<SEC-DOCUMENT>0001145443-13-002047.txt : 20131029
<SEC-HEADER>0001145443-13-002047.hdr.sgml : 20131029
<ACCEPTANCE-DATETIME>20131029135354
ACCESSION NUMBER:		0001145443-13-002047
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130831
FILED AS OF DATE:		20131029
DATE AS OF CHANGE:		20131029
EFFECTIVENESS DATE:		20131029

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:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05410
		FILM NUMBER:		131175745

	BUSINESS ADDRESS:	
		STREET 1:		ING PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD, STE 100
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		4804773000

	MAIL ADDRESS:	
		STREET 1:		ING PRIME RATE TRUST
		STREET 2:		7337 E. DOUBLETREE RANCH ROAD, STE 100
		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>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>NSAR-A
<TEXT>
<PAGE>      PAGE  1
000 A000000 08/31/2013
000 C000000 0000826020
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 ING PRIME RATE TRUST
001 B000000 811-5410
001 C000000 4804773000
002 A000000 7337 E DOUBLETREE RANCH RD, SUITE 100
002 B000000 SCOTTSDALE
002 C000000 AZ
002 D010000 85258
002 D020000 2034
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008 D010002 NEW YORK
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012 B000001 84-01761
012 C010001 WILMINGTON
012 C020001 DE
<PAGE>      PAGE  2
012 C030001 19809
013 A000001 KPMG LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02111
014 A000001 AMSTERDAM BROKER DE ASIGURARE S.R.L.
014 B000001 8-00000000
014 A000002 BANCNORTH INVESTMENT GROUP, INC
014 B000002 8-00000000
014 A000003 BLEAKLEYS LIMITED
014 B000003 8-00000000
014 A000004 CHARTERHOUSE SECURITIES LTD.
014 B000004 8-00000000
014 A000005 COMPULIFE INVESTOR SERVICES
014 B000005 8-00000000
014 A000006 EQUISURE FINANCIAL NETWORK
014 B000006 8-00000000
014 A000007 EUROSIM SOCIETA DI INTERMEDIAZIONE MOBILIARE
014 B000007 8-00000000
014 A000008 FINANCIAL NETWORK INVESTMENT CORPORATION
014 B000008 8-00000000
014 A000009 FUNDIX B.V.
014 B000009 8-00000000
014 A000010 GUARANTY BROKERAGE SERVICES, INC.
014 B000010 8-00000000
014 A000011 ING (MEXICO), S.A. DE C.V., CASA DE BOLSA
014 B000011 8-00000000
014 A000012 ING AMERICA EQUITIES, INC.
014 B000012 8-00000000
014 A000013 ING ARGENTINA S.A.
014 B000013 8-00000000
014 A000014 ING BANK FONDSEN BEHEER B.V.
014 B000014 8-00000000
014 A000015 ING BANK GLOBAL CUSTODY N.V.
014 B000015 8-00000000
014 A000016 ING BANK N.V.
014 B000016 8-00000000
014 A000017 ING BANK SLASKI S.A.
014 B000017 8-00000000
014 A000018 ING BANK UKRAINE
014 B000018 8-00000000
014 A000019 ING CORRETORA DE CAMBIO E TITULOS S.A.
014 B000019 8-00000000
014 A000020 ING FINANCIAL ADVISERS, LLC
014 B000020 8-00000000
014 A000021 ING FINANCIAL MARKETS AV
014 B000021 8-00000000
014 A000022 ING FINANCIAL MARKETS LLC
014 B000022 8-00000000
014 A000023 ING FINANCIAL PARTNERS, INC.
014 B000023 8-00000000
<PAGE>      PAGE  3
014 A000024 ING FUND MANAGEMENT B.V.
014 B000024 8-00000000
014 A000025 ING FUNDS DISTRIBUTOR, LLC
014 B000025 8-00000000
014 A000026 ING FUTURES & OPTIONS (U.K.) LIMITED
014 B000026 8-00000000
014 A000027 ING INVESTMENT MANAGEMENT (EUROPE) B.V.
014 B000027 8-00000000
014 A000028 ING INVESTMENT MANAGEMENT B.V.
014 B000028 8-00000000
014 A000029 ING INVESTMENT MANAGEMENT SERVICES LLC
014 B000029 8-00000000
014 A000030 ING LUXEMBOURG S.A.
014 B000030 8-00000000
014 A000031 ING MANAGEMENT LIMITED
014 B000031 8-00000000
014 A000032 ING MORTGAGE BROKER SERVICES INC.
014 B000032 8-00000000
014 A000033 ING SECURITIES (INDIA) PVT. LTD.
014 B000033 8-00000000
014 A000034 ING SECURITIES S.A.
014 B000034 8-00000000
014 A000035 ING SOCIEDAD DE BOLSA (ARGENTINA), S.A.
014 B000035 8-00000000
014 A000036 ING VALORES (VENEZUELA) C.A..
014 B000036 8-00000000
014 A000037 INSURANCE BROKERS HOTLINE PTY LIMITED
014 B000037 8-00000000
014 A000038 MC-BBL SECURITIES LTD.
014 B000038 8-00000000
014 A000039 PRIMEVEST FINANCIAL SERVICES, INC.
014 B000039 8-00000000
014 A000040 SHAREBUILDER SECURITIES CORP.
014 B000040 8-00000000
014 A000041 SILVER FERN LIFE BROKERS LIMITED
014 B000041 8-00000000
014 A000042 SYSTEMATIZED BENEFITS ADMINISTRATORS, INC.
014 B000042 8-00000000
014 A000043 WESTLAND UTRECHT EFFECTENBANK N.V.
014 B000043 8-00000000
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000  224
019 C000000 ING--FUNDS
021  000000         0
<PAGE>      PAGE  4
022 A000001 CREDIT SUISSE FIRST BOSTON
022 B000001 13-5659485
022 C000001      93873
022 D000001       7201
022 A000002 JP MORGAN CHASE
022 B000002 36-2669770
022 C000002      57471
022 D000002      23370
022 A000003 Deutsche Bank
022 B000003 13-2518466
022 C000003      65018
022 D000003       9849
022 A000004 BANK OF AMERICA CORP.
022 B000004 56-2058405
022 C000004      62504
022 D000004       4998
022 A000005 MORGAN STANLEY
022 B000005 94-1671384
022 C000005      42675
022 D000005       5301
022 A000006 GOLDMAN SACHS
022 B000006 13-5108880
022 C000006      30329
022 D000006      12144
022 A000007 BARCLAYS CAPITAL
022 B000007 13-3551367
022 C000007      28894
022 D000007       5780
022 A000008 CITIGROUP, INC.
022 B000008 11-2418191
022 C000008      23398
022 D000008      10199
022 A000009 UBS
022 B000009 13-2932996
022 C000009       8898
022 D000009       1998
022 A000010 JEFFERIES GROUP, INC.
022 B000010 95-2622900
022 C000010       9162
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023 C000000      587470
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<PAGE>      PAGE  5
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<PAGE>      PAGE  7
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SIGNATURE   Todd Modic
TITLE       CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(C)
<SEQUENCE>2
<FILENAME>d30839_ex99-77c.htm
<DESCRIPTION>EX-99.77(C)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="date" CONTENT="10/23/2013">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%">

<P style="margin-top:0px; margin-bottom:6.667px" align=right><B>Exhibit 99.77(c)</B></P>
<P style="margin-top:0px; margin-bottom:6.667px"><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px"><B>ITEM 77C - </B>Matters submitted to a vote of security holders</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px">1.</P>
<P style="margin:0px; padding-left:48px">An annual meeting of shareholders of ING Prime Rate Trust was held on May 6, 2013 to: 1) approve a new investment advisory agreement for the Funds with ING Investments prompted by the IPO, and to approve, under certain circumstances, any future advisory agreements prompted by Change of Control Events that occur as part of ING U.S.&#146;s Separation Plan; 2) &nbsp;approve a new investment sub-advisory agreement between ING Investments and ING IM with respect to certain Funds prompted by the IPO, and to approve, under certain circumstances, any future sub-advisory agreements prompted by Change of Control Events that occur as part of ING U.S.&#146;s &nbsp;Separation Plan; and 3) elect 13 nominees to the Board of Trustees of ING Prime Rate Trust.</P>


