; font-size:12pt" align=right>Exhibit (2)(j)(1)(v)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.2pt; margin:0px; text-indent:48px; font-family:Times New Roman Bold; font-size:11pt" align=justify><B>I<small>N</small> W<small>ITNESS</small> W<small>HEREOF</small></B><FONT style="font-family:Times New Roman">, the
parties have caused this Amendment to be executed by their duly authorized officers to be effective as of the date first above written.</FONT></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD></TR>
<TR><TD VALIGN="top"><P style="line-height:12.2pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt" align=justify><B>S<small>TATE</small> S<small>TREET</small>
B<small>ANK</small> <small>AND</small> T<small>RUST</small> C<small>OMPANY</small></B></P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="line-height:12.2pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt" align=justify><B>E<small>ACH</small>
<small>OF</small> <small>THE</small>
E<small>NTITIES</small> S<small>ET</small> F<small>ORTH</small> <small>ON</small> E<small>XHIBIT</small> A H<small>ERETO</small></B></P>
</TD></TR>
<TR><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:12.2pt; margin:0px; font-size:11pt" align=justify>By: &nbsp;<U>/s/ Mark Nicholson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="bottom"><P style="line-height:12.2pt; margin:0px; font-size:11pt" align=justify>By: &nbsp;<U>/s/ Todd Modic&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:12.2pt; margin:0px; font-size:11pt" align=justify>Name: &nbsp;<U>Mark Nicholson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="bottom"><P style="line-height:12.2pt; margin:0px; font-size:11pt" align=justify>Name: &nbsp;Todd Modic</P>
</TD></TR>
<TR><TD VALIGN="bottom"><P style="line-height:12.2pt; margin:0px; font-size:11pt" align=justify>Title: &nbsp;<U>SVP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD VALIGN="bottom"><P>&nbsp;</P></TD><TD VALIGN="bottom"><P style="line-height:12.2pt; margin:0px; font-size:11pt" align=justify>Title: &nbsp;Senior Vice President</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>


<P style="line-height:14pt; margin:0px; font-family:Courier New; font-size:12pt" align=right>Exhibit (2)(j)(1)(v)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>Exhibit A</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>LIST OF FUNDS </B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>Amended as of August <U>2</U>, 2010</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=375.933></TD><TD width=214.467></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=375.933><P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>ENTITY NAME</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.467><P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>JURISDICTION</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=375.933><P style="line-height:13pt; margin:0px; font-size:11pt">ING SENIOR INCOME FUND</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.467><P style="line-height:13pt; margin:0px; font-size:11pt">Delaware Business Trust</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=375.933><P style="line-height:13pt; margin:0px; font-size:11pt">ING PRIME RATE TRUST</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.467><P style="line-height:13pt; margin:0px; font-size:11pt">Massachusetts Business Trust</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=375.933><P style="line-height:13pt; margin:0px; font-size:11pt">ING FUNDS TRUST</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">ING Floating Rate Fund</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.467><P style="line-height:13pt; margin:0px; font-size:11pt">Delaware Business Trust</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>

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<DOCUMENT>
<TYPE>EX-2.(J)(2)(I)
<SEQUENCE>6
<FILENAME>d28142_ex2j2i.htm
<DESCRIPTION>EX-2.(J)(2)(I)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>AMENDED SCHEDULE A</TITLE>
<META NAME="author" CONTENT="laura.majed">
<META NAME="date" CONTENT="04/22/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">

<DIV width=100%>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="right"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Exhibit
(2)(j)(2)(i)</FONT></FONT></P>


<P style="margin:0px" align=center><B>AMENDED SCHEDULE A</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>with respect to the</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>FT FEE ALLOCATION AGREEMENT</B></P>
<P style="margin:0px"><BR></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING ASIA PACIFIC HIGH DIVIDEND</B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds International Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>EQUITY INCOME FUND</B></P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds World Allocation Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; padding-right:-96px; font-size:9pt">ING Artio Foreign Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING EQUITY TRUST</U></B></P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING BlackRock Inflation Protected Bond Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Equity Dividend Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING BlackRock Large Cap Growth Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Growth Opportunities Fund</P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING BlackRock Large Cap Value Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING MidCap Opportunities Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Clarion Global Real Estate Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Opportunistic LargeCap Fund</P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Clarion Real Estate Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Real Estate Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING DFA Global All Equity Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING SmallCap Opportunities Fund</P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING DFA Global Allocation Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Value Choice Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING FMRSM Diversified Mid Cap Portfolio<sup>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Franklin Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING FUNDS TRUST</U></B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Franklin Mutual Shares Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Classic Money Market Fund</P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Franklin Templeton Founding Strategy Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Floating Rate Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Global Resources Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GNMA Income Fund</P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Goldman Sachs Commodity Strategy Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING High Yield Bond Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Janus Contrarian Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Institutional Prime Money Market Fund</P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING JPMorgan Emerging Markets Equity Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Intermediate Bond Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING JPMorgan Small Cap Core Equity Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Large Cap Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING GLOBAL ADVANTAGE AND PREMIUM </B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Limited Maturity Bond Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>OPPORTUNITY FUND</B></P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Liquid Assets Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Lord Abbett Growth and Income Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING GLOBAL EQUITY DIVIDEND AND </B></P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Marsico Growth Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>PREMIUM OPPORTUNITY FUND</B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Marsico International Opportunities Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING MFS Total Return Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING