<SEC-DOCUMENT>0001145443-11-000606.txt : 20110909
<SEC-HEADER>0001145443-11-000606.hdr.sgml : 20110909

<ACCEPTANCE-DATETIME>20110628160027

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001145443-11-000606

CONFORMED SUBMISSION TYPE:	POS 8C

PUBLIC DOCUMENT COUNT:		9

FILED AS OF DATE:		20110628

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:		11935830



	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:		11935831



	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>d28349.htm
<DESCRIPTION>POS 8C
<TEXT>
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<BODY style="FONT-FAMILY: Times New Roman"><P style="margin:0px" align=right>As filed with the Securities and Exchange Commission on June 28, 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" BORDER="0" ALIGN="CENTER">
<TR height=0 style="font-size:0"><TD WIDTH="480"></TD><TD WIDTH="60"></TD></TR>
<TR><TD VALIGN="top"><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"><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"><P style="margin-top:0px; margin-bottom:16px" align=center>Pre-Effective Amendment No. </P>
</TD><TD VALIGN="top"><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"><P style="margin-top:0px; margin-bottom:13.333px" align=center>Post-Effective Amendment No. 4</P>
</TD><TD VALIGN="top"><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"><P style="margin-top:0px; margin-bottom:13.333px" align=center>and/or </P>
</TD><TD VALIGN="top"><P>&nbsp;</P></TD></TR>
<TR><TD VALIGN="top"><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"><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"><P style="margin-top:0px; margin-bottom:16px" align=center>Amendment No. 88<BR>
(Check appropriate box or boxes)</P>
</TD><TD VALIGN="top"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-family:Wingdings; font-size:12pt" align=right>x</P>
</TD></TR>
</TABLE><BR>
<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><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&rsquo;s Telephone Number, Including Area Code: &nbsp;(800) 992-0180</P>
<TABLE STYLE="font-size:10pt" CELLSPACING="0" ALIGN="CENTER" BORDER="0">
<TR height=0 style="font-size:0"><TD WIDTH="288"></TD><TD WIDTH="252"></TD></TR>
<TR><TD VALIGN="top"><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"><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><BR>

<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; padding-bottom:4px">As soon as practical after the effective date of this Registration Statement</P>
<P style="margin:0px; padding-bottom:4px"><BR></P>
<P style="line-height:normal; margin:0px; padding-bottom:4px">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; padding-bottom:4px; border-bottom:3px"><BR></P>
<P style="margin:0px; padding-bottom:4px; border-bottom:3px">It is proposed that this filing will become effective:</P>
<P style="margin:0px; padding-bottom:4px; border-bottom:3px"><BR></P>
<P style="line-height:normal; margin:0px; padding-bottom:4px; font-family:Wingdings; font-size:12pt; border-bottom:3px">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; padding-bottom:4px; border-bottom:3px"><BR></P>
<P style="margin:0px; padding-bottom:4px; border-bottom:3px double #000000"><BR>
<BR></P>

<PAGE>
<P style="margin:0px" align=center><BR></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>(&#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"><BR>
<HR NOSHADE SIZE="5">
<BR></P>

<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;">PPR</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.INGInvestment.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-1a938955-1"><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-1fcafb09-18"><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-f4dfea94-20"><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-cd47f76d-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-393da482-22"><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-594b026e-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-aa7a8df1-31"><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-99897efb-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">22</td></tr><tr><td style="font-weight: bold;"><A href="#link-5e74cf04-37"><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">24</td></tr><tr><td style="padding-left:10pt;"><A href="#link-0d471141-38"><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">24</td></tr><tr><td style="padding-left:10pt;"><A href="#link-687ec3cd-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">24</td></tr><tr><td style="padding-left:10pt;"><A href="#link-3118128a-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">24</td></tr><tr><td style="font-weight: bold;"><A href="#link-9d6a68d5-41"><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">25</td></tr><tr><td style="padding-left:10pt;"><A href="#link-f5b91263-42"><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">25</td></tr><tr><td style="padding-left:10pt;"><A href="#link-57c9808a-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">26</td></tr><tr><td style="padding-left:10pt;"><A href="#link-47636cd9-47"><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">26</td></tr><tr><td style="padding-left:10pt;"><A href="#link-7c7a31d5-48"><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">26</td></tr><tr><td style="padding-left:10pt;"><A href="#link-4fda5320-49"><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">27</td></tr><tr><td style="padding-left:10pt;"><A href="#link-c7b7d51b-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">27</td></tr><tr><td style="font-weight: bold;"><A href="#link-bbb7b657-51"><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">28</td></tr><tr><td style="font-weight: bold;"><A href="#link-d472d254-54"><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">29</td></tr><tr><td style="font-weight: bold;"><A href="#link-954b5f0c-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">31</td></tr><tr><td style="font-weight: bold;"><A href="#link-5a50f4b9-62"><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">34</td></tr><tr><td style="font-weight: bold;"><A href="#link-751979c9-66"><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">36</td></tr><tr><td style="font-weight: bold;"><A href="#link-a39853bc-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">37</td></tr><tr><td style="font-weight: bold;"><A href="#link-a7ed99c4-71"><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">38</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-1a938955-1"></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-d1346f29-2"></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-b20a49ce-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;5.96.</font></p>




<p><a name="link-29263a2b-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 147,048,241.597 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;6.13.</font></p>



<p> <a name="link-21627a15-5"></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-429e7162-6"></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;49.3 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;">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 immediate
affiliates, would be
separated from 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><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-4cecdb48-7"></a><font style="font-family: Arial;font-weight: Bold;font-size: 11.2pt;line-height: 13pt;text-align: left;">Distributions</font></p><p><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-3a282d3d-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><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-67f17a15-9"></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-b795dbb4-10"></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-2dc35c7f-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-8279b101-12"></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. 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-a5b288f8-13"></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 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 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
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-a10fb810-14"></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-21d5a4b8-15"></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><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..</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-1107dffb-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-84df7b84-17"></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 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>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 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>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 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
<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 >
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 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>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;253 million in outstanding
borrowings under one credit facility and &#36;75 million of Preferred
Shares (issued and outstanding).</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>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 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>Market
Discount</strong>&nbsp;&nbsp;Shares
of closed-end investment companies frequently trade at a discount from
their NAV. The possibility that Common Shares of the Trust will trade
at a discount from their 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>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>&nbsp;&nbsp; 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-1fcafb09-18"></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-7e91e179-19"></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">1.63%
</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">1.09%
</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">0.17%
</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">2.89%</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 estimated amounts for the current fiscal year
and do not include the expenses of borrowing.</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
1.86%.</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">59</td><td valign="top" rowSpan="0" colSpan="0">120</td><td valign="top" rowSpan="0" colSpan="0">185</td><td valign="top" rowSpan="0" colSpan="0">374</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-f4dfea94-20"></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. 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 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="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">Distributions from return
of capital<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,
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)<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<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<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 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">(&#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><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" style="padding-left:20pt;" align="center">5.72</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.30</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.38</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">(0.00)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">*</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#151;</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">0.68</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;"align="center">(0.30)</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">(0.32)</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.08</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">6.02</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:16pt;" align="center">12.32</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">7.09</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">1.59</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">1.93</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:20pt;" align="center">4.87</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:8pt;" align="center">893,661</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">02-28-10</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:20pt;" align="center">(0.00)<sup style="font-size:80%;vertical-align:baseline;position:relative;bottom:0.7em;">*</sup></td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:28pt;" align="center">&#151;</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:28pt;" align="center">&#151;</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;">(5)</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;">(5)</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">&#151;</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:28pt;" align="center">&#151;</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;">(4)</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;">(4)</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">&#151;</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:28pt;" align="center">&#151;</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">&#151;</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:28pt;" align="center">&#151;</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">&#151;</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:28pt;" align="center">&#151;</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">&#151;</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:28pt;" align="center">&#151;</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">&#151;</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:28pt;" align="center">&#151;</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">&#151;</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:28pt;" align="center">&#151;</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">&#151;</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:28pt;" align="center">&#151;</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,capital gain distributions and return of capital
distributions/allocations, if any, in accordance with the provisions of
the dividend reinvestment plan.</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.</td></tr><tr><td valign="top" width="2.5%" align="left">(4)</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">(5)</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>



<!--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)<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<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<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">Expenses (before interest and other
fees<br >related to revolving credit
facility)<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<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<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">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" style="padding-left:15pt;" align="center">1.36</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">1.64</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">4.14</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.39</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.68</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:15pt;" align="center">1.68</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:0pt;" align="center">100,000</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:0pt align="center">102,850</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">187,000</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:10pt;" align="center">6,314</td><td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">122,641</td>
<td valign="top" rowSpan="0" colSpan="0" style="padding-left:0pt;" align="center">146,954
</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;">(5)</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;">(5)</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;">(5)</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;">(5)</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, for periods prior to fiscal 2009, 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 for periods subsequent to fiscal 2008, is presented to represent
the coverage available to each &#36;1,000 of borrowings before
consideration of any Preferred Shares liquidation price, 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.</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-cd47f76d-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(&#36;)</strong></td><td align="center" valign="bottom" style="border-bottom:solid 1px Black;" rowSpan="1" colSpan="2"><strong>NAV(&#36;)</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">6.34
</td><td valign="top" rowSpan="0" colSpan="0">5.24
</td><td valign="top" rowSpan="0" colSpan="0">5.92
</td><td valign="top" rowSpan="0" colSpan="0">5.62
</td><td valign="top" rowSpan="0" colSpan="0">8.19
</td><td valign="top" rowSpan="0" colSpan="0">(7.91)
</td><td valign="top" rowSpan="0" colSpan="0">33,575,000 </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">September 30,
2010</td><td valign="top" rowSpan="0" colSpan="0">5.74
</td><td valign="top" rowSpan="0" colSpan="0">5.39
</td><td valign="top" rowSpan="0" colSpan="0">5.77
</td><td valign="top" rowSpan="0" colSpan="0">5.59
</td><td valign="top" rowSpan="0" colSpan="0">0.00
</td><td valign="top" rowSpan="0" colSpan="0">(4.74)
</td><td valign="top" rowSpan="0" colSpan="0">23,315,000 </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">December 31,
2010</td><td valign="top" rowSpan="0" colSpan="0">6.05
</td><td valign="top" rowSpan="0" colSpan="0">5.50</td><td valign="top" rowSpan="0" colSpan="0">5.92
</td><td valign="top" rowSpan="0" colSpan="0">5.78
</td><td valign="top" rowSpan="0" colSpan="0">2.54
</td><td valign="top" rowSpan="0" colSpan="0">(6.62)
</td><td valign="top" rowSpan="0" colSpan="0">26,994,200 </td></tr><tr><td valign="top" rowSpan="0" colSpan="0">March 31, 2011
</td><td valign="top" rowSpan="0" colSpan="0">6.16
</td><td valign="top" rowSpan="0" colSpan="0">5.77
</td><td valign="top" rowSpan="0" colSpan="0">6.08
</td><td valign="top" rowSpan="0" colSpan="0">5.90
</td><td valign="top" rowSpan="0" colSpan="0">1.99
</td><td valign="top" rowSpan="0" colSpan="0">(3.02)
</td><td valign="top" rowSpan="0" colSpan="0">32,819,000</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;6.13. The Trust&#8217;s NAV on June
15, 2011 was &#36;5.96. See &ldquo;How Shares Are Priced
&#8212; Net Asset Value.&rdquo;
This represented a 2.85% premium above
the NAV (&#36;5.96) 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-393da482-22"></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-a2268cff-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><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-8744a423-24"></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 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;">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-68b76821-25"></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 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>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;Investment Objective and Policies
&#8212; Policy on Borrowing&rdquo; and
&ldquo;Investment Objective and
Policies &#8212; Policy on Issuance of Preferred
Shares.&rdquo;</font></p>



<p><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-ba549e04-26"></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-8e03badb-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 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. 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-594b026e-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-4bd86cda-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><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><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-f6bfec41-30"></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><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 counterparty 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 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;">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-aa7a8df1-31"></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;275
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;253 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 - 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 - Interest Rate.&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 - 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 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>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 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;">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
Investment by the
Trust.&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;">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 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 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 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>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 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>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>
<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 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>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 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;">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>







  <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 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 </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;">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: 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>
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 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;">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 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 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;">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 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 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 LIBOR +1.375%. The current dividend
rate on the Preferred Shares (as of June 15, 2011) for each series:
Series M - 0.120%; Series T - 0.120%, Series W - 0.075%, Series Th -
0.105%; and Series F -
0.075%.</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. 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 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 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>



<!--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: 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 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 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 - 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 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 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 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>Market
Discount.</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 their NAV. The
possibility that Common Shares of the Trust will trade at a discount
from their NAV is a risk separate and distinct from the risk that the
Trust&#8217;s NAV may decrease.</font></p>



<p>
<a name="link-dffb7ed7-32"></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">1.05%
</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">0.17%
</td></tr><tr><td valign="top" rowSpan="0" colSpan="0">Total Annual
Expenses</td><td valign="top" rowSpan="0" colSpan="0">1.22%</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 estimated amounts for the current fiscal year
and do not include the expenses of
borrowing.</td></tr></table>



<p> <a name="link-bb0ef2fd-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 0.51% 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
2.33% 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 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><!--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>
</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">(15.28)%</td><td valign="top" rowSpan="0" colSpan="0">(8.14)%</td><td valign="top" rowSpan="0" colSpan="0">(1.00)%</td><td valign="top" rowSpan="0" colSpan="0">6.14%</td><td valign="top" rowSpan="0" colSpan="0">13.29%</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><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><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> <!--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;"><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 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>Securities
Lending.</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>
<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;Risk Factors and Special
Considerations - 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
</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;">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><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>
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;">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>
<p><a name="link-99897efb-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-09760248-35"></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-c87749a1-36"></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;">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><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;">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-5e74cf04-37"></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-0d471141-38"></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.INGInvestment.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-687ec3cd-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.INGInvestment.com,
or see the privacy promise that accompanies any Prospectus obtained by
mail.</font></p>



<p>
<a name="link-3118128a-40"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">Householding</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
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;">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>
<p><a name="link-9d6a68d5-41"></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-f5b91263-42"></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><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 immediate
affiliates, would be
separated from 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 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;49.3 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-8be4f3fb-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><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;">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-57c9808a-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-6da24bf8-45"></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;64.8 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> <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> <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-0a93acb7-46"></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-47636cd9-47"></a><font style="font-family: Arial;font-weight: Bold;font-size: 10.2pt;line-height: 12pt;text-align: left;">The
Administrator</font></p><p><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-7c7a31d5-48"></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 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;">BNY
Mellon 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;">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><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-4fda5320-49"></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-c7b7d51b-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><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><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><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;">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-bbb7b657-51"></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-fbbd8aee-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-d3341109-53"></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;">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>
<p><a name="link-d472d254-54"></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><a name="link-fea2b752-55"></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><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><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><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;">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><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-f87bdf5d-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-14b8e6f1-57"></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 within a period of three
months. Pending investment in Senior Loans, all or a material portion
of the proceeds 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;253 million in outstanding borrowings under one
credit facility. The interest rate on the Trust&#8217;s borrowings through
this credit facility is LIBOR +1.375% and the maturity date of such
borrowings is August 17, 2011. 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;">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>
<p><a name="link-954b5f0c-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><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><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">147,048,241.597
</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">600
</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">600
</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">600
</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">600
</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">600</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><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><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;">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: 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><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><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><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-311e7083-59"></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><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;">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><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-6e68d9d6-60"></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><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-30f83240-61"></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><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;">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>
<p><a name="link-5a50f4b9-62"></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-7a8a9ea8-63"></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 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;">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-4d7448ae-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-185d4cca-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 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. 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 </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;">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><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>
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;">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-751979c9-66"></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><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>
<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><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;">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-a39853bc-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-09998e4c-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-8aa6ef4c-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-2623807d-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><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;">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>
<p><a name="link-a7ed99c4-71"></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-788d3ab9-72"></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">3
</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">3
</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">3
</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">5
</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">14
</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">27
</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">28
</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">28
</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">29
</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">29
</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">30
</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">33
</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">34
</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">35
</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">36
</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">40
</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">40
</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">40
</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">45
</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">47
</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">47
</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">47
</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">47
</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">47
</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>



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          <center style="font-size:11pt;line-height:13pt;">38</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><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><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><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><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 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;">BNY
Mellon 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><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;">PRO-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>
<DIV style="width:100%"><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=center><BR></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=center><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 100</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></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;). The Trust&#146;s investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital. There is no assurance that
the Trust will achieve its investment objective. The Trust is managed by ING Investments, LLC (&#147;ING Investments&#148; or &#147;Adviser&#148;) and sub-advised by ING Investment Management Co. (&#147;ING IM&#148; or
&#147;Sub-Adviser&#148;).</P>
<P style="margin:0px" align=justify><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 is incorporated therein by reference and 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. This SAI does not include all the information that a prospective investor should consider before purchasing Common
Shares in this offering, and investors should obtain and read the Prospectuses prior to purchasing such shares. In addition, the Trust&#146;s financial statements and the independent registered public accounting
firm&#146;s report thereon included in the annual shareholder report dated February 28, 2011, are incorporated herein by reference. </P>