<P style="margin-top:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD NOWRAP STYLE="width: 30%"></TD><TD NOWRAP STYLE="width: 78px"></TD><TD NOWRAP STYLE="width: 114px"></TD><TD NOWRAP STYLE="width: 102px"></TD><TD NOWRAP STYLE="width: 108px"></TD><TD NOWRAP STYLE="width: 114px"></TD><TD NOWRAP STYLE="width: 118.26px"></TD></TR>
<TR><TD NOWRAP STYLE="border: #000000 1px solid; vertical-align: bottom; width: 30%"><P>&nbsp;</P></TD><TD NOWRAP STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78px"><P style="margin:0px" align=center><B>Proposal</B></P>
</TD><TD NOWRAP STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center><B>Shares voted for</B></P>
</TD><TD NOWRAP STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 102px"><P style="margin:0px" align=center><B>Shares voted against or withheld</B></P>
</TD><TD NOWRAP STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center><B>Shares abstained</B></P>
</TD><TD NOWRAP STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center><B>Broker <BR>
non-vote</B></P>
</TD><TD NOWRAP STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center><B>Total Shares Voted</B></P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P>&nbsp;</P></TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78px"><P style="margin:0px" align=center><B>1</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>77,565,460.909</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,554,960.555</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>2,233,592.532</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>16,331,548.562</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P>&nbsp;</P></TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78px"><P style="margin:0px" align=center><B>2</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>77,344,441.531</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,827,093.039</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>2,182,479.426</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>16,331,548.562</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P>&nbsp;</P></TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78px"><P style="margin:0px" align=center><B>Proposal</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center><B>For All</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 102px"><P style="margin:0px" align=center><B>Withhold All</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center><B>For all Except</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center><B>Broker <BR>
non-vote</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center><B>Total Shares Voted</B></P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Colleen D. Baldwin</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,782,584.832</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,902,977.726</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">John V. Boyer</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,902,840.480</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,782,722.078</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Patricia W. Chadwick</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,815,852.001</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,869,710.557</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Albert E. DePrince, Jr.</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,799,376.341</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,886,186.217</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 30%"><P style="margin:0px">Peter S. Drotch</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,789,427.809</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,896,134.749</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">J. Michael Earley</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,893,878.954</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,791,683.604</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Martin J. Gavin</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,886,917.988</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,798,644.570</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Russell H. Jones</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,900,701.946</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,784,860.612</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Patrick W. Kenny</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,894,128.575</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,791,433.983</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Shaun P. Mathews</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,815,696.315</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,869,866.243</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Joseph E. Obermeyer</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,914,269.560</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,771,292.998</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Sheryl K. Pressler</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,885,389.743</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,800,172.815</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
<TR><TD NOWRAP STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 30%"><P style="margin:0px">Roger B. Vincent</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><P style="margin:0px" align=center><B>3</B></P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 114px"><P style="margin:0px" align=center>95,807,557.663</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 102px"><P style="margin:0px" align=center>2,878,004.895</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 108px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 114px"><P style="margin:0px" align=center>0.000</P>
</TD><TD NOWRAP STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 118.26px"><P style="margin:0px" align=center>98,685,562.558</P>
</TD></TR>
</TABLE>

<P style="margin:0px; padding-left:24px; text-indent:24px">Proposals passed.</P>
<P style="margin:0px"><BR><BR></P>



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</DIV>
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(1)
<SEQUENCE>3
<FILENAME>d30839_ex99-77q1.htm
<DESCRIPTION>EX-99.77(Q)(1)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 99</TITLE>
<META NAME="author" CONTENT="penny.farrell">
<META NAME="date" CONTENT="10/23/2013">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">


<DIV style="width:100%">


<P style="margin-top:0px; margin-bottom:6.667px" align=right><B>Exhibit 99.77(q)(1)</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 77Q1 &#150; Exhibits</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(e)(1) Investment Management Agreement dated May 7, 2013 between ING Prime Rate Trust and ING Investments, LLC &#150; Filed herein.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(e)(2) Sub-Advisory Agreement dated May 7, 2013 between ING Investments, LLC and ING Investments Management Co. LLC with respect to ING Prime Rate Trust - Filed herein.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>




<HR NOSHADE SIZE="5">



</DIV>
</BODY>
<!-- EDGAR Validation Code: 20C23068 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(1)(E)(1)
<SEQUENCE>4
<FILENAME>d30839_ex99-77q1e1.htm
<DESCRIPTION>EX-99.77(Q)(1)(E)(1)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>INVESTMENT MANAGEMENT AGREEMENT</TITLE>
<META NAME="date" CONTENT="10/23/2013">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<A NAME="_GoBack"></A><A NAME="_Toc351293219"></A>

<DIV style="width:100%">


<P style="margin-top:0px; margin-bottom:6.667px" align=right><B>Exhibit 99.77(q)(1)(e)(1)</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>INVESTMENT MANAGEMENT AGREEMENT</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>ING PRIME RATE TRUST</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>AGREEMENT </B>dated May 7, 2013, is by and ING Prime Rate Trust (the &#147;Fund&#148;), a Massachusetts business trust and ING Investments, LLC (the &#147;Adviser&#148;), a limited liability company organized and existing under the laws of the State of Arizona (the &#147;Agreement&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>WHEREAS</B>, the Fund is a closed-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;); and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>WHEREAS</B>, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, and is engaged in the business of supplying investment advice, investment management and administrative services, as an independent contractor; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>WHEREAS</B>, the Fund desires to retain the Adviser to render advice and services pursuant to the terms and provisions of this Agreement, and the Adviser is willing to furnish said advice and services.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>NOW, THEREFORE</B>, in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>1.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Employment</U></B>: &nbsp;The Fund hereby employs the Adviser and the Adviser hereby accepts such employment, to render investment advice and investment management services with respect to the assets of the Trust, subject to the supervision and direction of the Trustees. The Adviser shall, as part of its duties hereunder (i) furnish the Fund with advice and recommendations with respect to the investment of the Trust&#146;s assets and the purchase and sale of its portfolio securities, including the taking of such other steps as may be necessary to implement such advice and recommendations, (ii) furnish the Fund with reports, statements and other data on securities, economic conditions and other pertinent subjects which the Trust&#146;s Board of Trustees may request, (iii) permit its officers and employees to serve without compensation as Trustees of the Fund if elected to such positions and (iv) in general superintend and manage the investment of the Trust, subject to the ultimate supervision and direction to the Trust&#146;s Board of Trustees.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify>Subject to the approval of the Trustees of the Fund, the Adviser is authorized to enter into sub-advisory agreements with other registered investment advisers to serve as investment sub-advisers, whether or not affiliated with the Adviser (each a &#147;Sub-Adviser&#148;). The Adviser will continue to have responsibility for all services furnished pursuant to any sub-advisory agreement. The Fund and Adviser understand and agree that the Adviser may manage the Fund with either a single or multiple sub-advisers, which contemplates that the Adviser will, among other things: (i) continually evaluate the performance of any Sub-Adviser to the Fund; and (ii) periodically make recommendations to the Fund&#146;s Trustees regarding the results of its evaluation and monitoring functions. The Fund recognizes that, subject to the approval of the Trustees of the Fund, a Sub-Adviser&#146;s services may be terminated or modified and that the Adviser may appoint a new Sub-Adviser for the Fund.</P>
<P style="margin:0px" align=right><BR></P>




