Voya Credit Income Fund NCSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10223

ING Senior Income Fund

(Exact name of registrant as specified in charter)

7337 E. Doubletree Ranch Rd., Scottsdale, AZ		85258
(Address of principal executive offices)		(Zip code)

The Corporation Trust Company, 1209 Orange
Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end:	February 28

Date of reporting period:	August 31, 2008

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Funds

Semi-Annual Report

August 31, 2008

ING Senior Income Fund

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This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

ING Senior Income Fund

SEMI-ANNUAL REPORT

August 31, 2008

Table of Contents

Portfolio Managers' Report					3

Statement of Assets and Liabilities					8

Statement of Operations					10

Statements of Changes in Net Assets					11

Statement of Cash Flows					12

Financial Highlights					13

Notes to Financial Statements					16

Additional Information					25

Portfolio of Investments					26

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ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT

Dear Shareholders:

ING Senior Income Fund (the "Fund") is a continuously offered, diversified, closed-end management investment company that seeks to provide investors with a high level of monthly income. The Fund seeks to achieve this objective by investing in a professionally managed portfolio comprised primarily of senior loans.

PORTFOLIO CHARACTERISTICS AS OF AUGUST 31, 2008
Net Assets	$	1,138,041,740
Total Assets	$	1,417,399,560
Assets Invested in Senior Loans	$	1,364,508,069
Senior Loans Represented		508
Average Amount Outstanding per Loan	$	2,686,040
Industries Represented		36
Average Loan Amount per Industry	$	37,903,002
Portfolio Turnover Rate (YTD)		5	%
Weighted Average Days to Interest Rate Reset		41
Average Loan Final Maturity		61 months
Total Leverage as a Percentage of Total Assets		18.77	%

PERFORMANCE SUMMARY

During the six months ended August 31, 2008, the Fund's Class A and Class Q shares each distributed total dividends from income of $0.41, resulting in an average annualized distribution rate of 5.55%⁽¹⁾ and 5.59%⁽¹⁾, respectively. During the same period, the Fund's Class B and Class C shares each distributed total dividends from income of $0.37, resulting in an average annualized distribution rate of 5.06%⁽¹⁾ and 5.05%⁽¹⁾, respectively. Since the Classes' inception on April 15, 2008 through August 31, 2008, Class I and Class W shares each distributed total dividends from income of $0.26, resulting in an average annualized distribution rate of 5.60%⁽¹⁾ and 5.59%⁽¹⁾, respectively.

The Fund's total return for the six months ended August 31, 2008, excluding sales charges, for Class A, Class B, Class C and Class Q, was 4.15%, 3.98%, 3.97% and 4.18%, respectively. For the same period, the S&P/LSTA Leveraged Loan Index ("LLI")⁽²⁾ had a gross return of 3.90%. The Fund's total return for the period beginning April 15, 2008 through August 31, 2008, excluding sales charges, for Class I and Class W, was 2.19% and 2.42%, respectively. For the period beginning May 1, 2008 through August 31, 2008, the S&P/LSTA LLI had a gross return of 0.29%.

Favorable performance was predicated largely on the avoidance of the majority of loan defaults that took place during the period, and generally reflective of our strategic emphasis on first-lien, secured senior bank loans. Sector positioning was also generally favorable. Top sector exposures in the Fund are largely defensive in character, and include broadcasting/cable, healthcare, oil and gas and utilities. We continue to largely avoid or underweight those sectors facing downturns or exhibiting poor trends, primarily real-estate, automobiles (e.g., original equipment manufacturers and suppliers), transportation, gaming and retailers.

(1) The distribution rate is calculated by annualizing dividends declared during the period and dividing the resulting annualized dividend by the Fund's average month-end net asset value (in the case of net asset value) or the average month-end New York Stock Exchange Composite closing price (in the case of Market). The distribution rate is based solely on the actual dividends and distributions, which are made at the discretion of management. The distribution rate may or may not include all investment income and ordinarily will not include capital gains or losses, if any.

(2) The LLI is an unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard & Poor's and the Loan Syndications and Trading Association ("LSTA") conceived the LLI to establish a performance benchmark for the syndicated leveraged loan industry. An investor cannot invest directly in an index.

ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT (continued)

MARKET REVIEW

Loan market conditions remained choppy during the period. Seasonally lower trading volumes joined forces with ongoing volatility in fixed income and equity markets to again push loan prices lower. Year-to-date through August, the LLI was down 1.97%, versus a positive 0.20% for the same period in 2007 (which included the initial few months of the ongoing dislocation of global credit markets).

Investor focus has migrated from the supply and demand equation to credit fundamentals, as the tremendous excess supply of loans has been reasonably well absorbed into the market. Instead, a traditional driver of long-term performance for the loan asset class, default experience, has again taken center stage. The Fund continues to outperform the LLI with regard to loan defaults. The LLI experienced eight defaults during the Fund's reporting period, pushing the lagging twelve-month default rate for the LLI to 3.27% by number of loans, from 1.50% as of the end of the prior year (February 29, 2008). Importantly, the defaults that have occurred within the LLI since the first of the year are concentrated in a relatively small number of struggling industry sectors. Four industries account for 70% of the total: eight (29%) in real estate, five (19%) in auto and three (11%) each for gaming and transportation.

USE OF LEVERAGE

The Fund utilizes financial leverage to seek to increase the yield to the holders of common shares while maintaining appropriate credit standards. Using leverage for investment purposes involves borrowing at a floating short-term rate, and seeking to invest those proceeds at a higher floating rate. Unlike traditional fixed income asset classes, using leverage in the floating rate senior loan asset class should not expose investors to the same degree of risk from rising short-term interest rates, as the income produced from the Fund's loan investments will adjust in a fashion consistent with the Fund's borrowing costs. The use of leverage can, however, magnify the erosion of the Fund's net asset value in declining markets. As of August 31, 2008, the Fund had $266 million outstanding under a $500 million revolving credit facility.

OUTLOOK

The macroeconomic landscape is clearly shifting as extraordinary changes take hold in our capital market system. As a result, the U.S. economy continues to vacillate in conjunction with a general purchasing power decline and diminished disposable income at the consumer level.

TOP TEN SENIOR LOAN ISSUERS AS OF AUGUST 31, 2008 AS A PERCENTAGE OF:
	TOTAL ASSETS			NET ASSETS
Cequel Communications, LLC		2.5	%		3.1	%
Charter Communications Operating, LLC		2.5	%		3.1	%
Metro-Goldwyn-Mayer, Inc.		2.4	%		3.0	%
Norwood Promotional Products		1.9	%		2.4	%
Univision Communications, Inc.		1.8	%		2.3	%
CHS/Community Health Systems, Inc.		1.7	%		2.1	%
Hotel Del Coronado		1.6	%		2.0	%
Idearc, Inc.		1.6	%		1.9	%
UPC Financing Partnership		1.5	%		1.9	%
PBL Media		1.2	%		1.5	%

TOP TEN INDUSTRY SECTORS AS OF AUGUST 31, 2008 AS A PERCENTAGE OF:
	TOTAL ASSETS			NET ASSETS
Healthcare, Education and Childcare		9.8	%		12.3	%
North American Cable		8.7	%		10.8	%
Printing & Publishing		7.3	%		9.1	%
Retail Stores		5.6	%		7.0	%
Utilities		5.4	%		6.8	%
Radio and TV Broadcasting		5.4	%		6.7	%
Leisure, Amusement, Entertainment		4.8	%		6.0	%
Chemicals, Plastics & Rubber		4.5	%		5.6	%
Foreign Cable, Foreign TV, Radio and Equipment		4.2	%		5.2	%
Data and Internet Services		3.9	%		4.9	%

ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT (continued)

Consumer confidence remains low, as home prices are still declining and both food and energy prices remain high despite recent pullbacks. A single beacon, exports, could come under pressure as the global economy cools and the dollar reverses its declines of the past several years.

We are mindful that, while current loan defaults remain concentrated in a few sectors, the possibility of a more broadly-based downturn is rising as the U.S. employment situation is starting to show signs of deterioration. However, even in an increasingly challenging credit environment, we believe the potential benefit of investing in a diversified pool of higher quality, non-investment grade loans remains intact. We remain confident in our ability to side-step a meaningful portion of default-related losses due to stringent and consistently applied underwriting standards, rigorous risk management and portfolio monitoring.

Absent a loss associated with a default, senior bank loans pay off at original face value, which can provide investors the opportunity to, over time, recapture price declines and take advantage of price discounts. Investors looking to capitalize on that favorable total return opportunity must have a reasonable risk tolerance and a sufficiently long investment horizon.



Jeffrey A. Bakalar Senior Vice President Senior Portfolio Manager ING Investment Management Co.				Daniel A. Norman Senior Vice President Senior Portfolio Manager ING Investment Management Co.

ING Senior Income Fund
September 24, 2008

ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT (continued)

	Average Annual Total Net Returns for the Periods Ended August 31, 2008
	1 Year			3 Years			5 Years			April 2, 2001			April 15, 2008
Including Sales Charge:
Class A⁽¹⁾		(5.93	)%		0.48	%		2.03	%		3.89	%		—
Class B⁽²⁾		(6.65	)%		0.24	%		2.35	%		3.35	%		—
Class C⁽³⁾		(4.84	)%		0.82	%		2.52	%		3.36	%		—
Class I		—			—			—			—			2.19	%
Class Q		(3.54	)%		1.31	%		3.00	%		3.83	%		—
Class W		—			—			—			—			2.42	%
Excluding Sales Charge:
Class A		(3.51	)%		1.33	%		3.03	%		3.89	%		—
Class B		(3.94	)%		0.80	%		2.51	%		3.35	%		—
Class C		(3.94	)%		0.82	%		2.52	%		3.36	%		—
Class I		—			—			—			—			2.19	%
Class Q		(3.54	)%		1.31	%		3.00	%		3.83	%		—
Class W		—			—			—			—			2.42	%
S&P/LSTA Leveraged Loan Index⁽⁴⁾		(0.20	)%		2.76	%		4.01	%		4.12	%		0.29	%

Total net returns reflect that ING Investments, LLC (the Fund's "Investment Adviser") may have waived, reimbursed or recouped fees and expenses otherwise payable by the Fund.

Performance data represents past performance and is no assurance of future results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund's future performance may be lower or higher than the performance data shown. Please log on to www.ingfunds.com or call (800) 992-0180 to get performance through the most recent month-end.

This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements.

The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers' views are subject to change at any time based on market and other conditions.

Fund holdings are subject to change daily.

(1) Return calculations for the period beginning April 2, 2001 through June 30, 2002, reflect no deduction of a front-end sales charge. Return calculations for the period beginning July 1, 2002 through October 10, 2004, reflect deduction of the maximum Class A sales charge of 4.75%. Return calculations with a starting date after October 11, 2004 are based on a 2.50% sales charge. There is no front-end sales charge if you purchase Class A common shares in an amount of $1 million or more. However, the shares will be subject to a 1.00% Early Withdrawal Charge ("EWC") if they are repurchased by the Fund within one year of purchase.

(2) Class B maximum EWC is 3% in the first year, declining to 1% in the fifth year and eliminated thereafter.

(3) Class C maximum EWC is 1% for the first year.

(4) Source: S&P/Loan Syndications and Trading Association. The LLI is an unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard & Poor's and the LSTA conceived the LLI to establish a performance benchmark for the syndicated leveraged loan industry. An investor cannot invest directly in an index. Since inception performance for the index is shown from March 31, 2001 for Class A, B, C and Class Q common shares. Since inception performance for the index is shown from May 1, 2008 for Class I and Class W common shares.

ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT (continued)

YIELDS AND DISTRIBUTION RATES

	30-Day SEC Yields⁽¹⁾
	Class A			Class B			Class C			Class I			Class Q			Class W
August 31, 2008		6.02	%		5.67	%		5.67	%		6.47	%		6.18	%		5.90	%
February 29, 2008		7.24	%		6.92	%		6.92	%		—			7.44	%		—
	Average Annualized Distribution Rates⁽²⁾
	Class A			Class B			Class C			Class I			Class Q			Class W
August 31, 2008		5.55	%		5.06	%		5.05	%		5.60	%		5.59	%		5.59	%
February 29, 2008		7.12	%		6.61	%		6.60	%		—			7.16	%		—

(1) Yield is calculated by dividing the Fund's net investment income per share for the most recent thirty days by the net asset value. Yield calculations do not include any commissions or sales charges, and are compounded for six months and annualized for a twelve-month period to derive the Fund's yield consistent with the Securities Exchange Commission standardized yield formula for open-end investment companies.

(2) Distribution Rates are calculated by annualizing dividends declared during the period (i.e., by dividing the monthly dividend amount by the number of days in the month and multiplying by the number of days in the fiscal year) and then dividing the resulting annualized dividend by the month-ending NAV.

Risk is inherent in all investing. The following are the principal risks associated with investing in the Fund. This is not, and is not intended to be, a description of all risks of investing in the Fund. A more detailed description of the risks of investing in the Fund is contained in the Fund's current prospectus.

Credit Risk: The Fund invests a substantial portion of its assets in below investment grade senior loans and other below investment grade assets. Below investment grade loans involve a greater risk that borrowers may not make timely payment of the interest and principal due on their loans. They also involve a greater risk that the value of such loans could decline significantly. If borrowers do not make timely payments of the interest due on their loans, the yield on the Fund's common shares will decrease. If borrowers do not make timely payment of the principal due on their loans, or if the value of such loans decreases, the value of the Fund's NAV will decrease.

Interest Rate Risk: Changes in short-term market interest rates will directly affect the yield on the Fund's common shares. If short-term market interest rates fall, the yield on the Fund will also fall. To the extent that the interest rate spreads on loans in the Fund experience a general decline, the yield on the Fund will fall and the value of the Fund's assets may decrease, which will cause the Fund's value to decrease. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on assets in the Fund's portfolio, the impact of rising rates will be delayed to the extent of such lag.

Leverage Risk: The Fund's use of leverage through borrowings or the issuance of preferred shares can adversely affect the yield on the Fund's Common Shares. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Fund's Common Shares will decrease. In addition, in the event of a general market decline in the value of assets such as those in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. The Fund also faces the risk that it might have to sell assets at relatively less advantageous times if it were forced to de-leverage if a source of leverage becomes unavailable.

Liquidity Risk: The Fund does not repurchase its shares on a daily basis and no market for the Fund's Common Shares is expected to exist. To provide a measure of liquidity, the Fund will normally make monthly repurchase offers for not less than 5% of its outstanding Common Shares. If more than 5% of Common Shares are tendered, investors may not be able to completely liquidate their holdings in any one month. Shareholders also will not have liquidity between these monthly repurchase dates. For the months of August 2007 and February 2008, the Fund received redemption requests in excess of the respective monthly repurchase offer amounts and therefore had to reduce such requests pro rata.

ING Senior Income Fund

STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2008 (Unaudited)

ASSETS:
Investments in securities at value (Cost $1,534,406,617)	$	1,369,786,032
Cash		2,819,052
Foreign currencies at value (Cost $595,264)		590,399
Receivables:
Investment securities sold		14,153,442
Fund shares sold		5,036,120
Interest		12,874,108
Other		22,611
Unrealized appreciation on forward foreign currency contracts		11,734,986
Reimbursement due from manager		288,824
Prepaid expenses		93,986
Total assets		1,417,399,560
LIABILITIES:
Payable for investment securities purchased		5,908,987
Notes payable		266,000,000
Accrued interest payable		1,056,538
Deferred arrangement fees on senior loans		541,290
Payable to affiliates		1,588,904
Income distribution payable		1,839,623
Unrealized depreciation on unfunded commitments		1,835,267
Accrued trustees fees		42,731
Other accrued expenses and liabilities		544,480
Total liabilities		279,357,820
NET ASSETS	$	1,138,041,740
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	1,359,057,753
Distribution in excess of net investment income		(547,411	)
Accumulated net realized loss on investments and foreign currency related transactions		(65,821,793	)
Net unrealized depreciation on investments, foreign currency related transactions, and unfunded commitments		(154,646,809	)
NET ASSETS	$	1,138,041,740

See Accompanying Notes to Financial Statements
8

ING Senior Income Fund

STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2008 (Unaudited) (continued)

Class A:
Net assets	$	510,696,877
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		38,250,033
Net asset value and redemption price per share	$	13.35
Maximum offering price per share (2.50%)⁽¹⁾	$	13.69
Class B:
Net assets	$	60,902,710
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		4,573,079
Net asset value and redemption price per share⁽²⁾	$	13.32
Class C:
Net assets	$	518,757,714
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		38,901,098
Net asset value and redemption price per share⁽²⁾	$	13.34
Class I:
Net assets	$	3,067
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		232
Net asset value and redemption price per share	$	13.24
Class Q:
Net assets	$	43,287,213
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		3,261,205
Net asset value and redemption price per share	$	13.27
Class W:
Net assets	$	4,394,159
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		331,106
Net asset value and redemption price per share	$	13.27

⁽¹⁾Maximum offering price is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced.