<P style="margin:0px" align=justify><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;). The registration statement may be obtained from the SEC upon payment of the fee prescribed, or inspected at the SEC&#146;s office for no charge. The registration statement is also available
on the SEC&#146;s website (www.sec.gov). Capitalized terms used in this SAI have the same meaning as in the Prospectuses and some additional terms are defined particularly for this SAI.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P STYLE="line-height:13pt; margin:0px; font-size:11pt" 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:12.5pt; margin:0px; text-indent:240.4px; font-size:10.5pt" align=justify><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-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>CHANGE OF NAME</B></P>
<P style="line-height:13pt; margin:0px; text-indent:616px; font-family:Times New Roman Bold; font-size:11pt"><B>3</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>INVESTMENT OBJECTIVE</B></P>
<P style="line-height:13pt; margin:0px; text-indent:616px; font-family:Times New Roman Bold; font-size:11pt"><B>3</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>INVESTMENT RESTRICTIONS</B></P>
<P style="line-height:13pt; margin:0px; text-indent:616px; font-family:Times New Roman Bold; font-size:11pt"><B>3</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>ADDITIONAL INFORMATION ABOUT INVESTMENTS AND INVESTMENT TECHNIQUES</B></P>
<P style="line-height:13pt; margin:0px; text-indent:616px; font-family:Times New Roman Bold; font-size:11pt"><B>5</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>MANAGEMENT OF THE TRUST</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>14</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>CODE OF ETHICS</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>27</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>PROXY VOTING PROCEDURES</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>28</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>28</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>INVESTMENT MANAGEMENT AND OTHER SERVICE PROVIDERS</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>29</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>ADVISER</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>29</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>SUB-ADVISER</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>30</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>ADMINISTRATOR</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>33</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>DISTRIBUTOR</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>34</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>SHAREHOLDER REINVESTMENT PROGRAM</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>35</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>PORTFOLIO TRANSACTIONS</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>36</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>PORTFOLIO TURNOVER RATE</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>40</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>NET ASSET VALUE</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>40</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>FEDERAL TAXATION</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>40</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>ADVERTISING AND PERFORMANCE DATA</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>45</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>GENERAL INFORMATION</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>47</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>CUSTODIAN</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>47</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>LEGAL COUNSEL</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>47</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>47</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>FINANCIAL STATEMENTS</B></P>
<P style="line-height:13pt; margin:0px; text-indent:608.667px; font-family:Times New Roman Bold; font-size:11pt"><B>47</B><B></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-family:Times New Roman Bold; font-size:11pt"><B>APPENDIX A</B></P>
<P style="line-height:13pt; margin:0px; text-indent:600.533px; font-family:Times New Roman Bold; font-size:11pt"><B>A-1</B><B></B></P>


<P style="margin:0px" align=center><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">2</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>CHANGE OF NAME</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 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. Effective

 March 1, 2002, the Trust changed its name to ING Prime Rate 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>INVESTMENT OBJECTIVE</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&#146;s investment objective is to obtain as high a level of current income as is consistent with the preservation of capital. The Trust
seeks to achieve its investment objective by investing, under normal 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. </P>
<P style="margin:0px" align=justify><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></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.
(See &#147;Additional Information About Investments and Investment Techniques&#148; later in this SAI.) 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><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>INVESTMENT RESTRICTIONS</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. Certain investment restrictions of the Trust are designated as fundamental
policies and as such may not be changed without the approval of a majority of the Trust&#146;s outstanding voting securities. In accordance with the 1940 Act, a majority of the Trust&#146;s outstanding securities means the
lesser of: (i) 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.
The following investment restrictions have been designated as fundamental policies. </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:
(i) entering into certain interest rate hedging transactions; (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><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">3</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<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. For the purpose of the foregoing restriction, the Trust will consider the borrower of a Senior Loan to be the issuer of such Senior Loan. In addition, with respect
to a Senior Loan under which the Trust does not have privity with the borrower or would not have a direct cause of action against the borrower in the event of the failure of the borrower to pay scheduled principal or interest,
the Trust will also separately meet the foregoing requirements and consider each interpositioned bank (a lender from which the Trust acquires a Senior Loan) to be an issuer of the Senior Loan;</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=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>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=justify><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.
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" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<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. The Trust has also adopted a policy to provide its shareholders with at least 60 days&#146; prior notice of any change in such
investment policy. If, subsequent to an investment, the 80% requirement is no longer met, the Trust&#146;s future investments will be made in a manner that will bring the Trust into compliance with this policy.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>ADDITIONAL INFORMATION ABOUT INVESTMENTS AND INVESTMENT TECHNIQUES</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 of the different types of securities in which the Trust may invest, subject to its investment objective, policies, and restrictions, are described
in the Prospectuses under &#147;Investment Objective and Policies.&#148; Additional information concerning certain of the Trust&#146;s investments and investment techniques is set forth below.</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>Derivatives</B></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; 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="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. 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. 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. 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. Equity securities will not be treated as Senior Loans; therefore, an investment in such securities will not count toward the 80% of the Trust&#146;s net assets (plus borrowings
for investment purposes) that normally will be invested in Senior Loans. Equity securities are subject to financial and market risks and can be expected to fluctuate in value.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">5</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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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. LIBOR usually
is an average of the interest rates quoted by several designated banks as the rates at which they pay interest to major depositors in the London interbank market on U.S. dollar-denominated deposits. The Adviser and Sub-Adviser
believe that changes in short-term LIBOR rates are closely related to changes in the Federal Reserve federal funds rate, although the two are not technically linked. The Prime Rate quoted by a major U.S. bank is generally the
interest rate at which that bank is willing to lend U.S. dollars to its most creditworthy borrowers, although it may not be the bank&#146;s lowest available rate.</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. 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. 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. 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. 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. This is because the value of a loan asset in the
Trust is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular loan given its individual credit and other characteristics. If market interest rates change,
a loan&#146;s value could be affected to the extent the interest rate paid on that loan does not reset at the same time. As discussed above, the rates of interest paid on the loans in which the Trust invests have a weighted
average reset period that typically is less than 90 days. Therefore, the impact of the lag between a change in market interest rates and the change in the overall rate on the portfolio is expected to be minimal.</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" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">6</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<PAGE>


<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. Again, this is because the value of a loan asset in the Trust is partially a function of whether it is paying what the market perceives to be a market rate of interest
for the particular loan given its individual credit and other characteristics. However, unlike changes in market rates of interest for which there is only a temporary lag before the portfolio reflects those changes,
changes in a loan&#146;s value based on changes in the market spread on loans in the Trust&#146;s portfolio may be of longer duration. &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=justify><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=justify><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=justify><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=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">7</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<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. 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=justify><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. 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=justify><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. No lending may be made to any companies affiliated
with the Adviser or Sub-Adviser. During the time portfolio securities are on loan, the borrower pays the Trust any dividends or interest paid on such securities and the Trust may invest the cash collateral and earn
additional income, or it may receive an agreed-upon amount of interest income from the borrower who has delivered equivalent collateral or a letter of credit. As with other extensions of credit, there are risks of
delay in recovery or even loss of rights in the collateral should the borrower fail financially.</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. The lending of financial instruments is a common practice in the securities industry. The loans are required to be secured continuously by collateral,
consistent with the requirements of the 1940 Act discussed below, maintained on a current basis at an amount at least equal to the market value of the portfolio instruments loaned. The Trust has the right to call a loan and
obtain the portfolio instruments loaned at any time on such notice as specified in the transaction documents. For the duration of the loan, the Trust will continue to receive the equivalent of the interest paid by the issuer
on the portfolio instruments loaned and may also receive compensation for the loan of the financial instrument. Any gain or loss in the market price of the </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">8</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<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. The Trust may lend its portfolio instruments to member banks of the Federal Reserve
System, members of the NYSE or other entities determined by the Adviser or Sub-Adviser to be creditworthy. All relevant facts and circumstances, including the creditworthiness of the
qualified institution, will be monitored by the Adviser or Sub-Adviser, and will be considered in making decisions with respect to the lending of portfolio instruments.</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. In addition, voting rights may pass with loaned securities but if a
material event were to occur affecting such a loan, the Trust will retain the right to call the loan and vote the securities. If a default occurs by the other party to such transaction, the Trust will have contractual remedies
pursuant to the agreements related to the transaction but such remedies may be subject to bankruptcy and insolvency laws which could materially and adversely affect the Trust&#146;s rights as a creditor. However, the loans will
be made only to firms deemed by the Adviser or Sub-Adviser to be of good financial standing and when, in the judgment of the Adviser or Sub-Adviser, the consideration which can be earned currently from loans of this type
justifies the attendant risk.</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. However, the Trust has not acted as agent or co-agent on any loans, and has no present intention of doing so in the future. An agent for a loan is required to administer and manage the Senior Loan
and to service or monitor the collateral. The agent is also responsible for the collection of principal, interest, and fee payments from the borrower and the apportionment of these payments to the credit of all lenders which
are parties to the loan agreement. The agent is charged with the responsibility of monitoring compliance by the borrower with the restrictive covenants in the loan agreement and of notifying the lenders of any adverse change
in the borrower&#146;s financial condition. In addition, the agent generally is responsible for determining that the lenders have obtained a perfected security interest in the collateral securing the Senior Loan.</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. Typically under loan agreements, the agent is given broad discretion in enforcing the loan agreement and is obligated to use the same care it would use in the management of its own property. The borrower compensates
the agent for these services. Such compensation may include special fees paid on structuring and funding the Senior Loan and other fees on a continuing basis. The precise duties and rights of an agent are defined in the loan
agreement.</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. The agent may enforce compliance by the borrower with the terms of the loan agreement. Agents also have voting and consent rights under the applicable
loan agreement. Action subject to agent vote or consent generally requires the vote or consent of the holders of some specified percentage of the outstanding principal amount of the Senior Loan, which percentage varies depending
on the relative loan agreement. Certain decisions, such as reducing the amount or increasing the time for payment of interest on or repayment of principal of a Senior Loan, or relating collateral therefore, frequently require the
unanimous vote or consent of </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">9</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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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. Each lender in a Senior Loan is generally responsible for performing its own credit analysis and its own investigation of the financial condition of the borrower. Generally, loan agreements will hold the agent liable
for any action taken or omitted that amounts to gross negligence or willful misconduct. In the event of a borrower&#146;s default on a loan, the loan agreements provide that the lenders do not have recourse against the Trust
for its activities as agent. Instead, lenders will be required to look to the borrower for recourse.</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. The agent is also required to segregate
the principal and interest payments received from the borrower and to hold these payments for the benefit of the lenders. The Trust normally looks to the agent to collect and distribute principal of and interest on a Senior Loan.
Furthermore, the Trust looks to the agent to use normal credit remedies, such as to foreclose on collateral, monitor credit loan covenants, and notify the lenders of any adverse changes in the borrower&#146;s financial condition
or declarations of insolvency. At times the Trust may also negotiate with the agent regarding the agent&#146;s exercise of credit remedies under a Senior Loan. The agent is compensated for these services by the borrower as set
forth in the loan agreement. Such compensation may take the form of a fee or other amount paid upon the making of the Senior Loan and/or an ongoing fee or other amount.</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. 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. 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. 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. Senior Loans usually include restrictive covenants which must be maintained by the borrower. Such covenants, in
addition to the timely payment of interest and principal, may </P>
<P style="margin:0px" align=justify><BR>
<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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<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. A breach of covenant, which is not waived by the agent, is normally an event of acceleration, <I>i.e.</I>, the agent has the right
to call the outstanding Senior Loan. In addition, loan covenants may include mandatory prepayment provisions stemming from free cash flow. Free cash flow is cash that is in excess of capital expenditures plus debt service
requirements of principal and interest. The free cash flow shall be applied to prepay the Senior Loan in an order of maturity described in the loan documents. Under certain interests in Senior Loans, the Trust may have an
obligation to make additional loans upon demand by the borrower. The Trust intends to ensure its ability to satisfy such demands by segregating sufficient assets in high-quality, short-term liquid investments or by
sufficiently maintaining unused borrowing capacity.</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 believes that the principal credit risk associated with acquiring loans from another lender is the credit risk associated with the borrower
of the underlying loan. The Trust may incur additional credit risk; however, when the Trust acquires a participation in a loan from another lender because the Trust must assume the risk of insolvency or bankruptcy of the other
lender from which the loan was acquired. However, in acquiring loans, the Trust conducts an analysis and evaluation of the financial condition of each such lender. In this regard, if the lenders have a long-term debt rating,
the long-term debt of all such participants is rated &#147;BBB&#148; or better by Standard &amp; Poor&#146;s Ratings Services (&#147;S&amp;P&#148;) or &#147;Baa&#148; or better by Moody&#146;s Investors Services, Inc.
(&#147;Moody&#146;s&#148;), or has received a comparable rating by another nationally recognized rating service. In the absence of rated long-term debt, the lenders or, with respect to a bank, the holding company of such
lenders have commercial paper outstanding which is rated at least &#147;A-1&#148; by S&amp;P or &#147;P-1&#148; by Moody&#146;s. In the absence of such rated long-term debt or rated commercial paper, the Trust may acquire
participations in loans from lenders whose long-term debt and commercial paper is of comparable quality to the foregoing rating standards as determined by the Adviser under the supervision of the Trustees. The Trust also
diversifies its portfolio with respect to lenders from which the Trust acquires loans. (See, &#147;Investment Restrictions.&#148;)</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. This means that investments comprising the Trust&#146;s portfolio, while having
a stated one to ten-year term, may be prepaid, often without penalty. The Trust generally holds Senior Loans to maturity unless it becomes necessary to sell them to adjust the Trust&#146;s portfolio in accordance with the
Adviser&#146;s or Sub-Adviser&#146;s view of current or expected economic or specific industry or borrower conditions.</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 frequently require full or partial prepayment of a loan when there are asset sales or a securities issuance. Prepayments on Senior Loans may
also be made by the borrower at its election. The rate of such prepayments may be affected by, among other things, general business and economic conditions, as well as the financial status of the borrower. Prepayment would cause
the actual duration of a Senior Loan to be shorter than its stated maturity. Prepayment may be deferred by the Trust. This should, however, allow the Trust to reinvest in a new loan and recognize as income any unamortized loan
fees. In many cases this will result in a new facility fee payable to the Trust.</P>
<P style="margin:0px" align=justify><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. (See, &#147;Portfolio Transactions.&#148;)</P>
<P style="margin:0px" align=justify><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. The Trust may also receive guarantees as a form of collateral. In some
instances, a Senior Loan may be secured only by stocks in a borrower or its affiliates. However, there is no assurance that the liquidation of the existing collateral would satisfy the borrower&#146;s obligation in the event of
nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated.</P>
<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>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">11</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<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=justify><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. The Trust will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the
payments from the borrower. In connection with purchasing participation, the Trust generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any right of
set-off against the borrower, and the Trust may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Trust may be subject to the credit risk of both the
borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Trust may be treated as a general creditor of the lender and may not benefit from any set-off
between the lender and the borrower.</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 purchases a loan assignment from lenders, it will acquire direct rights against the borrowers on the loan. Because assignments are arranged
through private negotiations between potential assignees and potential assignors; however, the rights and obligations acquired by the Trust as the purchaser of an assignment may differ from, and be more limited than, those held
by the assigning lender. Because there is no liquid market for such securities, the Trust anticipates that such securities could be sold only to a limited number of institutional investors. The lack of a liquid secondary market
may have an adverse impact on the value of such securities and the Trust&#146;s ability to dispose of particular assignments or participation when necessary to meet redemption of Trust shares, to meet the Trust&#146;s liquidity
needs or when necessary in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for assignments and participation also may make it more
difficult for the Trust to value these securities for purposes of calculating its NAV.</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 be required to pay and receive various fees and commissions in the process of purchasing, selling and holding loans. The fee component may
include any, or a combination of, the following elements: arrangement fees, assignment fees, non-use fees, facility fees, letter of credit fees, and ticking fees. Arrangement fees are paid at the commencement of a loan as
compensation for the initiation of the transaction. A non-use fee is paid based upon the amount committed but not used under the loan. Facility fees are on-going annual fees paid in connection with a loan. Letter of credit
fees are paid if a loan involves a letter of credit. Ticking fees are paid from the initial commitment indication until loan closing if for an extended period. The amount of fees is negotiated at the time of transaction.</P>
<P style="margin:0px" align=justify><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. 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. 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" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">12</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<PAGE>