INFRASTRUCTURE, INDUSTRIALS AND </B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING MFS Utilities Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>MATERIALS FUND</B></P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Oppenheimer Active Asset Allocation Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING PIMCO High Yield Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING INTERNATIONAL HIGH DIVIDEND </B></P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING PIMCO Total Return Bond Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>EQUITY INCOME FUND</B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Pioneer Equity Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Pioneer Fund Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING INVESTORS TRUST</U></B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Pioneer Mid Cap Value Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds Asset Allocation Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Retirement Conservative Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds Bond Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Retirement Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds Growth Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Retirement Moderate Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds Growth-Income Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><SUP>1 &nbsp;</SUP>Under the terms of the Management Agreement between ING Investors Trust and Directed Services LLC, the Fund is subject to a &#147;unified fee&#148;
arrangement. &nbsp;Accordingly, the portion of SCAS Fees allocated to the Fund under the Agreement will be borne directly by Directed Services LLC as provided in the Management Agreement. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<P style="margin:0px"><BR></P>
<P ALIGN="right"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Exhibit
(2)(j)(2)(i)</FONT></FONT></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Retirement Moderate Portfolio</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Index Solution 2015 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:normal; margin:0px">ING T. Rowe Price Capital Appreciation Portfolio<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Index Solution 2025 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:normal; margin:0px">ING T. Rowe Price Equity Income Portfolio<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Index Solution 2035 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:normal; margin:0px">ING Templeton Global Growth Portfolio<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Index Solution 2045 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="line-height:normal; margin:0px">ING U.S. Stock Index Portfolio<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Index Solution 2055 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="line-height:normal; margin:0px">ING Van Kampen Growth and Income Portfolio<FONT style="font-size:9pt"><SUP>1</SUP></FONT></P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Index Solution Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Wells Fargo Health Care Portfolio</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING JPMorgan Mid Cap Value Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Wells Fargo Small Cap Disciplined Portfolio</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Legg Mason ClearBridge Aggressive Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Oppenheimer Global Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px"><B><U>ING MAYFLOWER TRUST</U></B></P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Oppenheimer Global Strategic Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING International Value Fund </P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING PIMCO Total Return Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px">ING Pioneer High Yield Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B><U>ING MUTUAL FUNDS</U></B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Solution 2015 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Asia-Pacific Real Estate Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Solution 2025 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Diversified International Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Solution 2035 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Emerging Countries Fund </P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Solution 2045 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING European Real Estate Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Solution 2055 Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Foreign Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Solution Aggressive Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Global Bond Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Solution Conservative Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Equity Dividend Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Solution Growth and Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Global Natural Resources Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Solution Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Opportunities Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Solution Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Global Real Estate Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING T. Rowe Price Diversified Mid Cap Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Value Choice Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING T. Rowe Price Growth Equity Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Greater China Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Templeton Foreign Equity Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Index Plus International Equity Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Thornburg Value Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING International Capital Appreciation Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING UBS U.S. Large Cap Equity Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International Real Estate Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Van Kampen Comstock Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING International SmallCap Multi-Manager Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Van Kampen Equity and Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING International Value Choice Fund</P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Russia Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B>ING PRIME RATE TRUST</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B><U>ING PARTNERS, INC.</U></B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B>ING RISK MANAGED NATURAL RESOURCES FUND</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING American Century Small-Mid Cap Value Portfolio</P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Baron Asset Portfolio</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B>ING SENIOR INCOME FUND</B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Baron Small Cap Growth Portfolio</P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Columbia Small Cap Value Portfolio</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B><U>ING SEPARATE PORTFOLIOS TRUST</U></B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Davis New York Venture Portfolio</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING SPorts Core Fixed Income Fund</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Fidelity&#174; VIP Contrafund&#174; Portfolio</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Fidelity&#174; VIP Equity-Income Portfolio</P>
</TD><TD VALIGN="top"><P style="margin:0px"><B><U>ING VARIABLE INSURANCE TRUST</U></B></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Fidelity&#174; VIP Growth Portfolio</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Fidelity&#174; VIP Mid Cap Portfolio</P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><SUP>1 &nbsp;</SUP>Under the terms of the Management Agreement between ING Investors Trust and Directed Services LLC, the Fund is subject to a &#147;unified fee&#148; arrangement.