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<PAGE>


<P style="margin:0px" align=right><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>2.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The Adviser shall use its best judgment and efforts in rendering the advice and services to the Fund as contemplated by this Agreement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>3.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Fund in any way, or in any way be deemed an agent for the Fund. It is expressly understood and agreed that the services to be rendered by the Adviser to the Fund under the provisions of this Agreement are not to be deemed exclusive, and the Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>4.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The Adviser agrees to use its best efforts in the furnishing of such advice and recommendations to the Fund, in the preparation of reports and information, and in the management of the Fund&#146;s assets, all pursuant to this Agreement, and for this purpose the Adviser shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time to time determine to be necessary to the performance of its obligations under this Agreement. Without limiting the generality of the foregoing, the staff and personnel of the Adviser shall be deemed to include persons employed or retained by the Adviser to furnish statistical, research, and other factual information, advice regarding economic factors and trends, information with respect to technical and scientific developments, and such other information, advice and assistance as the Adviser may desire and request.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>5.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The Fund will from time to time furnish to the Adviser detailed statements of the investments and assets of the Fund and information as to its investment objectives and needs, and will make available to the Adviser such financial reports, proxy statements, legal and other information relating to its investments as may be in the possession of the Fund or available to it and such other information as the Adviser may reasonably request.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>6.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>Whenever the Adviser has determined that the Fund should tender securities pursuant to a &#147;tender offer solicitation,&#148; the Adviser shall designate an affiliate as the &#147;tendering dealer&#148; so long as it is legally permitted to act in such capacity under the federal securities laws and rules thereunder and the rules of any securities exchange or association of which such affiliate may be a member. Such affiliated dealer shall not be obligated to make any additional commitments of capital, expense or personnel beyond that already committed (other than normal periodic fees or payments necessary to maintain its corporate existence and membership in the National Association of Securities Dealers, Inc.) as of the date of this Agreement. This Agreement shall not obligate the Adviser or such affiliate (i) to act pursuant to the foregoing requirement under any circumstances in which they might reasonably believe that liability might be imposed upon them as a result of so acting, or (ii) to institute legal or other proceedings to collect fees which may be considered to be due from others to it as a result of such a tender, unless the Fund shall enter into an agreement with such affiliate to reimburse it for all expenses connected with attempting to collect such fees, including legal fees and expenses and that portion of the compensation due to their employees which is attributable to the time involved in attempting to collect such fees.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>7.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The Adviser shall bear and pay the costs of rendering the services to be performed by it under this Agreement. The Fund shall bear and pay for all other expenses of its operation, including, but not limited to, expenses incurred in connection with the issuance, registration and transfer of its shares; fees of its custodian, transfer and shareholder servicing agent; costs and expenses of pricing and calculating its daily net asset value and of maintaining its books of account required by the 1940 Act; expenditures in connection with meetings of the shareholders and directors, except those called solely to accommodate the Adviser; salaries of officers and fees and expenses of directors or members of any advisory board or committee who are not members of, affiliated with or interested persons of the Adviser; salaries of personnel involved in placing orders for the execution of the Fund&#146;s portfolio transactions or in maintaining registration of its shares under state securities laws; insurance premiums on property or personnel of the Fund which inure to its benefit; the cost of preparing and printing reports, proxy statements and registration statement of the Fund, as may be amended or supplemented from time to time (the &#147;Registration Statement&#148;) as filed with the SEC or other communications for distribution to its shareholders; legal, auditing and accounting fees; Board-approved trade association dues; fees and expenses of registering and maintaining registration of its shares for sale under federal and applicable state securities laws; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses, except as herein otherwise prescribed. To the extent the Adviser incurs any costs or performs any services which are an obligation of the Fund, as set forth herein, the Fund shall promptly reimburse the Adviser for such costs and expenses. To the extent the services for which the Fund is obligated to pay are performed by the Adviser, the Adviser shall be entitled to recover from the Fund only to the extent of its costs for such services.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>8.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The Adviser may delegate the performance of certain investment advisory services, as described hereunder, to a Sub-Adviser.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>9.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>In the event that the Adviser wishes to select others to render investment management services, the Adviser shall analyze, select and recommend for consideration and approval by the Fund&#146;s Board of Trustees investment advisory firms (however organized) to provide investment advice to the Fund, and, at the expense of the Adviser, engage (which engagement may also be by the Fund) any such investment advisory firm to render investment advice and manage the investments of the Fund and the composition the Fund&#146;s portfolio of securities and investments, including cash, and the purchase, retention and disposition thereof, or any offering thereof, in accordance with the Fund&#146;s investment objective or objectives and policies as stated in the Fund&#146;s Registration Statement. The Adviser shall take the following actions in respect of the performance by the Sub-Adviser of its obligations in respect of the Fund:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>periodically monitor and evaluate the performance of the Sub-Advisers with respect to the investment objectives and policies of the Fund, including without limitation, perform periodic detailed analysis and review of the Sub-Adviser&#146;s investment performance in respect of the Fund and in respect of other accounts managed by the Sub-Adviser with similar investment strategies;</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>prepare and present periodic reports to the Board of Trustees regarding the investment performance of the Sub-Adviser and other information regarding the Sub-Adviser, at such times and in such forms as the Board of Trustees may reasonably request;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>review and consider any changes in the personnel of the Sub-Adviser responsible for performing the Sub-Adviser&#146;s obligations and make appropriate reports to the Board of Trustees;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>review and consider any changes in the ownership or senior management of the Sub-Adviser and make appropriate reports to the Board of Trustees;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>perform periodic in-person or telephonic diligence meetings with representatives of the Sub-Adviser;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>supervise Sub-Advisers with respect to the services that such Sub-Advisers provide under each Sub-Adviser&#146;s Sub-Advisory Agreement;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>assist the Board of Trustees and management of the Fund in developing and reviewing information with respect to the initial approval of the Sub-Adviser Agreement with the Sub-Adviser and annual consideration of the agreement thereafter;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>monitor the Sub-Advisers for compliance with the investment objective or objectives, policies and restrictions of the Fund, the 1940 Act, Subchapter M of the Internal Revenue Code, and if applicable, regulations under such provisions, and other applicable law;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>if appropriate, analyze and recommend for consideration by the Fund&#146;s Board of Trustees termination of a contract with a Sub-Adviser under which the Sub-Adviser provides investment advisory services to Fund;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(j)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>identify potential successors to or replacements of the Sub-Adviser or potential additional Sub-Advisers, perform appropriate due diligence, and develop and present to the Board of Trustees a recommendation as to any such successor, replacement, or additional Sub-Adviser;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(k)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>designate and compensate from its own resources such personnel as the Adviser may consider necessary or appropriate to the performance of its services hereunder; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(l)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>perform such other review and reporting functions as the Board of Trustees shall reasonably request consistent with this Agreement and applicable law.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; text-indent:48px; font-size:12pt" align=justify><B>10.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The Fund agrees to pay to the Adviser, and the Adviser agrees to accept, as full compensation for all administrative and investment management services furnished or provided to the Fund and as full reimbursement for all expenses assumed by the Adviser, a management fee equal to the amount specified for the Fund on <B><I><U>Schedule A</U></I></B>.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The management fees shall be accrued daily by the Fund and paid to the Adviser at the end of each calendar month.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>To the extent that the gross operating costs and expenses of the Fund (excluding any interest taxes, brokerage commissions, and, with the prior written approval of any state securities commission requiring same, any extraordinary expenses, such as litigation) exceed the allowable expense limitations of the state in which shares of the Fund are registered for sale having the most stringent expense reimbursement provisions, the Adviser shall reimburse the Fund for the amount of such excess.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The management fee payable by the Fund hereunder shall be reduced to the extent that an affiliate of the Adviser has actually received cash payments of tender offer solicitation fees less certain costs and expenses incurred in connection therewith, as referred to in Paragraph 6 herein.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>11.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The Adviser agrees that neither it nor any of its officers or employees shall take any short position in the capital stock of the Fund. This prohibition shall not prevent the purchase of such shares by any of the officers and directors or bona fide employees of the Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act, as amended.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>12.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>Nothing herein contained shall be deemed to require the Fund to take any action contrary to the Declaration of Fund or By-Laws of the Fund, or any applicable statute or regulation, or to relieve or deprive the Trustees of the Fund of its responsibility for and control of the conduct of the affairs of the Fund.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; text-indent:48px; font-size:12pt" align=justify><B>13.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations or duties hereunder on the part of the Adviser, the Adviser shall not be subject to liability to the Fund, or to any shareholder of the Fund, for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>Notwithstanding the foregoing, the Adviser agrees to reimburse the Fund for any and all costs, expenses, and counsel and Trustees&#146; fees reasonably incurred by the Fund in the preparation, printing and distribution of proxy statements, amendments to its Registration Statement, the holding of meetings of its shareholders or Trustees, the conduct of factual investigations, any legal or administrative proceedings (including any applications for exemptions or determinations by the Securities and Exchange Commission) which the Fund incurs as a result of action or inaction of the Adviser or any of its shareholders where the action or inaction necessitating such expenditures (i) is directly or indirectly related to any transactions or proposed transaction in the shares or control of the Adviser or its affiliates (or litigation related to any pending or proposed future transaction in such shares or control) which shall have been undertaken without the prior, express approval of the Fund&#146;s Trustees, or (ii) is within the </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>sole control of the Adviser or any of its affiliates or any of their officers, directors, employees or shareholders. The Adviser shall not be obligated pursuant to the provisions of this subparagraph 12(b), to reimburse the Fund for any expenditures related to the institution of an administrative proceeding or civil litigation by the Fund or by a Fund shareholder seeking to recover all or a portion of the proceeds derived by any shareholder of the Adviser or any of its affiliates from the sale of his shares of the Adviser, or similar matters. So long as this Agreement is in effect, the Adviser shall pay to the Fund the amount due for expenses subject to this subparagraph 12(b) within thirty (30) days after a bill or statement has been received by the Fund therefor. This provision shall not be deemed to be a waiver of any claim the Fund may have or may assert against the Adviser or others or costs, expenses, or damages heretofore incurred by the Fund for costs, expenses, or damages the Fund may hereafter incur which are not reimbursable to it hereunder.