<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. Repurchase agreements will be considered borrowings by the Trust and as such, are subject to the restrictions on borrowing. Borrowings by the Trust create
an opportunity for greater total return but at the same time increase exposure to capital risk. The Trust will maintain in a segregated account with its custodian cash or liquid high grade portfolio securities in an amount
sufficient to cover its obligations with respect to the repurchase agreements. The Trust will receive payment for such securities only upon physical delivery or evidence of book entry transfer by its custodian. Regulations
of the SEC require either that securities sold by the Trust under a repurchase agreement be segregated pending repurchase or that the proceeds be segregated on the Trust&#146;s books and records pending repurchase. Repurchase
agreements may involve certain risks in the event of default or insolvency of the other party, including possible loss from delays or restrictions upon the Trust&#146;s ability to dispose of the underlying securities. </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=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 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=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">13</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<PAGE>


</DIV><DIV style="width:100%"><P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>MANAGEMENT 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><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=justify><BR></P>


<TABLE style="font-size:10pt" cellspacing=0 align=center border=0>

<TR height=0 style="font-size:0">

<TD NOWRAP></TD>

<TD></TD>

<TD></TD>

<TD></TD>

<TD></TD>


<TD></TD></TR>

<TR><TD STYLE="border:1px solid #000000" NOWRAP><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"><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"><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"><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"><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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Other Board Positions
Held by<BR>Trustee </B></P>
</TD></TR>


<TR><TD STYLE="border-left:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt" align=justify>&nbsp;<B>Independent Trustees</B></P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="top"><P>&nbsp;</P></TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="top"><P>&nbsp;</P></TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="top"><P>&nbsp;</P></TD>

<TD STYLE="border-bottom:1px solid #000000" VALIGN="top"><P>&nbsp;</P></TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Colleen D. Baldwin</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 51</P></TD>

<TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee</P></TD>

<TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">October 2007&#150;Present</P></TD>

<TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>133</P></TD>

<TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>John V. Boyer </B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 57</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee </P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">January 2005 &#150; Present </P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">President and Chief Executive Officer, Bechtler Arts Foundation, an arts
and education foundation (January 2008 &#150; Present). 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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>133</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Patricia W. Chadwick </B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 62</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">January 2006 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>133</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Peter S. Drotch</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 69</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">October 2007&#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Retired. </P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>133</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>J. Michael Earley</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 66</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">February 2002 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Retired. 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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>133</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Patrick W. Kenny </B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 68</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">January 2005 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Retired. 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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>133</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Assured Guaranty Ltd. (April 2004 &#150; Present).</P>
</TD></TR>
</TABLE>



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


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


<TABLE style="font-size:10pt" cellspacing=0 align=center border=0>

<TR height=0 style="font-size:0">

<TD NOWRAP></TD>

<TD></TD>

<TD></TD>

<TD></TD>

<TD></TD>


<TD></TD></TR>

<TR><TD STYLE="border:1px solid #000000" NOWRAP><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"><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"><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"><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"><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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center><B>Other Board Positions
Held by<BR>Trustee </B></P>
</TD></TR>

<TR><TD STYLE="border:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Sheryl K. Pressler </B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 60</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">January 2006 &#150; Present</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Consultant (May 2001 &#150; Present). </P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt" align=center>133</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" COLSPAN="2"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Roger B. Vincent</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 65</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Chairman and Trustee</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">February 2002 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">President, Springwell Corporation, a corporate finance firm (March
1989 &#150; Present). </P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>133</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" COLSPAN="2"><P style="line-height:11pt; margin-left:3px; 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" COLSPAN="3"><P style="line-height:11pt; margin-left:3px; font-size:9pt"><B>Trustees who are &#147;Interested Persons&#148;</B></P>
</TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="top"><P>&nbsp;</P></TD><TD STYLE="border-bottom:1px solid #000000" VALIGN="top"><P>&nbsp;</P></TD>
<TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Robert W. Crispin<SUP>(3)</SUP></B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 64</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">

October 2007

&#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Retired. 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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>133</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" COLSPAN="2"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Shaun P. Mathews<SUP> (3)</SUP></B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 55</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Trustee </P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">

June 2006 &#150; Present

</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">President and Chief Executive Officer, ING Investments, LLC <SUP>(4)</SUP>
(November 2006 &#150; Present). 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"><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>170</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" COLSPAN="2"><P style="line-height:11pt; margin-left:3px; font-size:9pt">ING Capital Corporation, LLC (December 2005 &#150;
Present).</P>
</TD></TR>
</TABLE>


<P style="margin:0px"><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="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:
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. The number of Funds in the Fund Complex is as of May 31, 2011. </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 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. 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:0px; padding-left:48px; text-indent:-48px; font-size:8pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">15</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>

<BR>
<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="margin:0px" align=justify><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 Officer of the Trust:</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 NOWRAP></TD><TD></TD><TD NOWRAP></TD><TD></TD></TR>
<TR><TD STYLE="border:1px solid #000000" VALIGN="bottom" NOWRAP><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"><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="bottom" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>&nbsp;<B>Term of Office and
Length of Time Served <SUP>(1)</SUP>&nbsp;</B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="bottom"><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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Shaun P. Mathews</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 55</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">November 2006 <FONT style="font-family:Symbol">-</FONT> 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"><P style="line-height:11pt; margin-left:3px; font-size:9pt">President and Chief Executive Officer, ING Investments,
LLC<SUP> (2)</SUP> (November 2006 &#150; Present). Formerly, Head of ING Mutual Funds and Investment Products (November 2004 &#150; November 2006).</P>
</TD></TR>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Michael J. Roland</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 53</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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-left:3px; font-size:9pt">Chief Compliance Officer</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; 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-left:3px; font-size:9pt">March 2011 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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). </P>
</TD></TR>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<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"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Executive Vice President</P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin-left:3px; font-size:9pt">Chief Investment Risk Officer</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">August 2003 &#150; Present</P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin-left:3px; font-size:9pt">September 2009 - Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Todd Modic</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 43</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">March 2005 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President, ING Funds Services, LLC <SUP>(3)
</SUP>(March 2005 &#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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Daniel A. Norman</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 53</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President</P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin-left:3px; font-size:9pt">Treasurer</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">April 1995 <FONT style="font-family:Symbol">-</FONT> Present</P>
<P style="margin:0px"><BR></P>
<P style="line-height:11pt; margin-left:3px; 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"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>William H. Rivoir III</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 60</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin-left:3px; 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"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Kimberly A. Anderson</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 46</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; 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"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President, ING Investments, LLC <SUP>(2)</SUP>
(October 2003 &#150; Present).</P>
</TD></TR>
</TABLE>


<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">16</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>
<BR></P>



<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD NOWRAP></TD><TD></TD><TD NOWRAP></TD><TD></TD></TR>
<TR><TD STYLE="border:1px solid #000000" VALIGN="bottom" NOWRAP><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"><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="bottom" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>&nbsp;<B>Term of Office and
Length of Time Served <SUP>(1)</SUP>&nbsp;</B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="bottom"><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:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Jeffrey A. Bakalar</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age<B>: </B>51</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">November 1999
<FONT style="font-family:Symbol">-</FONT> Present</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President and Group Head,
ING Investment Management 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Elliot A. Rosen</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age<B>: </B>58</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">May 2002 <FONT style="font-family:Symbol">-</FONT> Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President, ING Investment Management Co. (February
1999 <FONT style="font-family:Symbol">-</FONT> Present).</P>
</TD></TR>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Robert Terris</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age:&nbsp; 41</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">May 2006 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:normal; margin-left:3px; font-size:9pt">Senior Vice President, Head of Division Operations, ING Funds
Services, LLC<FONT style="font-size:9pt"><SUP> (3)</SUP></FONT> (May 2006 &#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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Maria M. Anderson</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 53</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Vice President</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">September 2004 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Lauren D. Bensinger</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 57</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Vice President </P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">August 2003 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>William Evans</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;10 State House Square</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Hartford, Connecticut 06103</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 39</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Vice President</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">September 2007 - Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Senior Vice President (March 2010 &#150; Present) and Head of
Manager Research and Selection Group (April 2007 &#150; Present). 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Robyn L. Ichilov</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 43</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Vice President</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">November 1997 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Denise Lewis</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 47</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Vice President</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">January 2007 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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>
</TABLE>



<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">17</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px" align=justify><BR>
<BR>
<BR></P>



<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD NOWRAP></TD><TD></TD><TD NOWRAP></TD><TD></TD></TR>
<TR><TD STYLE="border:1px solid #000000" VALIGN="bottom" NOWRAP><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"><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="bottom" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>&nbsp;<B>Term of Office and
Length of Time Served <SUP>(1)</SUP>&nbsp;</B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="bottom"><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:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Kimberly K. Springer</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 54</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Vice President</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">March 2006 &#150; Present</P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Craig Wheeler</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 42</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Assistant Vice President</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">May 2008 - Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Huey P. Falgout, Jr.</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 47</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Secretary</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">August 2003 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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). </P>
</TD></TR>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Paul Caldarelli</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 59</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Assistant Secretary</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">June 2010 &#150; Present </P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Theresa K. Kelety</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 48</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Assistant Secretary</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">August 2003 &#150; Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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" NOWRAP><P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;<B>Kathleen Nichols</B></P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;7337 East Doubletree Ranch Road,&nbsp;<BR>&nbsp;Suite 100</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Scottsdale, Arizona 85258</P>
<P style="line-height:11pt; margin:0px; font-size:9pt">&nbsp;Age: 35</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Assistant Secretary</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">May 2008 - Present</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; 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=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="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=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">18</P>
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</DIV><DIV style="width:100%"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<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. The ING entities that render services to the Trust
do so pursuant to contracts that have been approved by the Board. 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. </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;). The Trust is one of 19 registered investment companies (with a total of approximately 133 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. The Board employs substantially the same leadership structure with respect to each of these investment
companies.</P>


<P style="margin:0px" align=justify><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. 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. The Board currently conducts regular meetings eight (8) times a year. 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. 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 facilitates, 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=justify><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> </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. The Audit Committee currently consists
of four (4) Independent Trustees. The following Trustees currently serve as members of the Audit Committee: Mses. Chadwick and Pressler, and Messrs. Drotch and Earley. Mr. Earley currently serves as Chairperson of
the Audit Committee. Messrs. Drotch and Earley have each been designated as an Audit Committee Financial Experts under the Sarbanes-Oxley Act. 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. </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=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">19</P>
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<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. The Compliance Committee currently consists of four (4) Independent Trustees: Messrs. Boyer, Kenny, and Vincent, and Ms. Baldwin. Mr. Kenny currently serves
as Chairperson of the Compliance Committee. The Compliance Committee, which currently meets regularly four (4) times per year, held four (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. The responsibilities of the Contracts Committee, among other things, include: (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. The Contracts Committee currently consists of five (5) Independent Trustees: Mses. Chadwick and Pressler, and Messrs. Boyer, Drotch, and
Vincent. Ms. Pressler currently serves as Chairperson of the Contracts Committee. 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. The Executive Committee currently consists of three (3) Independent Trustees and two (2) Trustees who are &#147;interested persons,&#148; as defined in the 1940 Act. The following
Trustees currently serve as members of the Executive Committee: Ms. Pressler and Messrs. Boyer, Crispin, Mathews, and Vincent. Mr. Vincent, Chairman of the Board, currently serves as Chairperson of the Executive Committee.
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. 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 the Trust. Each committee is 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>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. The following Trustees serve as members of the DE IRC: Ms. Chadwick, and Messrs. Crispin, Earley, Kenny, and Vincent. Ms. Chadwick currently serves as Chairperson of the DE IRC. 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=justify><BR></P>
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<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">20</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>The &nbsp;&nbsp;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. 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=justify><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. 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.
A shareholder nominee for Trustee should be submitted in writing to the Trust&#146;s Secretary. 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=justify><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"><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>
<BR></P>
<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. 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. The Board has adopted and periodically reviews various policies and procedures that are designed to address these and other risks confronting
the Trust. In addition, many service providers to the Trust have adopted their own policies, procedures and controls designed to address particular risks to the Trust. 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.
For example, management personnel and the other persons make regular reports and presentations to: (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. The Board bases this conclusion on its consideration of various criteria, no one of which is controlling. 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" align=justify><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>
<BR></P>
<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; 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. 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. </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. She
also has served as the Chairperson of the Board&#146;s Nominating and Governance Committee since 2009. Ms. Baldwin has been President of Glantuam 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).
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. 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. 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. 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.
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. She also
has served as Chairperson of the Trust&#146;s DE IRC since 2007. &nbsp;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). 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. 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. 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>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">23</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><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. 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. 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. 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. 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. 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. 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. 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. 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.

 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. 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>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">24</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"><BR></P>
<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><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=justify><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. Currently, all Independent Trustees are in compliance with this Ownership
Policy. </P>



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



<TABLE style="font-size:10pt" cellspacing=0 align=center><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:3px; 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:3px; 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:3px; 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:3px; 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><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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; font-size:9pt" align=center>$50,001 &#150; $100,000</P>
<P style="line-height:11pt; margin:3px; 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:3px; 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:3px; 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:3px; 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:3px; font-size:9pt">Roger B. Vincent</P>
</TD><TD style="border-top:0px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=184><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>None</P>
</TD><TD style="border-top:0px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=224><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>Over $100,000</P>
<P style="line-height:11pt; margin:3px; font-size:9pt" align=center>Over $100,000<SUP>(1)</SUP></P>
</TD></TR>
</TABLE>



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




<TABLE style="font-size:10pt" cellspacing=0 align=center><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:3px; 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:3px; 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:3px; 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:3px; 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></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:3px; 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:3px; 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:3px; font-size:9pt" align=center>None</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:3px; 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:3px; 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:3px; font-size:9pt" align=center>Over $100,000</P>
<P style="line-height:11pt; margin:3px; font-size:9pt" align=center>Over $100,000<SUP>(1)</SUP></P>
</TD></TR>
</TABLE>



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



<TABLE style="font-size:10pt" cellspacing=0 align=center><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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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.
Each Independent Trustee is compensated for his or her services, on a quarterly basis, according to a fee schedule adopted by the Board. The current fee schedule consists of an annual retainer, compensation for Board and
Committee Chairpersons, and additional compensation for attendance at regularly scheduled meetings. The Board may from time to time designate other meetings as subject to compensation.</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>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: (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=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">26</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"><BR></P>
<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>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. 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="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. 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=justify><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>



<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:3px; 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:3px; font-size:9pt" align=center><B>Aggregate Compensation</B></P>
<P style="line-height:11pt; margin:3px; 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:3px; font-size:9pt" align=center><B>Total Compensation from the Trust
and Fund Complex Paid to<BR>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:3px; 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=247.4><P style="line-height:11pt; margin:3px; padding-left:96px; padding-right:96px; font-size:9pt" align=center>$3,740</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:3px; font-size:9pt" align=center>$293,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133><P style="line-height:11pt; margin:3px; 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:3px; font-size:9pt" align=center>$3,804</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:3px; font-size:9pt" align=center>$298,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133><P style="line-height:11pt; margin:3px; 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:3px; font-size:9pt" align=center>$3,804</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:3px; font-size:9pt" align=center>$298,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133><P style="line-height:11pt; margin:3px; font-size:9pt" align=justify>Robert W.
Crispin<SUP>(4)</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:3px; 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:3px; 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:3px; 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:3px; font-size:9pt" align=center>$3,420</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:3px; font-size:9pt" align=center>$268,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133><P style="line-height:11pt; margin:3px; 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:3px; font-size:9pt" align=center>$3,740</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:3px; font-size:9pt" align=center>$293,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133><P style="line-height:11pt; margin:3px; 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:3px; font-size:9pt" align=center>$3,740</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:3px; font-size:9pt" align=center>$293,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133><P style="line-height:11pt; margin:3px; font-size:9pt" align=justify>Shaun P. Mathews<SUP>(4)</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:3px; 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:3px; 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:3px; 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:3px; font-size:9pt" align=center>$4,252</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:3px; font-size:9pt" align=center>$333,000</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=183.133><P style="line-height:11pt; margin:3px; 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=247.4><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>$4,444</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:3px; font-size:9pt" align=center>$348,000</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:24px; font-size:8pt" align=justify>

(1)

</P>
<P style="line-height:10pt; margin:0px; padding-left:24px; text-indent:24px; 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:24px; font-size:8pt" align=justify>

(2)

</P>
<P style="line-height:10pt; margin:0px; padding-left:24px; text-indent:24px; 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, Mr. Kenny deferred $73,250 of his 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>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. 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>CODE OF ETHICS</B><B></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=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">27</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"><BR></P>
<P style="margin:0px"><BR></P>
<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 20549. Information on
the operation of the Public Reference Room may be obtained by calling the SEC at (202) 551-8090. The Code of Ethics is available on the SEC&#146;s website (www.sec.gov) and copies may also be obtained at prescribed rates by
electronic request at publicinfo@sec.gov, or by writing the SEC&#146;s Public Reference Section at the address listed above.</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>PROXY VOTING PROCEDURES</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 proxy voting procedures and guidelines to govern the voting of proxies relating to the Trust&#146;s portfolio securities. The
Trust&#146;s procedures delegate to ING Investments the authority to vote proxies relating to portfolio securities and provide a method for responding to potential conflicts of interest. In delegating voting authority to ING
Investments, the Board has also approved ING Investments&#146; proxy voting procedures, which require ING Investments to vote proxies in accordance with the Trust&#146;s proxy voting procedures and guidelines. An independent
proxy voting service has been retained to assist in the voting of Trust proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. In addition, the 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.
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.INGInvestment.com) or by accessing the SEC&#146;s EDGAR database (www.sec.gov).</P>