&nbsp;Accordingly, the portion of SCAS Fees allocated to the Fund under the Agreement will be borne directly by Directed Services LLC as provided in the Management Agreement. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<P style="margin:0px"><BR></P>
<P ALIGN="right"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Exhibit
(2)(j)(2)(i)</FONT></FONT></P>
<P style="margin:0px"><BR></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD></TD><TD></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 5</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Strategic Allocation Moderate Fund</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 6</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Tactical Asset Allocation Fund</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 7</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING U.S. Government Money Market Fund</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 8</P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 9</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B><U>ING STRATEGIC ALLOCATION PORTFOLIOS, INC.</U></B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 10</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Strategic Allocation Conservative Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 11</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Strategic Allocation Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 12</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Strategic Allocation Moderate Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 13</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING GET U.S. Core Portfolio - Series 14</P>
</TD><TD VALIGN="top"><P style="margin:0px"><B><U>ING VARIABLE FUNDS</U></B></P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Growth and Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px"><B><U>ING VARIABLE PRODUCTS TRUST</U></B></P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING International Value Portfolio</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B><U>ING VARIABLE PORTFOLIOS, INC.</U></B></P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING MidCap Opportunities Portfolio</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING BlackRock Science and Technology Opportunities Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING SmallCap Opportunities Portfolio</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Euro STOXX 50&#174; Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P>&nbsp;</P></TD><TD VALIGN="top"><P style="margin:0px">ING FTSE 100 Index&#174; Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px"><B><U>ING BALANCED PORTFOLIO</U></B></P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Hang Seng Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Balanced Portfolio</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Index Plus LargeCap Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Index Plus MidCap Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px"><B>ING INTERMEDIATE BOND PORTFOLIO</B></P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Index Plus SmallCap Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING International Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px"><B>ING MONEY MARKET PORTFOLIO</B></P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Japan TOPIX Index&#174; Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Opportunistic Large Cap Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px"><B><U>ING SERIES FUND, INC.</U></B></P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Russell Large Cap Growth Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">Brokerage Cash Reserves</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Russell&#8482; Large Cap Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Alternative Beta Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Russell Large Cap Value Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Balanced Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Russell&#8482; Mid Cap Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Core Equity Research Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Russell Mid Cap Growth Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Corporate Leaders 100 Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Russell&#8482; Small Cap Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Global Target Payment Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING Small Company Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Index Plus LargeCap Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING U.S. Bond Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Index Plus MidCap Fund</P>
</TD><TD VALIGN="top"><P style="margin:0px">ING U.S. Government Money Market Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Index Plus SmallCap Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING WisdomTree<sup>sm</sup> Global High-Yielding Equity Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Money Market Fund</P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Small Company Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top"><P style="margin:0px">ING Strategic Allocation Conservative Fund</P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P style="margin:0px">ING Strategic Allocation Growth Fund</P>
</TD><TD VALIGN="TOP" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><SUP>1 &nbsp;</SUP>Under the terms of the Management Agreement between ING Investors Trust and Directed Services LLC, the Fund is subject to a &#147;unified fee&#148;
arrangement. &nbsp;Accordingly, the portion of SCAS Fees allocated to the Fund under the Agreement will be borne directly by Directed Services LLC as provided in the Management Agreement.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>3</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
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<BR></P>

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<DOCUMENT>
<TYPE>EX-2.(J)(3)(I)
<SEQUENCE>7
<FILENAME>d28142_ex2j3i.htm
<DESCRIPTION>EX-2.(J)(3)(I)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit (2)(j)(3)(i)</TITLE>
<META NAME="author" CONTENT="laura.majed">