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>No provision of this Agreement shall be construed to protect any director or officer of the Fund, or of the Adviser, from liability in violation of Sections 17(h) and (i) of the 1940 Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>14.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>This Agreement shall become effective on the date first written above, subject to the condition that the Fund&#146;s Trustees, including a majority of those Trustees who are not interested persons (as such term is defined in the 1940 Act) of the Adviser, and the shareholders of the Fund, shall have approved this Agreement. Unless terminated as provided herein, the Agreement shall continue in full force and effect through two years from the effective date of this Agreement, and shall continue from year to year thereafter so long as such continuation is approved at least annually by (i) the Trustees of the Fund or by the vote of a majority of the outstanding voting securities of the Fund, and (ii) the vote of a majority of the Trustees of the Fund who are not parties to this Agreement or interested persons thereof, cast in person at a meeting called for the purpose of voting on such approval.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>15.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>This Agreement may be terminated at any time, without payment of any penalty, by the Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Fund, upon sixty (60) days written notice to the Adviser, and by the Adviser upon sixty (60) days written notice to the Fund.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>16.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>This Agreement shall terminate automatically in the event of any transfer or assignment thereof, as defined in the 1940 Act, as amended.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>17.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>This Agreement may not be transferred, assigned, sold or in any manner hypothecated or pledged without the affirmative vote or written consent of the holders of a majority of the outstanding voting securities of the Fund.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>18.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>19.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>The term &#147;majority of the outstanding voting securities&#148; of the Fund shall have the meaning as set forth in the 1940 Act, as amended.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>20.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify>This Agreement shall be governed by the laws of the State of New York, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act, the Investment Advisors Act of 1940, or any rules or orders of the SEC thereunder.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this instrument to be executed as of the day and year first above written. </P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<DIV align=right><TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=48></TD><TD width=384></TD></TR>
<TR><TD valign=top width=432 colspan=2><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING PRIME RATE TRUST</B></P>
</TD></TR>
<TR><TD valign=top width=432 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=48><P style="line-height:14pt; margin:0px; font-size:12pt">By:</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=384><P style="line-height:14pt; margin:0px; font-size:12pt">/s/ Kimberly A. Anderson</P>
</TD></TR>
<TR><TD valign=top width=48><P>&nbsp;</P></TD><TD valign=top width=384><P style="line-height:14pt; margin:0px; font-size:12pt">Kimberly A. Anderson</P>
</TD></TR>
<TR><TD valign=top width=48><P>&nbsp;</P></TD><TD valign=top width=384><P style="line-height:14pt; margin:0px; font-size:12pt">Senior Vice President</P>
</TD></TR>
<TR><TD valign=top width=48><P>&nbsp;</P></TD><TD valign=top width=384><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=48><P>&nbsp;</P></TD><TD valign=top width=384><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=432 colspan=2><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING INVESTMENTS, LLC</B></P>
</TD></TR>
<TR><TD valign=top width=432 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=48><P style="line-height:14pt; margin:0px; font-size:12pt">By:</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=384><P style="line-height:14pt; margin:0px; font-size:12pt">/s/ Todd Modic</P>
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<TR><TD valign=top width=48><P>&nbsp;</P></TD><TD valign=top width=384><P style="line-height:14pt; margin:0px; font-size:12pt">Todd Modic</P>
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<TR><TD valign=top width=48><P>&nbsp;</P></TD><TD valign=top width=384><P style="line-height:14pt; margin:0px; font-size:12pt">Senior Vice President</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>SCHEDULE A</B></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>with respect to the</B></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>INVESTMENT MANAGEMENT AGREEMENT</B></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>between</B></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>ING PRIME RATE TRUST</B></P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>and</B></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ING INVESTMENTS, LLC</B></P>
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<TABLE style="font-size:10pt" cellspacing=0 width=100%>
<TR height=0 style="font-size:0"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%"></TD><TD STYLE="width: 33%"></TD></TR>
<TR><TD STYLE="border: #000000 1px solid; vertical-align: bottom; width: 33%"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B><U>Series</U></B></P>
</TD><TD STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 34%"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B><U>Effective Date</U></B></P>
</TD><TD STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 33%"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Annual Investment Management Fee</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>(as a percentage of Managed Assets*)</P>
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<TR><TD STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; width: 33%"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">ING Prime Rate Trust</P>
</TD><TD STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; width: 34%"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>May 7, 2013</P>
</TD><TD STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; width: 33%"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>0.80%</P>
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<P style="margin-top:0px; margin-bottom:13.333px">* &nbsp;&#147;Managed Assets&#148; shall mean the Fund&#146;s average daily gross asset value, minus the sum of the Fund&#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 Fund and the liquidation preference of any outstanding preferred shares.</P>
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<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>9</P>
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<TYPE>EX-99.77(Q)(1)(E)(2)
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<TITLE>SUB-ADVISORY AGREEMENT</TITLE>
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<P style="margin-top:0px; margin-bottom:6.667px" align=right><B>Exhibit 99.77(q)(1)(e)(2)</B></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>SUB-ADVISORY AGREEMENT</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>ING PRIME RATE TRUST</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>AGREEMENT</B> dated May 7, 2013, between ING Investments, LLC, an Arizona limited liability company (the &#147;Manager&#148;), and ING Investment Management Co. LLC, a Delaware limited liability company (the &#147;Sub-Adviser&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>WHEREAS</B>, ING Prime Rate Trust (the &#147;Fund&#148;) is registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as a closed-end, management investment company; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>WHEREAS</B>, the Fund is authorized to issue separate series, each series having its own investment objective or objectives, policies, and limitations; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>WHEREAS</B>, pursuant to an Investment Management Agreement, dated May 7, 2013, as amended (the &#147;Investment Management Agreement&#148;), a copy of which has been provided to the Sub-Adviser, the Fund has retained the Manager to render advisory and management services with respect to certain of the Fund&#146;s series; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>WHEREAS</B>, pursuant to authority granted to the Manager in the Investment Management Agreement, the Manager wishes to retain the Sub-Adviser to furnish investment advisory services the Fund, and the Sub-Adviser is willing to furnish such services to the Fund and the Manager.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify><B>NOW, THEREFORE</B>, in consideration of the premises and the promises and mutual covenants herein contained, it is agreed between the Manager and the Sub-Adviser as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>1.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Appointment</U></B>. The Manager hereby appoints the Sub-Adviser to act as the investment adviser and manager to the Fund for the periods and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided. To the extent that the Sub-Adviser is not the only person providing investment advisory services to the Fund, the term &#147;Fund&#148; shall be interpreted for purposes of this Agreement to include those assets of the Fund over which the Sub-Adviser is directed by the Manager to provide investment advisory services.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>2.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Sub-Adviser Duties</U></B>. Subject to the supervision of the Fund&#145;s Board of Trustees and the Manager, the Sub-Adviser will provide a continuous investment program for the Fund&#146;s portfolio and determine in its discretion the composition of the assets of the Fund&#146;s portfolio, including determination of the purchase, retention, or sale of the securities, cash, and other investments contained in the portfolio. The Sub-Adviser will provide investment research and conduct a continuous program of evaluation, investment, sales, and reinvestment of the Fund&#146;s assets by determining the securities and other investments that shall be purchased, entered into, sold, closed, or exchanged for the Fund, when these transactions should be executed, and what portion of the assets of the Fund should be held in the various securities and other investments in which it may invest. To the extent permitted by the investment policies of the Fund, the Sub-Adviser shall make decisions for the Fund as to foreign currency matters and make determinations as to and execute and perform foreign currency exchange contracts on behalf of </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>the Fund. The Sub-Adviser will provide the services under this Agreement in accordance with the Fund&#146;s investment objective or objectives, policies, and restrictions as stated in the Fund&#146;s Registration Statement filed with the Securities and Exchange Commission (&#147;SEC&#148;), as amended, copies of which shall be sent to the Sub-Adviser by the Manager prior to the commencement of this Agreement and promptly following any such amendment. The Sub-Adviser further agrees as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser will conform with the 1940 Act and all rules and regulations thereunder, all other applicable federal and state laws and regulations, with any applicable procedures adopted by the Fund's Board of Trustees of which the Sub-Adviser has been sent a copy, and the provisions of the Registration Statement of the Fund filed under the Securities Act of 1933 (the &#147;1933 Act&#148;) and the 1940 Act, as supplemented or amended, of which the Sub-Adviser has received a copy, and with the Manager&#146;s portfolio manager operating policies and procedures as in effect on the date hereof, as such policies and procedures may be revised or amended by the Manager and agreed to by the Sub-Adviser. In carrying out its duties under the Sub-Adviser Agreement, the Sub-Adviser will comply with the following policies and procedures:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser will manage the Fund so that it meets the income and asset diversification requirements of Section 851 of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and, if applicable, manage the Fund so that no action or omission on the part of the Sub-Adviser shall cause the Fund to fail to comply with the diversification requirements of Section 817(h) of the Code, and the regulations issued thereunder.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:48px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser will have no duty to vote any proxy solicited by or with respect to the issuers of securities in which assets of the Fund are invested in connection with annual and special meetings of equity stockholders, provided however, that the Sub-Adviser retains responsibility to vote or abstain from voting all solicitations with respect to non-equity portfolio securities and all portfolio securities for matters with regard to bankruptcy or related plans of reorganization unless the Manager gives the Sub-Adviser written instructions to the contrary. The Sub-Adviser will immediately forward any proxy it receives on behalf of the Fund solicited by or with respect to the issuers of securities in which assets of the Fund are invested to the Manager or to any agent of the Manager designated by the Manager in writing.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; text-indent:48px; font-size:12pt" align=justify>The Sub-Adviser will make appropriate personnel reasonably available for consultation for the purpose of reviewing with representatives of the Manager and/or the Board any proxy solicited by or with respect to the issuers of securities in which assets of the Fund are invested. Upon request, the Sub-Adviser will submit a written voting recommendation to the Manager for such proxies. In making such recommendations, the Sub-Adviser shall use its good faith judgment to act in the best interests of the Fund. The Sub-Adviser shall disclose to the best of its knowledge any conflict of interest with the issuers of securities that are the subject of such recommendation including whether such issuers are clients or are being solicited as clients of the Sub-Adviser or of its affiliates.</P>