<P style="margin:0px" align=center><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>CONTROL PERSONS AND PRINCIPAL HOLDERS 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>Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the
voting securities of a company. A control person may be able to take action regarding the Trust without the consent or approval of other shareholders. As of June 15, 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 15, 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 15, 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 15, 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:</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=225.533></TD><TD width=86.133></TD><TD width=104></TD><TD width=107.333></TD></TR>
<TR><TD style="border:1px solid #000000" width=225.533><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=86.133><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=104><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=107.333><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" width=225.533><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Cede &amp; Co.</P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>PO Box 20 </P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Bowling Green Station </P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>New York, NY 10274-0020</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=86.133><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Beneficial Owner</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=104><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>79.3%</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=107.333><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>79.3%</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=225.533><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>ING Prime Rate Trust </P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Treasury Account</P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>ATTN: ING Control Dept. XX-WEBO-2E-W</P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>4400 Computer Dr.</P>
<P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Westborough, MA 01581-1755</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=86.133><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>Beneficial Owner</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=104><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>16.1%</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" width=107.333><P style="line-height:11pt; margin:0px; font-size:9pt" align=center>16.1%</P>
</TD></TR>
</TABLE>




<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">28</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"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=225.533></TD><TD width=86.133></TD><TD width=104></TD><TD width=107.333></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>INVESTMENT MANAGEMENT AND OTHER SERVICE PROVIDERS</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>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>The investment adviser for the Trust is ING Investments, which is registered with the SEC as an investment adviser and serves as an investment adviser
to registered investment companies (or series thereof), as well as structured finance vehicles. ING Investments, subject to the authority of the Board, has the overall responsibility for the management of the Trust&#146;s
portfolio subject to delegation of certain responsibilities to ING IM. ING Investments and ING IM are indirect, wholly-owned subsidiaries of ING Groep N.V. (&#147;ING Groep&#148;) (NYSE: ING). ING Groep is a global financial
institution of Dutch origin offering banking, investments, life insurance, and retirement services to over 85 million private, corporate, and institutional clients in more than 40 countries.&nbsp; 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.</P>



<P style="margin:0px" align=justify><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 separated from 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=justify><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"><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>



<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=justify><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=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">29</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"><BR></P>
<P style="margin:0px"><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=justify><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>
<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. </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 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. 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=justify><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=justify><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>
<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 $9,006,401, $7,991,127, and $10,457,618,
respectively, for services rendered 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=center><B>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>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=justify><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 ING</P>

<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">30</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"><BR></P>
<P style="margin:0px"><BR></P>

<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Investments and ING IM. The Sub-Advisory Agreement requires
ING IM to provide, subject to the supervision of the Board and ING Investments, a continuous investment program for the Trust and to determine the composition of the assets of the Trust, including determination of the purchase,
retention, or sale of the securities, cash and other investments for the Trust, in accordance with the Trust&#146;s investment objective, policies and restrictions and applicable laws and regulations. The Sub-Advisory Agreement
also requires ING IM to use reasonable compliance techniques as the Sub-Adviser or the Board may reasonably adopt, including any written compliance procedures.</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. 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. Otherwise, the Sub-Advisory Agreement will remain in effect for two years and will, thereafter, continue in effect from year to year, subject to the annual approval of the Board, on behalf of the Trust, or the vote
of a
majority of the outstanding voting securities, and the vote, cast in person at a meeting duly called and held, of a majority of the Trustees, on behalf of the Trust, who are not parties to the Sub-Advisory Agreement or interested
persons (as defined in the 1940 Act) of any such party. The Sub-Advisory Agreement will terminate automatically in the event of an assignment (as defined in the 1940 Act). </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. </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=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 paid ING IM, in its capacity as Sub-Adviser,
$4,052,880, $3,596,007, and $4,694,428, respectively, in sub-advisory fees.</P>



<P style="margin:0px" align=justify><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=justify><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: </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">31</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"><BR></P>
<P style="margin:0px"><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=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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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=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. These other accounts may include, among others, other mutual funds, separately managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs and hedge funds. Potential conflicts may
arise out of the implementation of differing investment strategies for the portfolio manager&#146;s various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by
the portfolio manager&#146;s accounts.</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.
Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager&#146;s accounts but the quantity of the investment available for purchase is less than the aggregate amount the accounts
would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment.</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. These differences may be such that under certain
circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, if an account were to sell a significant
position in a security which could cause the market price of that security to decrease, while the Trust maintained its position in that security.</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. 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>For Daniel A. Norman and Jeffrey A. Bakalar, the portfolio managers (&#147;Portfolio Managers&#148;) for the Trust, compensation consists of: (i)
fixed base salary; (ii) bonus which is based on the Sub-Adviser&#146;s performance, one-, three- and five-year pre-tax performance of the accounts the Portfolio Managers are primarily and jointly responsible for relative
to account benchmarks and peer universe performance, and asset and revenue growth of the accounts they are responsible for; and (iii) 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>The Portfolio Managers for the Trust are also eligible to participate in an annual incentive plan delivered in
part in cash and in part deferred award in the form of ING stock. The overall design of the annual incentive </P>



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



<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>plan was developed to tie pay to both
performance and cash flows, structured in such a way as to drive performance and promote retention of top talent. As with base salary compensation, individual target awards are determined and set based on external market
data and internal comparators. Investment performance is measured on both relative and absolute performance in all areas. The Sub-Adviser 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 each team are outlined on a &#147;scorecard&#148; that is reviewed on an annual basis. These scorecards measure investment performance versus
benchmark and peer groups over one-, three- and five-year periods; 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) and revenue
growth for all accounts managed by the team. The results for overall ING IM scorecards are calculated on an asset weighted performance basis of the individual team scorecards. </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 (45% investment performance, 15% net cash flow and 15% revenue growth).</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, the Portfolio Managers participate in the ING Long-Term Incentive Plan. Plan awards
are based on the current year&#146;s performance as defined by the ING IM component of the annual incentive plan. The awards are paid in a combination of ING restricted stocks and performance shares and vest in three (3) years.</P>



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



<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>If the Portfolio Managers&#146; fixed base salary compensation exceeds a particular threshold, they may participate in ING&#146;s deferred compensation
plan. The plan provides an opportunity to invest deferred amounts of compensation in mutual funds, ING stocks or at an annual fixed interest rate. 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=justify><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=justify><BR></P>



<TABLE style="font-size:10pt" cellspacing=0 align=center><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:3px; 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:3px; 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:3px; 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:3px; 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:3px; 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:3px; font-size:9pt" align=center>$50,001 - $100,000 </P>
</TD></TR>
</TABLE>



<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>ADMINISTRATOR</B></P>
<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;ING Funds Services&#148;), an affiliate of the Adviser, serves as Administrator for the
Trust pursuant to an administration agreement (&#147;Administration Agreement&#148;). In connection with its administration of the corporate affairs of the Trust, the Administrator bears the following expenses: the salaries
and expenses of all personnel of the Trust and the Administrator except for the fees and expenses of Trustees not affiliated with the Administrator or ING Investments; costs to prepare information; determination of daily NAV
by the recordkeeping and accounting agent; expenses to maintain certain of the Trust&#146;s books and records that are not maintained by ING Investments, the custodian, or transfer agent; costs incurred to assist in the
preparation of financial information for the Trust&#146;s income tax returns, proxy statements, quarterly, semi-annual, and annual shareholder reports; costs of providing shareholder services in connection with any tender
offers or to shareholders proposing to transfer their shares to a third party; providing shareholder services in connection with the dividend reinvestment plan; and all expenses incurred by the Administrator or by the Trust
in connection with administering the ordinary course of the Trust&#146;s business other than those assumed by the Trust, as described below.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">33</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>Except as indicated immediately above and under the section entitled &#147;Adviser,&#148; the Trust is responsible for the payment of its expenses
including: the fees payable to ING Investments; the fees payable to the Administrator; the fees and certain expenses of the Trust&#146;s custodian and transfer agent, including the cost of providing records to the
Administrator in connection with its obligation of maintaining required records of the Trust; the charges and expenses of the Trust&#146;s legal counsel, legal counsel to the Trustees who are not &#147;interested
persons&#148; as defined in the 1940 Act and independent accountants; commissions and any issue or transfer taxes chargeable to the Trust in connection with its transactions; all taxes and corporate fees payable by
the Trust to governmental agencies; the fees of any trade association of which the Trust is a member; the costs of share certificates representing Common Shares of the Trust; organizational and offering expenses of
the Trust and the fees and expenses involved in registering and maintaining registration of the Trust and its Common Shares with SEC, including the preparation and printing of the Trust&#146;s registration statement
and prospectuses for such purposes; allocable communications expenses with respect to investor services, and all expenses of shareholders&#146; and Trustees&#146; meetings and of preparing, printing and mailing reports,
proxy statements and prospectuses to shareholders; the cost of insurance; and litigation and indemnification expenses and extraordinary expenses not incurred in the ordinary course of the Trust&#146;s business.</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, 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=justify><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 $2,814,500,
$2,497,227, and $3,268,006, respectively, for services rendered 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=center><B>DISTRIBUTOR</B></P>
<P style="margin:0px" align=justify><BR></P>



<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=justify><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=justify><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>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">34</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>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 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>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>SHAREHOLDER REINVESTMENT PROGRAM</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. 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;Common Shares may be issued by the Trust under the Program only if the Trust&#146;s Common Shares are trading at a premium to NAV. If the Trust&#146;s Common
Shares are trading at a discount to NAV, Common Shares purchased under the Program will be purchased on the open market.</P>
<P style="margin:0px" align=justify><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. 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. 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%. 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=justify><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 </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">35</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>cash investments is determined on the
last business day of each month. In all instances, however, the discount on Common Shares issued directly by the Trust shall not exceed 5% of the market price, and Common Shares may not be issued at a price less than NAV
without prior specific approval of shareholders or of the Commission. Optional cash investments received by 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=justify><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. 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.</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. 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.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>PORTFOLIO 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 will generally have at least 80% of its net assets (plus borrowings for investment purposes) invested in Senior Loans. The remaining assets
of the Trust will generally consist of loans to borrowers organized 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. The Trust will acquire Senior Loans from and sell
Senior Loans to commercial and investment banks, insurance companies, finance companies, and other investment companies and private investment funds. The Trust&#146;s interest in a particular Senior Loan will terminate when
the Trust receives full payment on the loan or sells a Senior Loan in the secondary market. Costs associated with purchasing or selling investments in the secondary market include processing fees paid to agents. These costs
are allocated between the purchaser and seller as agreed between the parties.</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 or Sub-Adviser for the Trust places orders for the purchase and sale of investment securities for the Trust, pursuant to authority granted
in the relevant Investment Advisory Agreement or Sub-Advisory Agreement. Subject to policies and procedures approved by the Trust&#146;s Board, the Adviser, or Sub-Adviser has discretion to make decisions relating to placing
these orders, including, where applicable, selecting the brokers or dealers that will execute the purchase and sale of investment securities, negotiating the commission or other compensation paid to the broker or dealer
executing the trade, or using an electronic trading network (&#147;ECN&#148;) or alternative trading system (&#147;ATS&#148;). </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">36</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>In a situation where the Sub-Adviser resigns or the Adviser otherwise assumes day to day management of the Trust pursuant to its Investment Advisory
Agreement with the Trust, the Adviser will perform the services described herein as being performed by the Sub-Adviser. </P>
<P style="margin:0px" align=justify><BR></P>
<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. In transactions on securities exchanges in the United States, these commissions are negotiated, while on many foreign securities exchanges commissions are fixed. Securities traded in the over-the-counter
markets (such as fixed-income securities and some equity securities) are generally traded on a &#147;net&#148; basis with market makers acting as dealers; in these transactions, the dealers act as principal for their own
accounts without a stated commission, although the price of the security usually includes a profit to the dealer. Transactions in certain over-the-counter securities also may be effected on an agency basis when, in the
Adviser&#146;s or Sub-Adviser&#146;s opinion, the total price paid (including commission) is equal to or better than the best total price available from a market maker. In underwritten offerings, securities are usually
purchased at a fixed price, which includes an amount of compensation to the underwriter, generally referred to as the underwriter&#146;s concession or discount. On occasion, certain money market instruments may be purchased
directly from an issuer, in which case no commissions or discounts are paid. The Adviser or Sub-Adviser may also place trades using an ECN or ATS.</P>
<P style="margin:0px"><BR></P>
<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=justify><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 (including the applicable brokerage commission or dollar spread), the size of the order, the nature and characteristics (including liquidity) of the market for the security, the
difficulty of execution, the timing of the order, potential market impact, and the need for confidentiality, speed, and certainty of execution. Factors relevant to the range and quality of brokerage services available
from eligible brokers and dealers may include, among others, the firms&#146; execution, clearance, settlement, and other operational facilities; willingness and ability to commit capital or take risk in positioning a
block of securities, where necessary; special expertise in particular securities or markets; ability to provide liquidity, speed, and anonymity; the nature and quality of other brokerage and research services provided
to the Adviser or Sub-Adviser (consistent with the &#147;safe harbor&#148; described below); and the firms&#146; general reputation, financial condition and responsiveness to the Adviser or Sub-Adviser, as demonstrated
in the particular transaction or other transactions. Subject to its duty to seek best execution of the Trust&#146;s orders, the Adviser or Sub-Adviser may select broker-dealers that participate in commission recapture
programs that have been established for the
benefit of the Trust. Under these programs, the participating broker-dealers will return to the Trust (in the form of a credit to the Trust) a portion of the brokerage commissions paid to the broker-dealers by the Trust.
These credits are used to pay certain expenses of the Trust. These commission recapture payments benefit the Trust, and not the Adviser or Sub-Adviser. </P>



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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>The Safe Harbor for Soft Dollar Practices</B></P>
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<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 </P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>good faith determination that the
broker&#146;s commission paid by the Trust is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer, viewed in terms of either the particular transaction or the
Adviser&#146;s or Sub-Adviser&#146;s overall responsibilities to the Trust and its other investment advisory clients. The practice of using a portion of the Trust&#146;s commission dollars to pay for brokerage and
research services provided to the Sub-Adviser is sometimes referred to as &#147;soft dollars.&#148; Section 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. </P>
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<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>
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<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). 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. &nbsp;&nbsp;</P>
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<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. The research received does not reduce the advisory fees paid to the
Adviser or sub-advisory fees payable to the Sub-Adviser for services provided to the Trust. The Adviser&#146;s or Sub-Adviser&#146;s expenses would likely increase if the Adviser or Sub-Adviser had to generate these research
products and services through its own efforts, or if it paid for these products or services itself. &nbsp;</P>
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<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>



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<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>
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<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>
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<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;). 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, </P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>approved by the Board, that are designed to
attain compliance with these prohibitions. </P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Principal Trades and Research</B></P>
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<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>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>More Information about trading in Fixed-Income Securities</B></P>
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<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>
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<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>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Transition Management</B></P>
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<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. 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;</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Allocation of Trades </B></P>
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<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. To the extent the Trust seeks to acquire (or dispose of) the same security at the same time, the Trust may not be able to acquire (or dispose of) as large a position in such security as
it desires, or it may have to pay a higher (or receive a lower) price for such security. It is recognized that in some cases, this system could have a detrimental effect on the price or value of the security insofar as
the Trust is concerned. However, over time, the Trust&#146;s ability to participate in aggregate trades is expected to provide better execution for the Trust.</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Cross-Transactions</B></P>
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<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 or series thereof provided they meet the
condition of Rule 17a-7 under the 1940 Act and conditions of the policy.</P>
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<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. </P>
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<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>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>PORTFOLIO TURNOVER RATE</B></P>
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<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. Portfolio turnover rate for a fiscal year is the
percentage determined by dividing the lesser of the cost of purchases or proceeds from sales of portfolio securities by average of the value of portfolio securities during such year, all excluding securities whose maturities
at acquisition were one year or less. The Trust cannot accurately predict its turnover rate; however, the rate will be higher when the Trust finds it necessary to significantly change its portfolio to adopt a temporary
defensive position or respond to economic or market events. A high turnover rate would increase expenses and may involve realization of capital gains by the Trust. The Trust&#146;s historical turnover rates are included
in the Financial Highlights table in the Prospectuses.</P>
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<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 fiscal years ended February 28, 2011 and February 28, 2010 was 60% and
38%, respectively. 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. The annual turnover rate of the Trust also includes Senior Loans on which the Trust has received full or partial payment. The Adviser believes
that full and partial payments on loans generally comprise approximately 25% to 75% of the Trust&#146;s total portfolio turnover each year.</P>