<META NAME="date" CONTENT="04/22/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(j)(3)(i)</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AMENDED SCHEDULE A</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>with respect to the</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AMENDED AND RESTATED</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ISS PROXY VOTING FEE ALLOCATION AGREEMENT</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD WIDTH="50%"></TD><TD WIDTH="50%"></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING ASIA PACIFIC HIGH DIVIDEND</B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds Growth-Income Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>EQUITY INCOME FUND</B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds International Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Artio Foreign Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING EQUITY TRUST</U></B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING BlackRock Inflation Protected Bond Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Equity Dividend Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING BlackRock Large Cap Growth Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Growth Opportunities Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING BlackRock Large Cap Value Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING MidCap Opportunities Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Clarion Global Real Estate Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Opportunistic LargeCap Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Clarion Real Estate Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Real Estate Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING DFA Global All Equity Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING SmallCap Opportunities Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING DFA Global Allocation Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Value Choice Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING FMR<SUP>SM</SUP> Diversified Mid Cap Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Franklin Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING FUNDS TRUST</U></B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Franklin Mutual Shares Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Classic Money Market Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Global Resources Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Floating Rate Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Goldman Sachs Commodity Strategy Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GNMA Income Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Janus Contrarian Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING High Yield Bond Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING JPMorgan Emerging Markets Equity Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Institutional Prime Money Market Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING JPMorgan Small Cap Core Equity Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Intermediate Bond Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Large Cap Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Limited Maturity Bond Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING GLOBAL ADVANTAGE AND</B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Liquid Assets Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>PREMIUM OPPORTUNITY FUND</B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Lord Abbett Growth and Income Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Marsico Growth Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING GLOBAL EQUITY DIVIDEND AND </B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Marsico International Opportunities Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>PREMIUM OPPORTUNITY FUND</B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING MFS Total Return Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING MFS Utilities Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING INFRASTRUCTURE, INDUSTRIALS </B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Morgan Stanley Global Franchise Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>AND MATERIALS FUND</B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Morgan Stanley Global Tactical Asset Allocation Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING PIMCO High Yield Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING INTERNATIONAL HIGH DIVIDEND </B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING PIMCO Total Return Bond Portfolio<SUP>1</SUP></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>EQUITY INCOME FUND</B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING INVESTORS TRUST</U></B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds Asset Allocation Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds Bond Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Funds Growth Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><SUP>1 &nbsp;</SUP>Under the terms of the Management Agreement between ING Investors Trust and Directed Services LLC, the Fund is subject to a &#147;unified fee&#148; arrangement. &nbsp;Accordingly, the portion of SCAS Fees allocated to the Fund under the Agreement will be borne directly by Directed Services LLC as provided in the Management Agreement.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(j)(3)(i)</P>

<P style="margin:0px"><BR></P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD WIDTH="50%"></TD><TD WIDTH="50%"></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Pioneer Equity Income Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Fidelity&#174; VIP Mid Cap Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Pioneer Fund Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING JPMorgan Mid Cap Value Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Pioneer Mid Cap Value Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Legg Mason ClearBridge Aggressive Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING T. Rowe Price Capital Appreciation Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Oppenheimer Global Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING T. Rowe Price Equity Income Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Oppenheimer Global Strategic Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Templeton Global Growth Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING PIMCO Total Return Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING U.S. Stock Index Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Pioneer High Yield Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Van Kampen Growth and Income Portfolio<SUP>1</SUP></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING T. Rowe Price Diversified Mid Cap Growth Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Wells Fargo Health Care Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING T. Rowe Price Growth Equity Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Wells Fargo Small Cap Disciplined Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Templeton Foreign Equity Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Thornburg Value Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING MAYFLOWER TRUST</U></B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING UBS U.S. Large Cap Equity Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING International Value Fund </P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Van Kampen Comstock Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Van Kampen Equity and Income Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING MUTUAL FUNDS</U></B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Asia-Pacific Real Estate Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING PRIME RATE TRUST</B></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Emerging Countries Fund </P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING European Real Estate Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING RISK MANAGED NATURAL RESOURCES FUND</B></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Global