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<P style="line-height:12.35pt; margin-top:0px; margin-bottom:10px; font-size:9pt" align=center>2</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:48px; font-size:12pt" align=justify>(iii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; text-indent:96px; font-size:12pt" align=justify>In connection with the purchase and sale of securities for the Fund, the Sub-Adviser will arrange for the transmission to the custodian and portfolio accounting agent for the Fund on a daily basis, such confirmation, trade tickets, and other documents and information, including, but not limited to, Cusip, Cedel, or other numbers that identify securities to be purchased or sold on behalf of the Fund, as may be reasonably necessary to enable the custodian and portfolio accounting agent to perform its administrative and recordkeeping responsibilities with respect to the Fund. With respect to portfolio securities to be settled through the Depository Fund Company, the Sub-Adviser will arrange for the prompt transmission of the confirmation of such trades to the Fund&#146;s custodian and portfolio accounting agent.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:48px; font-size:12pt" align=justify>(iv)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser will assist the custodian and portfolio accounting agent for the Fund in determining or confirming, consistent with the procedures and policies stated in the Registration Statement for the Fund or adopted by the Board of Trustees, the value of any portfolio securities or other assets of the Fund for which the custodian and portfolio accounting agent seeks assistance from or identifies for review by the Sub-Adviser. The parties acknowledge that the Sub-Adviser is not a custodian of the Fund&#146;s assets and will not take possession or custody of such assets.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:48px; font-size:12pt" align=justify>(v)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser will provide the Manager, no later than the 10th business day following the end of the Fund&#146;s semi-annual period and fiscal year, a letter to shareholders (to be subject to review and editing by the Manager) containing a discussion of those factors referred to in Item 22(b)(7) of 1940 Act Form N-1A in respect of both the prior quarter and the fiscal year to date.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:48px; font-size:12pt" align=justify>(vi)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser will complete and deliver to the Manager a written compliance checklist in a form provided by the Manager for each month by the 10th business day of the following month.</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)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser will make available to the Fund and the Manager, promptly upon request, any of the Fund&#145;s investment records and ledgers maintained by the Sub-Adviser (which shall not include the records and ledgers maintained by the custodian or portfolio accounting agent for the Fund) as are necessary to assist the Fund and the Manager to comply with requirements of the 1940 Act and the Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;), as well as other applicable laws. The Sub-Adviser will furnish to regulatory authorities having the requisite authority any information or reports in connection with such services in respect to the Fund which may be requested in order to ascertain whether the operations of the Fund are being conducted in a manner consistent with applicable laws and regulations.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser will provide reports to the Fund&#146;s Board of Trustees for consideration at meetings of the Board of Trustees on the investment program for the Fund and the issuers and securities represented in the Fund&#146;s portfolio, and will furnish the Fund&#146;s Board of Trustees with respect to the Fund such periodic and special reports as the Trustees and the Manager may reasonably request.</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>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>With respect to any investments, including, but not limited to, repurchase and reverse repurchase agreements, derivatives contracts, futures contracts, International Swaps and Derivatives Association, Inc. Master Agreements, and options on futures contracts (&#147;futures&#148;), which are permitted to be made by the Sub-Adviser in accordance with this Agreement and the investment objectives and strategies of the Series as outlined in the Registration Statement for the Fund, the Manager hereby authorizes and directs the Sub-Adviser to do and perform every act and thing whatsoever necessary or incidental in performing its duties and obligations under this Agreement including, but not limited to, executing as agent, on behalf of each Series, brokerage agreements and other documents to establish, operate and conduct all brokerage or other trading accounts, and executing as agent, on behalf of each Series, such agreements and other documentation as may be required for the purchase or sale, assignment, transfer and ownership of any permitted investment, including limited partnership agreements, repurchase and derivative master agreements, including any schedules and annexes to such agreements, releases, consents, elections and confirmations. The Manager acknowledges and understands that it will be bound by any such trading accounts established, and agreements and other documentation executed, by the Sub-Adviser for such investment purposes.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>3.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Broker-Dealer Selection</U></B>. The Sub-Adviser is authorized to make decisions to buy and sell securities and other investments the Fund&#146;s portfolio, broker-dealer selection, and negotiation of brokerage commission rates in effecting a security transaction. The Sub-Adviser's primary consideration in effecting a security transaction will be to obtain the best execution for the Fund, taking into account the factors specified in the prospectus and/or statement of additional information for the Fund, and determined in consultation with the Adviser, which include price (including the applicable brokerage commission or dollar spread), the size of the order, the nature of the market for the security, the timing of the transaction, the reputation, the experience and financial stability of the broker-dealer involved, the quality of the service, the difficulty of execution, and the execution capabilities and operational facilities of the firm involved, and the firm's risk in positioning a block of securities. Accordingly, the price to the Fund in any transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified, in the judgment of the Sub-Adviser in the exercise of its fiduciary obligations to the Fund, by other aspects of the portfolio execution services offered. Subject to such policies as the Fund&#146;s Board of Trustees or Manager may determine and consistent with Section 28(e) of the Securities Exchange Act of 1934, the Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused the Fund to pay a broker-dealer for effecting a portfolio investment transaction in excess of the amount of commission another broker-dealer would have charged for effecting that transaction, if the Sub-Adviser determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either that particular transaction or the Sub-Adviser's or the Manager's overall responsibilities with respect to the Fund and to their respective other clients as to which they exercise investment discretion. The Sub-Adviser will consult with the Manager to the end that portfolio transactions on behalf of the Fund are directed to broker-dealers on the basis of criteria reasonably considered appropriate by the Manager. To the extent consistent with these standards, the Sub-Adviser is further authorized to allocate the orders placed by it on behalf of the Fund to the Sub-Adviser if it is registered as a broker-dealer with the SEC, to an affiliated broker-dealer, or to such brokers and dealers who </P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>also provide research or statistical material, or other services to the Fund, the Sub-Adviser, or an affiliate of the Sub-Adviser. Such allocation shall be in such amounts and proportions as the Sub-Adviser shall determine consistent with the above standards, and the Sub-Adviser will report on said allocation regularly to the Fund's Board of Trustees indicating the broker-dealers to which such allocations have been made and the basis therefor.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>4.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Disclosure about Sub-Adviser</U></B>. The Sub-Adviser has reviewed the most recent Post-Effective Amendment to the Registration Statement for the Fund filed with the SEC that contains disclosure about the Sub-Adviser, and represents and warrants that, with respect to the disclosure about the Sub-Adviser or information relating, directly or indirectly, to the Sub-Adviser, such Registration Statement contains, as of the date hereof, no untrue statement of any material fact and does not omit any statement of a material fact which was required to be stated therein or necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is a duly registered investment adviser under the Advisers Act and will maintain such registration so long as this Agreement remains in effect. The Sub-Adviser will provide the Manager with a copy of the Sub-Adviser's Form ADV, Part II at the time the Form ADV is filed with the SEC.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>5.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Expenses</U></B>. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it and its staff and for their activities in connection with its portfolio management duties under this Agreement. The Manager or the Fund shall be responsible for all the expenses of the Fund's operations. In addition, if the Fund is required, under applicable law, to supplement the Registration Statement because of a change requested by the Sub-Adviser, the Sub-Adviser will reimburse the Fund and/or the Manager for the cost of preparing, printing and distributing such supplement, unless the Sub-Adviser is requesting the change in order to comply with an applicable law, rule or regulation.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>6.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Compensation</U></B>. For the services provided to the Fund, the Manager will pay the Sub-Adviser an annual fee equal to the amount specified for the Fund, payable monthly in arrears. The fee will be appropriately prorated to reflect any portion of a calendar month that this Agreement is not in effect among the parties. In accordance with the provisions of the Investment Management Agreement, the Manager is solely responsible for the payment of fees to the Sub-Adviser, and the Sub-Adviser agrees to seek payment of its fees solely from the Manager; provided, however, that if the Fund fails to pay the Manager all or a portion of the Investment Management fee under said Investment Management Agreement when due, and the amount that was paid is insufficient to cover the Sub-Adviser's fee under this Agreement for the period in question, then the Sub-Adviser may enforce against the Fund any rights it may have as a third-party beneficiary under the Investment Management Agreement and the Manager will take all steps appropriate under the circumstances to collect the amount due from the Fund.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>8.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; text-indent:72px; font-size:12pt" align=justify><B><U>Marketing Materials</U></B>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>During the term of this Agreement, the Sub-Adviser agrees to furnish the Manager at its principal office for prior review and approval by the Manager all written and/or printed materials, including but not limited to, PowerPoint<FONT style="font-family:Symbol">&#210;</FONT> or slide presentations, news releases, advertisements, brochures, fact sheets and other promotional, informational or marketing materials (the &#147;Marketing Materials&#148;) for internal use or </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>public dissemination, that are produced or are for use or reference by the Sub-Adviser, its affiliates or other designees, broker-dealers or the public in connection with the Fund and Sub-Adviser shall not use any such materials if the Manager reasonably objects in writing within five business days (or such other period as may be mutually agreed) after receipt thereof. Marketing Materials may be furnished to the Manager by first class or overnight mail, facsimile transmission equipment, electronic delivery or hand delivery.