⁽²⁾ Redemption price per share may be reduced for any applicable contingent deferred sales charge.

See Accompanying Notes to Financial Statements
9

ING Senior Income Fund

STATEMENT OF OPERATIONS for the Six Months Ended August 31, 2008 (Unaudited)

INVESTMENT INCOME:
Interest	$	51,903,288
Arrangement fees earned		220,871
Other		928,990
Total investment income		53,053,149
EXPENSES:
Investment management fees		6,342,485
Administration fees		792,810
Distribution and service fees:
Class A		684,298
Class B		343,181
Class C		2,138,449
Class Q		61,083
Transfer agent fees:
Class A		156,167
Class B		19,745
Class C		163,214
Class Q		14,022
Class W		32
Shareholder reporting expense		94,758
Interest expense		6,860,839
Custodian fees		399,180
Professional fees		93,872
Trustees' fees		58,808
SEC Registration fees		65,506
Postage expense		380,288
Miscellaneous expense		52,514
Total expenses		18,721,251
Less:
Net waived and reimbursed fees		(374,619	)
Net expenses		18,346,632
Net investment income		34,706,517
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS AND UNFUNDED COMMITMENTS:
Net realized loss on:
Investments		(36,862,644	)
Foreign currency related transactions		(8,905,993	)
Net realized loss on investments and foreign currency related transactions		(45,768,637	)
Net change in unrealized appreciation or depreciation on:
Investments		45,329,636
Foreign currency related transactions		14,961,858
Unfunded commitments		568,001
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions and unfunded commitments		60,859,495
Net realized and unrealized gain on investments, foreign currency related transactions and unfunded commitments		15,090,858
Increase in net assets resulting from operations	$	49,797,375

See Accompanying Notes to Financial Statements
10

ING Senior Income Fund

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	Six Months Ended August 31, 2008			Year Ended February 29, 2008
FROM OPERATIONS:
Net investment income	$	34,706,517		$	126,786,288
Net realized loss on investments and foreign currency related transactions		(45,768,637	)		(28,157,306	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions and unfunded commitments		60,859,495			(247,740,368	)
Increase (decrease) in net assets resulting from operations		49,797,375			(149,111,386	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(16,497,054	)		(50,570,172	)
Class B		(1,906,176	)		(5,246,598	)
Class C		(15,789,251	)		(44,535,539	)
Class I		(67	)
Class Q		(1,480,093	)		(6,099,213	)
Class W		(1,957	)
Net realized gains:
Class A		—			(1,182,115	)
Class B		—			(148,822	)
Class C		—			(1,241,046	)
Class I		—
Class Q		—			(116,903	)
Class W		—
Tax return of capital:
Class A		—			(9,354,901	)
Class B		—			(1,042,664	)
Class C		—			(8,907,689	)
Class I		—
Class Q		—			(1,143,727	)
Class W		—
Decrease in net assets from distributions to shareholders		(35,674,598	)		(129,589,389	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		96,146,221			498,743,998
Reinvestment of distributions		22,521,457			85,200,633
		118,667,678			583,944,631
Cost of shares repurchased		(345,845,065	)		(1,127,661,585	)
Net decrease in net assets resulting from capital share transactions		(227,177,387	)		(543,716,954	)
Net decrease in net assets		(213,054,610	)		(822,417,729	)
NET ASSETS:
Beginning of period		1,351,096,350			2,173,514,079
End of period	$	1,138,041,740		$	1,351,096,350
Undistributed net investment income (distribution in excess of net investment income) at end of period	$	(547,411	)	$	420,670

See Accompanying Notes to Financial Statements
11

ING Senior Income Fund

STATEMENT OF CASH FLOWS for the Six Months Ended August 31, 2008 (Unaudited)

INCREASE (DECREASE) IN CASH Cash Flows from Operating Activities:
Interest received	$	56,096,508
Arrangement fees received		86,389
Other income received		950,225
Interest paid		(8,124,113	)
Other operating expenses paid		(12,115,575	)
Purchases of investments		(63,273,646	)
Proceeds on sale of investments		521,662,348
Net cash provided by operating activities		495,282,136
Cash Flows from Financing Activities:
Distributions paid to common shareholders		(14,087,223	)
Proceeds from capital shares sold		96,557,720
Disbursements for capital shares repurchased		(345,845,065	)
Net decrease in notes payable		(278,000,000	)
Net cash flows used in financing activities		(541,374,568	)
Net decrease in cash		(46,092,432	)
Cash at beginning of period		48,911,484
Cash at end of period	$	2,819,052
Reconciliation of Net Increase in Net Assets Resulting from Operations to Net Cash provided by Operating Activities:
Net increase in net assets resulting from operations	$	49,797,375
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Change in unrealized appreciation/depreciation on investments		(45,329,636	)
Change in unrealized appreciation/depreciation on foreign currencies		(975	)
Change in unrealized appreciation on forward currency contracts		(15,171,960	)
Change in unrealized depreciation on unfunded commitments		(568,001	)
Change in unrealized appreciation on other assets and liabilities		211,077
Net accretion of discounts on investments		(2,736,885	)
Net amortization of premiums on investments		180,241
Net realized loss on sale of investments and foreign currency related transactions		45,768,637
Purchases of investments		(63,273,646	)
Proceeds on sale of investments		521,662,348
Decrease in other assets		21,235
Decrease in interest receivable		6,749,864
Increase in reimbursement due from manager		(288,824	)
Increase in prepaid expenses		(29,485	)
Decrease in deferred arrangement fees on revolving credit facilities		(134,482	)
Decrease in accrued interest payable		(1,263,274	)
Decrease in payable to affiliate		(364,840	)
Decrease in accrued trustee fees		(68,841	)
Increase in accrued expenses		122,208
Total adjustments		445,484,761
Net cash provided by operating activities	$	495,282,136
Non Cash Financing Activities
Receivable for shares sold	$	5,036,120
Reinvestment of distributions	$	22,521,457

See Accompanying Notes to Financial Statements
12

ING SENIOR INCOME FUND (UNAUDITED) FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding for each period.

	Class A
	Six Months Ended August 31,		Year Ended February 28 or 29,
	2008		2008			2007		2006			2005			2004
Per Share Operating Performance:
Net asset value, beginning of period	$	13.21		15.57			15.56		15.59			15.47			14.83
Income (loss) from investment operations:
Net investment income	$	0.40		1.04			1.01		0.78			0.55			0.61
Net realized and unrealized gain (loss) on investments	$	0.15		(2.35	)		0.02		(0.03	)		0.18			0.69
Total income (loss) from investment operations	$	0.55		(1.31	)		1.03		0.75			0.73			1.30
Less distributions from:
Net investment income	$	0.41		0.95			1.02		0.78			0.56			0.64
Net realized gains on investments	$	—		0.03			—		—			0.05			0.02
Return of capital	$	—		0.07			—		—			—			—
Total distributions	$	0.41		1.05			1.02		0.78			0.61			0.66
Net asset value, end of period	$	13.35		13.21			15.57		15.56			15.59			15.47
Total Investment Return^₍₁₎	%	4.15		(8.94	)		6.84		4.96			4.80			8.93
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	510,697		595,017			998,140		918,621			736,740			172,975
Average borrowings (000's)⁽²⁾	$	347,495		426,164			404,137		325,044			34,767			20,771
Asset coverage per $1,000 of debt	$	5,278		3,484			10,171		6,519			1,251			—	*
Ratios to average net assets after reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	1.60		1.53			1.50		1.50			1.34			1.36
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.71		2.81			2.56		2.20			1.45			1.43
Net investment income⁽³⁾⁽⁴⁾	%	5.88		6.85			6.42		4.98			3.49			3.84
Ratios to average net assets before reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	1.65		1.53			1.48		1.48			1.35			1.46
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.76		2.81			2.54		2.18			1.46			1.53
Net investment income⁽³⁾⁽⁴⁾	%	5.83		6.85			6.44		5.00			3.48			3.74
Portfolio turnover rate	%	5		56			57		82			82			72
Shares outstanding at end of period (000's)		38,250		45,039			64,122		59,029			47,252			11,180
	Class B
	Six Months Ended August 31,		Year Ended February 28 or 29,
	2008		2008			2007		2006			2005			2004
Per Share Operating Performance:
Net asset value, beginning of period	$	13.17		15.53			15.53		15.57			15.45			14.82
Income (loss) from investment operations:
Net investment income	$	0.36		0.96			0.92		0.70			0.47	**		0.53
Net realized and unrealized gain (loss) on investments	$	0.16		(2.34	)		0.02		(0.04	)		0.18	**		0.69
Total income (loss) from investment operations	$	0.52		(1.38	)		0.94		0.66			0.65			1.22
Less distributions from:
Net investment income	$	0.37		0.94			0.94		0.70			0.48			0.57
Net realized gains on investments	$	—		0.03			—		—			0.05			0.02
Return of capital	$	—		0.01			—		—			—			—
Total distributions	$	0.37		0.98			0.94		0.70			0.53			0.59
Net asset value, end of period	$	13.32		13.17			15.53		15.53			15.57			15.45
Total Investment Return^₍₁₎	%	3.98		(9.43	)		6.26		4.37			4.28			8.33
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	60,903		75,885			111,749		120,254			125,200			62,852
Average borrowings (000's)⁽²⁾	$	347,495		426,164			404,137		325,044			34,767			20,771
Asset coverage per $1,000 of debt	$	5,278		3,484			10,171		6,519			1,251			—	*
Ratios to average net assets after reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.10		2.04			2.00		1.99			1.87			1.87
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	3.21		3.35			3.06		2.69			1.94			1.97
Net investment income⁽³⁾⁽⁴⁾	%	5.38		6.36			5.91		4.45			2.93			3.47
Ratios to average net assets before reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.40		2.29			2.23		1.97			2.13			2.22
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	3.51		3.60			3.29		2.67			2.19			2.31
Net investment income⁽³⁾⁽⁴⁾	%	5.08		6.11			5.68		4.47			2.67			3.13
Portfolio turnover rate	%	5		56			57		82			82			72
Shares outstanding at end of period (000's)		4,573		5,760			7,195		7,742			8,043			4,068

^₍₁₎ Total investment return has been calculated assuming a purchase at the beginning of each period and a sale at the end of each period and assumes reinvestment of dividends and capital gain distributions, if any, on the dividend/distribution date. Total investment return is not annualized for periods less than one year and does not include sales load.

^₍₂₎Based on the active days of borrowing.

^₍₃₎The Investment Adviser has agreed to limit expenses excluding interest, taxes, brokerage commissions, leverage expenses, other investment related costs and extraordinary expenses, subject to possible recoupment by the Investment Adviser within three years to the following: Class A – 0.90% of Managed Assets plus 0.45% of average daily net assets; Class B – 0.90% of Managed Assets plus 1.20% of average daily net assets; Class C – 0.90% of Managed Assets plus 0.95% of average daily net assets; Class I – 0.90% of Managed Assets plus 0.20% of average daily net assets; Class Q – 0.90% of Managed Assets plus 0.45% of average daily net assets; and Class W – 0.90% of Managed Assets plus 0.20% of average daily net assets.

^₍₄₎ Annualized for periods less than one year.

* There were no loans outstanding at period end.

** Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements
13

ING SENIOR INCOME FUND (UNAUDITED) (CONTINUED) FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding for each period.

	Class C
	Six Months Ended August 31,		Year Ended February 28 or 29,
	2008		2008			2007		2006			2005		2004
Per Share Operating Performance:
Net asset value, beginning of period	$	13.19		15.55			15.55		15.58			15.46		14.82
Income (loss) from investment operations:
Net investment income	$	0.36		0.96			0.93		0.70			0.47		0.53
Net realized and unrealized gain (loss) on investments	$	0.16		(2.34	)		0.01		(0.03	)		0.18		0.70
Total income (loss) from investment operations	$	0.52		(1.38	)		0.94		0.67			0.65		1.23
Less distributions from:
Net investment income	$	0.37		0.88			0.94		0.70			0.48		0.57
Net realized gains on investments	$	—		0.03			—		—			0.05		0.02
Return of capital	$	—		0.07			—		—			—		—
Total distributions	$	0.37		0.98			0.94		0.70			0.53		0.59
Net asset value, end of period	$	13.34		13.19			15.55		15.55			15.58		15.46
Total Investment Return^₍₁₎	%	3.97		(9.42	)		6.25		4.44			4.28		8.40
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	518,758		625,516			927,950		923,549			830,584		275,849
Average borrowings (000's)⁽²⁾	$	347,495		426,164			404,137		325,044			34,767		20,771
Asset coverage per $1,000 of debt	$	5,278		3,484			10,171		6,519			1,251		—	*
Ratios to average net assets after reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.10		2.04			2.00		1.99			1.83		1.86
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	3.21		3.35			3.06		2.69			1.94		1.94
Net investment income⁽³⁾⁽⁴⁾	%	5.38		6.35			5.92		4.46			2.88		3.38
Ratios to average net assets before reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.15		2.04			1.98		1.97			1.83		1.96
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	3.26		3.35			3.04		2.67			1.95		2.04
Net investment income⁽³⁾⁽⁴⁾	%	5.33		6.35			5.93		4.48			2.87		3.28
Portfolio turnover rate	%	5		56			57		82			82		72
Shares outstanding at end of period (000's)		38,901		47,406			59,679		59,402			53,316		17,841

	Class I
	April 15, 2008^₍₅₎ to August 31, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$	13.24
Income from investment operations:
Net investment income	$	0.29
Net realized and unrealized gain on investments	$	0.00	**
Total income from investment operations	$	0.29
Less distributions from:
Net investment income	$	0.29
Total distributions	$	0.29
Net asset value, end of period	$	13.24
Total Investment Return^₍₁₎	%	2.19
Ratios and Supplemental Data:
Net assets, end of period (000's)	$	3
Average borrowings (000's)⁽²⁾	$	347,495
Asset coverage per $1,000 of debt	$	5,278
Ratios to average net assets after reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	1.32
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.43
Net investment income⁽³⁾⁽⁴⁾	%	5.66
Ratios to average net assets before reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	1.37
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.48
Net investment income⁽³⁾⁽⁴⁾	%	5.61
Portfolio turnover rate	%	5
Shares outstanding at end of period (000's)		0	**

⁽¹⁾ Total investment return has been calculated assuming a purchase at the beginning of each period and a sale at the end of each period and assumes reinvestment of dividends and capital gain distributions, if any, on the dividend/distribution date. Total investment return is not annualized for periods less than one year and does not include sales load.

⁽²⁾ Based on the active days of borrowing.

⁽³⁾ The Investment Adviser has agreed to limit expenses excluding interest, taxes, brokerage commissions, leverage expenses, other investment related costs and extraordinary expenses, subject to possible recoupment by the Investment Adviser within three years to the following: Class A – 0.90% of Managed Assets plus 0.45% of average daily net assets; Class B – 0.90% of Managed Assets plus 1.20% of average daily net assets; Class C – 0.90% of Managed Assets plus 0.95% of average daily net assets; Class I – 0.90% of Managed Assets plus 0.20% of average daily net assets; Class Q – 0.90% of Managed Assets plus 0.45% of average daily net assets; and Class W – 0.90% of Managed Assets plus 0.20% of average daily net assets.