Bond Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Global Equity Dividend Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING SENIOR INCOME FUND</B></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Global Natural Resources Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Global Opportunities Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING SEPARATE PORTFOLIOS TRUST</U></B></P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Global Real Estate Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING SPorts Core Fixed Income Fund</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Global Value Choice Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Greater China Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING VARIABLE INSURANCE TRUST</U></B></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Index Plus International Equity Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio - Series 5</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING International Capital Appreciation Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio - Series 6</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING International Real Estate Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio - Series 7</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING International SmallCap Multi-Manager Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio - Series 8</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING International Value Choice Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio - Series 9</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Russia Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio &#150; Series 10</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio &#150; Series 11</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING PARTNERS, INC.</U></B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio &#150; Series 12</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING American Century Small-Mid Cap Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio &#150; Series 13</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Baron Asset Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING GET U.S. Core Portfolio &#150; Series 14</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Baron Small Cap Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Columbia Small Cap Value Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING VARIABLE PRODUCTS TRUST</U></B></P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Davis New York Venture Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING International Value Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Fidelity&#174; VIP Contrafund&#174; Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING MidCap Opportunities Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Fidelity&#174; VIP Equity-Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING SmallCap Opportunities Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Fidelity&#174; VIP Growth Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px">1</P>
<P style="margin:0px; padding-left:48px">Under the terms of the Management Agreement between ING Investors Trust and Directed Services LLC, the Fund is subject to a &#147;unified fee&#148; arrangement. &nbsp;Accordingly, the portion of SCAS Fees allocated to the Fund under the Agreement will be borne directly by Directed Services LLC as provided in the Management Agreement. </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=center>2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>

<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(j)(3)(i)</P>
<P style="margin:0px" align=center><BR></P>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" WIDTH="100%"><TR height=0 style="font-size:0"><TD WIDTH="50%"></TD><TD WIDTH="50%"></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING BALANCED PORTFOLIO, INC.</B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Russell<SUP>TM </SUP>Large Cap Growth Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Balanced Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Russell<SUP>TM</SUP> Large Cap Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Russell<SUP>TM</SUP> Large Cap Value Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING INTERMEDIATE BOND PORTFOLIO</B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Russell<SUP>TM</SUP> Mid Cap Growth Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Russell<SUP>TM</SUP> Mid Cap Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B>ING MONEY MARKET PORTFOLIO</B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Russell<SUP>TM</SUP> Small Cap Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Small Company Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING SERIES FUND, INC.</U></B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING U.S. Bond Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">Brokerage Cash Reserves</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING WisdomTree<SUP>SM</SUP> Global High-Yielding Equity Index Portfolio</P>
</TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Alternative Beta Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Balanced Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Core Equity Research Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Corporate Leaders 100 Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Index Plus LargeCap Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Index Plus MidCap Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Index Plus SmallCap Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Money Market Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Small Company Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Strategic Allocation Conservative Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Strategic Allocation Growth Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Strategic Allocation Moderate Fund</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Tactical Asset Allocation Fund</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING STRATEGIC ALLOCATION PORTFOLIOS, INC.</U></B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Strategic Allocation Conservative Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Strategic Allocation Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Strategic Allocation Moderate Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING VARIABLE FUNDS</U></B></P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Growth and Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt"><B><U>ING VARIABLE PORTFOLIOS, INC.</U></B></P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING BlackRock Science and Technology Opportunities Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Euro STOXX 50&#174; Index Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING FTSE 100 Index&#174; Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Hang Seng Index Portfolio </P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Index Plus LargeCap Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Index Plus MidCap Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Index Plus SmallCap Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING International Index Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Japan TOPIX Index&#174; Portfolio</P>