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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>NET ASSET VALUE</B></P>
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<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. The NAV per Common Share is determined by dividing the value of the Trust&#146;s loan assets plus all cash and
other assets (including interest accrued but not collected) less all liabilities (including accrued expenses but excluding capital and surplus) by the number of Common Shares outstanding. The NAV per Common Share is made
available for publication.</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>FEDERAL TAXATION</B></P>
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<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. No attempt is
made to present a detailed explanation of the tax treatment of the Trust or its shareholders, and the following discussion is not intended as a substitute for careful tax planning. Shareholders should consult with their
own tax advisers regarding the specific federal, state, local, foreign, and other tax consequences of investing in the Trust.</P>



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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Qualification as a Regulated Investment Company</B></P>
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<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;). As a RIC, the Trust generally will not be subject to federal income tax on the portion of its investment company taxable income (<I>i.e.</I>, taxable interest, dividends and other taxable ordinary income,
net of expenses, and net short-term capital gains in excess of long-term capital losses) and net capital gain (<I>i.e.</I>, the excess of net long-term capital gains over the sum of net short-term capital losses and capital
loss carryovers from prior years) that it distributes to shareholders, provided that it distributes at least 90% of its investment company taxable income for the taxable year (&#147;Distribution Requirement&#148;), and
satisfies certain other requirements of the Code that are described below.</P>
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<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>



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<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. 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>
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<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. 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. </P>
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<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. 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>
<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.
Such distributions generally would be eligible for the dividends-received deduction in the case of corporate shareholders.</P>
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<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. 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>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Excise Tax on Regulated Investment Companies</B></P>
<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) 98.2% of its capital gain net income (<I>i.e.</I>, capital gains in excess of capital losses) for the one-year period ended on October 31 of such calendar year; and (3) any ordinary
taxable income and capital gain net income for previous years that was not distributed or taxed to the RIC during those years. </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 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>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>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 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>
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<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=justify><BR></P>
<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:3px; 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:3px; 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:3px; 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:3px; 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 style="line-height:11pt; margin:3px; font-size:9pt" align=center>$(57,686,392)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>2012</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>$(22,421,058)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>2013</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 style="line-height:11pt; margin:3px; font-size:9pt" align=center>$(560,828)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>2014</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>$(41,585,301)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>2017</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 style="line-height:11pt; margin:3px; font-size:9pt" align=center>$(125,812,939)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>2018</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=261.6><P>&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=108.8><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>$(24,760,715)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=181><P style="line-height:11pt; margin:3px; font-size:9pt" align=center>2019</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:3px; 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 style="line-height:11pt; margin:3px; font-size:9pt" align=center><B>$(272,827,233)</B></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=justify><BR></P>



<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Distributions</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 anticipates distributing all or substantially all of its investment company taxable income for the taxable year. Such distributions will be
taxable to shareholders as ordinary income. If a portion of the Trust&#146;s income consists of dividends paid by U.S. corporations, a portion of the dividends paid by the Trust may be eligible for the corporate dividends
received deduction.</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 either retain or distribute to shareholders its net capital gain for each taxable year. The Trust currently intends to distribute any such
amounts. If net capital gain is distributed and designated as a capital gain dividend, it will generally be taxable to shareholders at a maximum federal tax rate of 15%. Distributions are subject to these capital gains rates
regardless of the length of time the shareholder has held his shares. Conversely, if the Trust elects to retain its net capital gain, the Trust will be taxed thereon (except to the extent
of any available capital loss carryovers) at the applicable corporate tax rate. In such event, it is expected that </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">42</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"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>the Trust also will elect to treat
such gain as having been distributed to shareholders. As a result, each shareholder will be required to report his pro rata share of such gain on his tax return as long-term capital gain, will be entitled to claim a tax credit
for his pro rata share of tax paid by the Trust on the gain, and will increase the tax basis for his shares by an amount equal to the deemed distribution less the tax credit.</P>
<P style="margin:0px" align=justify><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. The rate reductions do not apply to corporate taxpayers. 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. 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. Distributions from funds, such as the Trust, investing in debt instruments will not generally qualify for the lower rate. The 15% rate on
long-term capital gains is currently scheduled to increase to 20% after 2012 and qualifying dividend income is currently scheduled to be taxed as ordinary income after 2012. </P>



<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 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. </P>
<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. 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>
<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. 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% (currently scheduled to increase to
31% after 2012) 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. Corporate shareholders and other shareholders specified in
the Code are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder&#146;s U.S. federal income tax liability if the appropriate information
is provided to the IRS.</P>



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



<P style="line-height:12.5pt; margin:0px; font-size:10.5pt">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 Trust and net gains from redemptions or other taxable dispositions of Trust 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=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">43</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"><BR></P>
<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>Sale of Common 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>A shareholder will recognize gain or loss on the sale or exchange of shares of the Trust in an amount generally equal to the difference between the
proceeds of the sale and the shareholder&#146;s adjusted tax basis in the shares. In general, any such gain or loss will be considered capital gain or loss if the shares are held as capital assets, and gain or loss will be
long-term or short-term, depending upon the shareholder&#146;s holding period for the shares. However, any capital loss arising from the sale of shares held for six months or less will be treated as a long-term capital loss
to the extent of any long-term capital gains distributed (or deemed distributed) with respect to such shares. Also, any loss realized on a sale or exchange of shares will be disallowed to the extent the shares disposed of are
replaced (including shares acquired through the Shareholder 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=justify><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. If a shareholder tenders all shares of the Trust that he or she owns or is considered
to own, the shareholder will realize a taxable sale or exchange (see &#147;Sale of Common Shares&#148; above). If a shareholder tenders less than all of the shares of the Trust that he or she owns or is considered to own, the
repurchase may not qualify as an exchange, and the proceeds received may be treated as a dividend, return of capital or capital gain, depending on the Trust&#146;s earnings and profits and the shareholder&#146;s basis in the
tendered shares. If that occurs, there is a risk that non-tendering shareholders may be considered to have received a deemed distribution as a result of the Trust&#146;s purchase of tendered shares, and all or a portion of
that deemed distribution may be taxable as a dividend.</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>
<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>
<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). Such a foreign shareholder would generally be exempt from U.S. federal income tax on gains realized on the sale or
exchange of shares of the Trust, capital gain dividends, and amounts retained by the Trust that are designated as undistributed capital gains. However, subject to certain limitations and the receipt of further guidance form
the U.S. Treasury, dividends paid to certain foreign shareholders may be exempt from U.S. tax through February 2012 (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. 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. Congress is considering whether to extend the exemption from withholding for properly designated interest and short-term capital gains for one year. However, there is no assurance that
they will extend the exemption. </P>



<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. Such shareholders that are classified as corporations for U.S. tax purposes also may be subject to a branch profits tax.</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 case of foreign non-corporate shareholders, the Trust may be required to withhold U.S. federal income
</P>

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



<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>tax at a rate of 28% (currently scheduled to
increase to 31% after 2012) on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless such shareholders furnish the Trust with proper notification of their foreign status. (See
&#147;Distributions.&#148;)</P>



<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.
Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Trust, including the applicability of foreign taxes.</P>
<P style="margin:0px" align=justify><BR></P>



<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>Effective January 1, 2013, the Trust will be required to withhold U.S. taxes (at a 30% rate) on payments of dividends and redemption proceeds made to
certain non-U.S. entities that fail to comply with extensive new reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be
requested to provide additional information to the Trust to enable it to determine whether withholding is required.</P>



<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>
<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. 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=justify><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. Distributions to shareholders also may be subject to state, local, and foreign taxes, depending upon each shareholder&#146;s particular situation. Shareholders are urged to consult their tax advisers as to the particular
consequences to them of an investment in the Trust.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>ADVERTISING AND PERFORMANCE DATA</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>Advertising</B></P>
<P style="margin:0px" align=justify><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. Any
such information may include trading volume of the Trust&#146;s Common Shares, the number of Senior Loan investments, annual total return, aggregate total return, distribution rate, average compounded distribution rates and
yields of the Trust for specified periods of time, and diversification statistics. Such information may also include rankings, ratings and other information from independent organizations such as Lipper; Morningstar; Value
Line, Inc.; CDA Technology, Inc.; S&amp;P&#146;s Portfolio Management Data (a division of S&amp;P); Moody&#146;s; Bloomberg; or other industry publications. These rankings will typically compare the Trust to all closed-end
funds, to other Senior Loan funds, and/or also to taxable closed-end fixed-income funds. Any such use of rankings and ratings in advertisements and sales literature will conform with the guidelines of FINRA approved by the
SEC. Ranking comparisons and ratings should not be considered representative of the Trust&#146;s relative performance for any future period. </P>



<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: (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>
<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 </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" ALIGN="CENTER">45</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"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify>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>
<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. Further, the Trust may compare its yield to: (i) LIBOR; (ii)
the federal funds rate; (iii) the Prime Rate, quoted daily in the Wall Street Journal as the base rate on corporate loans at large U.S. money center commercial banks; (iv) the average yield reported by the Bank
Rate Monitor National Index for money market deposit accounts offered by the 100 leading banks and thrift institutions in the ten largest standard metropolitan statistical areas, (v) yield data published by Lipper, Bloomberg, or
other industry sources; or (vi) the yield on an investment in 90-day Treasury bills on a rolling basis, assuming quarterly compounding. Further, the Trust may compare such other yield data described above to each other. The Trust
may also compare its total return, NAV stability and yield to fixed-income investments. As with yield and total return calculations, yield comparisons should not be considered representative of the Trust&#146;s yield or relative
performance for any future period.</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 provide information designed to help individuals understand their investment goals and explore various financial strategies. Such information
may include information about current economic, market, and political conditions; materials that describe general principles of investing, such as asset allocation, diversification, risk tolerance, and goal setting; worksheets
used to project savings needs based on assumed rates of inflation and hypothetical rates of return; and action plans offering investment alternatives. Materials may also include discussion of other investment companies in the
ING Funds, products and services, and descriptions of the benefits of working with investment professionals in selecting investments.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=justify><B>Performance Data</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 may quote annual total return and aggregate total return performance data. Total return quotations for the specified periods will be computed by
finding the rate of return (based on net investment income and any capital gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the value of such investment at the end of
the period. On occasion, the Trust may quote total return calculations published by Lipper, a widely recognized independent publication that monitors the performance of both open-end and closed-end investment companies.</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&#146;s distribution rate is calculated on a monthly basis by annualizing the dividend declared in the month and dividing the resulting annualized
dividend amount by the Trust&#146;s corresponding month-end NAV (in the case of NAV) or the last reported market price (in the case of Market). The distribution rate is based solely on the actual dividends and distributions, which
are made at the discretion of management. The distribution rate may or may not include all investment income, and ordinarily will not include capital gains or losses, if any. </P>
<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. Distribution rate, compounded distribution rate and NAV per share can be expected to fluctuate over time. Total return will vary depending on market conditions, the Senior Loans,
and other securities comprising the Trust&#146;s portfolio, the Trust&#146;s operating expenses and the amount of net realized and unrealized capital gains or losses during the period.</P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>GENERAL INFORMATION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Custodian</B></P>
<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.
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. </P>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Legal Counsel</B></P>
<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>
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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt"><B>Independent Registered Public Accounting Firm</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>FINANCIAL STATEMENTS</B></P>
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<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, 2011 are incorporated by reference in this SAI. 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. </P>



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<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>APPENDIX A</B></P>
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<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>_______________________________</P>
<P style="margin:0px" align=center><BR></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: July 10, 2003</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Revision Date: March 3, 2011</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>_______________________________</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:48px; text-indent:-48px; font-size:12pt" align=justify><B>I.</B></P>
<P style="line-height:14pt; margin:0px; padding-left: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;). The purpose of these Procedures and Guidelines is to set forth the process by which each Fund subject to these Procedures and Guidelines will vote proxies
related to the equity assets in its investment portfolio (the &#147;portfolio securities&#148;). The 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. 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.
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. Furthermore, the
Boards hereby delegate to each Committee the authority to review and approve material changes to proxy voting procedures of any Fund&#146;s investment adviser (the &#147;Adviser&#148;). The Proxy Voting Procedures of the Adviser
(the &#147;Adviser Procedures&#148;) are attached hereto as <B><I>Exhibit&nbsp;2</I></B>. Any determination regarding the voting of proxies of each Fund<BR></P>
<P style="margin:0px" align=justify><BR></P>

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<P style="line-height:13pt; margin-top:0px; 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. No provision in these Procedures is intended to impose any duty upon the particular Board or Compliance 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>

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<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.
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.
Each Committee shall conduct itself in accordance with its charter.</P>
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<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. The Board may revoke such delegation with respect to any proxy or proposal, and assume the responsibility of
voting any Fund proxy or proxies as it deems appropriate. Non-material amendments to the Procedures and Guidelines may be approved for immediate implementation by the President or Chief Financial Officer of a Fund, subject to ratification at
the next regularly scheduled meeting of the Compliance Committee.</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. In so doing, the Board shall also approve the
Sub-Adviser&#146;s proxy policies for implementation on behalf of such portfolio or series (a &#147;Sub-Adviser-Voted Series&#148;). Sub-Adviser-Voted Series shall not be covered under these Procedures and Guidelines but rather shall
be covered by such Sub-Adviser&#146;s proxy policies, provided that the Board, including a majority of the independent Trustees/Directors<SUP>1</SUP>, 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. 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. </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. 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. Rather, it passes votes requested by the underlying master fund to its shareholders.
This means that, if the feeder fund is solicited by the master fund, it will request instructions from its own shareholders, either</P>
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<P style="line-height:13pt; margin-top:14.667px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-size:11pt"><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>
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<P STYLE="Margin: 0px" ALIGN="CENTER">A-2<BR></P>
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<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. 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>.
The Board hereby approves such procedures. All material changes to the Adviser Procedures must be approved by the Board or the Compliance Committee prior to implementation; however, the President or Chief Financial Officer of a Fund may make
such non-material changes as they deem appropriate, subject to ratification by the Board or the Compliance Committee at its next regularly scheduled meeting.</P>
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<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="margin:0px; padding-left:48px; font-size:12pt" 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. 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 </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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. </P>
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<P style="margin:0px; padding-left:48px; font-size:12pt" 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. 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="margin:0px; padding-left:48px; font-size:12pt" align=justify>The Proxy Coordinator shall use best efforts to convene the Proxy Group with respect to all matters requiring its consideration. In the event quorum requirements cannot
be timely met in connection with a voting deadline, it shall be the policy of the Funds to vote in accordance with the Agent&#146;s recommendation, unless the Agent&#146;s recommendation is deemed to be conflicted as provided for under the Adviser
Procedures, in which case no action shall be taken on such matter (<I>i.e.</I>, a &#147;Non-Vote&#148;).</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> Votes in Accordance with a Fund&#146;s Guidelines and/or, where applicable, Agent Recommendation</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" 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. 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> Votes in Which No Action is Taken</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" align=justify>The Proxy Group may recommend that a Fund refrain from voting under circumstances including, but not limited to, the following: (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.
In such instances, the Proxy Group may instruct the Agent, through the Proxy Coordinator, not to vote such proxy. The Proxy Group may provide the Proxy Coordinator with standing instructions on parameters that would dictate a Non-Vote without the
Proxy Group&#146;s review of a specific proxy.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" 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>
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<P STYLE="Margin: 0px" ALIGN="CENTER">A-4<BR></P>
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<P style="margin:0px; padding-left:96px; font-size:12pt" 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="margin:0px; padding-left:120px; font-size:12pt"><B>Out-of-Guidelines Votes:</B> Votes Contrary to Procedures and Guidelines, or Agent Recommendation, where applicable, Where No Recommendation is Provided by Agent, or Where Agent&#146;s
Recommendation is Conflicted</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" 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). 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="margin:0px; padding-left:96px; font-size:12pt" 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: the applicable Procedures and Guidelines, the
recommendation of the Agent, where applicable, the recommendation of the Investment Professional(s), where applicable, any resources used by the Proxy Group in arriving at its recommendation, the Conflicts Report and any other written materials
establishing whether a conflict of interest exists, and findings of Counsel (as such term is defined for purposes of the Adviser Procedures). Upon Counsel&#146;s finding that a conflict of interest exists with respect to one or more members
of the Proxy Group or the Advisers generally, the remaining members of the Proxy Group shall not be required to complete a Conflicts Report in connection with the proxy.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" 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="margin:0px; padding-left:96px; font-size:12pt" 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=center><BR>