⁽⁴⁾ Annualized for periods less than one year.

⁽⁵⁾ Commencement of operations.

* There were no loans outstanding at period end.

** Amount is less than $0.005 or 1,000.

See Accompanying Notes to Financial Statements
14

ING SENIOR INCOME FUND (UNAUDITED) (CONTINUED) FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding for each period.

	Class Q
	Six Months Ended August 31,		Year Ended February 28 or 29,
	2008		2008			2007		2006			2005		2004
Per Share Operating Performance:
Net asset value, beginning of period	$	13.13		15.49			15.49		15.52			15.41		14.79
Income (loss) from investment operations:
Net investment income	$	0.39		1.05			0.99		0.78			0.52		0.63
Net realized and unrealized gain (loss) on investments	$	0.16		(2.36	)		0.03		(0.03	)		0.20		0.65
Total income (loss) from investment operations	$	0.55		(1.31	)		1.02		0.75			0.72		1.28
Less distributions from:
Net investment income	$	0.41		1.01			1.02		0.78			0.56		0.64
Net realized gains on investments	$	—		0.03			—		—			0.05		0.02
Return of capital	$	—		0.01			—		—			—		—
Total distributions	$	0.41		1.05			1.02		0.78			0.61		0.66
Net asset value, end of period	$	13.27		13.13			15.49		15.49			15.52		15.41
Total Investment Return^₍₁₎	%	4.18		(8.99	)		6.81		4.97			4.75		8.82
Ratios/Supplemental Data:
Net assets, end of period (000's)	$	43,287		54,678			135,675		184,586			183,017		157,051
Average borrowings (000's)⁽²⁾	$	347,495		426,164			404,137		325,044			34,767		20,771
Asset coverage per $1,000 of debt	$	5,278		3,484			10,171		6,519			1,251		—	*
Ratios to average net assets after reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	1.60		1.53			1.50		1.49			1.34		1.40
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.71		2.71			2.56		2.19			1.45		1.54
Net investment income⁽³⁾⁽⁴⁾	%	5.88		6.81			6.39		4.96			3.39		4.17
Ratios to average net assets before reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	1.65		1.53			1.48		1.47			1.34		1.48
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.76		2.71			2.54		2.17			1.45		1.62
Net investment income⁽³⁾⁽⁴⁾	%	5.83		6.81			6.41		4.98			3.38		4.09
Portfolio turnover rate	%	5		56			57		82			82		72
Shares outstanding at end of period (000's)		3,261		4,163			8,761		11,918			11,789		10,188

	Class W
	April 15, 2008^₍₅₎ to August 31, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$	13.24
Income from investment operations:
Net investment income	$	0.31
Net realized and unrealized gain on investments	$	0.01
Total income from investment operations	$	0.32
Less distributions from:
Net investment income	$	0.29
Total distributions	$	0.29
Net asset value, end of period	$	13.27
Total Investment Return^₍₁₎	%	2.42
Ratios and Supplemental Data:
Net assets, end of period (000's)	$	4,394
Average borrowings (000's)⁽²⁾	$	347,495
Asset coverage per $1,000 of debt	$	5,278
Ratios to average net assets after reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	1.32
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.43
Net investment income⁽³⁾⁽⁴⁾	%	13.67
Ratios to average net assets before reimbursement/recoupment:
Expenses (before interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	1.37
Expenses (with interest and other fees related to revolving credit facility)⁽³⁾⁽⁴⁾	%	2.48
Net investment income⁽³⁾⁽⁴⁾	%	13.62
Portfolio turnover rate	%	5
Shares outstanding at end of period (000's)		331

⁽²⁾ Based on the active days of borrowing.

⁽⁴⁾ Annualized for periods less than one year.

⁽⁵⁾Commencement of operations.

* There were no loans outstanding at period end.

See Accompanying Notes to Financial Statements
15

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited)

NOTE 1 — ORGANIZATION

ING Senior Income Fund (the "Fund"), a Delaware statutory trust, is registered under the Investment Company Act of 1940 as amended, (the "1940 Act"), as a continuously-offered, diversified, closed-end, management investment company. The Fund invests at least 80% of its net assets plus the amount of any borrowings, for investment purposes, in U.S. dollar denominated, floating rate secured senior loans, which generally are not registered under the Securities Act of 1933 as amended (the "'33 Act"), and contain certain restrictions on resale and cannot be sold publicly. These loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate ("LIBOR") and other short-term rates. During the period December 15, 2000 through March 30, 2001, the Fund issued 19,933,953 Class Q shares to an affiliate of the Fund's manager, ING Investments, LLC (the "Investment Adviser") in exchange for $2 00,000,000. Effective April 2, 2001, the Fund commenced the offering of Class A, Class B, Class C and Class Q shares to the public. Effective April 15, 2008, the Fund commenced the offering of Class I and Class W shares to the public.

The Fund currently has six classes of shares: A, B, C, I, Q and W. Class A shares are subject to a sales charge of up to 2.50%. Class A shares purchased in excess of $1,000,000 are not subject to a sales charge but are subject to an Early Withdrawal Charge ("EWC") of 1% within one year of purchase. Class A shares are issued upon conversion of Class B shares eight years after purchase or through an exchange of Class A shares of certain ING Funds. Class B shares are subject to an EWC of up to 3% over the five-year period after purchase and Class C shares are subject to an EWC of 1% during the first year after purchase.

To maintain a measure of liquidity, the Fund offers to repurchase between 5% and 25% of its outstanding common shares on a monthly basis. This is a fundamental policy that cannot be changed without shareholder approval. The Fund may not repurchase more than 25% in any calendar quarter. Other than these monthly repurchases, no market for the Fund's common shares is expected to exist. The separate classes of shares differ principally in their distribution fees and shareholder servicing fees. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the portfolio pro rata on the average daily net assets of each class, without distinction between share classes. Differences in the per share dividend rates generally result from differences in separate class expenses, including distribution fees and shareholder servicing fees.

Class B common shares of the Fund became closed to new investment, provided that: (1) Class B common shares of the Fund may be purchased through the reinvestment of dividends issued by the Fund; and (2) subject to the terms and conditions of relevant exchange privileges and as permitted under their respective prospectuses, Class B common shares of the Fund may be acquired through exchange of Class B shares of other funds in the ING mutual funds complex for the Fund's Class B common shares.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles.

A. Senior Loan and Other Security Valuation. Senior loans held by the Fund are normally valued at the average of the means of one or more bid and asked quotations obtained from a pricing service or other sources determined by the Board of Trustees (the "Board") to be independent and believed to be reliable. Loans for which reliable market value quotations are not readily available may be valued with reference to another loan or a group of loans for which quotations are more readily available and whose characteristics are comparable to the loan being valued. Under this approach, the comparable loan or loans serve as a proxy for changes in value of the loan being valued. The Fund has engaged an independent pricing service to provide quotations from dealers in loans and to calculate va lues under the proxy procedure described above.

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

It is expected that most of the loans held by the Fund will be valued with reference to quotations from the independent pricing service or with reference to the proxy procedure described above. As of August 31, 2008, 97.9% of total loans were valued based on these procedures.

Prices from a pricing service may not be available for all loans and the Investment Adviser may believe that the price for a loan derived from market quotations or the proxy procedure described above is not reliable or accurate. Among other reasons, this may be the result of information about a particular loan or borrower known to the Investment Adviser that the Investment Adviser believes may not be known to the pricing service or reflected in a price quote. In this event, the loan is valued at fair value, as defined by the 1940 Act, as determined in good faith under procedures established by the Fund's Board of Trustees and in accordance with the provisions of the 1940 Act. Under these procedures, fair value is determined by the Investment Adviser and monitored by the Fund's Board through its Valuation, Proxy and Brokerage Committee.

In fair valuing a loan, consideration is given to several factors, which may include, among others, the following: (i) the characteristics of and fundamental analytical data relating to the loan, including the cost, size, current interest rate, period until the next interest rate reset, maturity and base lending rate of the loan, the terms and conditions of the loan and any related agreements, and the position of the loan in the borrower's debt structure; (ii) the nature, adequacy and value of the collateral, including the Fund's rights, remedies and interests with respect to the collateral; (iii) the creditworthiness of the borrower and the cash flow coverage of outstanding principal and interest, based on an evaluation of its financial condition, financial statements and information about the borrower's business, cash flows, capital structure and future prospects; (iv) information relating to the market for the loan, including price quotat ions for, and trading in, the loan and interests in similar loans and the market environment and investor attitudes towards the loan and interests in similar loans; (v) the reputation and financial condition of the agent for the loan and any intermediate participants in the loan; (vi) the borrower's management; and (vii) the general economic and market conditions affecting the fair value of the loan. Securities other than senior loans for which reliable market value quotations are not readily available and all other assets will be valued at their respective fair values as determined in good faith by, and under procedures established by, the Board of the Fund. Investments in securities maturing in 60 days or less from the date of valuation are valued at amortized cost which approximates market value. To the extent the Fund invests in other registered companies, the Fund's NAV is calculated based on the current NAV of the registered investment company in which the Fund invests. The prospectuses for those inves tment companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

Effective for fiscal years beginning after November 15, 2007, Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, "Fair Value Measurements", establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the sub-adviser's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summ arizing the Fund's investments under these levels of classification is included following the Portfolio of Investments.

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

B. Distributions to Shareholders. The Fund declares and goes ex-dividend daily and pays dividends monthly from net investment income. Distributions from capital gains, if any, are declared and paid annually. The Fund may make additional distributions to comply with the distribution requirements of the Internal Revenue Code. The character and amounts of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. The Fund records distributions to its shareholders on the ex-dividend date.

C. Security Transactions and Revenue Recognition. Revolver and delayed draw loans are booked on a settlement date basis. Security transactions and senior loans are accounted for on trade date (date the order to buy or sell is executed). Realized gains or losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis at the then-current loan rate. The accrual of interest on loans is partially or fully discontinued when, in the opinion of management, there is an indication that the borrower may be unable to meet payments as they become due. If determined to be uncollectible, unpaid accrued interest is also written off. Cash collections on non-accrual senior loans are generally applied as a reduction to the recorded investment of the loan. Loans are generally returned to accrual status only after all past due amounts have been received and the borrower has demonstrated sustained performance. Premium amortization and discount accretion are deferred and recognized over the shorter of four years or the actual term of the loan. Arrangement fees received on revolving credit facilities, which represent non-refundable fees or purchase discounts associated with the acquisition of loans, are deferred and recognized using the effective yield method over the shorter of four years or the actual term of the loan. No such fees are recognized on loans which have been placed on non-accrual status. Arrangement fees associated with all other loans, except revolving credit facilities, are treated as discounts and are accreted as described above. Dividend income is recorded on the ex-dividend date.

D. Federal Income Taxes. It is the Fund's policy to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the Fund's tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire.

E. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F. Forward Foreign Currency Contracts. The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a currency forward contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statement of Assets and Liabilities. Realized and unrealized gains and losses are included in the S tatement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited) (continued)

NOTE 3 — INVESTMENTS

For the six months ended August 31, 2008, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term investments, totaled $70,040,068 and $493,536,573, respectively. At August 31, 2008, the Fund held senior loans valued at $1,364,508,069 representing 99.6% of its total investments. The market value of these assets is established as set forth in Note 2.

The senior loans acquired by the Fund typically take the form of a direct lending relationship with the borrower acquired through an assignment of another lender's interest in a loan. The lead lender in a typical corporate loan syndicate administers the loan and monitors collateral. In the event that the lead lender becomes insolvent, enters FDIC receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Warrants and shares of common stock held in the portfolio were acquired in conjunction with loans held by the Fund. Certain of these shares and warrants are restricted and may not be publicly sold without registration under the '33 Act, or without an exemption under the '33 Act. In some cases, these restrictions expire after a designated period of time after the issuance of the shares or warrants.

Dates of acquisition and cost of assigned basis of restricted securities are as follows:

	Date of Acquisition	Cost of Assigned Basis
Decision One Corporation (463,664 Common Shares)	06/03/05	$	295,535
Norwood Promotional Products, Inc. (80,087 Common Shares)	08/23/04		10,046
Norwood Promotional Products, Inc. (Contingent Value Rights)	12/14/07		372,001
Safelite Realty Corporation (30,003 Common Shares)	06/21/01		—
Total restricted securities excluding senior loans (market value of $612,025 was 0.1% of net assets at August 31, 2008).		$	677,582

NOTE 4 — MANAGEMENT AND ADMINISTRATION AGREEMENTS

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser to provide advisory and management services. The Management Agreement compensates the Investment Adviser with a fee, computed daily and payable monthly, at an annual rate of 0.80% of the Fund's average daily gross asset value, minus the sum of the Fund'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) ("Managed Assets"). The Fund is sub-advised by ING Investment Management Co. ("ING IM"). Under the sub-advisory agreement, ING IM is responsible for managing the assets of the Fund in accordance with its investment objective and policies, subject to oversight by the Investment Adviser. Both ING IM and the Investment Adviser are indirect, wholly-owned subsidiaries of ING Groep N.V. ("ING Groep") and affiliates of each other. ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance, and retirement services to over 75 million private, corporate, and institutional clients in more than 50 countries. With a diverse workforce of about 125,000 people, ING Groep comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

The Fund has also entered into an Administration Agreement with ING Funds Services, LLC (the "Administrator"), an indirect, wholly-owned subsidiary of ING Groep N.V., to provide administrative services. The Administrator is compensated with a fee, computed daily and payable monthly, at an annual rate of 0.10% of the Fund's Managed Assets.

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Each share class of the Fund, except Class I and Class W, has adopted a Plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plans"), whereby ING Funds Distributor, LLC (the "Distributor") is compensated by the Fund for expenses incurred in the distribution of the Fund's shares ("Distribution Fees"). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month for actual expenses incurred in the distribution and promotion of the Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or Shareholder Servicing Fees ("Service Fees") paid to securities dealers who executed a distribution agreement with the Distributor. Under the 12b-1 plans, each class of shares of the Fund pays the Distributor a combined Distribution and/or Service Fee bas ed on average daily net assets at the following annual rates:

Class A				Class B				Class C				Class Q
	0.25	%			1.00	%			0.75	%			0.25	%

During the six months ended August 31, 2008, the Distributor waived 0.25% of the Service Fee on Class B shares only.

NOTE 6 — EXPENSE LIMITATIONS

The Investment Adviser has voluntarily agreed to limit expenses, excluding interest, taxes, brokerage commissions, leverage expenses, other investment-related costs and extraordinary expenses, to the following:

Class A — 0.90% of Managed Assets plus 0.45% of average daily net assets

Class B — 0.90% of Managed Assets plus 1.20% of average daily net assets

Class C — 0.90% of Managed Assets plus 0.95% of average daily net assets

Class I — 0.90% of Managed Assets plus 0.20% of average daily net assets

Class Q — 0.90% of Managed Assets plus 0.45% of average daily net assets

Class W — 0.90% of Managed Assets plus 0.20% of average daily net assets

The Investment Adviser may at a later date recoup from the Fund management fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees and any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations for the Fund.

The Expense Limitation Agreement is contractual and shall renew automatically for one-year terms unless ING Investments provides written notice of the termination of the Expense Limitation Agreement within 90 days of the end of the then current term.

As of August 31, 2008, the amount of waived and reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:

August 31,
2009		2010		2011		Total
$	—	$	—	$	288,824	$	288,824

NOTE 7 — COMMITMENTS

The Fund has entered into a revolving credit agreement, collateralized by assets of the Fund, to borrow up to $500 million maturing May 29, 2009. Borrowing rates under this agreement are based on a commercial paper pass through rate plus 0.25% on the funded portion. A facility fee of 0.15% is charged on the entire facility. There was $266 million of borrowings outstanding at August 31, 2008 at a rate of 3.34%, excluding other fees related to the entire facility. Average borrowings for the six months ended August 31, 2008 were $174,696,721 and the average annualized interest rate was 3.92%, excluding other fees related to the entire facility.