</TD><TD VALIGN="TOP" WIDTH="50%" BGCOLOR="#CCEEFF"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top" WIDTH="50%"><P style="line-height:11pt; margin:0px; font-size:9pt">ING Opportunistic LargeCap Portfolio</P>
</TD><TD VALIGN="top" WIDTH="50%"><P>&nbsp;</P></TD></TR>
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<P style="margin:0px"><SUP>1 &nbsp;</SUP>Under the terms of the Management Agreement between ING Investors Trust and Directed Services LLC, the Fund is subject to a
&#147;unified fee&#148; arrangement. &nbsp;Accordingly, the portion of SCAS Fees allocated to the Fund under the Agreement will be borne directly by Directed Services LLC as provided in the
Management Agreement. </P>
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<TYPE>EX-2.(J)(7)(I)
<SEQUENCE>8
<FILENAME>d28142_ex2j7i.htm
<DESCRIPTION>EX-2.(J)(7)(I)
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<TITLE>OCR Document</TITLE>
<META NAME="author" CONTENT="Readiris">
<META NAME="date" CONTENT="04/18/2011">
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     <TD ALIGN="LEFT" WIDTH="70%"><img src="ing_logo2.jpg" height=48 width=101.667></TD>
     <TD WIDTH="15%">&nbsp;</TD>
     <TD WIDTH="15%" NOWRAP><P style="margin:0px; text-indent:473.467px">Exhibit (2)(j)(7)(i) </P></TD>
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<P style="line-height:13pt; margin:0px; font-size:11pt">February 1, 2011</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Attention: President</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>BNY Mellon Investment Servicing (US) Inc. </P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>301 Bellevue Parkway </P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Wilmington, Delaware 19809</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Dear Sir or Madam:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Pursuant to the Transfer Agency Services Agreement dated
February 25, 2009, between the Funds </P>
<P style="line-height:13pt; margin:0px; font-size:11pt">(as defined in the Agreement) and BNY Mellon Investment Servicing (US) Inc.,
formerly, PNC Global Investment Servicing (U.S.) Inc. (the &#147;Agreement&#148;), we hereby notify you of our intention to retain you as
Transfer Agent and Dividend Disbursing Agent to render such services to ING International Core Fund (the &#147;Fund&#148;), a newly
established series of ING Mutual Funds, effective on or about February 1, 2011, upon all of the terms and conditions set forth in the
Agreement. &nbsp;Upon your acceptance, the Agreement will be modified to give effect to the foregoing by adding the above-mentioned Fund
to the <B><I><U>Amended Exhibit A</U></I></B> of the Agreement. &nbsp;This <B><I><U>Amended Exhibit A</U></I></B> supersedes the previous
<B><I><U>Amended Exhibit A</U></I></B> dated December 14, 2010.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">The <B><I><U>Amended Exhibit A</U></I></B> has also been
updated to reflect: 1) the name changes of ING Marsico International Opportunities Portfolio to ING T. Rowe Price International Stock
Portfolio, ING Oppenheimer Global Strategic Income Portfolio to ING Global Bond Portfolio, and ING Pioneer Equity Income Portfolio to ING
Large Cap Value Portfolio, and 2) the removal of ING American Funds Growth-Income Portfolio, ING Asia-Pacific Real Estate Fund, ING
BlackRock Large Cap Value Portfolio, ING European Real Estate Fund, ING Institutional Prime Money Market Fund, ING Legg Mason ClearBridge
Aggressive Growth Portfolio, ING Lord Abbett Growth and Income Portfolio, and ING Morgan Stanley Global Tactical Asset Allocation
Portfolio because each series recently merged into other funds or liquidated and dissolved.</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>[Remainder of this page intentionally left blank]</P>
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        <TD VALIGN="top" WIDTH="222.4"><P style="line-height:11pt; margin:0px; font-size:9pt">7337 E. Doubletree Ranch Rd., Suite 100</P>
                <P style="line-height:11pt; margin:0px; font-size:9pt">Scottsdale, AZ 85258-2034</P></TD>
        <TD VALIGN="top" WIDTH="222.4">
                <P style="line-height:11pt; margin:0px; padding-left:48px; font-size:9pt">Tel: 480-477-3000</P>
                <P style="line-height:11pt; margin:0px; padding-left:48px; font-size:9pt">Fax: 480-477-2700</P>
                <P style="line-height:11pt; margin:0px; padding-left:48px; font-size:9pt">www.ingfunds.com</P></TD>
        <TD VALIGN="TOP" ALIGN="RIGHT">
                <P style="line-height:11pt; margin:0px; font-size:9pt" align=right>ING Funds Trust</P>
                <P style="line-height:11pt; margin:0px; font-size:9pt" align=right>ING Investors Trust</P>
                <P style="line-height:11pt; margin:0px; font-size:9pt" align=right>ING Mutual Funds</P>
                <P style="line-height:11pt; margin:0px; font-size:9pt" align=right>ING Partners, Inc.</P></TD>
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<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt; ">Please signify your acceptance to act
as Transfer Agent and Dividend Disbursing Agent under the Agreement with respect to the Fund by signing below.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:333.333px; font-size:11pt" align=justify>Very sincerely,</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:13pt; margin:0px; padding-left:333.333px; font-size:11pt">/s/ Todd Modic</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:333.333px; font-size:11pt">Todd Modic</P>
<P style="line-height:13pt; margin:0px; padding-left:333.333px; font-size:11pt" align=justify>Senior Vice President</P>
<P style="line-height:13pt; margin:0px; padding-left:333.333px; font-size:11pt" align=justify>ING Funds Trust</P>
<P style="line-height:13pt; margin:0px; padding-left:333.333px; font-size:11pt">ING Investors Trust</P>
<P style="line-height:13pt; margin:0px; padding-left:333.333px; font-size:11pt">ING Mutual Funds</P>
<P style="line-height:13pt; margin:0px; padding-left:333.333px; font-size:11pt">ING Partners, Inc.</P>
<P style="margin:0px" align=justify><BR></P>
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<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>ACCEPTED AND AGREED TO:</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">BNY Mellon Investment Servicing (US) Inc.</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Susan M. Frasu</U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Name:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>Susan M. Frasu</U>_______</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Title:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>SVP/MNG DIR, Duly Authorized</U></P>
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<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">2</P>