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<P STYLE="Margin: 0px" ALIGN="CENTER">A-5<BR></P>
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<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" align=justify>referred to the Committee. The Committee will instruct the Agent through the Proxy Coordinator how to vote such referred proposals. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" align=justify>The Proxy Coordinator shall use best efforts to timely refer matters to a Fund&#146;s Committee for its consideration. In the event any such matter cannot be timely referred
to or considered by the Committee, it shall be the policy of the Funds to vote in accordance with the Agent&#146;s recommendation, unless the Agent&#146;s recommendation is conflicted on a matter, 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="margin:0px; padding-left:96px; font-size:12pt" 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. 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.
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. 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. 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>
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<P STYLE="Margin: 0px" ALIGN="CENTER">A-6<BR></P>
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<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 WIDTH="100" SIZE="1" ALIGN="LEFT" COLOR="#000000" NOSHADE>

<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> ING Franklin Mutual Shares Portfolio</P>
<P style="margin:0px" align=center><BR>

<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-7<BR></P>
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<P style="margin:0px"><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="line-height:14pt; margin:0px; font-size:12pt" align=center>_______________________________</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>PROXY VOTING PROCEDURES</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>_______________________________</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></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>ING Investments, LLC, ING Investment Management Co. and Directed Services LLC (each an &#147;Adviser&#148; and collectively, the &#147;Advisers&#148;) are the investment advisers for the registered
investment companies and each series or portfolio thereof (each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;) comprising the ING family of funds. As such, the Advisers have been delegated the authority to vote proxies with respect
to securities for certain Funds over which they have day-to-day portfolio management responsibility. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" 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. Each must act prudently, solely in the interest of the beneficial owners of the Funds it manages.
The Advisers will not subordinate the interest of beneficial owners to unrelated objectives. Each Adviser will vote proxies in the manner that it believes will do the most to maximize shareholder value.</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. </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="margin:0px" align=center><BR>

<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-8<BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B>II. </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="margin:0px; padding-left:48px; font-size:12pt" 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;). 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. 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="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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. The Agent is Institutional Shareholder Services Inc., a subsidiary of MSCI Inc. The Agent is responsible for coordinating with the
Funds&#146; custodians to ensure that all proxy materials received by the custodians relating to the portfolio securities are processed in a timely fashion. To the extent applicable, the Agent is required to vote and/or refer all proxies in
accordance with these Adviser Procedures. The Agent will retain a record of all proxy votes handled by the Agent. Such record must reflect all the information required to be disclosed in a Fund&#146;s Form N-PX pursuant to Rule&nbsp;30b1-4
under the Investment Company Act. In addition, the Agent is responsible for maintaining copies of all proxy statements received by issuers and to promptly provide such materials to the Adviser upon request.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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. The Agent also shall be requested to</P>


<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-9<BR></P>
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<P style="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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.
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="margin:0px; padding-left:48px; font-size:12pt" 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. 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="margin:0px; padding-left:48px; font-size:12pt" 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. The vote of a simple majority of the members present and voting shall determine any matter submitted to a vote. Tie votes shall be broken by securing
the vote of members not present at the meeting; provided, however, that the Proxy Coordinator shall ensure compliance with all applicable voting and conflict of interest procedures and shall use best efforts to secure votes from all or as many
absent members as may reasonably be accomplished. 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. The Proxy Group may meet in person or by telephone. The Proxy Group also may take action via electronic mail in lieu of a meeting, provided that each Group
member has received a copy of any relevant electronic mail transmissions circulated by each other participating Group member prior to voting and provided that the Proxy Coordinator follows the directions of a majority of a quorum (as defined above)
responding via electronic mail. For all votes taken in person or by telephone or teleconference, the vote shall be taken outside the presence of any person other than the members of the Proxy Group and such other persons whose attendance may
be deemed appropriate by the Proxy Group from time to time in furtherance of its duties or the day-to-day administration of the Funds. In its discretion, the Proxy Group may provide the Proxy Coordinator with standing instructions to perform
responsibilities assigned herein to the Proxy Group, or activities in
support thereof, on its behalf, provided that such instructions do not contravene any requirements of these Adviser Procedures or a Fund&#146;s Procedures and Guidelines.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-10<BR></P>
<P style="margin:0px" align=justify><BR></P>

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<P style="margin:0px; padding-left:48px; font-size:12pt" 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. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" align=justify>The Proxy Coordinator shall use best efforts to convene the Proxy Group with respect to all matters requiring its consideration. In the event quorum requirements cannot be
timely met in connection with a voting deadline, 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="margin:0px; padding-left:48px; font-size:12pt" 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. The
Investment Professionals may accompany their recommendation with any other research materials that they deem appropriate or with a request that the vote be deemed &#147;material&#148; in the context of the portfolio(s) they manage, such
that lending activity on behalf of such portfolio(s) with respect to the relevant security should be reviewed by the Proxy Group and considered for recall and/or restriction. Input from the relevant sub-advisers and/or portfolio
managers shall be given primary consideration in the Proxy Group&#146;s determination of whether a given proxy vote is to be deemed material and the associated security accordingly restricted from lending. The determination that a
vote is material in the context of a Fund&#146;s portfolio shall not mean that such vote is considered material across all Funds voting that meeting. In order</P>



<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-11<BR></P>
<P style="margin:0px" align=justify><BR></P>
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<BR>

<P style="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:96px; font-size:12pt">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="margin:0px; padding-left:96px; font-size:12pt">Routine Matters </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" 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. 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:96px; text-indent:-48px; font-size:12pt">C.</P>
<P style="margin:0px; padding-left:96px; font-size:12pt">Matters Requiring Case-by-Case Consideration </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" 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. 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="margin:0px; padding-left:120px; font-size:12pt"><B>Within-Guidelines Votes:</B> Votes in Accordance with a Fund&#146;s Guidelines and/or, where applicable, Agent Recommendation</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" 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="Margin: 0px" ALIGN="CENTER">A-12<BR></P>
<P style="margin:0px" align=justify><BR></P>
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<BR>


<P style="margin:0px; padding-left:96px; font-size:12pt" align=justify>this manner. 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="margin:0px; text-indent:120px; font-size:12pt"><B>Non-Votes:</B> Votes in Which No Action is Taken</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" align=justify>The Proxy Group may recommend that a Fund refrain from voting under circumstances including, but not limited to, the following: (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.
In such instances, the Proxy Group may instruct the Agent, through the Proxy Coordinator, not to vote such proxy. The Proxy Group may provide the Proxy Coordinator with standing instructions on parameters that would dictate a Non-Vote without the
Proxy Group&#146;s review of a specific proxy.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" 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="margin:0px; padding-left:96px; font-size:12pt" 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="margin:0px; padding-left:120px; font-size:12pt" align=justify><B>Out-of-Guidelines Votes:</B> Votes Contrary to Procedures and Guidelines, or Agent Recommendation, where applicable, Where No Recommendation is Provided by Agent, or Where
Agent&#146;s Recommendation is Conflicted</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:12pt" 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="margin:0px; padding-left:120px; font-size:12pt" 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"><BR></P>

<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-13<BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR NOSHADE SIZE="1">
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<BR>

<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 of the Agent</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" 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. 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. 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="margin:0px; padding-left:48px; font-size:12pt" 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. 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="margin:0px; padding-left:48px; font-size:12pt" align=justify>The Advisers shall establish and maintain procedures to identify and address conflicts that may arise from time to time concerning the Agent. Upon the Advisers&#146; request,
which shall be not less than annually, and within fifteen (15) calendar days of any material change to such information previously provided to an Adviser, the Agent shall provide the Advisers with such information as the Advisers deem reasonable and
appropriate for use in determining material relationships of the Agent that may pose a conflict of interest with respect to the Agent&#146;s proxy analysis or recommendations. The Proxy Coordinator shall forward all such information to Counsel
for review. Counsel shall review such information and provide the Proxy Coordinator with a brief statement regarding whether or not a material conflict of interest is present. Matters as to which a material conflict of interest is deemed to be present shall
be handled as provided in the Fund&#146;s Procedures and Guidelines.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" 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. 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="Margin: 0px" ALIGN="CENTER">A-14<BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR NOSHADE SIZE="1">
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<BR>

<P style="margin:0px; padding-left:48px; font-size:12pt" 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="margin:0px; padding-left:48px; font-size:12pt" 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. 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. Such
Conflicts Report should describe any known conflicts of either a business or personal nature, and set forth any contacts with respect to the referral item with non-investment personnel in its organization or with outside parties (except for routine
communications from proxy solicitors). The Conflicts Report should also include written confirmation that any recommendation from an Investment Professional provided in connection with an Out-of-Guidelines Vote or under circumstances where a
conflict of interest exists was made solely on the investment merits and without regard to any other consideration.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; font-size:12pt" align=justify>The Proxy Coordinator shall forward all Conflicts Reports to Counsel for review. Counsel shall review each report and provide the Proxy Coordinator with a brief statement regarding
whether or not a material conflict of interest is present. Matters as to which a material conflict of interest is deemed to be present shall be handled as provided in the Fund&#146;s Procedures and Guidelines.</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. Such proxy statements received from issuers are available either in the SEC&#146;s EDGAR database or are kept by the Agent and are available upon request. (2) A record of each vote cast on
behalf of a Fund. (3) A copy of any document created by the Adviser that was material to making a decision how to vote a proxy, or that memorializes the basis for that decision. (4) A copy of written requests for Fund proxy voting information
and any written response thereto or to any oral request for information on how the Adviser voted proxies on behalf of a Fund. All proxy voting materials and supporting documentation will be retained for a minimum of six (6) years, the
first two years in the Advisers&#146; office.</P>
<P style="margin:0px" align=center><BR>
<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-15<BR></P>
<P style="margin:0px" align=justify><BR></P>
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<BR>
<P style="margin:0px"><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><TR height=0 style="font-size:0"><TD width=193.2></TD><TD width=426></TD></TR>
<TR><TD valign=top width=193.2><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Name</B></P>
</TD><TD valign=top width=426><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Title or Affiliation</B></P>
</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD valign=top width=193.2><P style="line-height:14pt; margin:0px; font-size:12pt">Stanley D. Vyner</P>
</TD><TD valign=top width=426><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>&nbsp;</TD></TR>
<TR><TD valign=top width=193.2><P style="line-height:14pt; margin:0px; font-size:12pt">Todd Modic</P>
</TD><TD valign=top width=426><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>&nbsp;</TD></TR>
<TR><TD valign=top width=193.2><P style="line-height:14pt; margin:0px; font-size:12pt">Maria Anderson</P>
</TD><TD valign=top width=426><P style="line-height:14pt; margin:0px; font-size:12pt">Vice President of Fund Compliance, ING Funds Services, LLC</P>
</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD valign=top width=193.2><P style="line-height:14pt; margin:0px; font-size:12pt">Karla J. Bos</P>
</TD><TD valign=top width=426><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>&nbsp;</TD></TR>
<TR><TD valign=top width=193.2><P style="line-height:14pt; margin:0px; font-size:12pt">Julius A. Drelick III, CFA</P>
</TD><TD valign=top width=426><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>&nbsp;</TD></TR>
<TR><TD valign=top width=193.2><P style="line-height:14pt; margin:0px; font-size:12pt">Harley Eisner</P>
</TD><TD valign=top width=426><P style="line-height:14pt; margin:0px; font-size:12pt">Vice President of Financial Analysis, ING Funds Services, LLC</P>
</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD valign=top width=193.2><P style="line-height:14pt; margin:0px; font-size:12pt">Theresa K. Kelety, Esq.</P>
</TD><TD valign=top width=426><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=center><BR>

<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-16<BR></P>
<P style="margin:0px" align=justify><BR></P>
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<BR>

<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><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><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>_______________________________</P>
<P style="margin:0px" align=center><BR></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="line-height:14pt; margin:0px; font-size:12pt" align=center>_______________________________</P>
<P style="margin:0px" align=center><BR></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: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" 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. 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" align=justify>Proxies must be voted in the best interest of the Fund(s). The Guidelines summarize the Funds&#146; positions on various issues of concern to investors, and give a general
indication of how Fund portfolio securities will be voted on proposals dealing with particular issues. The Guidelines are not exhaustive and do not include all potential voting issues.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" 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. In voting
proxies, the Advisers are guided by general fiduciary principles. Each must act prudently, solely in the interest of the beneficial owners of the Funds it manages. The Advisers will not subordinate the interest of beneficial owners to unrelated
objectives. Each Adviser will vote proxies in the manner that it believes will do the most to maximize shareholder value.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:1.533px; font-size:12pt"><B>II.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:1.533px; text-indent:46.467px; font-size:12pt"><B>GUIDELINES</B></P>
<P style="margin:0px"><BR></P>
<P style="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: Board of Directors, Proxy Contests, Auditors, Proxy Contest Defenses,
Tender Offer Defenses, Miscellaneous, Capital Structure, Executive and Director Compensation, State of Incorporation, Mergers and Corporate Restructurings, Mutual Fund Proxies, and Social and Environmental Issues. An additional section addresses
proposals most frequently found in global proxies.</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="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. 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="Margin: 0px" ALIGN="CENTER">A-17<BR></P>
<P style="margin:0px" align=justify><BR></P>
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<BR>

<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" 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="margin:0px; font-size:12pt" 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="margin:0px; font-size:12pt" 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. 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="margin:0px; font-size:12pt" 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. 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="margin:0px; font-size:12pt" 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="margin:0px; font-size:12pt" align=justify>The foregoing policies may be overridden in any case as provided for in the Procedures. Similarly, the Procedures provide that proposals whose Guidelines prescribe a firm voting position may instead be
considered on a CASE-BY-CASE basis when unusual or controversial circumstances so dictate.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt" 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. 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; 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" align=justify>Unless otherwise provided for herein, the Agent&#146;s standards with respect to determining director independence shall apply. These standards generally provide that, to be considered
completely independent, a director shall have no material connection to the company other than the board seat.</P>
<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-18<BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>


<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. 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. 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. 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. WITHHOLD support if two-year attendance cannot be ascertained from available disclosure. 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. 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. 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. Vote FOR if the shareholder proposal has been
reasonably addressed. 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. 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. Generally, vote FOR nominees when:</P>

<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-19<BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>

<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><BR></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. </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. Votes on director nominees in connection
with compensation practices should be considered on a CASE-BY-CASE basis, and 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:70px; font-size:12pt" align=justify><U>Say on pay</U>. 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. 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:70px; font-size:12pt" align=justify><U>Tenure</U>. 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:70px; font-size:12pt" align=justify><U>Pay for performance</U>. 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. 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. Generally WITHHOLD support from nominees for</P>


<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-20<BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>

<P style="line-height:14pt; margin:0px; padding-left:70px; 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:70px; font-size:12pt" align=justify><U>Pay disparity</U>. 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:70px; font-size:12pt" align=justify><U>Change in control provisions</U>. 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. 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. 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:70px; font-size:12pt" align=justify><U>Repricing</U>. 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:70px; font-size:12pt" align=justify><U>Tax benefits</U>. 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. 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:70px; font-size:12pt" align=justify><U>Director perquisites</U>. 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:70px; font-size:12pt" align=justify><U>Incentive plans</U>. 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.
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:70px; font-size:12pt" align=justify><U>Options backdating</U>. 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:70px; font-size:12pt" align=justify><U>Independence from management</U>. 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="Margin: 0px" ALIGN="CENTER">A-21<BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>

<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:70px; font-size:12pt" align=justify><U>Multiple concerns</U>. 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. 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:70px; font-size:12pt" align=justify><U>Commitments</U>. 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:70px; font-size:12pt" align=justify><U>Other</U>. If the Agent has raised other considerations regarding poor compensation practices, consider nominees 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>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:70px; 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:70px; 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:70px; 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. 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. </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:70px; 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. </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. 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:70px; 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:70px; 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="Margin: 0px" ALIGN="CENTER">A-22<BR></P>
<P style="margin:0px" align=justify><BR></P>
<HR NOSHADE SIZE="1">
<PAGE>
<BR>

<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:70px; 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:70px; 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:70px; 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. </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. 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. 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="margin:0px" align=justify><BR></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>

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<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. 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> </B></FONT></P>

<P style="line-height:normal; 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="margin:0px" align=justify><BR></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. Vote AGAINST proposals to
limit or eliminate entirely directors&#146; and officers&#146; liability for monetary damages for violating the duty of care. Vote AGAINST indemnification proposals that would expand coverage beyond just legal expenses to acts, such as negligence, that
are more serious violations of fiduciary obligation than mere carelessness. Vote FOR only those proposals providing such expanded coverage in cases when a director&#146;s or officer&#146;s legal defense was unsuccessful if: </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="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-24<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; 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. 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. </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="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; 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="margin:0px; font-size:12pt">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="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; 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">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. </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>


<P style="margin:0px" align=justify><BR></P>
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<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="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; 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>

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<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. 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="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; 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>


<P style="margin:0px" align=justify><BR></P>
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<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. 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">. </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. 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. </P>
<P style="margin:0px" align=justify><BR></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; 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. 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. In those cases, consider on a CASE-BY-CASE</P>


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


<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-31<BR></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; 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. </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:70px; font-size:12pt" align=justify>Generally, vote in accordance with the Agent&#146;s recommendations FOR equity-based plans with costs within such cap and AGAINST those with costs in excess of it,
except that plans above the cap may be supported if so recommended by the Agent or Investment Professional as a condition to a major transaction such as a merger.</P>