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited) (continued)

NOTE 8 — SENIOR LOAN COMMITMENTS

As of August 31, 2008, the Fund had unfunded loan commitments pursuant to the terms of the following loan agreements:

Calpine Corp.	$	2,700,000
Cengage Learning, Inc.		3,122,222
Centaur Gaming		350,877
Coleto Creek Power		4,666,667
Community Health Systems, Inc.		1,268,114
Fontainebleau Resorts, LLC		1,000,000
Golden Nugget, Inc.		797,636
Hub International Holdings, Inc.	$	101,307
Kerasotes Theatres, Inc.		996,930
Lucite International U.S. Finco Ltd.		362,119
Sturm Foods, Inc.		500,000
United Surgical Partners International, Inc.		90,726
	$	15,956,598

The unrealized depreciation on these commitments of $1,835,267 as of August 31, 2008 is reported as such on the Statement of Assets and Liabilities.

NOTE 9 — TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At August 31, 2008, the Fund had the following amounts recorded in payable to affiliates on the accompanying Statement of Assets and Liabilities (see Notes 4 and 5):

Accrued Investment Management Fees				Accrued Administrative Fees				Accrued Distribution and Service Fees				Total
$	974,781			$	121,848			$	492,275			$	1,588,904

The Fund has adopted a Retirement Policy ("Policy") covering all independent trustees of the Fund who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this Policy are based on an annual rate as defined in the Policy agreement, as amended.

NOTE 10 — CUSTODIAL AGREEMENT

State Street Bank and Trust Company ("SSB") serves as the Fund's custodian and recordkeeper. Custody fees paid to SSB may be reduced by earnings credits based on the cash balances held by SSB for the Fund. There were no earnings credits for the six months ended August 31, 2008.

NOTE 11 — SUBORDINATED LOANS AND UNSECURED LOANS

The primary risk arising from investing in subordinated loans or in unsecured loans is the potential loss in the event of default by the issuer of the loans. The Fund may invest up to 10% of its total assets, measured at the time of investment, in subordinated loans and up to 10% of its total assets, measured at the time of investment, in unsecured loans. As of August 31, 2008, the Fund held 0.4% of its total assets in subordinated loans and unsecured loans.

NOTE 12 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Class A						Class B
	Six Months Ended August 31, 2008			Year Ended February 29, 2008			Six Months Ended August 31, 2008			Year Ended February 29, 2008
Number of Shares
Shares sold		4,716,733			20,937,530			50,876			258,732
Dividends reinvested		741,097			2,680,330			93,949			293,088
Shares redeemed		(12,247,078	)		(42,700,361	)		(1,331,556	)		(1,987,376	)
Net decrease in shares outstanding		(6,789,248	)		(19,082,501	)		(1,186,731	)		(1,435,556	)
Dollar Amount ($)
Shares sold	$	64,082,177		$	315,812,129		$	687,712		$	3,936,833
Dividends reinvested		10,011,758			40,028,039			1,265,683			4,350,436
Shares redeemed		(164,085,210	)		(632,655,516	)		(17,874,488	)		(29,552,375	)
Net decrease	$	(89,991,275	)	$	(276,815,348	)	$	(15,921,093	)	$	(21,265,106	)

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)

	Class C						Class I
	Six Months Ended August 31, 2008			Year Ended February 29, 2008			April 15, 2008^₍₁₎ to August 31, 2008
Number of Shares
Shares sold		1,514,080			10,033,170			227
Dividends reinvested		793,468			2,577,751			5
Shares redeemed		(10,812,191	)		(24,884,246	)		—
Net increase (decrease) in shares outstanding		(8,504,643	)		(12,273,325	)		232
Dollar Amount ($)
Shares sold	$	20,544,202		$	153,006,108		$	3,000
Dividends reinvested		10,702,806			38,331,993			67
Shares redeemed		(144,879,572	)		(369,552,688	)		—
Net increase (decrease)	$	(113,632,564	)	$	(178,214,587	)	$	3,067
	Class Q						Class W
	Six Months Ended August 31, 2008			Year Ended February 29, 2008			April 15, 2008^₍₁₎ to August 31, 2008
Number of Shares
Shares sold		483,128			1,715,120			333,255
Dividends reinvested		40,240			167,147			65
Shares redeemed		(1,425,062	)		(6,480,360	)		(2,214	)
Net increase (decrease) in shares outstanding		(901,694	)		(4,598,093	)		331,106
Dollar Amount ($)
Shares sold	$	6,401,492		$	25,975,214		$	4,427,638
Dividends reinvested		540,271			2,490,165			872
Shares redeemed		(18,976,370	)		(95,901,006	)		(29,425	)
Net increase (decrease)	$	(12,034,607	)	$	(67,435,627	)	$	4,399,085

⁽¹⁾ Commencement of operations.

NOTE 13 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

Six Months Ended August 31, 2008		Year Ended February 29, 2008
Ordinary Income		Ordinary Income		Long-term Capital Gains		Return of Capital
$	35,674,598	$	106,464,636	$	2,675,772	$	20,448,981

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited) (continued)

NOTE 13 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings for federal income tax purposes as of February 29, 2008 were:

Unrealized Depreciation				Post-October Currency Losses Deferred				Post-October Capital Losses Deferred
$	(212,293,520	)		$	(242,599	)		$	(19,828,966	)

The Fund's major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2003.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENT

On March 19, 2008, the FASB issued Statement of Financial Accounting Standards No. 161 ("SFAS No. 161"), "Disclosure about Derivative Instruments and Hedging Activities." This new accounting statement requires enhanced disclosures about an entity's derivative and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted for under SFAS No. 133, and (c) how derivatives affect an entity's financial position, financial performance, and cash flows. SFAS No. 161 also requires enhanced disclosures regarding credit-risk-related contingent features of derivative instruments. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of August 31, 2008, management of the Trust is currently assessing the impact of the expanded financial statement disclosures that will result from adopting SFAS No. 161.

NOTE 15 — INFORMATION REGARDING TRADING OF ING'S US MUTUAL FUNDS

As discussed in earlier supplements filed with the SEC, ING Investments, LLC ("Investments"), the adviser to the ING Funds, has reported to the Boards of Directors/Trustees (the "Boards") of the ING Funds that, like many U.S. financial services companies, Investments and certain of its U.S. affiliates have received informal and formal requests for information since September 2003 from various governmental and self-regulatory agencies in connection with investigations related to mutual funds and variable insurance products. Investments has advised the Boards that it and its affiliates have cooperated fully with each request.

In addition to responding to regulatory and governmental requests, Investments reported that management of U.S. affiliates of ING Groep N.V., including Investments (collectively, "ING"), on their own initiative, have conducted, through independent special counsel and a national accounting firm, an extensive internal review of trading in ING insurance, retirement, and mutual fund products. The goal of this review was to identify any instances of inappropriate trading in those products by third parties or by ING investment professionals and other ING personnel. ING's internal review related to mutual fund trading is now substantially completed. ING has reported that, of the millions of customer relationships that ING maintains, the internal review identified several isolated arrangements allowing third parties to engage in frequent trading of mutual funds within ING's variable insurance and mutual fund products, and identified other circumstan ces where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Boards.

Investments has advised the Boards that most of the identified arrangements were initiated prior to ING's acquisition of the businesses in question in the U.S. Investments further reported that the companies in question did not receive special benefits in return for any of these arrangements, which have all been terminated.

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2008 (Unaudited) (continued)

NOTE 15 — INFORMATION REGARDING TRADING OF ING'S U.S. MUTUAL FUNDS (continued)

Based on the internal review, Investments has advised the Boards that the identified arrangements do not represent a systemic problem in any of the companies that were involved.

Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Boards are the only instances of such trading respecting the ING Funds.

Investments reported to the Boards that ING is committed to conducting its business with the highest standards of ethical conduct with zero tolerance for noncompliance. Accordingly, Investments advised the Boards that ING management was disappointed that its voluntary internal review identified these situations. Viewed in the context of the breadth and magnitude of its U.S. business as a whole, ING management does not believe that ING's acquired companies had systemic ethical or compliance issues in these areas. Nonetheless, Investments reported that given ING's refusal to tolerate any lapses, it has taken the steps noted below, and will continue to seek opportunities to further strengthen the internal controls of its affiliates.

• ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING's internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. Investments reported to the Boards that ING management believes that the total amount of any indemnification obligations will not be material to ING or its U.S. business.

• ING updated its Code of Conduct for employees reinforcing its employees' obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements.

Other Regulatory Matters

The New York Attorney General (the "NYAG") and other federal and state regulators are also conducting broad inquiries and investigations involving the insurance industry. These initiatives currently focus on, among other things, compensation and other sales incentives; potential conflicts of interest; potential anti-competitive activity; reinsurance; marketing practices (including suitability); specific product types (including group annuities and indexed annuities); fund selection for investment products and brokerage sales; and disclosure. It is likely that the scope of these industry investigations will further broaden before they conclude. ING has received formal and informal requests in connection with such investigations, and is cooperating fully with each request.

Other federal and state regulators could initiate similar actions in this or other areas of ING's businesses. These regulatory initiatives may result in new legislation and regulation that could significantly affect the financial services industry, including businesses in which ING is engaged. In light of these and other developments, ING continuously reviews whether modifications to its business practices are appropriate. At this time, in light of the current regulatory factors, ING U.S. is actively engaged in reviewing whether any modifications in our practices are appropriate for the future.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares, or other adverse consequences to ING Funds.

NOTE 16 — SUBSEQUENT EVENTS

DIVIDENDS DECLARED

Subsequent to August 31, 2008, the Fund declared the following dividends:

Per Share Amount

Type

Declaration Date

Record Date

Payable Date

0.06079

(A)

NII

Daily

October 1, 2008

0.05524

(B)

NII

Daily

October 1, 2008

NII — Net Investment Income

(A) For Class A, I, Q and W shares.

(B) For Class B and C shares.

ING Senior Income Fund

ADDITIONAL INFORMATION (Unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Registrant uses to determine how to vote proxies related to portfolio securities is available (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Registrant's website at www.ingfunds.com; and (3) on the SEC's website at www.sec.gov. Information regarding how the Registrant voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Registrant's website at www.ingfunds.com and on the SEC's website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Registrant files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Registrant's Forms N-Q are available on the SEC's website at www.sec.gov. The Registrant's Forms N-Q may be reviewed and copied at the Commissions Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Registrant by calling Shareholder Services toll-free at (800) 992-0180.

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited)

Senior Loans*: 119.9%

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Aerospace & Defense: 1.4%

Avio Group

556,314

Term Loan, 4.594%,
maturing December 13, 2014

506,643

EUR

708,333

Term Loan, 6.715%,
maturing December 13, 2014

961,872

590,346

Term Loan, 5.219%,
maturing December 13, 2015

537,636

EUR

708,333

Term Loan, 7.340%,
maturing December 13, 2015

961,872

Delta Air Lines, Inc.

Ba2

BB-

2,970,000

Term Loan, 4.477%,
maturing April 30, 2012

2,502,843

Delta Air Lines, Inc.

5,964,962

Term Loan, 5.719%,
maturing April 30, 2012

4,391,703

McKechnie Aerospace DE, Inc.

Ba3

B+

1,237,500

Term Loan, 4.470%,
maturing May 11, 2014

1,150,489

United Airlines, Inc.

B+

4,487,409

Term Loan, 4.573%,
maturing February 01, 2014

3,301,984

US Airways Group, Inc.

B+

2,920,000

Term Loan, 4.963%,
maturing March 24, 2014

2,038,525

16,353,567

Automobile: 1.4%

Dollar Thrifty Automotive Group, Inc.

BB-

752,500

Term Loan, 4.469%,
maturing June 15, 2014

594,475

Ford Motor Company

Ba3

B-

10,184,860

Term Loan, 5.470%,
maturing December 15, 2013

7,931,460

KAR Holdings, Inc.

Ba3

B+

4,913,982

Term Loan, 5.060%,
maturing October 18, 2013

4,399,036

Oshkosh Truck Corporation

Ba3

BBB-

2,585,032

Term Loan, 4.424%,
maturing December 06, 2013

2,365,663

15,290,634

Beverage, Food & Tobacco: 2.3%

Advance Food Company

BB-

74,760

Term Loan, 4.560%,
maturing March 16, 2014

66,910

865,625

Term Loan, 4.560%,
maturing March 16, 2014

774,734

ARAMARK Corporation

Ba3

5,725,043

Term Loan, 4.676%,
maturing January 26, 2014

5,437,359

See Accompanying Notes to Financial Statements
26

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Beverage, Food & Tobacco: (continued)

3,940,000

Term Loan, 4.676%,
maturing January 26, 2014

3,742,015

1,094,554

Term Loan, 5.025%,
maturing January 26, 2014

1,039,553

Birds Eye Foods, Inc.

B+

854,167

Term Loan, 4.560%,
maturing March 22, 2013

817,865

Pinnacle Foods Holding Corporation

7,623,000

Term Loan, 5.433%,
maturing April 02, 2014

6,986,960

Sturm Foods, Inc.

2,962,500

Term Loan, 5.375%,
maturing January 31, 2014

2,451,469

United Biscuits

EUR

775,940

Term Loan, 7.660%,
maturing December 14, 2014

1,002,553

GBP

1,000,000

Term Loan, 8.505%,
maturing December 14, 2014

1,604,701

Van Houtte, Inc.

BB-

1,089,000

Term Loan, 5.301%,
maturing July 19, 2014

1,018,215

148,500

Term Loan, 5.301%,
maturing July 19, 2014

129,938

Wm. Wrigley Jr. Company

BBB

1,500,000

)

Term Loan,
maturing September 30, 2014

1,508,438

26,580,710

Buildings & Real Estate: 1.2%

Contech Construction Products, Inc.

Ba3

2,682,778

Term Loan, 4.470%,
maturing January 31, 2013

2,240,119

Custom Building Products, Inc.

Ba3

BB-

3,849,132

Term Loan, 4.890%,
maturing October 29, 2011

3,348,745

John Maneely Company

B+

4,453,877

Term Loan, 6.043%,
maturing December 08, 2013

4,404,884

KCPC Acquisition, Inc.

Ba2

189,655

Term Loan, 4.600%,
maturing May 22, 2014

176,379

558,144

Term Loan, 5.054%,
maturing May 22, 2014

519,074

LaFarge Roofing

169,425

Term Loan, 4.594%,
maturing June 14, 2015

98,436

EUR

441,573

Term Loan, 6.856%,
maturing June 14, 2015

376,326

See Accompanying Notes to Financial Statements
27

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

					*Bank Loan* *Ratings†* *(Unaudited)*		Market
*Principal Amount*				Borrower/Tranche Description	Moody's	S&P	Value
*Buildings & Real Estate: (continued)*
EUR	180,337			Term Loan, 6.856%, maturing June 14, 2015			$	153,690
$	171,654			Term Loan, 4.838%, maturing March 14, 2016				99,731
EUR	409,551			Term Loan, 7.106%, maturing March 14, 2016				349,035
EUR	210,674			Term Loan, 7.106%, maturing March 14, 2016				179,545
				Shea Capital I, LLC	Caa1	BB-
$	484,505			Term Loan, 5.500%, maturing October 27, 2011				368,224
				Tishman Speyer	Ba2	BB-
	2,000,000			Term Loan, 4.220%, maturing December 27, 2012				1,660,000
								13,974,188
*Cargo Transport: 1.2%*
				Baker Tanks, Inc.	B1	B
	3,456,250			Term Loan, 4.961%, maturing May 08, 2014				3,110,625
				Dockwise Transport, N.V.	NR	NR
	1,000,000			Term Loan, 5.176%, maturing January 11, 2015				924,000
	1,368,524			Term Loan, 5.176%, maturing January 11, 2015				1,264,516
	1,368,524			Term Loan, 5.676%, maturing January 11, 2016				1,264,516
	1,000,000			Term Loan, 5.676%, maturing January 11, 2016				924,000
	750,000			Term Loan, 7.301%, maturing July 11, 2016				656,250
	700,000			Term Loan, 7.301%, maturing October 20, 2016				612,500
				Gainey Corporation	Caa2	NR
	1,124,379	(1	)	Term Loan, 9.816%, maturing April 20, 2012				460,995
				Inmar, Inc.	B1	B
	682,033			Term Loan, 4.970%, maturing April 29, 2013				634,290
				Kenan Advantage Group, Inc.	B3	B+
	293,637			Term Loan, 5.800%, maturing December 16, 2011				267,210
				TNT Logistics	Ba2	BB-
	1,897,477			Term Loan, 5.463%, maturing November 04, 2013				1,733,028
	723,070			Term Loan, 7.955%, maturing November 04, 2013				675,167
				US Shipping Partners, L.P.	Caa2	CCC
	1,790,713			Term Loan, 6.301%, maturing March 31, 2012				1,522,106
								14,049,203

See Accompanying Notes to Financial Statements
28

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Cellular: 0.2%

Cricket Communications, Inc.