</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)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>During the term of this Agreement, the Manager agrees to furnish the Sub-Adviser at its principal office all prospectuses, proxy statements, reports to shareholders, or Marketing Materials prepared for distribution to shareholders of the Fund, or the public that refer to the Sub-Adviser in any way, prior to the use thereof, and the Manager shall not use any such materials if the Sub-Adviser reasonably objects in writing within five business days (or such other period as may be mutually agreed) after receipt thereof. The Sub-Adviser&#146;s right to object to such materials is limited to the portions of such materials that expressly relate to the Sub-Adviser, its services and its clients. The Manager agrees to use its reasonable best efforts to ensure that materials prepared by its employees or agents or its affiliates that refer to the Sub-Adviser or its clients in any way are consistent with those materials previously approved by the Sub-Adviser as referenced in the first sentence of this paragraph. Marketing Materials may be furnished to the Sub-Adviser by first class or overnight mail, facsimile transmission equipment, electronic delivery or hand delivery.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>9.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; text-indent:72px; font-size:12pt" align=justify><B><U>Compliance</U></B>. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser agrees to use reasonable compliance techniques as the Manager or the Board of Trustees may adopt, including any written compliance procedures.</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)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser agrees that it shall promptly notify the Manager and the Fund: (1) in the event that the SEC has censured the Sub-Adviser; placed limitations upon its activities, functions or operations; suspended or revoked its registration as an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions; or (2) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Sub-Adviser further agrees to notify the Manager and the Fund promptly of any material fact known to the Sub-Adviser respecting or relating to the Sub-Adviser that is not contained in the Registration Statement or prospectus for the Fund (which describes the Fund), or any amendment or supplement thereto, or if any statement contained therein that becomes untrue in any material respect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Manager agrees that it shall promptly notify the Sub-Adviser: (1) in the event that the SEC has censured the Manager or the Fund; placed limitations upon either of their activities, functions, or operations; suspended or revoked the Manager's registration as an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions; or (2) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>10.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Books and Records</U></B>. The Sub-Adviser hereby agrees that all records which it maintains for the Fund may be the property of the Fund and further agrees to surrender promptly to the Fund any of such records upon the Fund's or the Manager's request in compliance with the requirements of Rule 31a-3 under the 1940 Act, although the Sub-Adviser may, at its own expense, make and retain a copy of such records. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-l under the 1940 Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>11.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Cooperation; Confidentiality</U></B>. Each party to this Agreement agrees to cooperate with the other party and with all appropriate governmental authorities having the requisite jurisdiction (including, but not limited to, the SEC) in connection with any investigation or inquiry relating to this Agreement or the Fund. Subject to the foregoing, the Sub-Adviser shall treat as confidential all information pertaining to the Fund and actions of the Fund, the Manager and the Sub-Adviser, and the Manager shall treat as confidential and use only in connection with the Fund all information furnished to the Fund or the Manager by the Sub-Adviser, in connection with its duties under the Agreement except that the aforesaid information need not be treated as confidential if required to be disclosed under applicable law, if generally available to the public through means other than by disclosure by the Sub-Adviser or the Manager, or if available from a source other than the Manager, Sub-Adviser or this Fund. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>12.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Non-Exclusivity</U></B>. The services of the Sub-Adviser to the Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities, provided, however, that the Sub-Adviser may not consult with any other sub-adviser of the Fund concerning transactions in securities or other assets for any investment portfolio of the Fund,, except that such consultations are permitted between the current and successor sub-advisers of the Fund in order to effect an orderly transition of sub-advisory duties so long as such consultations are not concerning transactions prohibited by Section 17(a) of the 1940 Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>13.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Representations Respecting Sub-Adviser</U></B>. The Manager agrees that neither the Manager, nor affiliated persons of the Manager, shall give any information or make any representations or statements in connection with the sale of shares of the Fund concerning the Sub-Adviser or the Fund other than the information or representations contained in the Registration Statement, prospectus, or statement of additional information for the Fund's shares, as they may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in sales literature or other promotional material approved in advance by the Sub-Adviser, except with the prior permission of the Sub-Adviser. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>14.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Control</U></B>. Notwithstanding any other provision of the Agreement, it is understood and agreed that the Fund shall at all times retain the ultimate responsibility for and control of all functions performed pursuant to this Agreement and has reserved the right to reasonably direct any action hereunder taken on its behalf by the Sub-Adviser.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>15.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Liability</U></B>. Except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law, the Manager agrees that the Sub-Adviser, any affiliated person of the Sub-Adviser, and each person, if any, who, within the meaning of Section 15 of the 1933 Act controls the Sub-Adviser: (1) shall bear no responsibility and shall not be subject to </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>any liability for any act or omission respecting the Fund; and (2) shall not be liable for, or subject to any damages, expenses, or losses in connection with, any act or omission connected with or arising out of any services rendered under this Agreement, except by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Sub-Adviser's duties, or by reason of reckless disregard of the Sub-Adviser's obligations and duties under this Agreement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; text-indent:48px; font-size:12pt" align=justify><B>16. <U>Indemnification</U></B>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Manager agrees to indemnify and hold harmless the Sub-Adviser, any affiliated person of the Sub-Adviser, and each person, if any, who, within the meaning of Section 15 of the 1933 Act controls (&#147;controlling person&#148;) the Sub-Adviser (all of such persons being referred to as &#147;Sub-Adviser Indemnified Persons&#148;) against any and all losses, claims, damages, liabilities, or litigation (including legal and other expenses) to which a Sub-Adviser Indemnified Person may become subject under the 1933 Act, the 1940 Act, the Advisers Act, under any other statute, at common law or otherwise, arising out of the Manager&#146;s responsibilities to the Fund which: (1) may be based upon the Manager&#146;s negligence, willful misfeasance, or bad faith in the performance of its duties (which could include a negligent action or a negligent omission to act), or by reason of the Manager&#146;s reckless disregard of its obligations and duties under this Agreement; or (2) may be based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or prospectus covering shares of the Fund, or any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Manager or the Fund or to any affiliated person of the Manager by a Sub-Adviser Indemnified Person; provided however, that in no case shall the indemnity in favor of the Sub-Adviser Indemnified Person be deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties, or by reason of its reckless disregard of obligations and duties under this Agreement.</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)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Notwithstanding Section 15 of this Agreement, the Sub-Adviser agrees to indemnify and hold harmless the Manager, any affiliated person of the Manager, and any controlling person of the Manager (all of such persons being referred to as &#147;Manager Indemnified Persons&#148;) against any and all losses, claims, damages, liabilities, or litigation (including legal and other expenses) to which a Manager Indemnified Person may become subject under the 1933 Act, 1940 Act, the Advisers Act, under any other statute, at common law or otherwise, arising out of the Sub-Adviser&#146;s responsibilities as Sub-Adviser of the Fund which: (1) may be based upon the Sub-Adviser&#146;s negligence, willful misfeasance, or bad faith in the performance of its duties (which could include a negligent action or a negligent omission to act), or by reason of the Sub-Adviser&#146;s reckless disregard of its obligations and duties under this Agreement; or (2) may be based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or prospectus covering the shares of the Fund, or any amendment or supplement thereto, or the omission or alleged omission to state therein a material fact known or which should have been known to the Sub-Adviser and was required to be </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>stated therein or necessary to make the statements therein not misleading, if such a statement or omission was made in reliance upon information furnished to the Manager, the Fund, or any affiliated person of the Manager or Fund by the Sub-Adviser or any affiliated person of the Sub-Adviser; provided, however, that in no case shall the indemnity in favor of a Manager Indemnified Person be deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Manager shall not be liable under Paragraph (a) of this Section 16 with respect to any claim made against a Sub-Adviser Indemnified Person unless such Sub-Adviser Indemnified Person shall have notified the Manager in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Sub-Adviser Indemnified Person (or after such Sub-Adviser Indemnified Person shall have received notice of such service on any designated agent), but failure to notify the Manager of any such claim shall not relieve the Manager from any liability which it may have to the Sub-Adviser Indemnified Person against whom such action is brought except to the extent the Manager is prejudiced by the failure or delay in giving such notice. In case any such action is brought against the Sub-Adviser Indemnified Person, the Manager will be entitled to participate, at its own expense, in the defense thereof or, after notice to the Sub-Adviser Indemnified Person, to assume the defense thereof, with counsel satisfactory to the Sub-Adviser Indemnified Person. If the Manager assumes the defense of any such action and the selection of counsel by the Manager to represent the Manager and the Sub-Adviser Indemnified Person would result in a conflict of interests and therefore, would not, in the reasonable judgment of the Sub-Adviser Indemnified Person, adequately represent the interests of the Sub-Adviser Indemnified Person, the Manager will, at its own expense, assume the defense with counsel to the Manager and, also at its own expense, with separate counsel to the Sub-Adviser Indemnified Person, which counsel shall be satisfactory to the Manager and to the Sub-Adviser Indemnified Person. The Sub-Adviser Indemnified Person shall bear the fees and expenses of any additional counsel retained by it, and the Manager shall not be liable to the Sub-Adviser Indemnified Person under this Agreement for any legal or other expenses subsequently incurred by the Sub-Adviser Indemnified Person independently in connection with the defense thereof other than reasonable costs of investigation. The Manager shall not have the right to compromise on or settle the litigation without the prior written consent of the Sub-Adviser Indemnified Person if the compromise or settlement results, or may result in a finding of wrongdoing on the part of the Sub-Adviser Indemnified Person.