<P style="margin-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:70px; 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:70px; 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:70px; 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:70px; 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:70px; 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:70px; 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:70px; font-size:12pt" align=justify>Consider plans CASE-BY-CASE if the Agent raises other considerations not otherwise provided for herein.</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>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. 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. 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. 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. 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>
<P style="margin:0px"><BR></P>


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<P STYLE="Margin: 0px" ALIGN="CENTER">A-33<BR></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. 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.
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:60px; text-indent:-24px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:70px; 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:60px; text-indent:-24px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:70px; 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:60px; text-indent:-24px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:70px; 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. 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. 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:70px; font-size:12pt" align=justify><U>Long-term incentive plans</U>: 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:70px; font-size:12pt" align=justify><U>Short-term incentive plans</U>: 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; 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. Generally, vote FOR management reincorporation proposals upon which another key proposal, such as a merger transaction, is contingent if the other key proposal
is also supported. Generally, vote AGAINST shareholder reincorporation proposals not also supported by the company.</P>
<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; 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>

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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="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; 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>

<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-37<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; 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: 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. 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. 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. Such instances will be
considered CASE-BY-CASE. 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; 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. 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.
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. 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. </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>

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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. 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. 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; 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. 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. 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. </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. 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. 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. </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. 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.
For issuers in Canada and other global markets, generally follow the Agent&#146;s standards for withholding support from bundled slates or non-independent directors (typically excluding the CEO), as applicable, if the board
does not meet the Agent&#146;s independence standards or the board&#146;s independence cannot be ascertained due to inadequate disclosure.</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>
<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-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. </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. 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. </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>
<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. 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. 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>
<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. </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. 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. Where shareholders must vote on multiple nominees in a single resolution, vote AGAINST all nominees.
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). 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. 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>
<P style="margin:0px"><BR></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 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. </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. 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: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 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: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 recipient&#146;s overall compensation appears reasonable; 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>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). 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. 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:Wingdings" align=justify>&#167;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; 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:Wingdings" align=justify>&#167;</P>
<P style="line-height:14pt; margin:0px; padding-left:72px; 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. 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. 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 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. 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. Generally, vote AGAINST board-issued reports receiving a negative recommendation from the Agent due to concerns regarding independence of the board or the presence of non-independent directors on the audit committee.
However, generally do not withhold support from such proposals in connection with remuneration practices otherwise supported under these Guidelines or as a means of expressing disapproval of broader practices of the issuer or its board.</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. </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. 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>

<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-48<BR></P>
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<BR>

<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. 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. The main factor for analysis is the company&#146;s current debt-to-equity
ratio, or gearing level. A high gearing level may incline markets and financial analysts to downgrade the company&#146;s bond rating, increasing its investment risk factor in the process. A gearing level up to 100 percent is considered acceptable. </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. 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. 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="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-49<BR></P>
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<BR>

<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="Margin: 0px" ALIGN="CENTER">A-50<BR></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" 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="margin:0px" align=justify><BR>
<P style="margin:0px" align=justify><BR></P>
<P STYLE="Margin: 0px" ALIGN="CENTER">A-51<BR></P>
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<PAGE>
<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>1.</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.<SUP>20</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>(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>
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<BR>
<P style="margin:0px"><BR></P>
<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; text-indent:48px; font-size:11pt" align=justify>(d)</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>Certificate of Designation for Preferred Shares dated &nbsp;October 20, 2000.<SUP>20</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>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 Reinvestment 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-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(g)</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>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.<SUP>20</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>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="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>(h)</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>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></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>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><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-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt" align=justify>(j)</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>Custodian and Investment Accounting Agreement between Registrant and State
Street Bank and Trust Company effective November 1, 2001.<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>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 .<SUP>20</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>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.<SUP>20</SUP> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>Amended and Restated Proxy Agent Fee Allocation Agreement dated January 1, 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.<SUP>20</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>(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 September 15, 2008 with respect to the Agency Agreement between ING Prime Rate Trust and DST Systems, Inc. &#150; Filed herein.<SUP> </SUP>&nbsp;&nbsp;</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>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><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.<SUP>20</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>(ii)</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt" align=justify>Amendment dated February 8, 2011 to Transfer Agency Services Agreement between BNY Mellon Investment Servicing (US) Inc. (formerly, PNC) 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; 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="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>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; 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="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="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>(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; 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: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; 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>(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-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt" align=justify>(r)</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: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><SUP>1</SUP></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><SUP>2</SUP></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><SUP>3</SUP></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><SUP>4</SUP></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><SUP>5</SUP></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><SUP>6</SUP></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><SUP>7</SUP></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><SUP>8</SUP></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="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>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><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"><SUP>9</SUP></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="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify><SUP>10</SUP></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><SUP>11</SUP></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><SUP>12</SUP></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><SUP>13</SUP></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><SUP>14</SUP></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><SUP>15</SUP></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><SUP>16</SUP></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><SUP>17</SUP></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><SUP>18</SUP></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><SUP>19</SUP></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="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:-48px; font-size:11pt" align=justify><SUP>20</SUP></P>
<P style="line-height:13pt; margin:0px; padding-left:48px; font-size:11pt" align=justify>Incorporated herein by reference to Amendment No. 86 to the Registrant&#146;s Registration Statement &nbsp;under the 1940 Act on Form N-2 (file No. 811-5410), filed on April 27, 2011.</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="margin:0px" align=justify><BR></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">6</P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<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-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><TR height=0 style="font-size:0"><TD width=319.2></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>(1) Title of Class</B></P>
</TD><TD width=319.2><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 width=319.2><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 width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series M</P>
</TD><TD width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>600</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series T</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>600</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series W</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>600</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series Th</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>600</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Series F</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>600</P>
</TD></TR>
<TR><TD valign=top width=319.2><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 width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3,000</P>
</TD></TR>
</TABLE>
<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="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>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><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 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="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>
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<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 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>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>
<P style="margin:0px"><BR></P>
<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 28<SUP>th</SUP> day of June, 2011. </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: &nbsp;/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>
<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><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">Interested Trustee and President and Chief Executive Officer</P>
</TD><TD valign=top width=144><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>&nbsp;June 28, 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>Shaun P. Mathews*</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">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>June 28, 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><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>June 28, 2011</P>
</TD></TR>
<TR><TD valign=top width=259.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Colleen D. Baldwin*</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>&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>June 28, 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><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>June 28, 2011</P>
</TD></TR>
<TR><TD valign=top width=259.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Patricia W. Chadwick*</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>&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>June 28, 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><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>June 28, 2011</P>
</TD></TR>
<TR><TD valign=top width=259.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Peter S. Drotch*</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>&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>June 28, 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><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>June 28, 2011</P>
</TD></TR>
<TR><TD valign=top width=259.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Patrick W. Kenny*</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>&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>June 28, 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><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">Chairman and Trustee</P>
</TD><TD valign=top width=144><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>June 28, 2011</P>
</TD></TR></TABLE>


<P style="margin:0px"><BR></P>
<P STYLE="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">10</P>
<P style="margin:0px"><BR></P>
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<BR>
<TABLE style="font-size:10pt" cellspacing=0>
<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>Roger B. Vincent*</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>&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="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 were attached to Post-Effective Amendment No. 3 to the Registrant&#146;s Form N-2 Registration Statement on April 27, 2011 and are incorporated herein by reference.</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="line-height:14pt; margin:0px; font-size:12pt" ALIGN="CENTER">11</P>
<P style="margin:0px"><BR></P>
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<PAGE>
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<P style="margin:0px"><BR></P>
<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)(j)(6)(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 and Restated Exhibit A dated September 15, 2008 with respect to the Agency Agreement between ING Prime Rate Trust and DST Systems, Inc. </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)(ii)</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 dated February 8, 2011 to Transfer Agency Services Agreement between BNY Mellon Investment Servicing (US) Inc. (formerly, PNC) 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)(n)(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>Consent of Dechert LLP </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)(n)(2)</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>Consent of KPMG LLP</P>
</TD></TR>
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<DOCUMENT>
<TYPE>EX-2.(J)(6)(I)
<SEQUENCE>2
<FILENAME>d28349_ex2j6i.htm
<DESCRIPTION>EX-2.(J)(6)(I)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>EXHIBIT A</TITLE>
<META NAME="author" CONTENT="Nick Horvath">
<META NAME="date" CONTENT="05/25/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
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<P style="line-height:14pt; margin:0px; text-indent:476.8px; font-size:12pt"><img src="f2j6i001.jpg" alt="[f2j6i001.jpg]" align=left height=48.133 width=102.667>Exhibit (2)(j)(6)(i)</P>
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<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify>September 15, 2008</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify>Nick Horvath</P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify>DST Systems, Inc.</P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify>333 West 11th St., 5th Floor</P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify>Kansas City, Missouri 64105</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt">Dear Mr. Horvath:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13.5pt; margin:0px; text-indent:48px; font-size:11.5pt">Pursuant to the Agency Agreement dated November 30, 2000, as amended, between
the Funds (as defined in the Agreement) and DST Systems, 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 American Funds World Allocation Portfolio and ING Oppenheimer Active Asset Allocation Portfolio, each a newly established series of ING Investors Trust, effective September 15, 2008 (the &#147;Portfolios&#148;) 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 Portfolios to the <B><I><U>Amended and Restated</U></I></B><U> </U><B><I><U>Exhibit A</U></I></B> of the Agreement. &nbsp;This <B><I><U>Amended and Restated Exhibit A</U></I></B> supersedes the previous <B><I><U>Amended and Restated Exhibit A</U></I></B> dated August 20, 2008 and is attached hereto.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13.5pt; margin:0px; text-indent:48px; font-size:11.5pt">The <B><I><U>Amended and Restated Exhibit A</U></I></B> has also been updated to reflect the name change of ING Principal Protection Fund VII to ING Index Plus LargeCap Equity Fund VII.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13.5pt; margin:0px; text-indent:48px; font-size:11.5pt">Please signify your acceptance to act as Transfer Agent and Dividend Disbursing Agent under the Agreement with respect to the Portfolio by signing below.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P STYLE="Line-Height: 13.5pt; Margin: 0px; Text-Indent: 50%; Font-Size: 11.5pt" ALIGN="JUSTIFY">Very sincerely,</P>
<P style="margin:0px"><BR></P>
<P STYLE="Line-Height: 13.5pt; Margin: 0px; Text-Indent: 50%; Font-Size: 11.5pt" ALIGN="JUSTIFY">By:&nbsp;&nbsp;<U>/s/ Todd Modic</U>_________</P>
<P STYLE="Line-Height: 13.5pt; Margin: 0px; Text-Indent: 50%; Font-Size: 11.5pt" ALIGN="JUSTIFY">Name:&nbsp;&nbsp;Todd Modic</P>
<P STYLE="Line-Height: 13.5pt; Margin: 0px; Text-Indent: 50%; Font-Size: 11.5pt" ALIGN="JUSTIFY">Title:&nbsp;&nbsp;Senior Vice President</P>
<P STYLE="Line-Height: 13.5pt; Margin: 0px; Text-Indent: 53%; Font-Size: 11.5pt" ALIGN="JUSTIFY">&nbsp;&nbsp;ING Investors Trust</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt" align=justify>ACCEPTED AND AGREED TO:</P>
<P style="line-height:13.5pt; margin:0px; font-size:11.5pt">DST Systems, Inc.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13.5pt; margin-top:0px; margin-bottom:-18px; font-size:11.5pt">By:</P>
<P style="line-height:13.5pt; margin:0px; text-indent:48px; font-size:11.5pt"><U>/s/ Nick Horvath</U>___________</P>
<P style="line-height:13.5pt; margin-top:0px; margin-bottom:-18px; font-size:11.5pt">Name:</P>
<P style="line-height:13.5pt; margin:0px; text-indent:48px; font-size:11.5pt"><U>Nick Horvath</U>_____________</P>
<P style="line-height:13.5pt; margin-top:0px; margin-bottom:-18px; font-size:11.5pt">Title:</P>
<P style="line-height:13.5pt; margin:0px; text-indent:48px; font-size:11.5pt"><U>MF Officer</U>_______________</P>
<P style="margin:0px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=222.4></TD><TD width=222.4></TD><TD width=222.4></TD></TR>
<TR><TD valign=top width=222.4><P style="line-height:11pt; margin:0px; font-size:9pt">7337 E. Doubletree Ranch Rd.</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.co<A NAME="_Hlt47232069"></A><A NAME="_Hlt47232070"></A>m</P>
</TD><TD valign=top width=222.4><P style="line-height:11pt; margin:0px; font-size:9pt" align=right>ING Investors Trust</P>
</TD></TR>
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<BR>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AMENDED AND RESTATED EXHIBIT A</B></P>
<P style="line-height:14pt; margin-top:8px; margin-bottom:8px; font-size:12pt" align=center><B>with respect to the</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AGENCY AGREEMENT</B></P>
<P style="line-height:14pt; margin-top:8px; margin-bottom:8px; font-size:12pt" align=center><B>between</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>THE FUNDS</B></P>
<P style="line-height:14pt; margin-top:8px; margin-bottom:8px; font-size:12pt" align=center><B>and</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>DST SYSTEMS, INC.</B></P>
<P style="margin:0px" align=center><BR></P>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR height=0 style="font-size:0"><TD WIDTH="10.533"></TD><TD WIDTH="336"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.933"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.8"></TD><TD WIDTH="10.533"></TD><TD WIDTH="89.533"></TD><TD WIDTH="10.733"></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B><U>Taxpayer/Fund Name</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Type of<BR>
<U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>State of</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Taxpayer</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>I.D. No.</U></B></P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="bottom" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Corporate Leaders Trust Fund</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">New York</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>13-6061925</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Equity Trust</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Business Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Massachusetts</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>N/A</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Equity Dividend Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1430152</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Financial Services Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>95-4020286</P>
</TD></TR>

<TR  BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Fundamental Research Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3735519</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Plus LargeCap Equity Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>86-1033467</P>
</TD></TR>

<TR  BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Plus LargeCap Equity Fund II</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>86-1039030</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Plus LargeCap Equity Fund III</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>86-1049217</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Plus LargeCap Equity Fund IV</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>82-0540557</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Index Plus LargeCap Equity Fund V</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>27-0019774</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Index Plus LargeCap Equity Fund VI</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>48-1284684</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-family:CG Times; font-size:12pt">ING Index Plus LargeCap Equity &nbsp;Fund VII</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>72-1553495</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING LargeCap Growth Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>33-0733557</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING LargeCap Value Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0437128</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING MidCap Opportunities Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-1522344</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Opportunistic LargeCap Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3736397</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Principal Protection Fund VIII</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>47-0919259</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Principal Protection Fund IX</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0453800</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Principal Protection Fund X</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0584080</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Principal Protection Fund XI</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0639761</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Principal Protection Fund XII</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1420367</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Principal Protection Fund XIII</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1420401</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Principal Protection Fund XIV</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1420432</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Real Estate Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-2867180</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING SmallCap Opportunities Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>04-2886856</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING SmallCap Value Multi-Manger Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2024826</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Value Choice Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2024800</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:-96px; font-size:12pt"><B>ING Funds Trust</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Statutory Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Delaware</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>N/A</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Classic Money Market Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-2978935</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GNMA Income Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>22-2013958</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P STYLE="margin:0px" ALIGN="CENTER">-1-<BR></P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR height=0 style="font-size:0"><TD WIDTH="10.533"></TD><TD WIDTH="336"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.933"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.8"></TD><TD WIDTH="10.533"></TD><TD WIDTH="89.533"></TD><TD WIDTH="10.733"></TD></TR>
<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B><U>Taxpayer/Fund Name</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Type of<BR>
<U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>State of</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Taxpayer</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>I.D. No.</U></B></P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="bottom" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>