Ba2

B+

1,900,305

Term Loan, 6.500%,
maturing June 16, 2013

1,880,773

1,880,773

Chemicals, Plastics & Rubber: 5.6%

AZ Chem US, Inc.

BB-

EUR

712,515

Term Loan, 7.108%,
maturing February 28, 2013

940,637

AZ Chem US, Inc.

Caa1

CCC+

333,333

Term Loan, 8.310%,
maturing February 28, 2014

261,667

Borsodchem Nyrt.

EUR

804,394

Term Loan, 7.656%,
maturing March 26, 2015

1,012,769

EUR

804,394

Term Loan, 8.156%,
maturing March 26, 2016

1,012,769

Brenntag Holding GmbH & Co. KG

B+

1,767,273

Term Loan, 5.071%,
maturing January 17, 2014

1,634,727

5,432,727

Term Loan, 5.071%,
maturing January 17, 2014

5,025,273

EUR

500,000

Term Loan, 7.136%,
maturing January 17, 2014

685,002

GBP

1,000,000

Term Loan, 8.169%,
maturing September 21, 2014

1,694,273

Celanese

Ba2

BB+

5,442,334

Term Loan, 3.963%,
maturing April 02, 2014

5,148,834

Cristal Inorganic Chemicals, Inc.

Ba3

B+

3,681,500

Term Loan, 5.051%,
maturing May 15, 2014

3,184,498

Cristal Inorganic Chemicals, Inc.

CCC

1,150,000

Term Loan, 8.551%,
maturing November 15, 2014

851,000

Hawkeye Renewables, LLC

3,626,591

Term Loan, 6.862%,
maturing June 30, 2012

2,012,758

Hexion Specialty Chemicals, Inc.

Ba3

B+

1,746,000

Term Loan, 4.713%,
maturing May 05, 2013

1,513,408

982,500

Term Loan, 5.062%,
maturing May 05, 2013

851,617

7,906,391

Term Loan, 5.063%,
maturing May 05, 2013

6,853,149

1,716,632

Term Loan, 5.063%,
maturing May 05, 2013

1,487,952

See Accompanying Notes to Financial Statements
29

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

			*Bank Loan* *Ratings†* *(Unaudited)*		Market
*Principal Amount*		Borrower/Tranche Description	Moody's	S&P	Value
*Chemicals, Plastics & Rubber: (continued)*
		Ineos US Finance, LLC	Ba3	BB-
$	2,843,532	Term Loan, 4.860%, maturing December 16, 2012			$	2,488,091
	2,781,711	Term Loan, 4.885%, maturing December 16, 2013				2,364,454
EUR	140,346	Term Loan, 7.206%, maturing December 23, 2013				174,987
EUR	793,922	Term Loan, 7.206%, maturing December 23, 2013				989,879
EUR	793,323	Term Loan, 7.706%, maturing December 23, 2013				989,133
$	2,780,537	Term Loan, 5.385%, maturing December 23, 2014				2,363,457
EUR	140,283	Term Loan, 7.706%, maturing December 23, 2014				174,908
		ISP Chemco, Inc.	Ba3	BB-
$	4,950,000	Term Loan, 4.157%, maturing June 04, 2014				4,595,248
		Lucite International US Finco, Ltd.	B2	B+
EUR	675,845	Term Loan, 4.410%, maturing July 07, 2013				819,114
$	1,027,786	Term Loan, 5.050%, maturing July 07, 2013				849,208
	697,595	Term Loan, 5.050%, maturing July 07, 2013				576,388
		LyondellBasell Industries	Ba2	BB-
	5,236,875	Term Loan, 7.000%, maturing December 20, 2014				4,313,148
	2,337,470	Term Loan, 7.000%, maturing April 30, 2015				1,916,725
	1,000,000	Term Loan, 7.000%, maturing April 30, 2015				823,750
		MacDermid, Inc.	B1	BB-
	2,045,853	Term Loan, 4.801%, maturing April 12, 2014				1,902,643
EUR	965,405	Term Loan, 7.204%, maturing April 12, 2014				1,288,655
		Northeast Biofuels, LLC	B1	B-
$	113,171	Term Loan, 5.964%, maturing June 30, 2013				73,561
		Polypore, Inc.	Ba2	BB-
	3,300,000	Term Loan, 4.730%, maturing July 03, 2014				3,151,500
						64,025,182

See Accompanying Notes to Financial Statements
30

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Containers, Packaging & Glass: 4.0%

Berry Plastics Corporation

B+

11,819,187

Term Loan, 4.798%,
maturing April 03, 2015

10,171,155

Graham Packaging Company

B+

8,099,241

Term Loan, 5.035%,
maturing October 07, 2011

7,725,971

Graphic Packaging International, Inc.

Ba3

BB-

10,110,113

Term Loan, 4.794%,
maturing May 16, 2014

9,559,587

Klockner Pentaplast

2,499,375

Term Loan, 5.291%,
maturing January 03, 2016

1,815,171

EUR

720,820

Term Loan, 7.460%,
maturing January 03, 2016

771,100

EUR

1,529,180

Term Loan, 7.460%,
maturing January 03, 2016

1,635,845

Mauser AG

EUR

875,000

Term Loan, 6.858%,
maturing June 13, 2013

956,203

EUR

875,000

Term Loan, 7.108%,
maturing June 13, 2014

956,203

1,179,779

Term Loan, 4.839%,
maturing June 13, 2015

878,935

1,179,779

Term Loan, 5.089%,
maturing June 13, 2016

878,935

Owens-Illinois

Baa3

BBB-

EUR

2,154,375

Term Loan, 5.985%,
maturing June 14, 2013

2,896,800

Pro Mach, Inc.

2,443,750

Term Loan, 5.060%,
maturing December 01, 2011

2,284,906

Tegrant Holding Company

CCC+

493,750

Term Loan, 5.560%,
maturing March 08, 2014

325,875

Tegrant Holding Company

Caa2

500,000

Term Loan, 8.310%,
maturing March 08, 2015

173,750

Xerium Technologies, Inc.

Caa1

CCC+

4,539,820

Term Loan, 8.301%,
maturing May 18, 2012

3,995,041

45,025,477

Data and Internet Services: 4.9%

Activant Solutions, Inc.

B+

2,327,244

Term Loan, 4.809%,
maturing May 02, 2013

2,024,702

Amadeus IT Group, S.A.

EUR

768,581

Term Loan, 6.981%,
maturing May 04, 2015

956,372

EUR

768,581

Term Loan, 6.981%,
maturing May 04, 2016

956,372

See Accompanying Notes to Financial Statements
31

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Data and Internet Services: (continued)

Audatex

Ba3

BB-

3,090,289

Term Loan, 4.788%,
maturing May 16, 2014

2,904,872

Carlson Wagonlit Holdings, B.V.

Ba2

BB-

2,734,600

Term Loan, 5.046%,
maturing August 03, 2012

2,498,741

First Data Corporation

Ba3

BB-

5,455,696

Term Loan, 5.252%,
maturing September 24, 2014

5,015,072

248,125

Term Loan, 5.398%,
maturing September 24, 2014

228,236

2,187,317

Term Loan, 5.552%,
maturing September 24, 2014

2,010,379

L-1 Identity Solutions Operating Company

Ba3

BB+

500,000

Term Loan, 7.500%,
maturing August 05, 2013

499,688

Orbitz

BB-

9,910,038

Term Loan, 5.693%,
maturing July 25, 2014

7,663,759

Reynolds & Reynolds Company

Ba2

9,291,646

Term Loan, 4.801%,
maturing October 26, 2012

8,635,424

Sabre, Inc.

B+

15,117,064

Term Loan, 4.666%,
maturing September 30, 2014

11,593,941

Sitel, LLC

B+

1,971,693

Term Loan, 5.292%,
maturing January 30, 2014

1,554,351

Sungard Data Systems, Inc.

Ba3

4,630,701

Term Loan, 4.553%,
maturing February 28, 2014

4,362,991

Transaction Network Services, Inc.

BB-

2,302,179

Term Loan, 4.803%,
maturing March 28, 2014

2,155,415

Travelport, Inc.

Ba3

BB-

1,556,322

Term Loan, 4.719%,
maturing August 23, 2013

1,308,932

312,277

Term Loan, 5.051%,
maturing August 23, 2013

262,638

990,000

Term Loan, 4.719%,
maturing May 23, 2014

837,169

55,469,054

Diversified / Conglomerate Manufacturing: 3.0%

BOC Edwards

BB-

3,217,500

Term Loan, 4.810%,
maturing May 31, 2014

2,807,269

Brand Services, Inc.

2,831,958

Term Loan, 5.063%,
maturing February 07, 2014

2,610,122

1,238,250

Term Loan, 6.063%,
maturing February 07, 2014

1,167,051

See Accompanying Notes to Financial Statements
32

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Diversified / Conglomerate Manufacturing: (continued)

Brand Services, Inc.

Caa1

CCC+

1,600,000

Term Loan, 8.813%,
maturing February 07, 2015

1,488,000

Dresser, Inc.

B+

2,852,885

Term Loan, 5.042%,
maturing May 04, 2014

2,734,313

EPD, Inc.

B+

559,688

Term Loan, 4.970%,
maturing July 31, 2014

492,525

3,907,969

Term Loan, 5.300%,
maturing July 31, 2014

3,439,012

Ferretti, S.P.A.

EUR

866,500

Term Loan, 4.922%,
maturing January 22, 2015

1,169,344

EUR

866,500

Term Loan, 4.922%,
maturing January 21, 2016

1,169,344

Flextronics International, Ltd.

Ba1

BB+

263,104

Term Loan, 5.041%,
maturing October 01, 2014

239,918

917,809

Term Loan, 5.041%,
maturing October 01, 2014

844,385

Generac Power Systems, Inc.

4,405,756

Term Loan, 5.288%,
maturing November 09, 2013

3,429,145

Manitowoc Company, Inc.

Ba2

BB+

1,700,000

)

Term Loan,
maturing August 25, 2014

1,699,291

Mueller Group, Inc.

Ba3

BB+

2,444,464

Term Loan, 4.501%,
maturing May 24, 2014

2,296,777

Rexnord Corporation / RBS Global, Inc.

Ba2

BB-

985,000

Term Loan, 4.791%,
maturing July 19, 2013

934,519

Sensata Technologies

5,169,377

Term Loan, 4.543%,
maturing April 27, 2013

4,561,975

EUR

1,960,028

Term Loan, 6.961%,
maturing April 27, 2013

2,539,641

Textron Fastening Systems

B+

491,250

Term Loan, 6.301%,
maturing August 11, 2013

461,775

34,084,406

Diversified / Conglomerate Service: 3.2%

Affinion Group

Ba2

3,937,668

Term Loan, 5.298%,
maturing October 17, 2012

3,804,772

AlixPartners, LLP

BB-

2,578,769

Term Loan, 4.790%,
maturing October 12, 2013

2,501,406

See Accompanying Notes to Financial Statements
33

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Diversified / Conglomerate Service: (continued)

Brickman Group

Ba3

BB-

2,468,750

Term Loan, 4.801%,
maturing January 23, 2014

2,228,047

Catalina Marketing Corporation

Ba3

BB-

2,977,500

Term Loan, 5.801%,
maturing October 01, 2014

2,808,155

Coach America Holdings, Inc.

493,837

Term Loan, 5.446%,
maturing April 20, 2014

375,316

2,364,934

Term Loan, 5.479%,
maturing April 20, 2014

1,797,350

Fleetcor Technologies Operating
Company, LLC

Ba3

B+

130,733

Term Loan, 4.714%,
maturing April 30, 2013

122,889

647,267

Term Loan, 4.714%,
maturing April 30, 2013

608,431

ISS Global A/S

EUR

877,193

Term Loan, 6.960%,
maturing December 31, 2013

1,159,356

EUR

122,807

Term Loan, 6.960%,
maturing December 31, 2013

162,310

ISTA International GmbH

EUR

2,502,783

Term Loan, 7.122%,
maturing May 14, 2015

3,171,923

EUR

497,217

Term Loan, 7.122%,
maturing May 14, 2015

630,152

Mitchell International, Inc.

Ba3

B+

790,000

Term Loan, 4.801%,
maturing March 28, 2014

766,300

Mitchell International, Inc.

Caa1

B+

250,000

Term Loan, 8.063%,
maturing March 30, 2015

238,750

Valley National Gases, Inc.

Ba3

BB-

1,613,700

Term Loan, 4.986%,
maturing February 28, 2014

1,468,467

Valley National Gases, Inc.

CCC+

500,000

Term Loan, 8.680%,
maturing August 28, 2014

425,000

Valleycrest Companies, LLC

B+

1,853,728

Term Loan, 4.681%,
maturing October 04, 2013

1,677,624

Vertafore, Inc.

4,049,006

Term Loan, 5.311%,
maturing January 31, 2012

3,785,820

West Corporation

BB-

9,394,021

Term Loan, 4.941%,
maturing October 24, 2013

8,291,689

36,023,757

See Accompanying Notes to Financial Statements
34

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Diversified Nat'l Rsrcs, Precious Metals & Minerals: 0.6%

Georgia Pacific Corporation

Ba2

BB+

7,281,170

Term Loan, 4.439%,
maturing December 20, 2012

6,891,111

6,891,111

Ecological: 0.1%

Synagro Technologies, Inc.

B+

1,089,000

Term Loan, 4.810%,
maturing April 02, 2014

928,372

Synagro Technologies, Inc.

Caa2

CCC+

590,000

Term Loan, 7.560%,
maturing October 02, 2014

404,150

1,332,522

Electronics: 1.4%

Aeroflex, Inc.

Ba3

BB-

992,500

Term Loan, 6.063%,
maturing August 15, 2014

942,875

Decision One

452,208

Term Loan, 12.000%,
maturing April 15, 2010

452,208

Freescale Semiconductor, Inc.

Ba1

2,612,367

Term Loan, 4.214%,
maturing December 01, 2013

2,342,763

Infor Global Solutions

B+

495,000

Term Loan, 5.550%,
maturing July 28, 2012

404,044

1,314,286

Term Loan, 6.550%,
maturing July 28, 2012

1,117,143

685,714

Term Loan, 6.550%,
maturing July 28, 2012

582,857

EUR

985,000

Term Loan, 7.954%,
maturing July 28, 2012

1,148,653

Infor Global Solutions

Caa2

CCC+

EUR

500,000

Term Loan, 11.204%,
maturing March 02, 2014

425,386

Kronos, Inc.

Ba3

B+

2,948,571

Term Loan, 5.051%,
maturing June 11, 2014

2,712,686

NXP, B.V.