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Sub-Adviser shall not be liable under Paragraph (b) of this Section 16 with respect to any claim made against a Manager Indemnified Person unless such Manager Indemnified Person shall have notified the Sub-Adviser in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Manager Indemnified Person (or after such Manager Indemnified Person shall have received notice of such service on any designated agent), but failure to notify the Sub-Adviser of any such claim shall not relieve the Sub-Adviser from any liability which it may have to the Manager Indemnified </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>Person against whom such action is brought except to the extent the Sub-Adviser is prejudiced by the failure or delay in giving such notice. In case any such action is brought against the Manager Indemnified Person, the Sub-Adviser will be entitled to participate, at its own expense, in the defense thereof or, after notice to the Manager Indemnified Person, to assume the defense thereof, with counsel satisfactory to the Manager Indemnified Person. If the Sub-Adviser assumes the defense of any such action and the selection of counsel by the Sub-Adviser to represent both the Sub-Adviser and the Manager Indemnified Person would result in a conflict of interests and therefore, would not, in the reasonable judgment of the Manager Indemnified Person, adequately represent the interests of the Manager Indemnified Person, the Sub-Adviser will, at its own expense, assume the defense with counsel to the Sub-Adviser and, also at its own expense, with separate counsel to the Manager Indemnified Person, which counsel shall be satisfactory to the Sub-Adviser and to the Manager Indemnified Person. The Manager Indemnified Person shall bear the fees and expenses of any additional counsel retained by it, and the Sub-Adviser shall not be liable to the Manager Indemnified Person under this Agreement for any legal or other expenses subsequently incurred by the Manager Indemnified Person independently in connection with the defense thereof other than reasonable costs of investigation. The Sub-Adviser shall not have the right to compromise on or settle the litigation without the prior written consent of the Manager Indemnified Person if the compromise or settlement results, or may result in a finding of wrongdoing on the part of the Manager Indemnified Person.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>17.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; text-indent:72px; font-size:12pt" align=justify><B><U>Duration and Termination</U></B>. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>This Agreement shall become effective on the date first indicated above, subject to the condition that the Fund&#146;s Board of Trustees, including a majority of those Trustees who are not interested persons (as such term is defined in the 1940 Act) of the Manager or the Sub-Adviser, and the shareholders of the Fund, shall have approved this Agreement. Unless terminated as provided herein, this Agreement shall remain in full force and effect through two years from the effective date of this Agreement and continue on an annual basis thereafter with respect to the Fund covered by this Agreement; provided that such annual continuance is specifically approved each year by: (1) the Board of Trustees of the Fund, or by the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund; and (2) the vote of a majority of those Trustees who are not parties to this Agreement or interested persons (as such term is defined in the 1940 Act) of any such party to this Agreement cast in person at a meeting called for the purpose of voting on such approval. However, any approval of this Agreement by the holders of a majority of the outstanding shares (as defined in the 1940 Act) of the Fund shall be effective to continue this Agreement with respect to the Fund notwithstanding: (1) that this Agreement has not been approved by the holders of a majority of the outstanding shares of any other series of the Fund; or (2) that this Agreement has not been approved by the vote of a majority of the outstanding shares of the Fund, unless such approval shall be required by any other applicable law or otherwise. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>Notwithstanding the foregoing, this Agreement may be terminated with respect to the Fund covered by this Agreement: (1) by the Manager at any time, upon sixty days&#146; </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>written notice to the Sub-Adviser and the Fund; (2) at any time without payment of any penalty by the Fund, by the Fund&#146;s Board of Trustees or a majority of the outstanding voting securities of the Fund, upon sixty days&#146; written notice to the Manager and the Sub-Adviser; or (3) by the Sub-Adviser upon three months&#146; written notice unless the Fund or the Manager 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 Fund or Manager not to exceed three additional months beyond the initial three-month notice period; provided, however, that the Sub-Adviser may terminate this Agreement at any time without penalty, effective upon written notice to the Manager and the Fund, in the event either the Sub-Adviser (acting in good faith) or the Manager ceases to be registered as an investment adviser under the Advisers Act or otherwise becomes legally incapable of providing investment management services pursuant to its respective contract with the Fund, or in the event the Manager becomes bankrupt or otherwise incapable of carrying out its obligations under this Agreement, or in the event that the Sub-Adviser does not receive compensation for its services from the Manager or the Fund as required by the terms of this Agreement. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>In the event of termination for any reason, all records of the Fund shall promptly be returned to the Manager or the Fund, free from any claim or retention of rights in such record by the Sub-Adviser, although the Sub-Adviser may, at its own expense, make and retain a copy of such records. This Agreement shall automatically terminate in the event of its assignment (as such term is described in the 1940 Act). In the event this Agreement is terminated or is not approved in the manner described above, the Sections or Paragraphs numbered 10, 11, 13, 14, 15, and 16 of this Agreement shall remain in effect, as well as any applicable provision of this Section numbered 18 and, to the extent that only amounts are owed to the Sub-Adviser as compensation for services rendered while the Agreement was in effect, Section 6. </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)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Notices. Any notice must be in writing and shall be sufficiently given: (1) when delivered in person; (2) when dispatched by telegram or electronic facsimile transfer (confirmed in writing by postage prepaid first class air mail simultaneously dispatched); (3) when sent by internationally recognized overnight courier service (with receipt confirmed by such overnight courier service); or (4) when sent by registered or certified mail, to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify><I>If to the Fund:</I></P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:48px; font-size:12pt">ING Prime Rate Trust</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:48px; font-size:12pt">7337 East Doubletree Ranch Road, Suite 100 </P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:48px; font-size:12pt">Scottsdale, AZ 85258-2034</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:48px; font-size:12pt">Attention: Kimberly A. Anderson</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; text-indent:96px; font-size:12pt" align=justify><I>If to the Sub-Adviser:</I></P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>ING Investment Management Co. LLC</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>One Orange Way, C1-N</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>Windsor, CT &nbsp;06095</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:144px; font-size:12pt" align=justify>Attention: &nbsp;Christopher Kurtz</P>
<P style="margin-top:0px; margin-bottom:8px" align=justify><BR>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:144px; font-size:12pt" align=justify>With a copy to:</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>ING Investment Management Co. LLC</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>230 Park Avenue</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>New York, NY &nbsp;10169</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>Attention: &nbsp;Gerald Lins</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:96px; font-size:12pt" align=justify><I>If to the Manager:</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>ING Investments, LLC</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>7337 East Doubletree Ranch Road</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>Suite 100</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>Scottsdale, AZ &nbsp;85258</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>Attention: &nbsp;Michael J. Roland</P>
<P style="margin-top:0px; margin-bottom:8px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>18.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:72px; font-size:12pt" align=justify><B><U>Amendments</U>.</B> No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement shall be effective until approved as required by applicable law.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify><B>19.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; text-indent:72px; font-size:12pt" align=justify><B><U>Miscellaneous</U>.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>This Agreement shall be governed by the laws of the State of New York, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act, the Advisers Act or rules or orders of the SEC thereunder, and without regard for the conflicts of laws principle thereof. The term &#147;affiliate&#148; or &#147;affiliated person&#148; as used in this Agreement shall mean &#147;affiliated person&#148; as defined in Section 2(a)(3) of the 1940 Act.</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)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The Manager and the Sub-Adviser acknowledge that the Fund enjoys the rights of a third-party beneficiary under this Agreement, and the Manager acknowledges that the Sub-Adviser enjoys the rights of a third party beneficiary under the Investment Management Agreement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>To the extent permitted under Section 17 of this Agreement, this Agreement may only be assigned by any party with the prior written consent of the other parties.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby, and to this extent, the provisions of this Agreement shall be deemed to be severable.</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
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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>(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Nothing herein shall be construed as constituting the Sub-Adviser as an agent or co-partner of the Manager, or constituting the Manager as an agent or co-partner of the Sub-Adviser.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>This Agreement may be executed in counterparts.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; font-size:12pt" align=center>(REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK)</P>
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<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt"><B>IN WITNESS WHEREOF</B>, 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>
<P style="margin:0px"><BR></P>
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<DIV align=right><TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=60></TD><TD width=324></TD></TR>
<TR><TD valign=top width=384 colspan=2><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING INVESTMENTS, LLC</B></P>
</TD></TR>
<TR><TD valign=top width=60><P>&nbsp;</P></TD><TD valign=top width=324><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=60><P style="line-height:14pt; margin:0px; font-size:12pt">By:</P>
</TD><TD STYLE="vertical-align: top; width: 324px; border-bottom: Black 1pt solid"><P style="line-height:14pt; margin:0px; font-size:12pt">/s/ Todd Modic</P>
</TD></TR>
<TR><TD valign=top width=60><P>&nbsp;</P></TD><TD valign=top width=324><P style="line-height:14pt; margin:0px; font-size:12pt">Todd Modic</P>
</TD></TR>
<TR><TD valign=top width=60><P>&nbsp;</P></TD><TD valign=top width=324><P style="line-height:14pt; margin:0px; font-size:12pt">Senior Vice President</P>
</TD></TR>
<TR><TD valign=top width=60><P>&nbsp;</P></TD><TD valign=top width=324><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=60><P>&nbsp;</P></TD><TD valign=top width=324><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=384 colspan=2><P style="line-height:14pt; margin:0px; font-size:12pt"><B>ING INVESTMENT MANAGEMENT CO. LLC</B></P>
</TD></TR>
<TR><TD valign=top width=60><P>&nbsp;</P></TD><TD valign=top width=324><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=60><P style="line-height:14pt; margin:0px; font-size:12pt">By:</P>
</TD><TD STYLE="vertical-align: top; width: 324px; border-bottom: Black 1pt solid"><P style="line-height:14pt; margin:0px; font-size:12pt">/s/ Christopher Kurtz</P>
</TD></TR>
<TR><TD valign=top width=60><P>&nbsp;</P></TD><TD valign=top width=324><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=60><P style="line-height:14pt; margin:0px; font-size:12pt">Name:</P>
</TD><TD STYLE="vertical-align: top; width: 324px; border-bottom: Black 1pt solid"><P style="line-height:14pt; margin:0px; font-size:12pt">Christopher Kurtz</P>
</TD></TR>
<TR><TD valign=top width=60><P>&nbsp;</P></TD><TD valign=top width=324><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=60><P style="line-height:14pt; margin:0px; font-size:12pt">Title:</P>
</TD><TD STYLE="vertical-align: top; width: 324px; border-bottom: Black 1pt solid"><P style="line-height:14pt; margin:0px; font-size:12pt">VP Finance</P>
</TD></TR>
</TABLE></DIV>
<P style="margin-top:0px; margin-bottom:32px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:12.35pt; margin-top:0px; margin-bottom:10px; font-size:9pt" align=center>14</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>SCHEDULE A</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>with respect to the</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>SUB-ADVISORY AGREEMENT</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>between</B></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="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>and</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ING INVESTMENT MANAGEMENT CO. LLC</B></P>
<P style="margin:0px" align=center><BR></P>