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<P style="line-height:13pt; margin:0px; font-size:11pt; " align=center><B><U>AMENDED EXHIBIT A</U></B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>(Dated: February 1, 2011)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">THIS EXHIBIT A is Exhibit A to that certain Transfer Agency
Services Agreement dated as of February 25, 2009, between BNY Mellon Investment Servicing (US) Inc., formerly, PNC Global Investment
Servicing (U.S.) Inc. and the Fund (the &#147;Agreement&#148;). For all purposes under the Agreement, the terms Fund and Portfolio
shall refer to the following, respectively:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Equity Trust</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Equity Dividend Fund &nbsp;</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Growth Opportunities Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING MidCap Opportunities Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Real Estate Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING SmallCap Opportunities Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Value Choice Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Funds Trust</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Classic Money Market Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Floating Rate Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GNMA Income Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING High Yield Bond Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Intermediate Bond Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Investors Trust</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING American Funds Asset Allocation Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING American Funds Bond Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING American Funds Global Growth and Income Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING American Funds Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING American Funds International Growth and Income Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING American Funds International Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING American Funds World Allocation Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Artio Foreign Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING BlackRock Inflation Protected Bond Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING BlackRock Large Cap Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Clarion Global Real Estate Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Clarion Real Estate Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING DFA Global Allocation Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING DFA World Equity Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING FMR<SUP>SM</SUP> Diversified Mid Cap Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Franklin Income Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Franklin Mutual Shares Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Franklin Templeton Founding Strategy Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Global Resources Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Goldman Sachs Commodity Strategy Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Janus Contrarian Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING JPMorgan Emerging Markets Equity Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING JPMorgan Small Cap Core Equity Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Large Cap Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Large Cap Value Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Limited Maturity Bond Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Liquid Assets Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Marsico Growth Portfolio</P>
<A NAME="OLE_LINK2"></A><P style="line-height:13pt; margin:0px; font-size:11pt">ING MFS Total Return Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING MFS Utilities Portfolio</P>
<P style="margin:0px"><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">3</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:13pt; margin:0px; font-size:11pt; ">ING Morgan Stanley Global Franchise Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Oppenheimer Active Allocation Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING PIMCO Global Advantage Bond Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING PIMCO High Yield Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING PIMCO Total Return Bond Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Pioneer Fund Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Pioneer Mid Cap Value Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Retirement Conservative Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Retirement Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Retirement Moderate Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Retirement Moderate Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING T. Rowe Price Capital Appreciation Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING T. Rowe Price Equity Income Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING T. Rowe Price International Stock Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Templeton Global Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING U.S. Stock Index Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Van Kampen Growth and Income Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>ING Wells Fargo Health Care Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Mayflower Trust</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING International Value Fund </P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Mutual Funds</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Diversified International Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Emerging Countries Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Global Bond Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Global Equity Dividend Fund </P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Global Natural Resources Fund </P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Global Opportunities Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Global Real Estate Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Global Value Choice Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Greater China Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Index Plus International Equity Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING International Capital Appreciation Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING International Core Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING International Growth Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING International Real Estate Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING International SmallCap Multi-Manager Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING International Value Choice Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Russia Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Partners, Inc.</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING American Century Small-Mid Cap Value Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Baron Small Cap Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Columbia Small Cap Value Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Davis New York Venture Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Fidelity<SUP>&#174;</SUP> VIP Contrafund<SUP>&#174;</SUP> Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Fidelity<SUP>&#174;</SUP> VIP Equity-Income Portfolio</P>