BB-

1,750,000

Floating Rate Note, 5.541%,
maturing October 15, 2013

1,360,625

EUR

1,500,000

Floating Rate Note, 7.713%,
maturing October 15, 2013

1,683,210

ON Semiconductor

Baa3

2,659,465

Term Loan, 4.551%,
maturing September 03, 2013

2,499,897

15,672,347

See Accompanying Notes to Financial Statements
35

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Finance: 0.6%

LPL Holdings, Inc.

7,412,437

Term Loan, 6.985%,
maturing June 28, 2013

7,004,753

7,004,753

Foreign Cable, Foreign TV, Radio and Equipment: 5.2%

Casema Bidco/Serpering Investments, B.V.

EUR

120,197

Term Loan, 6.985%,
maturing November 14, 2014

169,597

EUR

113,008

Term Loan, 6.985%,
maturing November 14, 2014

159,453

EUR

58,702

Term Loan, 6.985%,
maturing November 14, 2014

82,828

EUR

119,999

Term Loan, 7.485%,
maturing November 14, 2015

169,317

EUR

171,427

Term Loan, 7.485%,
maturing November 14, 2015

241,881

Com Hem

SEK

8,666,667

Term Loan, 7.383%,
maturing January 31, 2014

1,184,439

SEK

8,000,000

Term Loan, 7.508%,
maturing January 31, 2015

1,093,329

Levana Holding 4 GmbH

EUR

1,297,631

Term Loan, 7.309%,
maturing March 02, 2015

1,327,642

EUR

1,297,631

Term Loan, 7.559%,
maturing March 02, 2016

1,327,642

Numericable/YPSO France SAS

EUR

957,340

Term Loan, 6.982%,
maturing July 28, 2016

1,107,217

EUR

1,561,975

Term Loan, 6.982%,
maturing July 28, 2016

1,806,511

EUR

2,480,685

Term Loan, 6.982%,
maturing July 28, 2016

2,869,050

EUR

694,875

Term Loan, 7.232%,
maturing July 28, 2016

816,441

EUR

1,305,125

Term Loan, 7.232%,
maturing July 28, 2016

1,533,452

ProSiebenSat.1 Media AG

EUR

1,190,021

Term Loan, 6.720%,
maturing July 02, 2014

1,352,826

EUR

64,583

Term Loan, 6.720%,
maturing July 02, 2014

73,419

SEK

2,269,914

Term Loan, 6.890%,
maturing July 02, 2014

272,689

EUR

146,593

Term Loan, 6.845%,
maturing May 09, 2015

171,128

EUR

3,258,145

Term Loan, 6.845%,
maturing May 09, 2015

3,803,453

See Accompanying Notes to Financial Statements
36

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Foreign Cable, Foreign TV, Radio and Equipment: (continued)

TDF, S.A.

EUR

1,500,000

Term Loan, 6.482%,
maturing January 31, 2015

1,865,912

EUR

1,500,000

Term Loan, 7.401%,
maturing January 31, 2016

1,865,912

UPC Financing Partnership

Ba3

B+

7,000,000

Term Loan, 4.214%,
maturing December 31, 2014

6,583,500

EUR

1,741,434

Term Loan, 6.482%,
maturing December 31, 2014

2,286,208

EUR

9,473,566

Term Loan, 6.482%,
maturing December 31, 2014

12,437,188

Virgin Media Investment Holdings, Ltd.

Ba2

GBP

1,111,804

Term Loan, 8.129%,
maturing September 03, 2012

1,850,469

GBP

565,324

Term Loan, 8.129%,
maturing September 03, 2012

940,917

GBP

3,954,322

Term Loan, 8.147%,
maturing September 03, 2012

6,581,512

GBP

3,383,112

Term Loan, 8.147%,
maturing September 03, 2012

5,630,800

59,604,732

Gaming: 2.8%

Cannery Casino Resorts, LLC

1,346,457

Term Loan, 4.973%,
maturing May 18, 2013

1,284,183

1,637,008

Term Loan, 5.060%,
maturing May 18, 2013

1,561,296

CCM Merger, Inc.

BB-

3,520,069

Term Loan, 4.798%,
maturing July 13, 2012

3,176,862

Centaur, LLC

B-

1,649,123

Term Loan, 6.801%,
maturing October 30, 2012

1,517,193

Fontainebleau Las Vegas, LLC

B+

2,000,000

Term Loan, 5.922%,
maturing June 06, 2014

1,580,000

Golden Nugget, Inc.

BB-

159,527

Term Loan, 2.412%,
maturing June 30, 2014

135,598

1,675,036

Term Loan, 4.480%,
maturing June 30, 2014

1,423,781

Green Valley Ranch Gaming, LLC

BB-

951,136

Term Loan, 4.591%,
maturing February 16, 2014

740,935

Green Valley Ranch Gaming, LLC

Caa2

CCC+

500,000

Term Loan, 5.719%,
maturing August 16, 2014

258,750

See Accompanying Notes to Financial Statements
37

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Gaming: (continued)

Greenwood Racing, Inc.

BB-

1,477,500

Term Loan, 4.720%,
maturing November 28, 2011

1,403,625

Harrahs Operating Company, Inc.

Ba3

1,995,000

Term Loan, 5.800%,
maturing January 28, 2015

1,755,756

Isle Of Capri Casinos, Inc.

Ba3

4,662,428

Term Loan, 4.551%,
maturing July 26, 2014

4,001,916

1,405,793

Term Loan, 4.551%,
maturing July 26, 2014

1,206,638

1,864,971

Term Loan, 4.551%,
maturing July 26, 2014

1,600,766

Las Vegas Sands, LLC

Ba3

1,600,000

Term Loan, 4.550%,
maturing May 23, 2014

1,368,454

6,336,000

Term Loan, 4.550%,
maturing May 23, 2014

5,419,079

New World Gaming Partners Ltd.

Ba3

B+

750,000

Term Loan, 5.283%,
maturing September 30, 2014

585,000

3,731,250

Term Loan, 5.283%,
maturing September 30, 2014

2,910,375

Penn National Gaming, Inc.

Ba2

BB+

15,228

Term Loan, 4.477%,
maturing October 03, 2012

14,635

Seminole Tribe Of Florida

Baa3

BBB

20,416

Term Loan, 4.188%,
maturing March 05, 2014

19,770

31,964,612

Healthcare, Education and Childcare: 12.3%

Accellent, Inc.

B+

2,925,000

Term Loan, 5.289%,
maturing November 22, 2012

2,654,437

AGA Medical Corporation

BB-

3,722,471

Term Loan, 4.754%,
maturing April 28, 2013

3,536,347

Catalent Pharma Solutions

Ba3

BB-

5,698,000

Term Loan, 5.051%,
maturing April 10, 2014

4,999,995

CHG Medical Staffing, Inc.

Ba3

B+

400,000

Term Loan, 2.675%,
maturing January 08, 2013

382,000

1,576,000

Term Loan, 5.129%,
maturing January 08, 2013

1,505,080

CHS/Community Health Systems, Inc.

Ba3

25,251,077

Term Loan, 4.978%,
maturing July 25, 2014

23,925,395

See Accompanying Notes to Financial Statements
38

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Healthcare, Education and Childcare: (continued)

Concentra Operating Corporation

B+

2,772,000

Term Loan, 5.051%,
maturing June 25, 2014

2,432,430

CRC Health Corporation

Ba3

BB-

1,807,446

Term Loan, 5.051%,
maturing February 06, 2013

1,617,664

1,466,381

Term Loan, 5.051%,
maturing February 06, 2013

1,312,411

Education Management Corporation

B+

8,192,562

Term Loan, 4.563%,
maturing June 01, 2013

7,516,676

Emdeon Business Services, LLC

BB-

2,835,795

Term Loan, 4.810%,
maturing November 16, 2013

2,679,826

EMSC, L.P.

Ba1

3,185,922

Term Loan, 4.694%,
maturing February 10, 2012

3,110,257

Gambro

646,459

Term Loan, 5.618%,
maturing June 05, 2014

574,271

SEK

2,111,070

Term Loan, 7.865%,
maturing June 05, 2014

290,693

SEK

2,146,343

Term Loan, 7.865%,
maturing June 05, 2014

295,550

646,459

Term Loan, 6.118%,
maturing June 05, 2015

574,271

SEK

2,111,070

Term Loan, 8.365%,
maturing June 05, 2015

290,693

SEK

2,146,343

Term Loan, 8.365%,
maturing June 05, 2015

295,550

Gentiva Health Services, Inc.

Ba3

BB-

3,340,540

Term Loan, 4.383%,
maturing March 31, 2013

3,156,811

Golden Gate National Senior Care
Holdings, LLC

Ba3

BB-

1,625,786

Term Loan, 5.219%,
maturing March 14, 2011

1,528,239

Harlan Sprague Dawley, Inc.

BB-

3,493,000

Term Loan, 5.312%,
maturing July 11, 2014

3,265,955

Harrington Holdings, Inc.

BB-

2,633,333

Term Loan, 4.719%,
maturing January 11, 2014

2,455,583

HCA, Inc.

Ba3

15,107,814

Term Loan, 5.051%,
maturing November 17, 2013

14,182,460

Health Management Associates, Inc.

BB-

5,576,768

Term Loan, 4.551%,
maturing February 28, 2014

5,127,526

See Accompanying Notes to Financial Statements
39

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

			*Bank Loan* *Ratings†* *(Unaudited)*		Market
*Principal Amount*		Borrower/Tranche Description	Moody's	S&P	Value
*Healthcare, Education and Childcare: (continued)*
		Iasis Healthcare, LLC	Ba2	B+
$	3,618,348	Term Loan, 4.469%, maturing March 15, 2014			$	3,414,063
	1,251,987	Term Loan, 4.469%, maturing March 15, 2014				1,181,303
	333,863	Term Loan, 4.486%, maturing March 15, 2014				315,014
		IM US Holdings, LLC	B1	BB
	4,950,000	Term Loan, 4.808%, maturing June 26, 2014				4,690,125
		inVentiv Health, Inc.	Ba3	BB-
	1,400,143	Term Loan, 4.560%, maturing July 06, 2014				1,293,382
		Multiplan, Inc.	B1	B+
	1,887,247	Term Loan, 5.000%, maturing April 12, 2013				1,794,457
		National Mentor, Inc.	B1	B+
	117,736	Term Loan, 4.559%, maturing June 29, 2013				104,785
	1,979,737	Term Loan, 4.810%, maturing June 29, 2013				1,761,966
		Nycomed	NR	NR
EUR	535,383	Term Loan, 7.205%, maturing December 10, 2014				615,663
EUR	1,397,300	Term Loan, 7.205%, maturing December 10, 2014				1,606,823
EUR	86,211	Term Loan, 7.205%, maturing December 10, 2014				99,139
EUR	54,917	Term Loan, 7.205%, maturing December 10, 2014				63,152
EUR	388,312	Term Loan, 7.205%, maturing December 10, 2014				446,539
EUR	1,397,300	Term Loan, 7.955%, maturing December 10, 2014				1,606,823
EUR	388,312	Term Loan, 7.955%, maturing December 10, 2014				446,539
EUR	86,211	Term Loan, 7.955%, maturing December 10, 2014				99,139
EUR	535,383	Term Loan, 7.955%, maturing December 10, 2014				615,663
EUR	54,917	Term Loan, 7.955%, maturing December 10, 2014				63,152
		Orthofix International/Colgate Medical	B1	BB+
$	1,771,818	Term Loan, 4.560%, maturing September 22, 2013				1,647,791
		Quintiles Transnational Corporation	B1	BB
	3,229,625	Term Loan, 4.810%, maturing March 31, 2013				3,084,292

See Accompanying Notes to Financial Statements
40

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Healthcare, Education and Childcare: (continued)

Renal Advantage, Inc.

B+

4,373,624

Term Loan, 6.500%,
maturing October 06, 2012

4,089,338

Sterigenics International, Inc.

BB-

2,430,388

Term Loan, 5.083%,
maturing November 21, 2013

2,235,957

Stiefel Laboratories, Inc.

BB-

1,532,919

Term Loan, 5.042%,
maturing December 28, 2013

1,452,441

2,004,149

Term Loan, 5.042%,
maturing December 28, 2013

1,898,931

Sun Healthcare Group, Inc.

Ba2

B+

305,747

Term Loan, 4.801%,
maturing April 12, 2014

285,873

1,192,587

Term Loan, 4.804%,
maturing April 12, 2014

1,115,069

188,911

Term Loan, 4.912%,
maturing April 12, 2014

176,632

Surgical Care Affiliates, LLC

Ba3

2,970,000

Term Loan, 5.051%,
maturing December 29, 2014

2,628,450

Team Health, Inc.

BB-

2,709,251

Term Loan, 4.810%,
maturing November 23, 2012

2,533,150

United Surgical Partners International, Inc.

Ba3

312,500

Term Loan, 4.018%,
maturing April 19, 2014

285,156

2,070,565

Term Loan, 4.631%,
maturing April 19, 2014

1,889,390

Viant Holdings, Inc.

Ba3

B+

990,000

Term Loan, 5.051%,
maturing June 25, 2014

881,100

VWR International, Inc.

B+

4,500,000

Term Loan, 4.969%,
maturing June 29, 2014

4,078,125

EUR

2,500,000

Term Loan, 6.985%,
maturing June 29, 2014

3,272,909

139,482,451

Home & Office Furnishings: 1.5%

Global Garden Products Italy, S.P.A.

EUR

1,250,000

Term Loan, 7.379%,
maturing October 19, 2014

1,559,674

EUR

1,250,000

Term Loan, 7.879%,
maturing October 19, 2015

1,559,674

Hilding Anders

EUR

367,247

Term Loan, 6.968%,
maturing April 25, 2015

460,585

SEK

20,194,780

Term Loan, 7.113%,
maturing April 25, 2015

2,629,508

See Accompanying Notes to Financial Statements
41

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Home & Office Furnishings: (continued)

National Bedding Company

BB-

4,128,320

Term Loan, 4.590%,
maturing August 31, 2011

3,256,212

Simmons Company

Ba2

BB-

6,991,524

Term Loan, 5.415%,
maturing December 19, 2011

6,554,554

Springs Window Fashions, LLC

B+

1,414,439

Term Loan, 5.563%,
maturing December 31, 2012

1,029,005

17,049,212

Insurance: 1.5%

AmWINS Group, Inc.

B-

2,475,000

Term Loan, 5.158%,
maturing June 08, 2013

2,010,937

Applied Systems, Inc.

B-

1,902,273

Term Loan, 5.300%,
maturing September 26, 2013

1,807,159

Conseco, Inc.

B+

7,376,304

Term Loan, 4.469%,
maturing October 10, 2013

6,232,977

Hub International, Ltd.

B+

353,178

Term Loan, 4.537%,
maturing June 13, 2014

321,392

2,022,059

Term Loan, 5.301%,
maturing June 13, 2014

1,840,074

Swett & Crawford

3,160,000

Term Loan, 5.039%,
maturing April 03, 2014

2,354,200

USI Holdings Corporation

2,227,500

Term Loan, 5.560%,
maturing May 05, 2014

2,054,869

16,621,608

Leisure, Amusement, Entertainment: 6.0%

24 Hour Fitness Worldwide, Inc.

Ba3

B+

4,154,375

Term Loan, 5.072%,
maturing June 08, 2012

3,884,341

Alpha D2, Ltd.

2,285,714

Term Loan, 4.719%,
maturing December 31, 2013

2,100,571

1,571,429

Term Loan, 4.719%,
maturing December 31, 2013

1,444,143

AMF Bowling Worldwide, Inc.

B+

3,093,750

Term Loan, 5.220%,
maturing June 10, 2013

2,475,000

Cedar Fair, L.P.

Ba3

1,868,001

Term Loan, 4.469%,
maturing August 30, 2012

1,772,006

Cinemark USA, Inc.

Ba3

3,684,375

Term Loan, 4.624%,
maturing October 05, 2013

3,492,920

See Accompanying Notes to Financial Statements
42

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Leisure, Amusement, Entertainment: (continued)

HIT Entertainment, Inc.