<TABLE style="font-size:10pt" cellspacing=0 align=center width=100%>
<TR height=0 style="font-size:0"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%"></TD><TD STYLE="width: 33%"></TD></TR>
<TR><TD STYLE="border: #000000 1px solid; vertical-align: bottom; width: 33%"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Series</U></B></P>
</TD><TD STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 34%"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Effective Date</U></B></P>
</TD><TD STYLE="border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: bottom; width: 33%"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>Annual Sub-Advisory Fee</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>(as a percentage of average daily</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Managed Assets* allocated to the Sub-Adviser)</B></P>
</TD></TR>
<TR><TD STYLE="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; width: 33%"><P style="line-height:14pt; margin:0px; padding-right:-1.2px; font-size:12pt">ING Prime Rate Trust</P>
</TD><TD STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; width: 34%"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>May 7, 2013</P>
</TD><TD STYLE="border-right: #000000 1px solid; border-bottom: #000000 1px solid; width: 33%"><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>0.3600%</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:18.267px; text-indent:-18.267px">*</P>
<P style="margin:0px; padding-left:18.267px">Managed Assets are defined as the Fund&#146;s average daily gross asset value, minus the sum of the Fund&#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 Fund, and the liquidation preference of any outstanding preferred shares).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
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<P style="line-height:12.35pt; margin-top:0px; margin-bottom:10px; font-size:9pt" align=center>15</P>
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