<P style="line-height:19pt; margin:0px; font-size:11pt">ING Fidelity<SUP>&#174;</SUP> VIP Mid Cap Portfolio</P>
<A NAME="OLE_LINK5"></A><P style="line-height:13pt; margin:0px; font-size:11pt">ING Global Bond Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Index Solution 2015 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Index Solution 2025 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Index Solution 2035 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Index Solution 2045 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Index Solution 2055 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Index Solution Income Portfolio</P>
<P style="margin:0px"><BR>
<BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">4</P>
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<P style="line-height:13pt; margin:0px; font-size:11pt; ">ING JPMorgan Mid Cap Value Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Oppenheimer Global Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING PIMCO Total Return Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Pioneer High Yield Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution 2015 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution 2025 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution 2035 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution 2045 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution 2055 Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution Aggressive Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution Conservative Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution Income Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Solution Moderate Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING T. Rowe Price Diversified Mid Cap Growth Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING T. Rowe Price Growth Equity Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Templeton Foreign Equity Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Thornburg Value Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING UBS U.S. Large Cap Equity Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Van Kampen Comstock Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Van Kampen Equity and Income Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Prime Rate Trust</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Senior Income Fund</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Separate Portfolios Trust</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING SPorts Core Fixed Income Fund</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Variable Insurance Trust</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 5</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 6</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 7</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 8</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 9</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 10</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 11</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 12</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 13</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING GET U.S. Core Portfolio &#150; Series 14</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>ING Variable Products Trust</U></B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING International Value Portfolio </P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING MidCap Opportunities Portfolio</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING SmallCap Opportunities Portfolio </P>
<P style="margin:0px"><BR></P>
<P style="line-height:normal; margin:0px; font-size:12pt"><B><U>ING Goldman Sachs Commodity Strategy Portfolio (Cayman), Ltd.</U></B>
<FONT style="font-size:11pt"><B><U><SUP>*</SUP></FONT> </U></B></P>
<P style="margin:0px"><BR></P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="20%" ALIGN="LEFT">

<P style="line-height:14pt; margin:0px; font-size:12pt"><SUP>*</SUP> Please reference the Adoption Agreement, dated August 2, 2010,
between BNY Mellon Investment Servicing (US) Inc. and ING Goldman Sachs Commodity Strategy Portfolio (Cayman), Ltd.</P>

<P style="margin:0px"><BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">5</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR SIZE=5 COLOR=GRAY NOSHADE>
<P style="margin:0px"><BR></P>


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<TITLE>[DECHERT LLP LETTERHEAD]</TITLE>
<META NAME="date" CONTENT="08/12/2009">
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<DIV ><P style="line-height:13pt; margin:0px; font-size:11pt">[ING FUNDS LETTERHEAD]</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">April 27, 2011</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B><U>VIA EDGAR</U></B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">U.S. Securities and Exchange Commission</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">100 F Street, N.E.</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Washington, DC 20549</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Re :</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">ING Prime Rate Trust (5,000,000 Common Shares)</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">File Nos. 333-161327 and 811-05410</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Ladies and Gentlemen:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Attached for filing, via the EDGAR system, is
Post-Effective Amendment No. 3  (the &#147;Amendment&#148;) to the registration statement of ING Prime Rate Trust (the
&#147;Trust&#148;). &nbsp;The registration statement relates to shares that may be issued pursuant to the Trust&#146;s
Shareholder Reinvestment Program and pursuant to privately negotiated transactions. &nbsp;This Amendment is being filed in
reliance on Section 8(c) of the Securities Act of 1933, as amended and the Amendment must be declared effective by the
Commission. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Should you have any questions, please contact Kimberly Springer at (480) 477-2674 or the undersigned at (480) 477-2649.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Very truly yours,</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><U>/s/ Paul A. Caldarelli</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Paul A. Caldarelli</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Vice President and Senior Counsel</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Investment Management &#150; ING Funds</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Attachment</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">cc:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Karl Egbert</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Dechert LLP</P>
<P style="margin:0px"><BR></P>


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