<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING High Yield Bond Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-2978938</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Institutional Prime Money Market Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2990793</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Intermediate Bond Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>52-2125227</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING National Tax-Exempt Bond Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-2978941</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Investors Trust</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Business Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Massachusetts</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>N/A</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING AllianceBernstein Mid Cap Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>51-0380290</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING American Funds Asset Allocation Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-2151819</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING American Funds Bond Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1124964</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING American Funds Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>55-0839555</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING American Funds Growth-Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>55-0839542</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING American Funds International Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>55-0839552</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING American Funds World Allocation Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-2828729</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING BlackRock Inflation Protected Bond Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-8798165</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING BlackRock Large Cap Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>02-0558346</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING BlackRock Large Cap Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>02-0558367</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Capital Guardian U.S. Equities Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-3027332</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Disciplined Small Cap Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-4411788</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Evergreen Health Sciences Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0573913</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Evergreen Omega Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0573935</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING FMR<SUP>SM</SUP> Diversified Mid Cap Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>25-6725709</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Focus 5 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-0474637</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Franklin Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-4411383</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Franklin Mutual Shares Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-8798204</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Franklin Templeton Founding Strategy Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-8798288</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Global Real Estate Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3602480</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Global Resources Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>95-6895627</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Goldman Sachs Commodity Strategy Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1780982</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International Growth Opportunities Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-3074140</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Janus Contrarian Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-3054937</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING JPMorgan Emerging Markets Equity Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>52-2059121</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING JPMorgan Small Cap Core Equity Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>02-0558352</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING JPMorgan Value Opportunities Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1794128</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Julius Baer Foreign Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>02-0558388</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Legg Mason Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-3054962</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING LifeStyle Aggressive Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0573999</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING LifeStyle Conservative Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-0475378</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING LifeStyle Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0573986</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING LifeStyle Moderate Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0573968</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING LifeStyle Moderate Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0573946</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Limited Maturity Bond Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>95-6895624</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P STYLE="margin:0px" ALIGN="CENTER">-2-<BR></P>
<P style="margin:0px"><BR></P>
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<PAGE>
<BR>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR height=0 style="font-size:0"><TD WIDTH="10.533"></TD><TD WIDTH="336"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.933"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.8"></TD><TD WIDTH="10.533"></TD><TD WIDTH="89.533"></TD><TD WIDTH="10.733"></TD></TR>
<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B><U>Taxpayer/Fund Name</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Type of<BR>
<U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>State of</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Taxpayer</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>I.D. No.</U></B></P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="bottom" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Liquid Assets Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>95-6891032</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Lord Abbett Affiliated Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>23-3027331</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Marsico Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>51-0380299</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Marsico International Opportunities Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1794156</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING MFS Total Return Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>51-0380289</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING MFS Utilities Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2455961</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Multi-Manager International Small Cap Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-2151873</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Oppenheimer Active Asset Allocation Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-2809494</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Oppenheimer Main Street Portfolio&#174;</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>51-0380300</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING PIMCO Core Bond Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>51-0380301</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING PIMCO High Yield Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>02-0558398</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Pioneer Equity Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-8642546</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Pioneer Fund Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1487161</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Pioneer Mid Cap Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1487187</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Stock Index Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>55-0839540</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING T. Rowe Price Capital Appreciation Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>95-6895626</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING T. Rowe Price Equity Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>95-6895630</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Templeton Global Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>51-0377646</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Van Kampen Capital Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>02-0558376</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Van Kampen Global Franchise Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>02-0558382</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Van Kampen Global Tactical Asset Allocation Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-2705421</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Van Kampen Growth and Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>13-3729210</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Van Kampen Real Estate Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>95-6895628</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING VP Index Plus International Equity Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2990679</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Wells Fargo Disciplined Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>13-6990661</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Wells Fargo Small Cap Disciplined Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3602389</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Mayflower Trust</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Business Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Massachusetts</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>N/A</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International Value Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-1472910</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:-96px; font-size:12pt"><B>ING</B> <B>Mutual Funds</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Statutory Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Delaware</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>N/A</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Asia-Pacific Real Estate Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1095016</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Disciplined International SmallCap Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-5929531</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Diversified International Fund </P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3616995</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Emerging Countries Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>33-0635177</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.8px; font-size:12pt">ING Emerging Markets Fixed Income Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3617319</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.8px; font-size:12pt">ING European Real Estate Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1095315</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.8px; font-size:12pt">ING Foreign Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>72-1563685</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Global Bond Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-4966196</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12px; font-size:12pt">ING Global Equity Dividend Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>55-0839557</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Global Natural Resources Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>13-2855309</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P STYLE="margin:0px" ALIGN="CENTER">-3-<BR></P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
<PAGE>
<BR>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR height=0 style="font-size:0"><TD WIDTH="10.533"></TD><TD WIDTH="336"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.933"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.8"></TD><TD WIDTH="10.533"></TD><TD WIDTH="89.533"></TD><TD WIDTH="10.733"></TD></TR>
<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B><U>Taxpayer/Fund Name</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Type of<BR>
<U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>State of</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Taxpayer</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>I.D. No.</U></B></P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="bottom" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Global Real Estate Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>86-1028620</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Global Value Choice Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>33-0552475</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Greater China Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3617281</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Plus International Equity Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3617246</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International Capital Appreciation Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3617270</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International Equity Dividend Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-8798239</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International Growth Opportunities Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>22-3278095</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International Real Estate Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3616901</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International SmallCap Multi-Manager Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>33-0591838</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International Value Choice Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2024764</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING International Value Opportunities Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-8279164</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Russia Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>22-3430284</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Partners, Inc.</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Corporation</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Maryland</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>N/A</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING American Century Large Company Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>52-2354157</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING American Century Small-Mid Cap Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>45-0467862</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Baron Asset Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3606546</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Baron Small Cap Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>75-3023525</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Columbia Small Cap Value II Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3606562</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Davis New York Venture Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>52-2354160</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Fidelity<SUP>&#174;</SUP> VIP Contrafund<SUP>&#174;</SUP> Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1351800</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Fidelity<SUP>&#174; </SUP>VIP Equity-Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1352142</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Fidelity<SUP>&#174; </SUP>VIP Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1352125</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Fidelity<SUP>&#174; </SUP>VIP Mid Cap Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1352148</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Solution 2015 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1752056</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Solution 2025 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1752116</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Solution 2035 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1752193</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Solution 2045 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1752971</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Index Solution Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-1753031</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING JPMorgan Mid Cap Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>75-3023510</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Legg Mason Partners Aggressive Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-1496052</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Neuberger Berman Partners Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3606413</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING OpCap Balanced Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>52-2354147</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Oppenheimer Global Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>75-3023503</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Oppenheimer Strategic Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1544721</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING PIMCO Total Return Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>75-3023517</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Pioneer High Yield Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3606502</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Solution 2015 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2456044</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING Solution 2025 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>47-0951928</P>
</TD></TR>

</TABLE>

<P style="margin:0px"><BR></P>
<P STYLE="margin:0px" ALIGN="CENTER">-4-<BR></P>
<P style="margin:0px"><BR></P>
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<BR>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR height=0 style="font-size:0"><TD WIDTH="10.533"></TD><TD WIDTH="336"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.933"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.8"></TD><TD WIDTH="10.533"></TD><TD WIDTH="89.533"></TD><TD WIDTH="10.733"></TD></TR>
<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B><U>Taxpayer/Fund Name</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Type of<BR>
<U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>State of</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Taxpayer</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>I.D. No.</U></B></P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="bottom" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Solution 2035 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2456104</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Solution 2045 Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2456138</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Solution Growth and Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-0239049</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Solution Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>26-0239133</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Solution Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2456008</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING T. Rowe Price Diversified Mid Cap Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>52-2354156</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING T. Rowe Price Growth Equity Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-1496081</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Templeton Foreign Equity Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3606522</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Thornburg Value Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-1496058</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING UBS U.S. Large Cap Equity Portfolio </P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-1496055</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING UBS U.S. Small Cap Growth Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-3736472</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Van Kampen Comstock Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>75-3023521</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING Van Kampen Equity and Income Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>52-2354153</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="bottom" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Prime Rate Trust</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Business Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Massachusetts</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>95-6874587</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:-96px; font-size:12pt"><B>ING</B> <B>Senior Income Fund</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Statutory Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Delaware</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>86-1011668</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Separate Portfolios Trust</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Statutory Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Delaware</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING SPorts Core Fixed Income Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-8949559</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:10.933px; font-size:12pt">ING SPorts Core Plus Fixed Income Fund</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-8949653</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Variable Insurance Trust</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Statutory Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Delaware</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>N/A</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 1</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>43-2007006</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; text-indent:-0.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 2</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>41-2107140</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 3</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>32-0090501</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 4</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>32-0090502</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 5</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>32-0090504</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 6</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>32-0090505</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 7</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>83-0403223</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 8</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1420513</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 9</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-1420578</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 10</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2936139</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 11</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2936166</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 12</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-2936189</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 13</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-4949294</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING GET U.S. Core Portfolio &#150; Series 14</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-5929257</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD><A NAME="OLE_LINK2"></A><A NAME="OLE_LINK3"></A></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING Variable Products Trust</B></P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Business Trust</P>
</TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt">Massachusetts</P>
</TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>N/A</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING VP Financial Services Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>86-1028316</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING VP High Yield Bond Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-6396995</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING VP International Value Portfolio </P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-6453493</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P STYLE="margin:0px" ALIGN="CENTER">-5-<BR></P>
<P style="margin:0px"><BR></P>
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<BR>

<TABLE STYLE="font-size:10pt" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR height=0 style="font-size:0"><TD WIDTH="10.533"></TD><TD WIDTH="336"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.933"></TD><TD WIDTH="10.533"></TD><TD WIDTH="102.8"></TD><TD WIDTH="10.533"></TD><TD WIDTH="89.533"></TD><TD WIDTH="10.733"></TD></TR>
<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="bottom" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt"><B><U>Taxpayer/Fund Name</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.467" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Type of<BR>
<U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="113.333" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>State of</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Organization</U></B></P>
</TD><TD VALIGN="bottom" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Taxpayer</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>I.D. No.</U></B></P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="bottom" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P>&nbsp;</P></TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING VP MidCap Opportunities Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-6493760</P>
</TD></TR>

<TR BGCOLOR="#CCEEFF"><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING VP Real Estate Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>20-0453833</P>
</TD></TR>

<TR><TD VALIGN="top" WIDTH="10.533"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="346.533" COLSPAN="2"><P style="line-height:14pt; margin:0px; padding-left:12.467px; font-size:12pt">ING VP SmallCap Opportunities Portfolio</P>
</TD><TD VALIGN="top" WIDTH="113.467" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="113.333" COLSPAN="2"><P>&nbsp;</P></TD><TD VALIGN="top" WIDTH="100.267" COLSPAN="2"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>06-6397002</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P STYLE="margin:0px" ALIGN="CENTER">-6-<BR></P>
<P style="margin:0px"><BR></P>
<HR NOSHADE SIZE="5">
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<DOCUMENT>
<TYPE>EX-2.(J)(7)(II)
<SEQUENCE>3
<FILENAME>d28349_2j7ii.htm
<DESCRIPTION>EX-2.(J)(7)(II)
<TEXT>
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<TITLE>WHEREAS, the Company offers the separate Series listed on the attached Schedule A (&quot;Initial Series&quot;) and the Company may, from time to time, offer shares representing interests in one or more additional Series (&quot;Additional Series&quot;, referred to collective</TITLE>
<META NAME="author" CONTENT="swastek">
<META NAME="date" CONTENT="05/25/2011">
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit (2)(j)(7)(ii)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AMENDMENT TO TRANSFER AGENCY SERVICES AGREEMENT</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">This Amendment, effective as of February 8, 2011, amends the Transfer Agency Agreement (the &#147;Agreement&#148;) dated the 25th day of February, 2009, by and between PNC Global Investment Servicing (U.S.) Inc.,<B> </B>now known as<B> </B>BNY Mellon Investment Servicing (US) Inc.<B> </B>, a Massachusetts corporation (&#147;<B>BNYM</B>&#148;), and each of the registered investment companies (each, a &#147;<B>Fund</B>&#148;) on behalf of all series thereof (each, a &#147;<B>Portfolio</B>&#148;) listed on Exhibit &#147;A&#148; of the Agreement, as amended from time to time.</P>
<P style="line-height:14pt; margin:0px; text-indent:96px; font-size:12pt">&nbsp;</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">NOW, THEREFORE, the parties hereto agree as follows:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">The phrase &quot;PNC Global Investment Servicing (U.S.) Inc.&quot; each place it appears in the Agreement shall be replaced by the phrase &quot;BNY Mellon Investment Servicing (US) Inc.&quot;, and the term &quot;PNC&quot; each place it appears in the Agreement shall be replaced by the term &quot;BNYM&quot;.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">2.</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">Section 19, <B>Privacy </B>shall be amended to read as follows: </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">19.</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B><U>Privacy</U></B><U>.</U> Each party hereto acknowledges and agrees that, subject to the reuse and re-disclosure provisions of Regulation S-P, 17 CFR Part 248.11, it shall not disclose the non-public personal information of investors in the Fund obtained under this Agreement, except as necessary to carry out the services set forth in this Agreement or as otherwise permitted by law or regulation. BNYM agrees to implement and maintain appropriate security measures to protect &#147;personal information&quot;, as that term is defined in 201 CMR 17.00: Standards for the Protection of Personal Information of Residents of The Commonwealth (&quot;Massachusetts Privacy Regulation&quot;), consistent with the Massachusetts Privacy Regulation and any applicable federal regulations.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">3.</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Agreement. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">4.</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">In all other respects, the Agreement is hereby confirmed and remains in full force and effect.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed as of the day and year first above written.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=303.2></TD><TD width=16></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=303.2><P style="line-height:14pt; margin:0px; font-size:12pt">By and on Behalf of each of the Funds set forth on Exhibit A:</P>
</TD><TD valign=top width=16><P>&nbsp;</P></TD><TD valign=top width=319.2><P style="line-height:14pt; margin:0px; font-size:12pt">BNY Mellon Investment Servicing (US) Inc.</P>
</TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=303.2><P style="line-height:14pt; margin:0px; font-size:12pt">By: /s/ Michael J. Roland</P>
</TD><TD valign=bottom width=16><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=319.2><P style="line-height:14pt; margin:0px; font-size:12pt">By: /s/ Susan M. Frasu</P>
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<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=303.2><P style="line-height:14pt; margin:0px; font-size:12pt">Name: Michael J. Roland</P>
</TD><TD valign=bottom width=16><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=319.2><P style="line-height:14pt; margin:0px; font-size:12pt">Name: Susan M. Frasu</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=303.2><P style="line-height:14pt; margin:0px; font-size:12pt">Title: Executive Vice President</P>
</TD><TD valign=bottom width=16><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=319.2><P style="line-height:14pt; margin:0px; font-size:12pt">Title:Senior Vice President/Managing Director</P>
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<DOCUMENT>
<TYPE>EX-2.(N)(1)
<SEQUENCE>4
<FILENAME>d28349_2n1.htm
<DESCRIPTION>EX-2.(N)(1)
<TEXT>
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<META NAME="date" CONTENT="06/22/2011">
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<P style="line-height:normal; margin:0px; font-size:12pt" align=right>Exhibit <FONT style="font-size:11pt">(2)(n)(1)</FONT></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:29.333px; font-size:11pt">[DECHERT LLP LETTERHEAD]</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:29.333px; font-size:11pt">June 28, 2011</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Prime Rate Trust</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">7337 East Doubletree Ranch Road</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Scottsdale, Arizona &nbsp;85258-2034</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:-17.333px; padding-left:28.8px; padding-right:7.533px; text-indent:-28.8px; font-size:11pt">Re:</P>
<P style="line-height:13pt; margin:0px; padding-left:28.8px; padding-right:7.533px; font-size:11pt">ING Prime Rate Trust<BR>
SEC File Nos. 333-161327, 811-05410</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:14.667px; font-size:11pt">Dear Ladies and Gentleman:</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:14.667px; font-size:11pt" align=justify>We hereby consent to all references to our firm in Post-Effective Amendment No. 4 to the Registration Statement of ING Prime Rate Trust. &nbsp;In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended, and the rules and regulations thereunder. </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:14pt; margin:0px; font-size:12pt">/s/ Dechert LLP</P>
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<DOCUMENT>
<TYPE>EX-2.(N)(2)
<SEQUENCE>5
<FILENAME>d28349_2n2.htm
<DESCRIPTION>EX-2.(N)(2)
<TEXT>
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<TITLE>Consent of Independent Registered Public Accounting Firm</TITLE>
<META NAME="author" CONTENT="kcaron">
<META NAME="date" CONTENT="06/24/2011">
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<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:13pt; margin:0px; font-size:11pt" align=right>Exhibit (2)(n)(2)</P>
<P style="line-height:13pt; margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Consent of Independent Registered Public Accounting Firm</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">The Board of Trustees</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">ING Prime Rate Trust</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:7.933px; margin-bottom:7.933px; font-size:11pt">We consent to the use of our report dated April 28, 2011, incorporated herein by reference, to ING Prime Rate Trust, and to the references to our firm under the headings &#147;Financial Highlights&#148; and &#147;Independent Registered Public Accounting Firm&#148; in the Prospectuses and &#147;Independent Registered Public Accounting Firm&#148; in the Statement of Additional Information. </P>
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<P style="line-height:13pt; margin:0px; font-size:11pt">/s/ KPMG</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Boston, Massachusetts</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">June 28, 2011</P>
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end
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<DOCUMENT>
<TYPE>COVER
<SEQUENCE>10
<FILENAME>filename10.htm
<TEXT>
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<META NAME="date" CONTENT="06/22/2011">
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<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">[DECHERT LLP LETTERHEAD]</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">June 28, 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="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. 4 (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 Investment Program and pursuant to privately negotiated transactions. &nbsp;The 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"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Please contact Paul A. Caldarelli at 480.477.2649 or the undersigned at 202.261.3386 if you have any questions.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Sincerely,</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><U>/s/ William J. Bielefeld</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Attachments</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">Paul A. Caldarelli, Esq.</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">ING U.S. Legal Services</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Jeffrey S. Puretz, Esq.</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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