Ba3

B+

3,404,852

Term Loan, 4.800%,
maturing March 20, 2012

2,928,173

Kerasotes Showplace Theater, LLC

B-

150,000

Revolver, 1.121%,
maturing October 31, 2010

143,250

375,971

Term Loan, 4.750%,
maturing October 28, 2011

355,292

Metro-Goldwyn-Mayer, Inc.

Ba3

B+

10,969,131

Term Loan, 6.051%,
maturing April 08, 2012

8,370,818

33,156,892

Term Loan, 6.051%,
maturing April 08, 2012

25,302,854

NEP II, Inc.

4,441,247

Term Loan, 5.051%,
maturing February 16, 2014

4,024,880

Warner Music Group

Ba3

12,852,844

Term Loan, 4.688%,
maturing February 28, 2011

12,097,740

68,391,988

Lodging: 2.1%

Audio Visual Services Corporation

Ba3

B+

1,488,750

Term Loan, 5.060%,
maturing February 28, 2014

1,272,881

Hotel Del Coronado

B+

24,600,000

Term Loan, 4.208%,
maturing January 15, 2009

22,878,000

24,150,881

Machinery: 0.4%

Kion Group

EUR

1,238,909

Term Loan, 6.656%,
maturing December 23, 2014

1,590,831

EUR

1,145,833

Term Loan, 6.984%,
maturing December 23, 2015

1,471,317

LN Acquisition Corporation

BB-

135,000

Term Loan, 4.970%,
maturing July 11, 2014

128,925

360,000

Term Loan, 4.970%,
maturing July 11, 2014

343,800

NACCO Materials Handling Group, Inc.

980,000

Term Loan, 4.797%,
maturing March 21, 2013

857,500

4,392,373

Mining, Steel, Iron & Nonprecious Metals: 1.0%

Continental Alloys & Services, Inc.

492,656

Term Loan, 5.301%,
maturing June 15, 2012

448,317

Noranda Aluminum Acquisition Corporation

Ba2

BB-

826,245

Term Loan, 4.559%,
maturing May 18, 2014

780,285

See Accompanying Notes to Financial Statements
43

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Mining, Steel, Iron & Nonprecious Metals: (continued)

Novelis

Ba2

1,546,875

Term Loan, 4.810%,
maturing July 06, 2014

1,465,664

3,403,125

Term Loan, 4.810%,
maturing July 06, 2014

3,224,461

Oxbow Carbon and Minerals Holdings, LLC

BB-

3,785,108

Term Loan, 4.787%,
maturing May 08, 2014

3,539,076

338,859

Term Loan, 4.801%,
maturing May 08, 2014

316,833

Tube City IMS Corporation

Ba3

1,321,115

Term Loan, 5.051%,
maturing January 25, 2013

1,208,820

162,162

Term Loan, 5.151%,
maturing January 25, 2013

148,378

11,131,834

North American Cable: 10.8%

Atlantic Broadband

1,920,383

Term Loan, 5.060%,
maturing August 10, 2012

1,862,771

Bresnan Communications, LLC

BB-

4,750,000

Term Loan, 4.842%,
maturing September 29, 2013

4,552,082

1,253,061

Term Loan, 5.020%,
maturing September 29, 2013

1,200,850

Cequel Communications, LLC

BB-

36,122,734

Term Loan, 4.795%,
maturing November 05, 2013

33,876,370

Cequel Communications, LLC

Caa1

B-

1,975,000

Term Loan, 7.301%,
maturing May 05, 2014

1,749,850

Charter Communications Operating, LLC

B+

40,467,750

Term Loan, 4.800%,
maturing March 06, 2014

35,499,201

CSC Holdings, Inc.

Ba1

BBB-

7,075,301

Term Loan, 4.214%,
maturing March 29, 2013

6,748,069

Insight Midwest Holdings, LLC

B+

3,162,500

Term Loan, 4.470%,
maturing April 06, 2014

3,049,589

Knology, Inc.

2,970,000

Term Loan, 5.038%,
maturing June 30, 2012

2,762,100

Mediacom Broadband, LLC

Ba3

BB-

2,388,750

Term Loan, 3.952%,
maturing March 31, 2010

2,281,256

10,432,623

Term Loan, 4.220%,
maturing January 31, 2015

9,673,002

See Accompanying Notes to Financial Statements
44

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

North American Cable: (continued)

Mediacom LLC Group

Ba3

BB-

8,429,958

Term Loan, 4.223%,
maturing January 31, 2015

7,820,894

Quebecor Media, Inc.

3,900,000

Term Loan, 4.791%,
maturing July 21, 2009

3,763,500

San Juan Cable, LLC

BB-

3,902,523

Term Loan, 4.680%,
maturing October 31, 2012

3,439,099

WideOpenWest Finance, LLC

B-

5,833,333

Term Loan, 5.304%,
maturing June 28, 2014

5,104,167

123,382,800

Oil & Gas: 2.8%

Alon USA

1,729,620

Term Loan, 4.792%,
maturing June 22, 2013

1,470,177

216,202

Term Loan, 5.060%,
maturing June 22, 2013

183,772

Calumet Lubricants Company

131,779

Term Loan, 6.638%,
maturing January 03, 2015

116,954

993,639

Term Loan, 6.807%,
maturing January 03, 2015

881,854

Coffeyville Resources, LLC

BB-

1,203,165

Term Loan, 5.641%,
maturing December 28, 2010

1,106,912

1,384,595

Term Loan, 5.543%,
maturing December 28, 2013

1,273,827

CR Gas Storage

Ba3

BB-

220,610

Term Loan, 4.843%,
maturing May 13, 2011

206,132

562,724

Term Loan, 4.411%,
maturing May 12, 2013

525,795

3,469,966

Term Loan, 4.534%,
maturing May 12, 2013

3,242,249

381,184

Term Loan, 4.844%,
maturing May 12, 2013

356,169

MEG Energy

Ba3

BB+

4,105,500

Term Loan, 4.800%,
maturing April 03, 2013

3,936,148

4,184,250

Term Loan, 4.800%,
maturing April 03, 2013

4,010,779

Targa Resources, Inc.

Ba3

B+

1,003,592

Term Loan, 4.479%,
maturing October 31, 2012

967,211

2,377,541

Term Loan, 4.801%,
maturing October 31, 2012

2,291,355

See Accompanying Notes to Financial Statements
45

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Oil & Gas: (continued)

Venoco, Inc.

Caa1

2,368,421

Term Loan, 6.813%,
maturing September 20, 2011

2,232,237

Western Refining, Inc.

BB-

10,847,571

Term Loan, 7.750%,
maturing May 30, 2014

9,459,983

32,261,554

Other Broadcasting and Entertainment: 1.4%

Deluxe Entertainment Services Group, Inc.

2,718,122

Term Loan, 5.018%,
maturing May 11, 2013

2,419,129

258,256

Term Loan, 5.051%,
maturing May 11, 2013

229,848

137,795

Term Loan, 5.051%,
maturing May 11, 2013

122,638

Getty Images, Inc.

Ba2

1,000,000

Term Loan, 7.250%,
maturing July 02, 2015

1,000,781

VNU

Ba3

B+

12,769,672

Term Loan, 4.803%,
maturing August 09, 2013

11,837,882

15,610,278

Other Telecommunications: 3.1%

Asurion Corporation

B-

13,250,000

Term Loan, 5.730%,
maturing July 03, 2014

12,459,147

BCM Ireland Holdings, Ltd.

Ba3

EUR

2,083,333

Term Loan, 6.606%,
maturing September 30, 2014

2,823,432

EUR

2,083,333

Term Loan, 6.856%,
maturing September 30, 2015

2,824,285

Cavalier Telephone

Caa1

B-

3,125,364

Term Loan, 10.500%,
maturing December 31, 2012

2,328,396

Consolidated Communications

BB-

1,000,000

Term Loan, 5.310%,
maturing December 31, 2014

945,000

Gabriel Communications

B-

495,000

Term Loan, 6.026%,
maturing May 31, 2014

459,422

Hargray Communications Group, Inc.

681,971

Term Loan, 5.051%,
maturing June 29, 2014

625,708

Hawaiian Telcom Communications, Inc.

Ba3

CCC+

2,818,023

Term Loan, 5.301%,
maturing June 01, 2014

2,259,116

Kentucky Data Link, Inc.

4,192,502

Term Loan, 4.719%,
maturing February 26, 2014

3,961,915

See Accompanying Notes to Financial Statements
46

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Other Telecommunications: (continued)

One Communications

CCC+

2,836,071

Term Loan, 6.813%,
maturing June 30, 2012

2,524,104

Time Warner Telecom Holdings, Inc.

Ba2

2,672,966

Term Loan, 4.470%,
maturing January 07, 2013

2,565,379

U.S. Telepacific Corporation

CCC+

982,505

Term Loan, 6.745%,
maturing August 04, 2011

908,817

34,684,721

Personal & Nondurable Consumer Products: 4.5%

Advantage Sales And Marketing

B-

3,795,605

Term Loan, 4.557%,
maturing March 29, 2013

3,528,330

Bushnell Performance Optics

Ba3

BB-

1,736,875

Term Loan, 6.551%,
maturing August 24, 2013

1,606,609

Fender Musical Instruments Corporation

B+

1,166,667

Term Loan, 5.060%,
maturing June 09, 2014

1,029,583

2,310,000

Term Loan, 5.170%,
maturing June 09, 2014

2,038,575

Huish Detergents, Inc.

B+

3,267,000

Term Loan, 4.810%,
maturing April 26, 2014

2,986,584

Information Resources, Inc.

B+

429,702

Term Loan, 4.563%,
maturing May 16, 2014

373,841

Jarden Corporation

Ba3

BB-

1,178,209

Term Loan, 4.551%,
maturing January 24, 2012

1,117,826

5,262,310

Term Loan, 4.551%,
maturing January 24, 2012

4,992,616

KIK Custom Products, Inc.

CCC+

72,622

Term Loan, 4.730%,
maturing May 31, 2014

54,830

423,628

Term Loan, 4.730%,
maturing May 31, 2014

319,839

Mega Bloks, Inc.

B-

970,000

Term Loan, 8.750%,
maturing July 26, 2012

809,950

Norwood Promotional Products

29,887,086

Term Loan, 6.000%,
maturing August 16, 2011

27,496,119

Spectrum Brands, Inc.

B-

56,383

Term Loan, 6.464%,
maturing March 30, 2013

48,819

1,116,589

Term Loan, 6.732%,
maturing March 30, 2013

966,779

See Accompanying Notes to Financial Statements
47

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Personal & Nondurable Consumer Products: (continued)

Totes Isotoner Corporation

410,417

Term Loan, 5.140%,
maturing January 31, 2013

337,568

Yankee Candle Company, Inc.

Ba3

BB-

3,616,346

Term Loan, 4.805%,
maturing February 06, 2014

3,182,385

50,890,253

Personal, Food & Miscellaneous: 2.2%

Acosta, Inc.

2,420,152

Term Loan, 4.720%,
maturing July 29, 2013

2,259,817

Arbys Restaurant Group, Inc.

Ba3

5,031,367

Term Loan, 4.958%,
maturing July 25, 2012

4,723,196

Culligan International Company

B-

1,481,250

Term Loan, 4.909%,
maturing November 24, 2012

1,062,797

N.E.W. Customer Services Companies, Inc.

4,665,486

Term Loan, 5.279%,
maturing May 22, 2014

4,212,546

NPC International

Ba3

B+

1,179,018

Term Loan, 4.490%,
maturing May 03, 2013

1,078,802

OSI Restaurant Partners, Inc.

BB-

378,313

Term Loan, 5.026%,
maturing June 14, 2013

291,616

4,422,298

Term Loan, 5.125%,
maturing June 14, 2014

3,408,854

QCE, LLC

B+

3,691,333

Term Loan, 4.813%,
maturing May 05, 2013

3,142,248

Reddy Ice Group, Inc.

BB-

3,000,000

Term Loan, 4.538%,
maturing August 09, 2012

2,505,000

Sagittarius Brands, Inc./Del Taco & Capt D

1,349,338

Term Loan, 9.500%,
maturing March 29, 2013

951,283

Sbarro, Inc.

B-

493,750

Term Loan, 4.969%,
maturing January 31, 2014

404,875

Seminole Hard Rock Entertainment

1,000,000

Floating Rate Note, 5.276%,
maturing March 15, 2014

800,000

U.S. Security Holdings, Inc.

B+

584,109

Term Loan, 5.319%,
maturing May 08, 2013

551,983

25,393,017

See Accompanying Notes to Financial Statements
48

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Printing & Publishing: 9.1%

American Achievement Corporation

Ba3

BB-

974,002

Term Loan, 5.016%,
maturing March 25, 2011

964,262

Ascend Media Holdings, LLC

841,773

Term Loan, 6.759%,
maturing January 31, 2012

471,393

Black Press, Ltd.

Ba3

BB-

1,200,082

Term Loan, 4.649%,
maturing August 02, 2013

1,080,074

728,621

Term Loan, 4.810%,
maturing August 02, 2013

655,759

Caribe Information Investments, Inc.

B+

2,439,919

Term Loan, 4.872%,
maturing March 31, 2013

2,183,728

Cengage Learning, Inc.

B+

211,111

Revolver, 0.798%,
maturing July 05, 2013

174,167

12,880,088

Term Loan, 4.970%,
maturing July 05, 2014

11,239,886

Cenveo Corporation

Ba2

BB+

3,829,800

Term Loan, 4.551%,
maturing June 21, 2013

3,588,044

78,115

Term Loan, 4.551%,
maturing June 21, 2013

73,184

Dex Media West, LLC

Ba1

4,250,000

Term Loan, 7.000%,
maturing October 24, 2014

3,910,000

Flint Group

936,821

Term Loan, 4.880%,
maturing December 31, 2012

766,631

353,279

Term Loan, 4.880%,
maturing December 31, 2014

289,100

2,333,333

Term Loan, 4.880%,
maturing May 29, 2015

1,909,444

EUR

666,667

Term Loan, 6.983%,
maturing May 29, 2015

816,546

1,277,104

Term Loan, 4.880%,
maturing December 31, 2015

1,045,097

Hanley Wood, LLC

2,715,688

Term Loan, 4.715%,
maturing March 08, 2014

2,133,513

Idearc, Inc.

Ba3

31,110,951

Term Loan, 4.786%,
maturing November 17, 2014

21,995,442

Intermedia Outdoor, Inc.

1,970,000

Term Loan, 5.801%,
maturing January 31, 2013

1,615,400

Mediannuaire Holding

EUR

799,273

Term Loan, 6.736%,
maturing April 10, 2016

908,987

See Accompanying Notes to Financial Statements
49

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Printing & Publishing: (continued)

EUR

799,273

Term Loan, 6.736%,
maturing April 10, 2016

908,987

Medimedia USA, Inc.

Ba3

BB-

1,228,125

Term Loan, 5.779%,
maturing October 05, 2013

1,160,578

Merrill Communications, LLC

B+

5,778,246

Term Loan, 4.855%,
maturing May 15, 2011

4,608,151

Nelson Canada

Ba3

BB-

4,962,500

Term Loan, 5.301%,
maturing July 05, 2014

4,422,828

PagesJaunes Groupe, S.A.

EUR

1,100,000

Term Loan, 5.986%,
maturing October 24, 2013

1,410,602

PBL Media

AUD

24,331,191

Term Loan, 9.812%,
maturing February 05, 2013

16,973,491

Prism Business Media Holdings/
Penton Media, Inc.

BB-

2,172,500

Term Loan, 5.042%,
maturing February 01, 2013

1,661,963

R.H. Donnelley Corporation

Ba1

705,481

Term Loan, 6.302%,
maturing June 30, 2011

668,333

2,689,707

Term Loan, 6.750%,
maturing June 30, 2011

2,542,615

Readers Digest

4,320,313

Term Loan, 4.606%,
maturing March 02, 2014

3,510,254

EUR

747,766

Term Loan, 6.479%,
maturing March 02, 2014

899,426

Source Media, Inc.

3,507,430

Term Loan, 7.810%,
maturing November 08, 2011

3,191,761

Thomas Nelson Publishers

2,265,041

Term Loan, 6.250%,
maturing June 12, 2012

1,959,260

Tribune Company

Caa1

1,495,000

Term Loan, 5.786%,
maturing May 19, 2014

1,034,540

Valassis Communications, Inc.

Ba2

305,674

Term Loan, 4.560%,
maturing March 02, 2014

281,984

921,904

Term Loan, 4.560%,
maturing March 02, 2014

850,456

Yell Group, PLC

Ba3

BB-

2,000,000

Term Loan, 4.469%,
maturing February 10, 2013

1,771,250

103,677,136

See Accompanying Notes to Financial Statements
50

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Radio and TV Broadcasting: 6.7%

Block Communications, Inc.

Ba1

BB+

1,218,750

Term Loan, 4.801%,
maturing December 22, 2012

1,173,047

Citadel Broadcasting Corporation

BB-

11,300,000

Term Loan, 4.276%,
maturing June 12, 2014

9,153,000

CMP KC, LLC

2,034,244

Term Loan, 6.500%,
maturing May 03, 2011

1,322,259

CMP Susquehanna Corporation

B-

9,447,517

Term Loan, 4.497%,
maturing May 05, 2013

7,180,113

Cumulus Media, Inc.

2,809,173

Term Loan, 4.216%,
maturing June 11, 2014

2,359,705

Emmis Communication

B+

1,199,183

Term Loan, 4.801%,
maturing November 01, 2013

1,052,283

FoxCo Acquisition, LLC

BB-

1,250,000

Term Loan, 7.250%,
maturing July 14, 2015

1,216,666

Local TV Finance, LLC

Ba3

B+

3,366,000

Term Loan, 4.870%,
maturing May 07, 2013

2,945,250

Nexstar Broadcasting Group

Ba2

B+

4,477,901

Term Loan, 4.416%,
maturing October 01, 2012

4,097,280

4,731,007

Term Loan, 4.551%,
maturing October 01, 2012

4,328,871

Nextmedia Operating, Inc.

3,986,747

Term Loan, 4.301%,
maturing November 15, 2012

3,488,404

1,771,888

Term Loan, 6.466%,
maturing November 15, 2012

1,550,402

Paxson Communications

CCC+

6,500,000

Term Loan, 6.041%,
maturing January 15, 2012

5,330,000

Regent Communications

B+

2,146,725

Term Loan, 5.051%,
maturing November 21, 2013

1,899,852

Spanish Broadcasting Systems

B-

4,352,538

Term Loan, 4.560%,
maturing June 11, 2012

3,340,573

Univision Communications, Inc.

29,763,682

Term Loan, 5.029%,
maturing September 29, 2014

24,050,722

Univision Communications, Inc.

Caa1

CCC

2,195,925

Term Loan, 4.969%,
maturing March 29, 2009

2,104,427

76,592,854

See Accompanying Notes to Financial Statements
51

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Retail Stores: 7.0%

Amscan Holdings, Inc.

1,975,000

Term Loan, 4.951%,
maturing May 25, 2013

1,752,813

Burlington Coat Factory

B-

3,744,684

Term Loan, 5.060%,
maturing May 28, 2013

2,926,706

CBR Fashion Holding

EUR

750,000

Term Loan, 6.610%,
maturing July 20, 2015

946,118

EUR

690,000

Term Loan, 6.860%,
maturing July 20, 2016

870,429

Claires Stores, Inc.

1,957,557

Term Loan, 5.556%,
maturing May 29, 2014

1,322,400

Dollar General Corporation

B+

14,000,000

Term Loan, 5.529%,
maturing July 06, 2014

12,934,684

Dollarama Group, L.P.

Ba1

BB-

5,309,047

Term Loan, 4.799%,
maturing November 18, 2011

4,950,686

General Nutrition Centers, Inc.

B-

4,740,000

Term Loan, 5.051%,
maturing September 16, 2013

4,293,648

Guitar Center, Inc.

B-

5,200,000

Term Loan, 5.970%,
maturing October 09, 2014

4,485,000

Harbor Freight Tools USA, Inc.

B+

7,704,526

Term Loan, 4.720%,
maturing July 15, 2010

6,953,335

Michaels Stores, Inc.

5,635,279

Term Loan, 4.750%,
maturing October 31, 2013

4,376,149

Nebraska Book Company, Inc.

Ba2

3,326,487

Term Loan, 5.130%,
maturing March 04, 2011

3,126,898

Neiman Marcus Group, Inc.

Ba3

BB+

4,493,249

Term Loan, 4.422%,
maturing April 06, 2013

4,185,358

Oriental Trading Company, Inc.

2,389,024

Term Loan, 4.932%,
maturing July 31, 2013

1,791,768

Petco Animal Supplies, Inc.

BB-

5,048,125

Term Loan, 4.983%,
maturing October 26, 2013

4,622,820

Phones 4U Group, Ltd.

GBP

1,615,726

Term Loan, 8.136%,
maturing September 22, 2014

2,214,187

GBP

1,545,301

Term Loan, 8.886%,
maturing September 22, 2015

2,117,676

See Accompanying Notes to Financial Statements
52

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Retail Stores: (continued)

Rite Aid

Ba3

BB-

4,987,500

Term Loan, 4.223%,
maturing June 04, 2014

4,445,109

400,000

Term Loan, 5.470%,
maturing June 04, 2014

374,000

Sally Holding, LLC

BB-

2,686,913

Term Loan, 4.946%,
maturing November 16, 2013

2,557,605

Sports Authority

B-

2,940,000

Term Loan, 5.051%,
maturing May 03, 2013

2,392,425

Toys "R" Us, Inc.

BB-

1,368,159

Term Loan, 7.059%,
maturing July 19, 2012

1,311,723

Vivarte

EUR

2,500,000

Term Loan, 6.487%,
maturing June 28, 2015

2,331,899

EUR

2,500,000

Term Loan, 6.987%,
maturing June 28, 2016

2,331,899

79,615,335

Telecommunications Equipment: 1.2%

CommScope, Inc.

Ba3

BB-

997,494

Term Loan, 5.228%,
maturing December 27, 2014

961,958

Macquarie UK Broadcast Ventures, Ltd.

GBP

5,500,000

Term Loan, 7.370%,
maturing December 01, 2014

8,732,338

Sorenson Communications, Inc.

4,574,164

Term Loan, 5.042%,
maturing April 27, 2014

4,368,326

14,062,622

Textiles & Leather: 0.4%

Polymer Group, Inc.

BB-

3,843,661

Term Loan, 5.035%,
maturing November 22, 2012

3,536,168

Targus Group, Inc.

1,780,951

Term Loan, 6.556%,
maturing November 22, 2012

1,401,015

4,937,183

Utilities: 6.8%

Boston Generating, LLC

B+

1,062,345

Term Loan, 8.051%,
maturing December 20, 2013

942,831

5,318,291

Term Loan, 5.051%,
maturing December 20, 2013

4,719,983

1,794,089

Term Loan, 5.051%,
maturing December 20, 2013

1,592,254

Calpine Corporation

B+

12,671,012

Term Loan, 5.685%,
maturing March 29, 2014

11,814,844

See Accompanying Notes to Financial Statements
53

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

			*Bank Loan* *Ratings†* *(Unaudited)*		Market
*Principal Amount*		Borrower/Tranche Description	Moody's	S&P	Value
*Utilities: (continued)*
		Coleto Creek WLE, L.P.	B1	BB-
$	333,333	Revolver, 0.815%, maturing June 30, 2011			$	275,000
	5,174,224	Term Loan, 5.551%, maturing June 28, 2013				4,708,544
	764,331	Term Loan, 5.551%, maturing June 28, 2013				695,541
		FirstLight Power Resources, Inc.	B1	BB-
	1,749,452	Term Loan, 5.310%, maturing November 01, 2013				1,621,159
	792,683	Term Loan, 5.313%, maturing November 01, 2013				734,553
		FirstLight Power Resources, Inc.	B3	B-
	1,675,000	Term Loan, 7.313%, maturing May 01, 2014				1,541,000
		Infrastrux Group, Inc.	B2	B
	4,222,043	Term Loan, 6.963%, maturing November 03, 2012				3,947,610
		MACH Gen, LLC	B2	B+
	263,910	Term Loan, 4.551%, maturing February 22, 2013				252,298
	2,509,080	Term Loan, 4.810%, maturing February 22, 2014				2,398,681
		NRG Energy, Inc.	Ba1	BB
	7,161,075	Term Loan, 4.301%, maturing February 01, 2013				6,807,003
		NSG Holdings, LLC	Ba2	BB
	244,898	Term Loan, 4.280%, maturing June 15, 2014				227,755
	1,788,165	Term Loan, 4.280%, maturing June 15, 2014				1,662,993
		Texas Competitive Electric Holdings Company, LLC	Ba3	B+
	5,950,025	Term Loan, 6.213%, maturing October 13, 2014				5,562,036
	6,804,762	Term Loan, 6.220%, maturing October 13, 2014				6,352,123
	2,235,612	Term Loan, 6.269%, maturing October 13, 2014				2,087,657
		TPF Generation Holdings, LLC	Ba3	BB-
	1,265,265	Term Loan, 4.801%, maturing December 15, 2013				1,222,088
	3,250,204	Term Loan, 4.801%, maturing December 15, 2013				3,139,291
	1,436,196	Term Loan, 4.801%, maturing December 15, 2013				1,387,186
		TPF Generation Holdings, LLC	B3	B-
	2,000,000	Term Loan, 7.051%, maturing December 15, 2014				1,813,334

See Accompanying Notes to Financial Statements
54

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody's

S&P

Value

Utilities: (continued)

Viridian Group, PLC

EUR

1,310,694

Term Loan, 8.735%,
maturing December 19, 2012

1,727,127

GBP

1,320,000

Term Loan, 9.625%,
maturing December 19, 2012

2,152,273

Wolf Hollow I, L.P.

B+

850,000

Term Loan, 4.638%,
maturing June 22, 2012

790,500

3,400,000

Term Loan, 4.613%,
maturing June 22, 2012

3,128,000

3,966,607

Term Loan, 5.051%,
maturing June 22, 2012

3,649,277

76,952,941

Total Senior Loans
(Cost $1,528,479,035)

1,364,508,069

Other Corporate Debt: 0.4%

Automobile: 0.4%

Avis Budget Car Rental

Ba1

B+

750,000

Floating Rate Note, 5.176%,
maturing May 15, 2014

495,000

Navistar International Corporation

BB-

1,200,000

Unsecured Term Loan, 5.985%,
maturing January 19, 2012

1,112,250

3,300,000

Unsecured Term Loan, 6.191%,
maturing January 19, 2012

3,058,688

Total Other Corporate Debt
(Cost $5,250,000)

4,665,938

Equities and Other Assets: 0.1%

Description

Market
Value
USD

(@), (R)

Decision One Corporation (463,664 Common Shares)

—

(@), (R)

Norwood Promotional Products, Inc. (80,087 Common Shares)

—

(@), (R)

Norwood Promotional Products, Inc. (Contingent Value Rights)

372,001

(@), (R)

Safelite Realty Corporation (30,003 Common Shares)

240,024

Total for Equities and Other Assets
(Cost $677,582)

612,025

Total Investments
(Cost $1,534,406,617)**

120.4

1,369,786,032

Other Assets and Liabilities — Net

(20.4

)

(231,744,292

)

Net Assets

100.0

1,138,041,740

See Accompanying Notes to Financial Statements
55

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

* Senior loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These senior loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate ("LIBOR") and other short-term rates.

† Bank Loans rated below Baa by Moody's Investor Services, Inc. considered to be below investment grade.

(1) Loan is on non-accrual basis.

(2) Trade pending settlement. Contract rates do not take effect until settlement date.

(@) Non-income producing security.

(R) Restricted security.

** For Federal Income Tax purposes cost of investments is $1,534,787,203.

Net unrealized depreciation consists of the following:

Gross Unrealized Appreciation	$	5,770,407
Gross Unrealized Depreciation		(170,771,578	)
Net Unrealized Depreciation	$	(165,001,171	)

At August 31, 2008 the following forward foreign currency contracts were outstanding for ING Senior Income Fund:

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation
Australian Dollar AUD 10,000,000	Sell	09/15/08	$	9,501,197	$	8,562,753	$	938,444
Australian Dollar AUD 10,000,000	Sell	10/15/08		9,364,733		8,531,398		833,335
Euro EUR 35,950,000	Sell	09/15/08		56,136,087		52,688,274		3,447,813
Euro EUR 35,950,000	Sell	10/15/08		55,842,041		52,603,701		3,238,340
British Pound Sterling GBP 9,390,000	Sell	09/15/08		18,496,722		17,086,229		1,410,493
British Pound Sterling GBP 9,390,000	Sell	10/15/08		18,474,128		17,048,307		1,425,821
Swedish Kronor SEK 21,230,000	Sell	09/15/08		3,526,568		3,287,373		239,195
Swedish Kronor SEK 21,230,000	Sell	10/15/08		3,482,745		3,281,200		201,545
			$	174,824,221	$	163,089,235	$	11,734,986

See Accompanying Notes to Financial Statements
56

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2008 (Unaudited) (continued)

The following table summarizes the inputs used as of August 31, 2008 in determining the Fund's investments at fair value for purposes of SFAS 157:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	—	$	—
Level 2 — Other Significant Observable Inputs		1,340,754,287		11,734,986
Level 3 — Significant Unobservable Inputs		29,031,745		—
Total	$	1,369,786,032	$	11,734,986

"Fair value" for purposes of SFAS 157 is different from "fair value" as used in the 1940 Act (see Note 2). The former generally implies market value, and can include market quotations as a source of value, and the latter refers to the determinations of actual value in absence of available market quotations.

* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended August 31, 2008, was as follows:

	Investments in Securities		Other Financial Instruments*
Balance at 02/29/08	$	19,191,844	$	—
Net purchases/sales		6,621,280		—
Total realized and unrealized gain (loss)		1,475,322		—
Amortization of premium/discount		1,743,299		—
Transfers in and/or out of Level 3		—		—
Balance at 08/31/08	$	29,031,745	$	—

For the six months ended August 31, 2008, total change in unrealized gain (loss) on Level 3 securities still held at period end included in the change in net assets was $1,846,129. Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

See Accompanying Notes to Financial Statements
57

Investment Adviser

ING Investments, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Sub-Adviser

ING Investment Management Co.
230 Park Avenue
New York, New York 10169

Administrator

ING Funds Services, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Institutional Investors and Analysts

Call ING Senior Income Fund
1-800-336-3436

Written Requests

Please mail all account inquiries and other comments to:
ING Senior Income Fund
c/o ING Funds Services, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Transfer Agent

DST Systems, Inc.
P.O. Box 219368
Kansas City, Missouri 64141

Custodian

State Street Bank and Trust Company
801 Pennsylvania Avenue
Kansas City, Missouri 64105

Legal Counsel

Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006

Toll-Free Shareholder Information

Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information, at (800) 992-0180

For more complete information, or to obtain a prospectus on any ING fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

PRSAR-USIF

(0808-102408)

ITEM 2. CODE OF ETHICS.

Not required for semi-annual filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not required for semi-annual filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not required for semi-annual filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not required for semi-annual filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not required for semi-annual filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

None.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The Secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90^th day prior to such meeting and not later than the close of business on the later of the 60^th day prior to such meeting or the 10^th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) The Code of Ethics is not required for the semi-annual filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3) Not required for semi-annual filing.

(b) The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Senior Income Fund

By	/s/	Shaun P. Mathews
		Shaun P. Mathews
		President and Chief Executive Officer


Date:	November 7, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/	Shaun P. Mathews
		Shaun P. Mathews
		President and Chief Executive Officer

Date:	November 7, 2008


By	/s/	Todd Modic
		Todd Modic
		Senior Vice President and Chief Financial Officer


Date:	November 7, 2008

Voya Credit Income Fund (XSIAX) N-CSRSCertified semi-annual shareholder report (management investment company)